Morgans AM

Friday, 17 July 2026: Weaker markets as chip makers decline

Thu, 16 Jul 2026 23:29:05 +0000

US equity markets weaker with fresh falls for chip makers overshadowing generally upbeat economic data, down 106 points or 0.2%. Alphabet, Caterpillar and Goldman Sachs all dropping over 4%. On the upside, Nike rallied 4.2%, while Amgen, IBN, McDonald's, Merck & Co, and Salesforce all rallied over 3%.

Thursday, 16 July 2026: US equity markets firmer as investors digested another round of second quarter corporate earnings releases

Wed, 15 Jul 2026 23:39:41 +0000

US equity markets firmer as investors digested another round of second quarter corporate earnings releases and weaker-than-expected wholesale inflation figures – Dow added +150-points or +0.29%, with the four (4) members of the ‘Magnificent Seven’ cohort of mega-capitalisation stocks that sit in the 30-stock index – Apple Inc (up +4.01%), Amazon.com Inc (+3.02%), Microsoft Corp (+2.78%) and Nvidia Corp (+0.33%) – all advancing. Cisco Systems Inc (down -4.54%) was the worst performing Dow component overnight.
The broader S&P500 rose +0.38%, with Communication Services rallying +2.78% to lead five of the eleven primary sectors higher. Google parent Alphabet Inc gained +3.17%. Utilities (down -0.98%) and Energy (-0.77%) sat at the foot of the primary sector leaderboard. PayPal Inc soared +17.20% to US$55.52 and paced gains in the S&P500 after Reuters reported that payments firm Stripe and private equity company Advent offered to buy the digital payments giant for US$53B or US$60.50 per share earlier this month.

Wednesday, 15 July 2026: Markets move modestly as investors balance US-Iran tensions

Tue, 14 Jul 2026 23:48:04 +0000

US equity markets logged modest gains as investors balanced rising US Iran tensions against cooler than expected June inflation data and a wave of major bank earnings. Dow edged 10 points higher as investors digested second quarter results from a number of components. Broader S&P 500 adding 0.4 of a percent.

Tuesday, 14 July 2026: Hormuz Shock: Markets Rattle as Oil Surges

Tue, 14 Jul 2026 00:02:08 +0000

US equity markets retreated and oil prices and bond yields jumped after President Trump said the U.S. was reinstating a blockade of Iranian ships in the Strait of Hormuz, reigniting inflation fears and dampening risk appetite – Dow lost -138-points or -0.26%, with Nvidia Corp (down -3.52%) and Boeing Co (-3.05%) falling over >3%.

Monday, 13 July 2026: Markets advanced on Friday (10 July), with the S&P 500 closing in on fresh record highs

Sun, 12 Jul 2026 23:59:11 +0000

US equity markets advanced on Friday (10 July), with the S&P 500 closing in on fresh record highs ahead of the second quarter earnings season kicking into gear this week – Dow climbed +150-points or +0.29%. Nike Inc rallied +3.72%, while International Business Machines (IBM) Corp fell -2.62%
The broader S&P500 rose +0.42% to 7,575.39, settling 0.42% below its 2 June record closing high (7,609.78). Materials (up +1.12%) and Communication Services (+0.92%) led ten of the eleven primary sectors higher. Meta Platforms Inc (up +5.97%) the leading performer in the S&P 500 on Friday (10 July) and climbing to its highest level since April. Health Care fell -0.81%, with Moderna Inc slumping -10.83% to US$68.27and booking its worst week since August 2025 (down -14.41%) after a strong rally earlier in the month that lifted the vaccine manufacturer above >US$85 per share.

Thursday, 9 July 2026: US Markets Weaker as Ceasefire Ends

Wed, 08 Jul 2026 23:38:25 +0000

US equity markets weaker after President Trump said the ceasefire with Iran was over, sending oil prices soaring to three-week highs. Dow down 577 points, or 1.1%. American Express and sherwin-williams Co. falling over 3%.On the upside, Nvidia Corp up 3.7%, leading performer in the 30 stock index after the Information reported that China will allow top AI companies including Alibaba, ByteDance and DeepSeq to buy a limited amount of Nvidia's H200 chips.

Tuesday, 7 July 2026: US equity markets advanced after resuming trading following the Independence Day long weekend

Mon, 06 Jul 2026 23:55:35 +0000

US equity markets advanced after resuming trading following the Independence Day long weekend, led by a fresh rally for artificial intelligence (AI)-related stocks – Dow added +156-points or +0.29% to 53,055.91, booking its first close above >53,000 and 21st record closing high of 2026. It has been just four trading days since the index first closed above 52,000, marking the fastest 1,000 point milestone on record.

Boeing Co (up +3.55%), International Business Machines (IBM) Corp (+3.45%) and Goldman Sachs Group Inc (+3.36%) all rallied over >3%.

Amgen Inc (down -2.06%), Home Depot Inc (-2.03%) and Merck & Co Inc (-2.15%) declined over >2%. Microsoft Corp announcing it would cut ~4,800 jobs or ~2.1% of its global workforce.

Monday, 6 July 2026: Independence Day leads to Closed Markets

Sun, 05 Jul 2026 23:54:36 +0000

US equity and bond markets were CLOSED on Friday (3 July) for Independence Day
U.S. stocks have delivered an 8.7% annualized return over the past 250 years, with gross domestic product (GDP) averaging 6% and annual inflation at 2.5%, according to analysis by Bank of America to mark the 250th anniversary of the adoption of the Declaration of Independence. US 10-year Treasury bonds have delivered a 5.1% average annualised return over the same timeframe.

Thursday, 2 July 2026 - Markets open the new financial year weaker

Wed, 01 Jul 2026 23:35:47 +0000

US equity markets weaker to open the new second half of the calendar year.
Dow dipped -14-points or 0.03% after booking back-to-back record closing highs and just failing to secure its 20th record closing high of the year.

Monday, 29 June 2026: Markets weaken further with declines in AI semiconductor stocks

Sun, 28 Jun 2026 23:58:36 +0000

US equity markets weaker on Friday (26 June) amid steep declines among artificial intelligence (AI)-related semiconductor stocks – Dow slipped -44-points or 0.09%. Caterpillar Inc fell -5.63%, while Cisco Systems Inc (-4.37%) and Goldman Sachs Group Inc (-4.27%) fell over >4%.

Thursday, 25 June 2026 - Tech Stock Selloff Continues as Markets Decline

Wed, 24 Jun 2026 23:58:20 +0000

US equity markets weaker as technology stocks came under fresh pressure and as investors eyed key inflation figures tonight AEST – Dow rose +182-points or +0.35%, with Home Depot Inc (up 5.67%) the leading performer in the 30-stock index. Chevron Corp shed -2.57% as crude prices tumbled.
The broader S&P500 slipped -0.10%, with Energy (down -1.73%) leading five of the eleven primary sectors lower. Information Technology (-0.64%%) and Communication Services (-0.61%) both fell ~0.60%. Industrials (up +1.18%) and Utilities (+1.05%) sat atop the primary sector leaderboard.

Wednesday, 24 June, 2026: The tech sell-off continues with NVIDIA leading the losses

Wed, 24 Jun 2026 00:01:57 +0000

US equity markets declined amid a deepening sell-off in technology stocks that spilled over into memory and chip stocks– Dow dipped -46-points or -0.09%. Nvidia Corp (down -4.13%) was the worst performer in the 30-stock index.
Caterpillar Inc fell -3.72%, unwinding the stock’s +3.72% in the previous session.

Thursday, 19 June, 2026: US equity markets rallied sharply ahead of the holiday long weekend

Thu, 18 Jun 2026 23:45:31 +0000

US equity markets rallied sharply ahead of the holiday long weekend, underpinned by fresh gains for semiconductor stocks and as investors shrugged off concerns around rising interest rates following the Federal Reserve’s latest monetary policy meeting – Dow added +72-points or +0.14%, with Caterpillar Inc (up +3.13%) the leading performer in the 30-stock index. International Business Machines (IBM) Corp lost -5.05%. Salesforce Inc fell -2.09% to extend the client relationship management software company’s losing streak into a 13th consecutive session.

Thursday, 18 June, 2026: Sharp fall sharply after the latest monetary policy FED announcement

Wed, 17 Jun 2026 23:33:48 +0000

US equity markets fell sharply as investors digested the latest monetary policy pronouncements from the Federal Reserve – Dow lost -507-points or -0.98% to 51,492.55 after logging two consecutive record closing highs. The 30-stock index did hit a fresh record intra-day high (52,281.19) for a third day running earlier in the session after rising ~0.5% in early trading. Salesforce Inc fell -4.14% to be the worst performer in the Dow overnight and recording its 12th straight session decline to extend its longest losing streak on record. Amazon.com Inc (-3.46%), International Business Machines Corp (down -3.12%) and Microsoft Corp (-3.79%) all fell over >3%.

Wednesday, 17 June, 2026: US Markets Mixed as SpaceX Continues Growth

Tue, 16 Jun 2026 23:57:27 +0000

US equity markets closed mixed overnight– Dow rallied +329-points or +0.64% to a fresh record closing high of 51,999.67 after scaling a record intra-day peak of 52,190.29.

Tuesday, 9 June 2026: US equity markets steadied following a sharp sell-off last Friday

Mon, 08 Jun 2026 23:53:31 +0000

US equity markets steadied following a sharp sell-off last Friday ( 5 June) as Middle East headlines remained in focus and chip stocks rebounded from steep declines in the previous session - Dow slipped -81-points or -0.16%. Travelers Companies Inc (down -2.15%) was the worst performer in the 30-stock index, while Cisco Systems Inc (+2.06%) was the leading Dow component overnight. Apple Inc’s (down -1.89%) Worldwide Developers Conference (WWDC) kicked off overnight, with investors offering a tepid reception to the new Apple Intelligence system. Apple said that its new AI features won’t be available in China while the company “works through regulatory requirements”. It marks Tim Cook’s last WWDC as chief executive officer (CEO) as he prepares to hand over the reins to hardware chief John Ternus in September.

Friday, 5 June 2026: US equity markets firmer amid yet another bout of optimism around a resolution to the US-Iran conflict

Thu, 04 Jun 2026 23:46:08 +0000

US equity markets firmer amid yet another bout of optimism around a resolution to the US-Iran conflict, while there was also a pivot from certain technology stocks into more defensive sectors – Dow rallied +875-points or +1.73% to a record closing high of 51,561.93. UnitedHealth Group Inc rose +5.16% to be the leading Dow component, with analysts at Bank of America upgrading their recommendation in the health insurer to ‘Buy’ and lifting their price target to US$450 (from US$420 previously), citing expectations of improving margins as a result of more favourable medical cost trends. Goldman Sachs Group Inc (+4.96%) and Merck & Co Inc (+4.85%) also gained ~5%.

