US equity markets retreated amid fresh concerns around a recession - Dow fell -351-points or -1.03%, with Boeing Co (down -3.60%), Goldman Sachs Group Inc (-2.32%) and Walt Disney Co (-3.79%) among notable decliners. The broader S&P500 shed -1.44%, with Energy (down -2.65%), Communication Services (-2.57%) and Information Technology (-2.14%) all down over >2% and leading ten of the eleven primary sectors lower. The index booked a fourth straight session of declines and logged its seventh negative session in eight. Utilities (up +0.66%) was the only primary sector to advance. Tesla Inc fell -1.44% after Reuters reported that the electric vehicle manufacturer planned to cut output of its Model Y by more than >20% in its Shanghai plant this month. The company said the media reports were “untrue”. Bank of America Corp dropped -4.26% to US$2,456.92 and the lowest level since mid-October. Morgan Stanley fell -2.56%, with various reports the investment bank had cut ~20% of its staff on Tuesday (6 December). The moves, reported first by CNBC, impacted about 1,600 of the company’s 81,567 employees and touched nearly every corner of the global investment bank, according to people familiar with the situation. The technology-centric Nasdaq dropped -2.00%, recording its worst two-day performance (down -3.41%) since early November, according to Dow Jones Market Data. Meta Platforms Inc shed -6.79% after the Wall Street Journal reported that European Union (EU) privacy regulators may apply restrictions to the company’s targeted advertising strategy. The small capitalisation Russell 2000 lost -1.5%.