Morning Report 17 Jun 22: US sharemarkets tumbled on Thursday

Technology shares led the rout, after the US Federal Reserve's largest rate increase since 1994 to combat decades-high inflation fanned worries of a recession. Shares of mega cap growth companies Apple (-4.0%), Microsoft (-2.7%) and Tesla (-8.5%) all weighed on indexes. The Dow Jones index fell by 741 points or 2.4% after being down 928 points at session lows. The Dow fell below 30,000 points for the first time since January 2021. The S&P 500 index lost 3.3% and the Nasdaq index dropped by 453 points or 4.1%.  

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