Thursday, 4 June 2026: Five Session Stretch Broken as US Markets Retreat

Wed, 03 Jun 2026 23:42:17 +0000

US equity markets retreated, breaking a five session stretch of record closing highs for the three benchmark indices as oil prices and bond yields climbed. Dow was down 621 points or 1.2%. IBM down 7.2% to be the worst performer in the 30 stock index. Honeywell and Salesforce both fell 5.1%, while all of American Express, Boeing, Microsoft, and Nvidia fell over 3%. On the upside, Amgen and Walmart both gained over 3%. US Central Command, or CENTCOM, said that Iranian drones unsuccessfully attempted to attack American forces in Kuwait.

Morgans AM Tuesday 2 June 2026

Mon, 01 Jun 2026 23:41:46 +0000

The three (3) main US equity benchmarks opened the new week and month with fresh record closing highs despite a fresh jump in oil prices, with technology stocks (particularly software names) continuing to drive the gains – Dow inched +46-points or +0.09% higher to 51,078.88. Salesforce Inc (up +9.68%) and International Business Machines (IBM) Corp (+7.60%) were the leading performer in the 30-stock index for a second session running.

Friday, 29 May 2026: Markets UP as U.S. and Iran agreed to extend their ceasefire

Fri, 29 May 2026 00:04:53 +0000

Benchmark US equity indices climbed and booked record highs after the U.S. and Iran agreed to extend their ceasefire, while investors also digested the latest U.S. inflation and revised economic growth figures – Dow added +25-points or +0.05% to a record closing peak of 50,668.97. Microsoft Corp +3.47% after news website The Information reported that the company would release a new coding model next week. International Business Machines (IBM) Corp (+3.53%) and Nike Inc +3.02% also gained over >3%. Caterpillar Inc (down -2.45%) was the worst performer in the 30-stock index.

Wednesday, 27 May 2026: Tech Rally Powers Markets to New Highs Despite Global Uncertainty

Tue, 26 May 2026 23:50:54 +0000

The S&P500 and Nasdaq booked fresh record closing highs as equity and bond markets resumed trading following the Memorial Day long weekend, with a rally in memory-chip companies overshadowing fresh uncertainty around the Middle East peace negotiations – Dow eased -118-points or -0.23%. Chevron Corp (down -3.51%) and UnitedHealth Group Inc (-2.99%) were the worst performers in the 30-stock index. Caterpillar Inc rallied +3.26%.

Monday, 25 May 2026: Markets Hit Record Highs as Merck Surges and Nvidia Slips

Sun, 24 May 2026 23:53:25 +0000

US equity markets rallied on Friday (22 May) ahead of the holiday long weekend albeit finished off their best levels of the session – Dow rose +294-points or +0.58% to log a fresh record closing high of 50,579.70 for a second consecutive session after scaling a record intra-day peak (50,830.24). Merck & Co rallied +5.64% to be the leading performer in the 30-stock index following a report by STAT News that its lung cancer treatment being developed with China-based Kelun-Biotech, sacituzumab tirumotecan, cut tumour progression risk by 65% and also yielded a survival benefit in a Phase 3 study conducted in China. The drug was used on patients in combination with Merck’s Keytruda, the company’s immunotherapy used to treat a wide variety of cancers. However, Nvidia Corp (down -1.9%) declined for a second session running following the release of its first quarter result after the close last Wednesday (20 May).

Friday, 22 May 2026: Markets Advance to cap another strong week

Thu, 21 May 2026 23:56:32 +0000

US equity markets advanced and shaped to cap another strong week ahead of the holiday long weekend despite heightened volatility – Dow gained +276-points or +0.55% to a record closing high of 50,285.66. International Business Machines (IBM) Corp soared +12.43% after the company said it would receive a US$1B CHIPS and Science Act award from the Commerce Department to build a quantum chip foundry. The Wall Street Journal reported that the U.S. government will award US$2B in grants to nine firms operating in the quantum computing space, lifting a host of companies in the wider sector. Nvidia Corp fell -1.77% despite the world’s largest market capitalisation reporting better-than-expected headline numbers for the first quarter after the close of the previous session. Part of the drag on Nvidia’s shares was attributed to investors seeking to build cash reserves ahead of pending initial public offerings (IPO) by SpaceX, OpenAI and Anthropic

Thursday, 21 May 2026: Markets Surge as Oil and Yields Retreat on Middle East Optimism

Thu, 21 May 2026 00:05:30 +0000

US equity markets rallied as oil prices and Treasury yields fell sharply amid fresh optimism that the conflict in the Middle East could soon be resolved – Dow gained +645-points or +1.31%. Goldman Sachs Group Inc +5.75% was the leading performer in the 30-stock index, while Boeing Co (+3.34%) and Nike Inc (+4.17%) were among the leading components.

Wednesday, 20 May 2026: Bond Spike Triggers Third Straight Drop

Tue, 19 May 2026 23:55:50 +0000

A fresh jump in bond yields weighed on US equity markets, with the S&P500 and Nasdaq booking a third straight session of declines – Dow lost -322-points or -0.65%. Cisco Systems Inc (down -2.94%) and Boeing Co (-2.54%) fell over >2.5%, while Amazon.com Inc (-2.08%) and 3M Co (-2.08%) fell over >2%. Walmart Inc (up +0.64% to US$134.20) set record intra-day (US$135.155) and closing highs, with the world's largest retailer skated to post its first quarter result on Thursday night AEST (21 May).

Tuesday, 19 May 2026: Trump States "He Wants to give serious negotiations a chance"

Tue, 19 May 2026 00:00:52 +0000

US equity markets weaker but pared earlier, steeper losses after President Trump said he wanted to give “serious negotiations” a chance, hours after threatening to resume bombing and hours after both the US and Iran dismissed each other’s latest peace proposals – Dow added +160-points or +0.32%, with 3M Co (up +4.32%) the leading performer in the 30-stock index. Salesforce Inc (up +3.44) rallied over >3% for a second consecutive session. On the downside, Caterpillar Inc fell -2.74%. Nvidia Corp (down -1.33%), with Chief Executive Officer (CEO) Jensen Huang conducting an interview with Bloomberg Television days after he joined President Trump’s for a two-day summit in Beijing. Mr Huang said that his sense is that “over time the [China] market will open,” and noting that he didn’t discuss directly with Chinese officials the company’s effort to sell its H200 AI chips to customers in China. Nvidia is slated to post its first quarter result after the close of trading on Wednesday (20 May).

Monday, 4 May 2026: The Market Strikes Back with Fresh Record Highs

Sun, 03 May 2026 23:46:46 +0000

The S&P500 and Nasdaq ushered in May with fresh record intra-day and closing highs – Dow eased -153-points or -0.31%, with Amgen Inc down -4.75% a day after the biotechnology stock posted stronger-than-expected adjusted earnings per share (EPS) and revenue for the first quarter. 3M Co (-2.74%) McDonald’s Corp (-2.37%) fell over >2%. Salesforce Inc rallied +4.13% to be the leading performer in the 30-stock index on Friday (1 May). Apple Inc +3.24% after the technology giant’s first quarter result released after the close of the previous session topped Wall Street forecasts, thanks in part to strong sales of its iPhone 17.

Tuesday 28 April 2026: Markets edged higher to fresh closing records despite U.S.-Iran peace talks stalling yet again

Mon, 27 Apr 2026 23:45:53 +0000

The S&P500 and Nasdaq edged higher to fresh closing records despite U.S.-Iran peace talks stalling yet again and pushing oil prices higher – Dow eased -63-points or -0.13%.

McDonald’s Corp fell -3.06% to be the worst performer in the 30-stock index.

Nvidia Corp pushed further into record territory, rallying +4% to US$216.61 after clinching its first new record close since 29 October last year last Friday (24 April) that lifted the chipmaking giant’s market capitalisation back above >US$5 trillion. Nvidia extended its advance from a year-to-date low in late March to more than >30%.

Morgans AM Monday 20 April 2026

Sun, 19 Apr 2026 23:59:14 +0000

US equity markets rallied, with unconfirmed reports that Iran has privately reached out to the US to discuss terms for ending their escalating conflict. However, Iran later denied a New York Times article that suggested operatives from its Ministry of Intelligence had reached out indirectly to the Central Intelligence Agence (CIA) with an offer to discuss terms for ending the conflict. According to Bloomberg, Iran's Tasnim News Agency cited a ministry source as saying that the New York Times report was "pure falsehood and psychological warfare" - Dow rose +238-points or +0.49%, snapping a three-session losing streak. Amazon.com Inc gained +3.88% to be the leading performer in the 30-stock index. Nvidia Corp rose +1.66%.

Morgans AM Monday 13 April 2026

Sun, 12 Apr 2026 23:51:48 +0000

US equity markets settled mostly weaker on Friday (April) as investors eyed diplomatic talks over the weekend that were the highest level negotiations between Washington and Tehran since the 1979 Islamic revolution and that sought to build on the two-week ceasefire negotiated last week – Dow lost -269-points or -0.56%. Nike Inc fell -3.14% and hit a 12-year low. The company announced chief innovation officer, Tony Bignell, was departing the company “to pursue his creative and philanthropic passions” less than a year after Chief Executive Officer (CEO) Elliot Hill installed him in the role.

Morgans AM Friday 10 April 2026

Fri, 10 Apr 2026 00:10:19 +0000

The S&P500 and Nasdaq booked a seventh consecutive session of gains, reversing opening declines after Israeli Prime Minister Benjamin Netanyahu said he has given an instruction for Israel to begin talks with Lebanon that would also include the disarming of Hezbollah, which is also linked to Iran – Dow rose +276-points or +0.58% to 48,185.80, moving back into positive territory for the calendar year (up ~0.25%) and climbing above its 50-day moving average (48,021.73) for the first time since 26 February.

Morgans AM - Wednesday, 8 April 2026

Wed, 08 Apr 2026 00:27:27 +0000

US equity markets logged modest gains, climbing in the final hour of trading amid hopes that a proposal brokered by Pakistan may result in an eleventh-hour deal between the U.S. and Iran– Dow slipped -85-points or -0.18%, with Nike Inc (down -3% and trading at lows not seen since October 2014)

Tuesday, 31 March 2026: Markets Start the Week on the Back Foot

Mon, 30 Mar 2026 23:06:28 +0000

US equity markets opened the new week on the back foot following five consecutive weekly declines - Dow edged +50-points or +0.11% higher, with Salesforce Inc (up +3.19%) the leading component in the 30-stock index. However, Caterpillar Inc dropped -4.02% and Cisco Systems Inc -3.6%.
President Trump said overnight on the Truth Social platform that the U.S. is “in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran.” That said, if the Strait of Hormuz is not “immediately” reopened and a peace deal is not reached “shortly,” the president threatened to “completely” obliterate the Middle Eastern country’s energy infrastructure, including its oil wells as well as Kharg Island. President Trump had told the Financial Times earlier that he could “take the oil in Iran,” and seize the country’s export hub of Kharg Island. “Maybe we take Kharg Island, maybe we don’t. We have a lot of options,” he said. Asked about the state of Iranian defence on Kharg Island he said: "I don't think they have any defence. We could take it very easily."

