US equity markets retreated, once again selling off late in the session as longer dated Treasury yields continued to climb - Dow fell -291-points or -0.84% to 34,474.83, closing below its 50-day moving average for the first time since 1 July. The broader S&P500 dropped -0.77%, with Consumer Discretionary (down -1.27%) and Consumer Staples (-1.01%) leading ten of the eleven primary sectors lower overnight. Energy (up +1.11%) was the only primary sector to advance. The Nasdaq shed -1.17%, with Alphabet Inc (up +0.95%) the only member of the so-called ‘Magnificent Seven’ of technology megacaps to advance. Meta Platforms Inc (down -3.13% at US$285.09) joined Apple Inc (-1.46%), Microsoft Corp (-1.10%) and Nvidia Corp (-0.33%) in official correction territory, down at least 10% from its most recent peak (US$325.48 set on 28 July). Tesla Inc (down -2.83%) is in official bear market territory, down more than >20% from its most recent peak. Only Alphabet and Amazon.com Inc (down -0.81%) remain in bull market territory. Meta Platforms still remains the second best performer in the S&P500 year-to-date, up +136.9%. The small capitalisation Russell 2000 lost -1.15%.
