US equity markets fell sharply as investors digested Federal Reserve Chief Jerome Powell’s address at the Jackson Hole Economic Symposium in which he signalled the central bank would keep hiking rates to tame inflation and provided a frank acknowledgment of coming pain to households - Dow slumped -1,008-points or -3.03%, settling with its largest percentage drop since 18 May. 3M Co. stock tumbled -9.54%, pacing the Dow’s steep decline and logged its largest single-day percentage decline since 25 April, 2019 (alone shaving -89.77 points off the 30-stock index) after reports indicated that a bankruptcy judge blocked a request from 3M that would have shielded the company from litigation around earplugs that were sold to the military and later alleged to have caused issues such as hearing loss. The company’s Aearo subsidiary filed for bankruptcy last month, allowing the subsidiary to pause pending lawsuits, but the judge determined that 3M, which itself did not file for bankruptcy, is not entitled to those protections The broader S&P500 tumbled -3.37%, logging its biggest single session percentage decline since June. Information Technology (down -4.28%), Communication Services (-3.88%), Consumer Discretionary (-3.86%) and Industrials (-3.51%) all declined over >3.5% to lead all eleven primary sectors lower. ~43% of stocks were down at least 4%, while only five stocks in the S&500 settled in positive territory – Electronic Arts Inc (up +3.57), Molina Healthcare (+3.36%), Take Two Interactive Software Inc (+1.59%) , CF Industries Holdings Inc +0.81%) and ConocoPhillips (+0.04%). The Nasdaq dropped -3.94% and recorded its steepest single session percentage decline since 16 June. Having led gainers in the previous session, Nvidia Corp (down -9.23%) and Amazon.com Inc (-4.31%) dropped sharply. Meta Platforms Inc (-4.15%), Netflix Inc (-4.57%) and Block Inc (-7.72%) also logged steep declines. Apple Inc fell -3.77%, with Politico reporting late on Friday (26 August) that the company could be in the crosshairs of a potential antitrust lawsuit by the Justice Department by the end of the year. The iPhone maker has been under investigation by the Justice Department for more than three years over charges from developers that it has abused its market power to stifle competition. It remains unclear if the department will pursue a formal case, according to the report in Politico, citing people with direct knowledge of the matter. The Justice Department is expected to file an antitrust action against Google-parent Alphabet Inc (down -5.41%) regarding Google’s dominant online ad business. The small capitalisation Russell 2000 lost -0.49%. Dell Technologies Inc shed -13.51%, logging its worst one-day performance since 24 December, 2018 executives dialled back their expectations for the PC market after quarterly sales came up short of the Wall Street consensus estimate after the close of last Thursday’s (25 August) session. Listed PC peer HP Inc fell -8.94%.