Monday, 30 March 2026: More Sharp Falls for US Markets as Oil Prices Soar

Sun, 29 Mar 2026 22:57:47 +0000

US equity markets fell sharply for a second consecutive session on Friday (27 March) as oil prices continued to soar and act as the dominant driver of investor sentiment as the war in the Middle East entered its fifth week with no sign of a resolution - Dow dropped -793-points or -1.73% to 45,166.64, joining the Nasdaq in official correction territory after settling a touch over >10% below its 10 February record closing high (50,188.14). Amazon.com Inc (down -3.95%), JPMorgan Chase & Co (-3.02%), Salesforce Inc (-3.41%), UnitedHealth Group Inc (-3.37%) and Visa Inc (-3.28%) all falling over >3%. Nvidia Corp fell -2.17% after being the worst performer in the 30-stock index a day earlier.

Thursday 19 March 2026: US equity markets fell sharply as investors digested the latest wholesale inflation figures

Wed, 18 Mar 2026 23:11:21 +0000

US equity markets fell sharply as investors digested the latest wholesale inflation figures, and the Federal Reserve’s latest monetary policy pronouncements and economic projections - Dow shed -768-points or -1.63% with Home Depot Inc (-3.08%), McDonald’s Corp (-3.24%), Procter & Gamble Co (-3.15%) and Visa Inc (-3.06%) all dropping over >3%. A further 10 Dow components fell over >2%. Only two (2) components in the 30-stock index – Chevron Corp (up +0.32%) and JPMorgan Chase & Co (+0.3%) – settled in positive territory.

Tuesday, 17 March 2026: Oil Prices Retreat and Markets Rally

Mon, 16 Mar 2026 23:01:46 +0000

US equity markets rallied as oil prices retreated amid fresh efforts to reopen the Strait of Hormuz - Dow rose +392-points or +0.83%,,with Salesforce Inc (up +2.86%) the leading component in the 30-stock index. Nvidia Corp’s (+1.65%) four-day GPU Technology Conference kicked off overnight with a keynote speech from Chief Executive Officer (CEO) Jensen Huang, who said the semiconductor chipmaker expects to record $US1 trillion in AI chip sales through 2027. The company previously had said it expected chip sales to reach $US500 million by the end of 2026.
President Trump that the White House will soon announce which countries have agreed to participate in a coalition to protect tankers in the Strait. But the president expressed frustration with countries who are not willing to join a coalition. “Some are very enthusiastic, and some are less than enthusiastic,” President Trump told reporters. “And I assume some will not do it. I think we have one or two that will not do it that we’ve been protecting for about 40 years at tens of billions of dollars.” Japan and France have already reportedly dismissed the prospect of sending vessels to help reopen Strait of Hormuz.

Monday, 16 March 2026: US Markets logs fresh closing lows for the year

Sun, 15 Mar 2026 23:16:47 +0000

US equity markets retreated on Friday (13 March), logging fresh closing lows for the year and booking their third consecutive weekly decline as oil prices continued to climb and investors digested a busy economic calendar - Dow -119points or -0.26%, with Salesforce Inc (down -3.24%) the weakest index component. Nvidia Corp (down -1.58%) hosts its GPU Technology Conference tonight AEST, where the AI chipmaker is expected to offer more details on its latest products. Chief Executive Officer (CEO) Jensen Huang is slated to give a keynote address
The broader S&P500 fell -0.61%, with Information Technology (down -1.29%) and Materials (-1.04%) declining over >1% to lead seven of the eleven primary sectors lower.

Wednesday, 11 March 2026: All three (3) major stock indexes erased their earlier gains

Tue, 10 Mar 2026 22:57:31 +0000

All three (3) major stock indexes erased their earlier gains to finish mostly lower in a volatile session on Tuesday.
Dow fell 34.29-points or -0.07%.
Notable stock moves included 3M CO (+2.39%), Cisco Systems Inc (+1.96%) and Caterpillar Inc (+1.68%) gaining over >1.5%.

Thursday, 5 March 2026: Markets Rally Amid Confusion Over Reported Iran–US Backchannel Talks

Wed, 04 Mar 2026 23:09:34 +0000

Tuesday, 3 March 2026: Markets Steady and Reverse Some Steep Losses

Mon, 02 Mar 2026 23:07:28 +0000

US equity markets steadied, reversing steep morning session losses - Dow slipped -73-points or -0.15%, paring an earlier decline of as much as 600-points. 3M Co (down -2.33%), Home Depot Inc (-2.6%) and Procter & Gamble Co (-2.21%) all fell over >2%. Nvidia Corp rose +2.99% and was the leading performer in the 30-stock index, arresting a two-day slide that saw the chipmaking giant drop over >9.5% despite. Microsoft Corp rose +1.48%. Apple Inc (+0.20%) kicked off a three-day stretch of new product announcements overnight unveiling its new iPhone 17e and a new iPad Air, refreshing its entry-level hardware offerings with updated chips to prepare for the rollout of new artificial-intelligence (AI) features later this year.

Monday, 2 March 2026: US Markets Hit One-Year Low Amid Rising US–Iran Hostilities

Sun, 01 Mar 2026 23:17:06 +0000

US equity markets retreated and booked their steepest monthly declines in a year, with financial and Information technology stocks under pressure and with investors eyeing US-Iran hostilities that are poised to drive crude prices sharply higher - Dow lost 521-points or -1.05%. American Express Co (down -7.88%) and Goldman Sachs Group Inc (-7.47%) both dropped over >7%. Apple Inc fell -3.21% ahead of the company kicking off its first product launches of the year this week, culminating in a “special Apple experience" event on Wednesday night AEST (4 March). Microsoft Corp -2.24%
The U.S. and Israel launched a joint military strike on Iran on Saturday (28 February) called “Operation Epic Fury”, while U.S. President Trump called on Iranians to overthrow their government. President Trump said “we have hit hundreds of targets” in a new video statement on the strikes on Iran, adding that that US Strikes had eliminated Iranian Revolutionary Guard facilities, air defences, and naval assets, echoing his earlier comments. “Iran’s former supreme leader Ali Khamenei is dead. This wretched and vile man had the blood of hundreds, even thousands of Americans on his hands,” President Trump said in the video that was posted to Truth Social. “The entire military command is gone.”

Friday, 27 February 2026: US equity markets weaker after strong results from Nvidia Corp and Salesforce

Thu, 26 Feb 2026 23:07:37 +0000

US equity markets weaker as a strong results from Nvidia Corp and Salesforce after the close of the previous session weren’t enough to bolster the broader market - Dow inched +17-points or +0.03% higher Salesforce Inc - which has been one of the biggest victims of recent artificial intelligence (AI) disruption fears - gained +4.03% to pace gains in the 30-stock index a day after the customer service software maker reported healthy results for the fourth quarter, although its fiscal 2027 revenue forecast trailed Wall Street projections. However, Nvidia Corp shed -5.46% to book its largest single session decline since April last year despite reporting stronger-than-expected profit and revenue forecasts for the fourth quarter after the close of the previous session.

Thursday, 26 February 2026: Tech Stocks Lead the Way as Markets Drive Higher

Wed, 25 Feb 2026 23:21:35 +0000

Technology stocks led US equity markets higher overnight ahead of Nvidia Corp’s much anticipated quarterly result after the closing bell - Dow rose +308-points or +0.63% International Business Machines (IBM) Corp (up +3.58%) and UnitedHealth Group Inc (+3.74%) rallied over >3.5%.

The broader S&P500 gained +0.81%. Information Technology (up +1.79%) and Financials (+1.68%) gained over >1.5% to lead just five of the eleven primary sectors higher. Industrials (down -0.79%) and Real Estate (-0.69%) sat at the foot of the primary sector leaderboard. Axon Enterprise Inc jumped +17.55% after the technology company in global public safety posted a stronger-than-expected fourth quarter result after the closing bell of the previous session.

Wednesday, 25 February 2026: Tech Stocks Lead Market Rebounds

Tue, 24 Feb 2026 23:14:58 +0000

US equity markets rebounded as Technology stocks steadied after a sharp sell-off amid artificial intelligence (AI) disruption concern - Dow rose +370-points or +0.76% Salesforce Inc rose +4.07% to be the leading performer in the 30-stock index, more than recouping the previous session’s -3.78% drop that came amid a broader decline on artificial intelligence (AI) disruption concerns from the likes of Anthropic. International Business Machines (IBM) Corp rose +2.67% a day after slumping -13.15%. Microsoft Corp rose +1.18%.

Tuesday, 24 February 2026: Markets Rattled as Tech Turmoil and Tariff Shock Hit Wall Street

Mon, 23 Feb 2026 23:00:39 +0000

US equity markets opened the new week on the back foot as investors digested President Trump’s move to raise global tariffs and amid fresh concerns around artificial intelligence (AI) disruptions to various industries - Dow fell -822-points or -1.66%, booking its worst one-day decline since 20 January. International Business Machines (IBM) Corp slumped -13.15% and was the worst performer in the 30-stock index on concerns advances in Anthropic's AI technology could affect its business. Anthropic is slated to host an event tonight AEST to discuss the capabilities of its next generation AI assistant, Claude, and potentially announce new features. Microsoft Corp (down -3.21%) and Salesforce Inc (-3.78%) fell over >3%

Monday, 23 February 2026: Markets Rally After Supreme Court Overturns Trump-Era Tariffs

Sun, 22 Feb 2026 22:53:50 +0000

U.S. equity markets advanced on Friday to cap a positive week after the Supreme Court struck down the sweeping tariffs implement implemented by the Trump administration last year.

Friday, 20 February 2026: US equity markets weaker after booking three straight sessions of gains

Thu, 19 Feb 2026 22:55:48 +0000

US equity markets weaker after booking three straight sessions of gains, with oil prices climbing to six-month highs amid escalating tensions between the US and Iran - Dow fell -268-points or -0.54% Boeing Co (down -2.18%) and Sherwin-Williams Co (-2.23%) both fell over >2%.
The broader S&P500 eased -0.28%, with Financials (down -0.86%) leading eight of the eleven primary sectors lower. Investors moved out of private credit stocks after private market and alternative assets manager Blue Owl Capital Inc (down -5.93%) announced it’s going to tighten investor liquidity following its sale of US$1.4B in loan assets, spurring worries among investors about losses in the murky private loans area. Blackstone Inc (-5.37%) and Apollo Global Management Inc (-5.21%) both fell over >5%. Information Technology fell -0.53%, with reports ChatGPT maker OpenAI is set to close a US$100B funding round. Utilities returned to the top of the primary sector leaderboard with a +1.13% gain. Bookings Holdings Inc -6.16% a day after the on-line travel agency posted higher sales and profit for the fourth quarter. However, Bank of America analysts noted strategic reinvestments will likely slow the company’s pace of margin expansion. Carvana Co shed -7.95% after the online used-car retailer recorded some weakness in some key profitability metrics that outweighed solid sales numbers for the fourth quarter released after the close of the previous session.
The Nasdaq lost -0.31%.
The small capitalisation Russell 2000 added +0.24%.

