Morning Report 11 Aug 22: US sharemarkets climbed on Wednesday

Softer-than-expected US inflation data fuelled trader bets that the US Federal Reserve could pivot to a smaller pace of interest rate hikes. Shares of Meta Platforms (+5.8%), Apple (+2.6%), Alphabet (+2.6%) and Amazon (+3.5%) all lifted. Tesla shares lifted 3.9% after it was revealed CEO Elon Musk had sold US$6.9 billion worth of shares in the electric vehicle maker to finance a potential deal for Twitter. Walt Disney was the best performer in the Dow Jones index, rising 4.0% ahead of its earnings result. The Dow closed up 535 points or 1.6%. The S&P 500 index gained 2.1% and the Nasdaq index climbed 361 points or 2.9%.   

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