Morning Report 12 May 22: US sharemarkets stumbled on Wednesday

US consumer prices data did little to ease investor worries over the outlook for inflation and interest rates. Federal Reserve Bank of Atlanta President Raphael Bostic said he's open to "moving more" on interest rates to tame inflation. Shares of tech giants Apple (-5.2%), Meta Platforms (-4.5%), Netflix (-6.4%) and Tesla (-8.3%) all fell sharply. The Dow Jones index closed down by 327 points or 1% after being up 423 points earlier in the session. The S&P 500 index fell by 1.7% and the Nasdaq index dipped 373 points or 3.2%.

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