US equity markets retreated but settled off their worst levels of the session as investors digested the Federal Reserve’s latest monetary policy pronouncements that saw the central bank raise its headline inflation projection - Dow fell -266-points or -0.77% , dropping as much as -382-points or -1.1% earlier in the session and booking a third straight session decline. The broader S&P500 shed -0.54%, paring an earlier decline of as much as -1%. Utilities (down -1.49%), Consumer Staples (-1.24%) and Materials (-1.17%) all fell over >1% to lead ten of the eleven primary sectors lower. Consumer Discretionary (up +0.16%) was the only primary sector to advance. Oracle Corp fell -5.59% following the release of their fourth quarter result after the closing bell of the previous session. General Motors Co (up +1.56%) expects the ongoing semiconductor chip shortage and rising inflation to increase its expenses during the second half of the year by up to US$3B, according to Chief Financial Officer (CFO) Paul Jacobson The Nasdaq eased -0.24%, recovering from an earlier slide of as much as -1.2%. The small capitalisation Russell 2000 lost -0.23%.