Thursday, 19 February 2026: Tech Stocks Find Their Feet and Markets Advance

Wed, 18 Feb 2026 23:05:03 +0000

US equity markets advanced as technology stocks found their footing and investors digested the minutes from the Federal Reserve’s January monetary policy meeting - Dow rose +129-points or +0.26%, with Nvidia Corp rising +1.63% and moving back into positive territory year-to-date after Meta Platforms Inc (+0.61%) announced a new deal to buy millions of its chips as part of its data centre buildout. Meta CEO Mark Zuckerberg said in a statement that the expanded partnership continues his company’s push “to deliver personal superintelligence to everyone in the world,” a vision he announced in July. Financial terms of the deal were not provided. Amazon.com Inc rose +1.81% despite Berkshire Hathaway reporting via a 13F filing that it had sold nearly all of its stake in the e-commerce giant. Analysts at Morgan Stanley regard Amazon as a “top pick” and both Amazon Web Services and the company’s retail business are shaping up to be massive beneficiaries of the artificial intelligence (AI) wave Amgen Inc (+1.71%), Chevron Corp (+1.84%), Cisco Systems Inc (+1.73%), Salesforce Inc (+1.90%) and Walt Disney Co (+1.57%) all gained over >1.5%. 3M Co (down 2.06%) and Boeing Co (-2.09%) fell over >2%

Wednesday, 18 February 2026: Markets Steady as Tech Reclaims the Spotlight

Tue, 17 Feb 2026 23:02:32 +0000

US equity markets little changed after resuming trading following the President’s Day long weekend and after booked their worst weekly declines of 206 to date last week - Dow rose +32-points or +0.07% Apple Inc (up +3.17%) was the leading performer in the 30 stock index and paced gains in the ‘Magnificent Seven’ cohort of mega-capitalisation technology stocks a day after announced it will hold a product launch event on 4 March, with the newest iPhone, a low-cost MacBook, and a faster iPad expected to be among the products featured. American Express Co and Nike Inc rose over >2%. Walmart Inc (down -3.76%) was the worst performing Dow component overnight, with the retail giant slated to release its fourth quarter result on Thursday night AEST (19 February).

Tuesday, 17 February 2026: Markets Closed for Presidents Day

Mon, 16 Feb 2026 22:48:51 +0000

US equity and bond markets were CLOSED overnight for Presidents Day.
Apple Inc announced it will hold a product launch event on 4 March, with the newest iPhone, a low-cost MacBook, and a faster iPad expected to be among the products featured.

Monday, 16 February 2026: Wall St Flat as Mega-Caps Drag

Sun, 15 Feb 2026 22:55:34 +0000

US equity markets settled little changed, losing steam in the final hour of Friday’s (13 February) - Dow eased -49-points or +0.10% Visa Inc (down -3.12%), while ‘Magnificent Seven’ mega-capitalisation technology stocks Apple Inc (-2.24%) and Nvidia Corp (-2.21%) fell over >2%. Nike Inc (+3.32%) and UnitedHealth Group Inc (+3.1%) climbed over >3%, Cisco Systems Inc (+2.47%) and Salesforce Inc (+2.31%) gained over >2%.

Thursday, 12 February 2026: Weak Retail Sales Figures Lead to Market Retreat

Wed, 11 Feb 2026 22:57:12 +0000

US equity markets retreated as investors digested weaker-than-expected retails sales figures and turned their attention to the potential threat artificial intelligence (AI) poses to the financial sector - Dow added +52-points or +0.10% to 50,188.14, booking its third consecutive record closing and intra-day high after climbing above the >50,000 level last Friday (6 February). Home Depot Inc (up +2.28%) and Walt Disney Co (+2.64%) both gained over >2%.

Wednesday, 11 February 2026: AI Jitters Hit Wall Street as Markets Pull Back

Tue, 10 Feb 2026 22:56:40 +0000

US equity markets retreated as investors digested weaker-than-expected retails sales figures and turned their attention to the potential threat artificial intelligence (AI) poses to the financial sector - Dow added +52-points or +0.10% to 50,188.14, booking its third consecutive record closing and intra-day high after climbing above the >50,000 level last Friday (6 February). Home Depot Inc (up +2.28%) and Walt Disney Co (+2.64%) both gained over >2%.

Tuesday, 10 February 2026: US equity markets advanced after posting a sharp rebound last Friday

Mon, 09 Feb 2026 22:56:58 +0000

US equity markets advanced after posting a sharp rebound last Friday (6 February), with technology again leading the gains - Dow inched +20-points or +0.04% higher to a fresh record closing high of 50,135.87 a day after the 30-stock index has climbed above the 50,000 level for the first time. Microsoft Corp (up +3.05%) was the leading Dow component, while Caterpillar Inc (+2.19%), Cisco Systems Inc (2.31%) and Nvidia Corp (2.5%) all climbed over >2%. Merck & Co Inc fell -3.51%, while Travelers Companies Inc (down -2.88%), Nike Inc (-2.36%) and Amgen Inc (-2.21%) all fell over >2%.
The broader S&P500 added +0.47%, with Information Technology (up +1.59%) sitting atop the primary sector leaderboard for a second consecutive session. Health Care and Consumer Staples both declined -0.86%. AppLovin Corp soared +13.26% and was the leading performer in the S&P500 after a financial publisher retracted some of its most explosive claims regarding AppLovin’s alleged connections to transnational crime syndicates. Oracle Corp rallied +9.64% Kroger Inc rose +3.85% after the after the grocery giant named former Walmart Inc (down -1.63%) executive Greg Foran its new CEO. Micron Technology Inc fell -2.84%, with some traders citing South Korean press reports indicating that Micron’s HBM4 offerings aren’t fast enough for Nvidia Corp and thus will get shut out of the upcoming Vera Rubin graphics processing units (GPUs).

Monday, 9 February 2026: US equity markets rebounded sharply as technology stocks rallied following a wave of selling in recent sessions

Sun, 08 Feb 2026 23:00:00 +0000

US equity markets rebounded sharply as technology stocks rallied following a wave of selling in recent sessions - Dow jumped +1,207-points or +2.47% to a record closing high of 50,115.67, the first time the 30-stock index has climbed above the 50,000 mark. Nvidia Corp +7.87%, with Chief Executive Officer (CEO) Jensen Huang saying in a televised interview with CNBC that demand has been "going through the roof" as cloud heavyweights lead what he believes could become the “largest infrastructure buildout in human history.” Caterpillar Inc +7.07%. However, Amazon.com Inc fell -5.55% after the company forecast a more than 50% jump in capital expenditures this year as part of its fourth quarter result released after the close of the previous session, intensifying the AI-driven spending spree already underway among its "Magnificent Seven" mega-capitalisation peers.

Friday, 6 February 2026: Few Corners of the Market Spared as the Sell Off Continues

Thu, 05 Feb 2026 23:11:34 +0000

US equity indices declined as a "risk-off" selloff spared few corners of the market and with losses acerating in the closing hour of trading - Dow -593-points or -1.20% Microsoft Corp (down -4.97% and now down over >27% from its 28 October peak) and Salesforce Inc (-4.75%) both fell over >4.5%, while investment banks Goldman Sach Group Inc (-2.51%) and JPMorgan Chase & Co (-2.24%) fell over >2%.
The broader S&P500 -1.23% and slipped into negative territory for the calendar year-to-date, with Materials (down -2.75%) and Consumer Discretionary (-2.59%) falling over >2.5% and leading nine of the eleven primary sectors lower. The Information Technology sector fell -1.22% after entering official correction territory a day earlier, down ~11.2% from its 29 October peak. Consumer Staples (up +0.25%) and Utilities (+0.11%) were the only primary sectors to settle in positive territory.

Thursday, 5 February 2026: Tech Stock Sell-Off Continues as Market Decline Intensify

Wed, 04 Feb 2026 23:08:19 +0000

US equity markets retreated as the sell-off in technology stocks intensified - Dow rose +260-points or +0.53%, with Amgen Inc jumping +8.15% to be the leading performer in the 30-stock index after the biopharmaceutical company reported a better-than-expected fourth result after the close of the previous session. Nike Inc (up +5.4%) and 3M Co (+5.21%) both climbed over >5%. ‘Magnificent Seven’ mega-capitalisation technology names Nvidia Corp (down -3.41%) and Amazon.com Inc (-2.36%) were under pressure, along with technology peers Cisco Systems Inc (-2.35%) and International Business Machines (IBM) Corp (-1.79%

Wednesday, 4 February 2026: Market Jitters: Tech Sell-Off vs Walmart’s Trillion‑Dollar Breakthrough

Tue, 03 Feb 2026 22:58:36 +0000

Technology stocks came under renewed selling pressure, dragging US equity markets lower - Dow fell -167-points or -0.34% to 49,240.99 after touching a record intra-day high of 49,653.13. Nvidia Corp fell -2.87%, with Chief Executive Officer (CEO) Jensen Huang saying in an interview with CNBC that the chipmaker’s plan to invest in OpenAI remains “on track” after recent reports suggested brewing tension between the two sides. Mr Huang said that Nvidia would invest in OpenAI’s next fundraising round, which he called the “largest private round ever raised in history.” OpenAI is engaging in fundraising discussions for a round that could raise as much as US$100B, according to a CNBC report last month. Retail giant Walmart Inc rose +2.94% and joined the club of stocks with a market capitalisation more than US$1 trillion. Only 11 other companies are larger, with Nvidia and Alphabet Inc (-1.22%) having market capitalisations greater than >US$4 trillion.

Tuesday, 3 February 2026: Markets Firmer as Investors Ponder the new Chair of the FED

Mon, 02 Feb 2026 22:54:22 +0000

US equity markets opened February on a firmer footing despite fresh falls on metals markets and as investors continued to ponder President Trump’s nomination for the next Chair of the Federal Reserve - Dow rose +515-points or +1.05%. Caterpillar Inc (+5.1%), Walmart Inc (+4.13%) and Apple Inc (4.06%) all rallied over >4%. Nvidia Corp dropped -2.89% after The Wall Street Journal (WSJ), citing people familiar with the matter, that the chipmaking giant’s plans to pour US$100B into OpenAI had stalled, with company executives expressing doubt about the deal.
President Trump announced on his Truth Social network that the U.S. had reached a trade deal with India. The Asian nation agreed to stop buying Russian oil, and in exchange the U.S. "will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%," President Trump wrote.
The broader S&P500 added +0.54%, with Consumer Staples (up +1.28%), Industrials (+1.26%) and Financials (+1.02%) all rising over >1%. Energy (down -1.98%) and Utilities (-1.54%) fell over >1.5%. Sandisk Corp (up +15.44%) was the leading S&P500 performer overnight as investors continued to applaud the storage device maker’s stronger-than-expected fiscal second quarter result last Friday (30 January).

