Morgans AM: Thursday, 28 July 2022

US equity markets rallied strongly as investors digested the latest monetary policy pronouncements from the Federal Reserve and another busy night on the US corporate earnings calendar - Dow gained +436-points or +1.37%. Walmart Inc rebounded +3.8% The broader S&P500 rallied +2.62%, with Communication Services (up +5.11%), Information Technology (+4.29%) and Consumer Discretionary (+3.85%) leading all eleven primary sectors higher. More defensive sectors underperformed for a second session running, with Utilities adding +0.11% and Real Estate +0.55%.The Nasdaq soared +4.06% to 12,032.42, logging its best daily rise since April 2020. The small capitalisation Russell 2000 gained +2.39%. The overnight gains also marked the biggest rally on a Fed decision day since December 2008, the day the Fed slashed its benchmark interest rate target to between 0% and 0.25% for the first time in history.