US equity markets erased early gains to steel sharply lower on Friday (14 October), failing to build on the previous session’s strong rally after the latest University of Michigan monthly survey of US consumers recording a worsening of inflation expectations - Dow fell -404-points or -1.34%, The broader S&P500 lost -2.37%, notched its seventh negative close in eight days. Consumer Discretionary (down -3.88%), Energy (-3.71%) and Information Technology (-3.41%) all falling over >3% to lead all eleven primary sectors lower. The Nasdaq dropped -3.08% to end at 10,321.39, its lowest settlement since 2 July, 2020. Tesla Inc declined 7.55% and Lucid Motors -8.61%. The small capitalisation Russell 2000 lost -2.66%.