Monday, 2 February 2026: US equity markets retreated on Friday (30 January) as technology stocks remained under pressure

Sun, 01 Feb 2026 23:24:27 +0000

US equity markets retreated on Friday (30 January) as technology stocks remained under pressure, while precious metals markets saw some vicious volatility - Dow fell -179-points or -0.36% as a host of components in the 30-stock index posted quarterly results.

Friday, 30 January 2026: Mixed Markets as Tech Stocks Report

Thu, 29 Jan 2026 23:21:02 +0000

US equity markets settled narrowly mixed as investors absorbed another busy corporate earnings calendar - Dow edged +56-points or +0.11% higher, with International Business Machines Corp (IBM) rising +5.13% to be the leading performer in the 30-stock index after posting stronger-than-expected fourth quarter EPS and revenue after the close of the previous session. Microsoft Corp tumbled -9.99% and recorded worst daily performance since March 2020 following the release of the company’s fourth quarter result after the close of the previous session, with investors seemingly unnerved by record spending on artificial intelligence (AI) last quarter.

Thursday, 29 January 2026: US equity markets settled narrowly mixed

Wed, 28 Jan 2026 23:00:40 +0000

US equity markets settled narrowly mixed as investors eyed quarterly results from mega-capitalisation technology companies after the closing bell and the Federal Reserve’s first interest rate decision of 2026 - Dow inched +12-points or +0.02% higher Nvidia Corp rose +1.59% and was the leading performer in the 30-stock index after The Wall Street Journal (WSJ) reported that China's government has given clearance to a few big technology companies in the country including ByteDance and Alibaba Group Holdings Ltd () to start placing orders for H200 AI chips. The initial approval would allow the companies to buy hundreds of thousands of chips worth ~US$10B, according to the WSJ. Nvidia did not respond to a request for comment in time for publication.

Wednesday, 28 January 2026: US equity markets advanced as investors digested a busy corporate earnings calendar

Tue, 27 Jan 2026 22:58:37 +0000

US equity markets advanced as investors digested a busy corporate earnings calendar and eyed tomorrow morning’s AEST interest rate decision from the Federal Reserve - Dow lost -409-points or -0.83% despite ‘Magnificent Seven’ mega-capitalisation technology names Amazon.com Inc (+2.63%) and Meta Platforms Inc (+2.19%) along with Cisco Systems Inc (+2.17%) rising over >2%.
The broader S&P500 gained +0.41% to a fresh record closing high of 6,978.60 after touching a record intra-day peak of 6,988.22. Information Technology (up +1.42%) and Utilities (+1.25%) rose over >1% to lead nine of the eleven primary sectors higher. Healthcare (down -1.66%) sat at the foot of the primary sector leaderboard after the Centres for Medicare and Medicaid Services estimated payments to private Medicare Advantage plans will rise just 0.09% next year, a much smaller increase than expected. Next year’s rate increase also pales in comparison to recent years; CMS estimated payments would rise by 5% this year and about 4% in 2025. Humana Inc slumped -21.13% and CVS Health Corp -14.15%. Corning Inc jumped +15.58% after the specialty glassmaker announced a deal with Meta Platforms Inc (+0.09%) to supply the Facebook and Instagram parent with fibre optic technology and cables for its AI data centres.

Tuesday, 27 January 2026: US equity markets advanced as investors eyed a busy week of fourth quarter results

Mon, 26 Jan 2026 23:09:31 +0000

US equity markets advanced as investors eyed a busy week of fourth quarter results and the Federal Reserve’s first-interest rate decision of 2026 – Dow rose +314-points or +0.64%. Cisco Systems Inc (up +3.24%) was the leading component in the 30-stock index. Nvidia Corp eased -0.64% after investing US$2B in CoreWeave Inc (up +5.73%) stock, reflecting its "confidence in CoreWeave's business, team and growth strategy as a cloud platform built on NVIDIA infrastructure, “according to the world’s most valuable public company. Nvidia climbed +1.53% last Friday (23 January) after CNBC reported that Chief Executive Officer (CEO) Jensen Huang is planning to visit China in the coming days.
Dow fell -285-points or -0.58% last Friday (23 January), with Goldman Sachs Group Inc down -3.75%
Canadian Prime Minister Mark Carney said on Sunday (25 January) that his country has no intention of pursuing a free trade agreement with China, after President Trump threatened to impose 100% tariffs on Ottawa if it signed a trade deal with China. Meanwhile, President Trump said he was increasing tariffs on South Korean imports into the United States related to autos, lumber, and pharmaceuticals to 25%, while accusing the ally’s legislature of “not living up” to its trade deal with Washington.

Friday, 23 January 2026: US Markets Advance, Extending Previous Session Gains

Thu, 22 Jan 2026 23:00:41 +0000

US equity markets resumed trading after the holiday long weekend with steep losses, with the benchmark indies booking their worst single session performance since October as investors were spooked by fresh tariff threats from President Trump against Europe amid a dispute over control ‌of Greenland - Dow fell -871-points or +0.55% International Business Machines (IBM) Corp (down -4.68%) and Nvidia Corp (-4.38%) both dropped over >4%, while American Express Co (-3.45%), Apple Inc (-3.46%), Amazon.com Inc (-3.4%), JPMorgan Chase & Co (-3.11%), Salesforce Inc (-3.04%) and Sherwin-Williams Co (-3.04%) all fell over >3%.

Wednesday, 21 January 2026: Steep Losses Upon Resumed Trading After the Holiday Long Weekend

Tue, 20 Jan 2026 23:02:30 +0000

US equity markets resumed trading after the holiday long weekend with steep losses, with the benchmark indies booking their worst single session performance since October as investors were spooked by fresh tariff threats from President Trump against Europe amid a dispute over control ‌of Greenland - Dow fell -871-points or +0.55% International Business Machines (IBM) Corp (down -4.68%) and Nvidia Corp (-4.38%) both dropped over >4%, while American Express Co (-3.45%), Apple Inc (-3.46%), Amazon.com Inc (-3.4%), JPMorgan Chase & Co (-3.11%), Salesforce Inc (-3.04%) and Sherwin-Williams Co (-3.04%) all fell over >3%.
The broader S&P500 dropped -2.06% to book its steepest one-day decline since 10 October, with Information Technology (down -2.94%) and Consumer Discretionary (-2.82%) falling over >2.5% and leading ten of the eleven primary sectors lower. Consumer Staples (up +0.12%) was the only primary sector to settle in positive territory overnight. NetApp Inc (down -9.37%), Dell Technologies Inc (-7.45%) and Norwegian Cruise Line Holdings Ltd (-7.45%) all fell over >7%. Newmont Mining rallied +4.22%

Monday, 19 January 2026: US equity markets settled with modest losses on Friday (16 January) ahead of a holiday long weekend

Sun, 18 Jan 2026 23:27:01 +0000

US equity markets settled with modest losses on Friday (16 January) ahead of a holiday long weekend, with the benchmark indices hitting their session lows after President Trump delivered remarks in the White House in which the president said he’d rather have National Economic Council Director Kevin Hassett stay in his current role and that he might not be chosen to become the next Federal Reserve chair. Treasury yields climbed to a four-month high - Dow slipped -83-points or -0.17%

Salesforce Inc (down -2.75%) and UnitedHealth Group Inc (-2.34%) fell over >2%.
The broader S&P500 dipped -0.06%, with Health Care (down -0.84%) and Communication Services (-0.72%) leading five of the eleven primary sectors lower.

Real Estate (up +1.20%) sat atop the primary sector leaderboard.

Power providers Constellation Energy Corp (down -9.82%) and Vistra Corp (-7.54%) slumped following reports the Trump administration plans to shake up America's largest electricity grid.

Friday, 16 January 2026: US equity markets climbed after two sessions of declines, underpinned by a rebound for bank stocks

Thu, 15 Jan 2026 23:26:09 +0000

US equity markets climbed after two sessions of declines, underpinned by a rebound for bank stocks following a tough start to the week and renewed momentum in the artificial intelligence (AI) trade following a strong fourth quarter result from Taiwan Semiconductor Manufacturing Co (TSMC) Ltd - Dow rose +293-points or +0.60% Boeing Co (up +2.11%) and Nvidia Corp (+2.13%) both gained over >2%. However, International Business Machines (IBM) Corp dropped -3.59% and Salesforce Inc -2.52%.
The broader S&P500 added +0.26%. Energy (down -0.91%) sat at the foot of the primary sector leaderboard. Health Care fell -0.58%, with Eli Lilly & Co down -3.76% after a Reuters report that the Food and Drug Administration (FDA) extended its review on the firm's weight-loss pill orfoglipron. A decision on the drug's approval is now expected 10 April, whereas it was previously slated for 28 March, according to Reuters. Meanwhile, Strive Compounding Pharmacy, one of the nation's most celebrated providers of compounded medications, has filed a federal antitrust lawsuit against pharmaceutical giants Eli Lilly and Danish peer Novo Nordisk (-3.45%), alleging a coordinated effort to suppress competition and limit patient access to lawful compounded GLP-1 medications. Boston Scientific Corp fell -3.91% after the company agreed to buy medical-devices maker Penumbra for US$14.5B. Utilities (up +1.04%) and Industrials (+0.93%) both rose ~1% to sit atop the primary sector leaderboard. James Hardie Industries Plc (up +1.87%) reaffirmed its guidance for the third quarter after the closing bell and announced that it will close its manufacturing facilities in Fontana, California, and Summerville, South Carolina, within 60 days, as part of a plan to optimise its North American manufacturing footprint.

Wednesday, 14 January 2026: Financial stocks weighed on US equity markets following warnings about potential changes to lending policy

Tue, 13 Jan 2026 23:19:36 +0000

Financial stocks weighed on US equity markets following warnings about potential changes to lending policy, with the Dow and S&P 500 pulling back from record highs as the fourth quarter earnings season got underway and investors digested the latest inflation data - Dow fell -398-points or -0.80% Salesforce Inc shed -7.07% and was the worst performer in the 30-stock index following an update to its virtual assistant Slackbot feature in Slack. Visa Inc fell -4.46%
The broader S&P500 eased -0.19%. Financials (down -1.84%) led just four of the eleven primary sectors lower. Energy (up +1.53%) was the leading primary sector performer overnight following fresh gains on crude markets, with Exxon Mobil Corp rising +2.02% to US$126.50 and booking its first record closing high since 7 October, 2024. Moderna Inc soared +17.02% to be the leading S&P500 component after CEO Stéphane Bancel revealed a raised 2025 sales forecast at the J.P. Morgan Healthcare Conference. "We should land around the US$1.9 billion of sales for the year, which is $100 million better than the midpoint" of Moderna's prior guidance of $1.6B to $2.0B, Mr Bancel said

Monday, 12 January 2025: Dow and S&P500 booking fresh record closing highs

Sun, 11 Jan 2026 23:08:29 +0000

US equity markets advanced on Friday (9 February), with both the Dow and S&P500 booking fresh record closing highs - Dow rose +238-points or +0.48% to book a record closing high of 49,504.07, with Home Depot Inc (up +4.19%) the leading performer in the 30-stock index, while Boeing Co (+3.14%) and Sherwin-Williams Co (+3.59%) gained over >3%.

