Morgans AM: Tuesday, 21 March 2023

US equity markets rebounded amid optimism that the banking sector crisis may be easing, and with the Federal Reserve’s latest monetary policy meeting getting underway tonight AEST - Dow rebounded +383-points or +1.20%, recouping last Friday’s (17 March) losses and logging its best single session percentage gain since 6 January. The broader S&P500 +0.89%, wit Energy (up +2.11%) and Materials (+2.01%) up over >2% and leading all eleven primary sectors higher. The Nasdaq +0.39%. Amazon.com Inc settled -1.25% lower after the company announced a further 9,000 layoffs over the next few weeks. The move primarily affects Amazon Web Services, People Experience and Technology Solutions, advertising and Twitch. The small capitalisation Russell 2000 gained +1.11%.