US equity markets fell sharply, with investors rattled by the risk of energy sanctions cascading through the economy - Dow dropped -797-points or -2.37%, with American Express Co (down -7.99%) the worst index performer. The broader S&P500 shed -2.95%, pushing deeper into official correction territory (down more than >12% from its most recent record close). Energy (up +1.57%) was once again the best performing primary sector, with Chevron Corp up +2.14% and Exxon Mobil Corp +3.60%. Utilities (up +1.31%) was the only other primary sector to advance. Consumer Discretionary (down -4.80%) was the worst performing primary sector overnight, while Communication Services (-3.74%), Information Technology (-3.70%), Financials (-3.66%) and Materials (-3.49%) all fell over >3%. The technology-centric Nasdaq slumped -3.62% to 12,830.96 and settled in bear market territory, down by more than >20% from its 19 November, 2021 peak. The small capitalisation Russell 2000 fell -2.48%. In broader stock moves, Bed Bath & Beyond soared 34.18% after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