The broader S&P500 gained +0.65% to a fresh record closing high of 6,966.28 after touching a record intra-day peak (6,978.36).

Materials (up +1.80%) leading nine of the eleven primary sectors higher on Friday (9 January). Vistra Corp (up +10.47%) was the leading S&P500 performer, while Oklo Inc rose +7.90% after Facebook and Instagram parent Meta Platforms Inc (+1.08%) announced it had inked "landmark agreements" with the companies and privately held TerraPower to power its artificial intelligence (AI) projects.

Tuesday, 23 December 2025: Third Consecutive Session of Gains for US Markets

Mon, 22 Dec 2025 23:05:34 +0000

US equity markets advanced for a third consecutive session to open the holiday-shortened week - Dow rose +228-points or +0.47%, with Merck & Co (up +3.59%) the leading performer in the 30-stock index. Honeywell International fell -1.58% after the aerospace and industrial-automation company lowered its full-year earnings outlook and updated investors on its expectations surrounding the Flexjet lawsuit. Nike Inc -2.54%.
The broader S&P500 gained +0.64%, with Materials (up +1.35%), Financials (+1.25%), Industrials (+1.11%) and Energy (+1.08%) all rising over >1% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.41%) was the only primary sector to settle in the red.

Friday, 19 December 2025: Tech Names Drive a Stronger Overnight US Market

Thu, 18 Dec 2025 22:58:28 +0000

US equity markets were stronger overnight – Dow rose 0.14% driven by tech names Amazon up 2.4%, Nvidia up 1.8%, Microsoft up 1.65%, and Cisco 1.52%.

The broader S&P500 advanced 0.79% on the back of a lower-than-expected CPI report. Memory and storage names Sandisk Corporation, Western Digital and Seagate Technology were three of the top performers, up 6.1%, 5.26% and 5.17% respectively. The rally due to Micron Technology’s strong result and their outlook for AI-driven memory demand.

Thursday, 11 December 2025: Wall Street’s Late Surge: Fed Signals and Big Bank Moves

Wed, 10 Dec 2025 23:09:46 +0000

US equity markets rallied late in the session as investors digested the latest monetary policy pronouncements from the Federal Reserve - Dow rallied +497-points or +1.05%, with 26 of the 30 index components advancing. JPMorgan Chase & Co rebounded +3.19% after dropping -4.66% in the previous session after Marianne Lake, the investment bank’s Chief Executive Officer (CEO) of Consumer & Community Banking, disclosed higher-than-expected expense projections of US$105B for next year (versus current consensus forecasts of US$101B) at the Goldman Sachs Group Inc (up +1.44%) U.S. Financial Services Conference and said that she "would characterize the environment as being a little bit more fragile." American Express Co (+3.2%), Caterpillar Inc (+3.53%) and Nike Inc (+3.88%) also all rose over >3%.

Tuesday, 9 December 2025: Federal Reserve’s latest interest rate decision on Thursday morning AEST leads to a soft opening

Mon, 08 Dec 2025 23:05:27 +0000

US equity markets opened the week on a softer footing ahead of the Federal Reserve’s latest interest rate decision on Thursday morning AEST (11 December) - Dow fell -216-points or -0.45%, with Nike Inc (down -3.52%) and Procter & Gamble Co (-3.56%) both falling ~3.5%. Boeing Co (up +2.17%) and Walt Disney Co (+2.21%) both climbed ~2.2%.
The Dow Jones Transportation Average (down -0.26%), an index that tracks the stocks of companies that move goods and people around the country, snapped a ten session winning streak.

Monday, 8 December 2025: US equity markets advanced after a delayed, tame inflation report

Sun, 07 Dec 2025 23:24:44 +0000

US equity markets advanced after a delayed, tame inflation report reinforced expectations that the Federal Reserve will cut interest rates at its final meeting of the year this week - Dow added +104-points or +0.22%, with Salesforce Inc (up +5.3%) the clear outperformer in the 30-stock index on Friday (5 December). Goldman Sachs Group Inc +2% Amgen Inc fell -3.02%

The Dow Jones Transportation Average (up +0.69%), an index that tracks the stocks of companies that move goods and people around the country, rose for a tenth consecutive day on Friday (6 December).

Tuesday, 2 December 2025: Cryptocurrency Stocks Under Pressure As Markets Retreat

Mon, 01 Dec 2025 23:06:47 +0000

US equity markets retreated to open the final trading month of the calendar year, with technology and cryptocurrency-related stocks under particular pressure - Dow fell -427-points or -0.90%. Merck & Co Inc (-2.81%) was the worst performer in the 30-stock index, while Amgen Inc (-2.31%) and McDonald’s Corp (2.06%) both fell over >2%.

Monday, 1 December 2025: US equity markets advanced in an abbreviated trading session

Sun, 30 Nov 2025 23:36:49 +0000

US equity markets advanced in an abbreviated trading session on Friday (28 November) to cap a strong, holiday-shortened trading week - Dow rose +289-points or +0.61% with Amazon.com Inc, International Business Machines (IBM) Corp and JPMorgan Chase & Co all rising +1.77%.

The broader S&P500 gained +0.54%. Energy (up +1.32%) led ten of the eleven primary sectors higher. Health Care (down -0.49%) was the only primary sector to settle in the red. Intel Corp jumped +10.19% after an analyst suggested that the company could become a foundry supplier for Apple Inc (+0.47%) processors, adding fuel to rumours earlier in the year about a possible deal with the iPhone maker. Broadcom Inc (+1.36%), General Motors (+0.98%), Hilton Worldwide Holdings Inc (-0.26%) and Walmart Inc (+1.29%) were among 12 S&P500 components to hit fresh record intra-day highs on Friday (28 November).

The Nasdaq rallied +0.65%, booking a fifth straight day of gains

Tuesday, 25 November 2025: US Markets Rally Sharply

Mon, 24 Nov 2025 22:59:19 +0000

US equity markets rallied sharply to kick off a holiday-shortened trading week amid renewed optimism around a December interest rate cut from the Federal Reserve - Dow rose +203-points or +0.44%. Amazon.com Inc (up +2.53%) said it will spend as much as $US50B expanding its capacity to provide artificial intelligence (AI) and high-performance computing services to US government entities. Amazon Web Services (AWS) plans to break ground next year on what will ultimately be 1.3 gigawatts of additional capacity across data centres designed for federal agencies, the company said in a blog post overnight. Goldman Sachs Group Inc (+2.15%), International Business Machines (IBM) Corp (+2.25%), Merck & Co (+2.70%) and Nvidia Corp (+2.05%) also rallied over >2%. However, Procter & Gamble Co (-2.61%), Verizon Communications Inc (-2.47%) and Walt Disney Co (-2.24%) all fell over >2%.

Monday, 24 November 2025: Possible Rate Cut Leads to Market Advances

Sun, 23 Nov 2025 22:58:27 +0000

US equity markets advanced after New York Federal Reserve President John Williams suggested the central bank could cut interest rates yet again this year - Dow rallied +493-points or +1.08%. Home Depot Inc (up +3.29%) was the leading performer in the 30-stock index. Nvidia Corp lost -0.97% after Bloomberg News reported, citing sources, that the Trump administration was mulling the sale of H200 AI chips to China. The report said President Trump held talks internally about possible shipments in recent days, though it added that a decision had not been made.

Friday, 21 November 2025: US equity markets retreated on Thursday as the Dow was on pace for its worst week in a month

Thu, 20 Nov 2025 23:06:22 +0000

US equity markets retreated on Thursday as the Dow was on pace for its worst week in a month as strong Nvidia earnings weren’t enough to cool investor fears. Dow fell -386.51 points or 0.84%.
Notable stock moves included Cisco Systems Inc (-3.76%), Boeing Co (-3.4%) and Nvidia Corp (-3.15%) all falling >3%.
The S&P500 and Nasdaq saw its largest intraday reversals since April’s tariff woes. The broader S&P 500 declined -103.40 points or -1.56%.

Thursday, 20 November 2025: Markets Rebound and NVIDIA Beats Expectations

Wed, 19 Nov 2025 23:26:02 +0000

US equity markets advanced, with the Dow and S&P500 snapping four session losing streaks ahead of the release of Dow component Nvidia Corp’s (up +2.85% in the regular session) third quarter result after the closing bell and tonight’s AEST delayed September jobs report - Dow edged +47-points or +0.10% higher.

Boeing Co (down -2.07%) and Salesforce Inc (-2.41%) both fell over >2%.
The broader S&P500 added +0.38%. Information Technology (+0.93%) and Communication Services (+0.72%) returned to the top of the primary sector leaderboard.

Energy (down -1.30%) sat at the foot of the primary sector leaderboard.

Wednesday, 19 November 2025: AI Concerns Lead To Further Declines

Tue, 18 Nov 2025 23:08:38 +0000

US equity markets retreated as concerns about valuations for artificial intelligence (AI) stocks continued to weigh on sentiment and with investors eyeing Nvidia Corp’s (-2.81%) third quarter result after the closing bell of tonight’ AEST session - Dow rose -499-points or -1.07%, having been down almost -700-points at its worst levels of the session. E-commerce and cloud giant Amazon.com Inc lost -4.43%, while International Business Machines (IBM) Corp (-2.43%), Honeywell International (-2.36%) and UnitedHealth Group Inc (-2.17%) were among seven Dow components that fell over >2%.

The broader S&P500 extended declines into a fourth consecutive session, falling -0.83% and paring an earlier drop of as much as -1.5%. Consumer Discretionary (down -2.50%) and Information Technology (-1.68%) led five of the eleven primary sectors lower. Energy (up +0.61%) and Health Care (+0.54%) sat atop the primary sector leaderboard. The index now sits over >3% from its October peak. James Hardie Industries Plc +6.83% after the building materials supplier released its fiscal second quarter result after the close of the previous session and said the performance of the recently acquired AZEK business has exceeded its expectations and it has topped a target for cost savings from the deal in the current fiscal year. Eli Lilly and Co rose +0.82% and hit a record intra-day high (US$1,040.72) dating back to 1952 when the pharmaceutical company offered its first public shares of stock.

