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	Podcast:		Morgans Financial Limited
	Episode:		Morgans AM: Friday, 13 May 2022
	Category:		Business
	Duration:		00:05:19
	Publish Date:		2022-05-12 23:26:00
	Description:		US equity markets logged modest losses, recovering their worst levels of the session as Federal Reserve Chairman Jerome Powell was voted in by Congress to serve a second term of four years - Dow down -104-points or -0.33%, settling ~500-points off its session lows but extending losses into a sixth straight session. The broader S&P500 slipped -0.13% to 3,930.08, trading precariously close to official bear market territory at its session lows (3,858.87). Utilities (down -1.16%) and Information Technology (-1.14%) fell over >1% to lead five of the eleven primary sectors lower. More defensive sectors outperformed, with Healthcare up +0.92%, Consumer Discretionary +0.79% and Real Estate +0.74%. The index logged its lowest settlement since 25 March, 2021, and 18.1% below its record close from early January. A close below
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