Monday, 17 November 2025: Markets Mixed After Recovering From a Steep Sell Off

Sun, 16 Nov 2025 22:52:07 +0000

US equity markets were mixed on Friday (14 November) but recovered from an early, steep sell-off to settled well of their worst levels of the session - Dow fell 310-points or -0.65%, having been down as much as -600-points or ~1.3% earlier in the session. UnitedHealth Group Inc (down -3.21%) was the worst performer in the 30-stock index. Nike Inc lost -2.82%, with Moody’s downgrading its ratings on debt issued by the footwear and athletic apparel company, pointing to elevated competition and cost pressures related to tariffs as factors behind its more cautious outlook. Walmart Inc dipped -0.06% after it announced Chief Executive Officer (CEO) Doug McMillon will retire on 31 January 2026, and be succeeded by Walmart U.S. CEO John Furner. Nvidia Corp (+1.77%) and Microsoft Corp (+1.37%) were the leading Dow components on Friday (14 November).

Friday, 14 November 2025: US Equity Indicies Book Their Worst Single-Session Performance Since 10 October 2000

Thu, 13 Nov 2025 23:07:20 +0000

Benchmark US equity indices booked their worst single-session performance since 10 October, 2000 amid rising uncertainty about Federal Reserve interest rate cuts - Dow fell -798-points or -1.65% to 47,457.22 after settling above 48,000 for the first time a day earlier. Investment banks Goldman Sachs Group Inc (down -3.99%) and JPMorgan Chase & Co (-3.41%), Caterpillar Inc (-3.4%) and International Business Machines (IBM) Corp (-3.21%) all fell over >3%, as did Nvidia Corp (-3.58%), with the chipmaker slated to report its third quarter result on Wednesday next week (19 November). Infrastructure provider Cisco Systems Inc (up +4.62%) bucked the weaker trend posting better-than-expected earnings per share (EPS) and revenue of US$14.88B for its fiscal first quarter after the close of the previous session. Verizon Communications Inc +0.76% The Wall Street Journal reported that the company plans to eliminate about 15,000 jobs, mostly through layoffs. It would represent the largest cuts in the company's history, the newspaper added, noting the firm "also plans to transition about 200 stores into franchised operations, which will shift employees off its payroll.

Thursday, 13 November 2025: US equity markets mixed as investors continued to monitor progress on resolving the US government shutdown

Wed, 12 Nov 2025 23:29:38 +0000

US equity markets mixed as investors continued to monitor progress on resolving the US government shutdown - Dow rose +327-points or +0.68% to 48,254.82, the 30-stock index’s first close above >48,000 after setting a fresh record intra-day peak (48,431.57). Goldman Sachs Group Inc (+3.54%) and United Health Group Inc (+3.55%) both rallied ~3.5%. International Business Machines (IBM) Corp +0.40% after the company the company announced several quantum-computing "breakthroughs."
The Republican-controlled US House of Representatives is set to vote on a bill that would end the federal government shutdown at about 11am AEDT. If approved, it will go before President Trump for his signature.

Tuesday, 11 November 2025: Markets Rally as Government Shutdown Looks to be Coming to an end

Mon, 10 Nov 2025 23:04:03 +0000

US equity markets rallied amid signs that a historic U.S. government shutdown could be nearing its end - Dow rose +382-points or +0.81%

Nvidia Corp (up +5.79%) was the clear outperformer in the 30-stock index.
Late Sunday (9 November), the Senate advanced a procedural measure to allow other votes today on an agreement to end the US government shutdown, now at 41-days. Eight Democrats joined Republicans to reach the 60-vote threshold to advance the measure.
The broader S&P500 gained +104-points or +1.54%, logged its largest single-day point gain since 27 May, and its largest single-day percentage gain since 3 October.

Monday, 10 November 2025: Narrowly Mixed Markets after a Volatile Week

Sun, 09 Nov 2025 23:25:55 +0000

US equity markets settled narrowly mixed on Friday (7 November), recovering from steeper declines earlier in the session to cap a volatile week - Dow added +75-points or +0.16%, recovering from an earlier slide of ~400-points or -0.9%. Coca-Cola Co (up +2.16%) and Sherwin-Williams Co (+1.95%) were the leading performers in the stock index.

Thursday, November 6, 2025: Tech Stocks Lead a Rebound for US Markets

Wed, 05 Nov 2025 23:17:43 +0000

Technology stocks led a rebound for US equity markets - Dow rose +226-points or +0.48% Amgen Inc (up +7.81%) was the leading performer in the 30-stock index after the pharmaceutical company posted a better-than-expected third quarter result and raised its full-year sales outlook after the close of the previous session Economic bellwether Caterpillar Inc gained +3.94%. Home Depot (down -2.41%) was the worst performing Dow component overnight.

The US government shutdown reached 36-days, surpassing the previous record of 35-days that ran from 22 December 2018 to 25 January, 2019. Investors are also eying the US Supreme Court as it determines whether President Trump has the authority to impose tariffs without Congress's approval under the International Emergency Economic Powers Act.

Tuesday, November 4, 2025: A mixed start to November for US equity markets ahead of another busy week

Mon, 03 Nov 2025 23:12:02 +0000

A mixed start to November for US equity markets ahead of another busy week of quarterly earnings releases - Dow fell -226-points or -0.48%, with Merck & Co Inc (down -4.06%) the worst performer in the 30-stock index.

3M Co (down -2.59%), UnitedHealth Group Inc (-2.27%) and Chevron Corp (-2.33%) all declined over >2%.

Microsoft Corp (down -0.15%) announced it has secured export licenses to ship Nvidia Corp (+2.23%) chips to the United Arab Emirates amid Gulf’s ambitions to become an AI leader.

Amazon.com Inc rallied +4.03% to be the leading Dow component overnight, hitting a fresh record high (US$258.60) after signing a multi-year US$38B deal to supply cloud computing services to OpenAI, affording the ChatGPT maker access to Nvidia's graphics processors. Amazon soared +9.58% in the previous session after releasing stronger-than-expected third-quarter earnings after the close last Thursday’s (30 October), underpinned by a sharp acceleration in cloud revenue.

Monday, November 3, 2025: US Markets Advanced

Sun, 02 Nov 2025 23:29:22 +0000

US equity markets advanced on Friday (31 October) after a choppy session to cap a solid week and month for the benchmark indices - Dow edged +41-points or +0.09% higher Apple Inc settled -0.38% lower at US$270.37, unwinding an gain that saw the mega-capitalisation technology stock touch a fresh record intraday high of US$277.32 after reporting better-than-expected third quarter earnings after the close of last Thursday’s (30 October) session and forecast holiday-quarter iPhone sales and overall revenue that surpassed Wall Street expectations thanks to strong demand for its iPhone 17 models. Nvidia Corp slipped -0.20% following news it is partnering with Samsung and other South Korean firms to deploy 250,000 of its chips across the Asian country.

Friday, 31 October 2025: US Markets Retreat After Record Highs

Thu, 30 Oct 2025 23:14:27 +0000

US equity markets retreated a day after logging record intra-day highs for a third straight session, with investors continuing to assess earnings from mega-capitalisation technology names and yesterday’s (30 October) meeting between President Trump and Chinese leader Xi Jinping - Dow fell -110-points or -0.23%, sliding in the closing hour of trading . Boeing Co dropped -6.32% to be the worst performer in the 30-stock index a day after the aircraft manufacturer posted a weaker-than-expected third quarter profit and flagged a US$4.9B charge "associated with updated 777X certification timing." Microsoft Corp -2.92% despite posting better-than-expected third quarter EPS and revenue (US$77.7B versus consensus US$75.5B) after the close of the previous session, underpinned by Microsoft Cloud and AI strength. UnitedHealth Group Inc shed -2.96%, while Nvidia Corp lost -2%) a day after becoming the first company to close with a US$5 trillion market capitalisation

Thursday, 9 October 2025: US Equity Markets Rebound

Wed, 08 Oct 2025 23:03:42 +0000

US equity markets rebounded, with the S&P500 and Nasdaq booking fresh record intra-day and closing highs - Dow flat at 46,601.78. Caterpillar Inc (up +3.17%) was the leading performer in the 30-stock index. Nvidia Corp rose +2.20% after Chief Executive Officer (CEO) Jensen Huang said that demand has risen in recent months, telling CNBC that “this year, particularly the last six months, demand of computing has gone up substantially.” Mr Huang also confirmed the company’s involvement in funding Elon Musk’s artificial intelligence (AI) startup, xAI, and said that he’s “super excited about the financing opportunity they’re doing.” Investment banks Goldman Sachs Group Inc (-1.66%) and JPMorgan Chase & Co (-1.19%) fell over >1%.

Wednesday 8 October 2025: US Government Shutdown Enters Second Week

Tue, 07 Oct 2025 23:17:09 +0000

US equity markets retreated overnight as the US government shutdown entered its second week but not before the S&P500 and Nasdaq scaled fresh record intra-day highs - Dow eased -92-points or -0.20%, with Nike Inc (down -3.18%) the worst performer in the 30-stock index, while Salesforce Inc fell -2.46% after the company said it won’t pay a ransom demand from a hacker who claimed to have stolen a large amount of client data and threatened to publish it, according to an email seen by Bloomberg. International Business Machines (IBM) Corp rose +1.54% following news it was partnering with Anthropic to integrate the artificial intelligence (AI) firm's Claude large language model into its enterprise software. Amazon.com Inc added +0.4% as the e-commerce giant began its two-day Prime Big Deal Days.

Tuesday, 7 October 2025: US equity markets advanced, with the S&P500 and Nasdaq booking fresh record closing highs

Mon, 06 Oct 2025 23:09:49 +0000

US equity markets advanced, with the S&P500 and Nasdaq booking fresh record closing highs despite the U.S. government shutdown entering its sixth day, with the White House threatening mass federal worker layoffs. - Dow eased -63-points or -0.14% Verizon Communications Inc -5.11% after Chief Executive Officer (CEO) Hans Vestberg stepped down, replaced by independent lead director and former PayPal Inc CEO Dan Schulman. Sherwin-Williams Co (-2.80%). Microsoft Corp (up +2.17%) and Salesforce Inc (+2.25%) rose over >2%, while Boeing Co gained +1.59% after Bloomberg reported that the airplane maker plans to accelerate its production of jets in its 737 Max line. The company could reach a 42-jet output per month for its 737 Maxs as soon as October, the report said.

Friday, 3 October 2025: US equity indices advanced for a fifth consecutive session

Thu, 02 Oct 2025 23:55:34 +0000

US equity indices advanced for a fifth consecutive session, with the three (3) leading indices booking a fresh round of record closing highs amid a global rally for semiconductor stocks after OpenAI announced South Korean firms SK Hynix (+9.86%) and Samsung Electronics Co Ltd (+3.49%) would partner with the ChatGPT maker on its Stargate AI infrastructure project - Dow added +79-points or +0.17% to 46,519.72, tallying its first five-day winning streak since 2 May and marking the 30-stock index’s second consecutive record closing high and 10th of the calendar year-to-date.

Caterpillar Inc rose +2.003% to be the leading Dow component overnight.

Nvidia Corp rose +0.88% to a fresh record closing high of US$188.89, hitting a record intra-day high (US$191.05) after the chipmaker’s market capitalisation hit US$4.5 trillion.

Thursday, 2 October 2025: Markets Advance Despite US Government Shutdown

Thu, 02 Oct 2025 01:58:59 +0000

US equity markets advanced, with the Dow and S&P500 posting record highs despite the federal government shutting down for the first time in six-years - Dow edged +88-points or +0.19% higher to book a second consecutive record closing high of 46,441.10. Nike Inc gained +6.41% after the athletic retail giant posted better-than-expected headline numbers for the fiscal first quarter after the close of the previous session. Nvidia Corp (+0.35%) hit a fresh record high that lifted the chipmaker’s market capitalisation above >US$4.5 trillion

Friday, 26 September 2025: US equity markets retreated

Fri, 26 Sep 2025 00:04:34 +0000

US equity markets retreated, with the S&P500 and Nasdaq declining for a third consecutive session - Dow fell -174-points or -0.38%, with Amgen Inc (-2.88%), Nike Inc (-2.78%) and Merck & Co Inc (-2.6%) all falling over >2.5%.International Business Machines (IBM) Corp gained +5.20% to be the leading performer in the 30-stock index after financial partner HSBC Holdings Plc said it had a "positive trial" using quantum computers from "Big Blue" for algorithmic bond trading.
The broader S&P500 lost -0.50%, booking its largest three-day decline (-1.33%) since August. Health Care (down -1.67%) and Consumer Discretionary (-1.47%) led nine of the eleven primary sectors lower. Energy (up +0.87%) sat atop the primary sector leaderboard for a second straight session Intel Corp rallied +8.87% to be the leading S&P500 and Nasdaq performer overnight following a Wall Street Journal reports that the company has approached Taiwan Semiconductor Manufacturing Company about investments in manufacturing or partnerships. The latest report comes a day after Bloomberg reported that the chipmaker is seeking an investment from Apple Inc (up +1.81%).

Wednesday, 24 September 2025: Markets Retreat from Record Highs

Wed, 24 Sep 2025 00:30:05 +0000

US equity markets retreated from record highs, snapping a three-session streak that saw the three main indices post record intra-day and closing highs - Dow slipped -89-points or -0.19% to 46,292.78 after logging a fresh record intra-day high (46,447.13) shortly after the opening bell.

Amazon.com Inc (down -3.04%) was the worst performer in the 30-stock index. The company squaring off against the Federal Trade Commission in court after the agency filed a lawsuit during the Biden administration alleging the company made it too onerous for customers to cancel their Prime memberships.

Tuesday, 23 September 2025: The benchmark US equity indices booked another round of fresh record intra-day and closing highs

Mon, 22 Sep 2025 23:46:35 +0000

The benchmark US equity indices booked another round of fresh record intra-day and closing highs to open the week - Dow edged +66-points or +0.14% to 46,381.54. Apple Inc rallied +4.31% to be the leading performer in the 30-stock index following reports of strong demand for the iPhone 17 in its first weekend of sales, aided by consumers seeking to replace aging devices. The stock is closing in on a fresh record closing high (after touching their highest intra-day level since December 2024 overnight at US$256.64) and market capitalisation of US$4 trillion. ‘Magnificent Seven’ mega-capitalisation technology peer Nvidia Corp rallied +3.93% to a record closing high of US$183.61 after the company said it’s going to invest US$100B in OpenAI - the maker of ChatGPT - for the buildout of data centres based around the company’s artificial intelligence (AI) chips. The partnership "enables OpenAI to build and deploy at least 10 gigawatts of AI data centres with NVIDIA systems representing millions of GPUs [graphics processing unit] for OpenAI's next-generation AI infrastructure." Nvidia added it "intends to invest up to US$100B in OpenAI progressively as each gigawatt is deployed." However, Amazon.com Inc fell -1.66% as investors assessed the potential fallout from President Trump's shock decision late on Friday (19 September) to raise the H-1B visa application fee to US$100,000. Amazon employs ~14K staff on such visas.

Tuesday, 16 September 2025: Both the S&P 500 and Nasdaq hit fresh record intra-day and closing highs

Mon, 15 Sep 2025 23:51:50 +0000

Both the S&P 500 and Nasdaq hit fresh record intra-day and closing highs ahead of the Federal Reserve’s latest two-day monetary policy meeting kicking off that is expected to see the central bank cut benchmark interest rates for the first time this year - Dow edged +49-points or +0.11% higher, with so-called ‘Magnificent Seven’ mega-capitalisation technology names Amazon.com Inc (up +1.44%), Apple Inc (+1.12%) and Microsoft Corp (+1.07%) rising over >1% along with Caterpillar Inc (+1.02%) and International Business Machines (IBM) Corp (+1.10%). Merck & Co Inc (-1.20%) and McDonald's Corp (-1.09%) fell over >1% to be the worst performing Dow components overnight. Nvidia Corp dipped -0.04%, paring an earlier decline of almost -1.9% after China’s State Administration for Market Regulation (SAMR) announced that following a preliminary investigation the chip giant was found to be in breach of antitrust rules in relation to its acquisition of Israel-based networking-technology group Mellanox. Separately, Nvidia is reportedly among investors in artificial intelligence (AI) infrastructure company Firmus Technologies, which is targeting a listing on the Australian Securities Exchange (ASX) next year.

Monday, 15 September 2025: A mixed session for US equity markets last Friday

Mon, 15 Sep 2025 00:03:50 +0000

A mixed session for US equity markets last Friday (12 September) albeit all three benchmark indices booked weekly gains - Dow fell -274-points or -0.59% to 45,834.22 a day after settling above >46,000 for the first time. Amgen Inc (down -2.24%), Merck & Co Inc (-2.75%) and Sherwin-Williams Co (-2.33%) all fell over >2%. Microsoft Corp rose +1.77% and was the leading Dow component on Friday (12 September) after it reached an agreement with OpenAI that paves the way for the ChatGPT maker, currently a nonprofit with which Microsoft has a complex revenue and profit-sharing agreement, to convert to a for-profit company.

Friday, 12 September 2025: Markets Rise on Rate Cut Optimism Ahead of Inflation Data

Thu, 11 Sep 2025 23:36:30 +0000

US stocks rose on Thursday as traders anticipated that the latest reading of a key consumer inflation gauge won't stand in the way of the Federal Reserve lowering its benchmark interest rate next week. A spark in US equities saw all three (3) major averages score new intraday all-time highs in the trading day and closed at record levels. The Dow Jones rising +617.08 points, or +1.36%.

Wednesday, 10 September 2025: Benchmark US equity indices booked fresh record highs

Tue, 09 Sep 2025 23:32:56 +0000

Benchmark US equity indices booked fresh record highs - Dow gained +196-points or +0.43% to 45,711.34. UnitedHealth Group Inc (up +8.64%) was the leading component in the 30-stock index (and S&P 500) after the health insurer estimated that 78% of its Medicare Advantage membership will be in top-rated Medicare plans next year and are likely to qualify for bonus payments from the federal government. Microsoft Corp eked out a +0.04% gain following news it had inked a US$17.4B deal for Nvidia Corp (+1.46%)-backed Nebius Group NV (+49.42%) to provide artificial intelligence (AI) infrastructure for the software giant's new data centre in New Jersey. Apple Inc 1.48% after unveiling the new iPhone 17 models at its ‘Awe Dropping’ event along with a number of updates that Chief Executive Officer (CEO) Tim Cook called the company's “biggest leap ever for iPhone." The company showcased four models including the iPhone 17 Air, Apple's most durable and thinnest phone ever. Apple also announced its next generation of Airpods, highlighting live translation and hearing aid functions, and updates to its Apple Watch portfolio with new health-related features such as a "sleep score" and a blood pressure monitor that can alert users to hypertension.

Tuesday, 9 September 2025: Markets advances as a new trading week opens

Mon, 08 Sep 2025 23:38:22 +0000

US equity markets advanced to open the new trading week, resuming a rally that has pushed benchmark indexes to a series of record highs in recent weeks - Dow rose +114-points or +0.25%, with International Business Machines (IBM) Corp (up +3.04%) the leading performer in the 30-stock index. Nvidia Corp (+0.77%) presented at the annual Goldman Sachs Communacopia + Technology Conference overnight
The broader S&P500 edged +0.21% higher. Information Technology (up +0.67%) and Consumer Discretionary (+0.53%) rose over >0.50% to lead five of the eleven primary sectors higher. Utilities (down -1.07%) sat at the foot of the primary sector leaderboard.

Monday, 8 September 2025: U.S. Equity Markets Settle With Modest Declines

Sun, 07 Sep 2025 23:36:41 +0000

Wednesday, 3 September 2025: US equity markets resumed trading following Labour Day

Wed, 03 Sep 2025 00:06:22 +0000

US equity markets resumed trading following the Labour Day holiday long weekend and opened September in negative territory amid fresh uncertainty around tariffs - Dow down -249-points or -0.55% Nike Inc (down -3.48%) was the worst performer in the 30-stock index, while Nvidia Corp (-1.95%) led losses among the so-called ‘Magnificent Seven’ cohort of mega-capitalisation technology stocks.

Friday, 29 August 2025: Modest Gains Across US Markets

Thu, 28 Aug 2025 23:45:53 +0000

US equity markets recorded modest gains, with the S&P 500 climbing above 6,500 for the first time as investors digested Nvidia Corp’s (down -0.79%) second quarter result after the closing bell of the previous session, stronger-than-expected economic growth figures and eyed inflation figures tonight AEST - Dow added +72-points or +0.16%, with American Express Co (up +1.40%), Cisco Systems Inc (+1.45%) and Salesforce Inc (1.75%) all rising over >1%.

Thursday, 28 August 2025: Investors eyeing the Nvidia Q2 Result

Thu, 28 Aug 2025 00:03:31 +0000

US equity markets advanced, with investors eyeing the release of artificial intelligence (AI) bellwether Nvidia Corp’s second quarter result after the closing bell - Dow rose +147-points or +0.32% Salesforce Inc +2.63% was the leading performer in the 30-stock index, while Chevron Corp (+1.19%) and UnitedHealth Group Inc (+1.15%) rose over >1%. Goldman Sachs Group Inc (+0.10%) touched a record all-time high (US$753.00).

The broader S&P500 added +0.24% to a fresh all-time closing high of 6,481.40, also touching a record intra-day peak (6,487.06). Energy (up +1.15%) led eight of the eleven primary sectors higher. Communication Services (down -0.09%), Health Care (-0.03%) and Industrials (-0.02%) dipped into the red. Albemarle Inc rallied +7.54% to be the S&P 500's leading performer overnight a day after UBS upgraded the world's largest lithium producer to "neutral" from "sell" and lifted its price target on the stock. UBS has raised its lithium price forecasts after warning that Chinese supply disruptions could be deeper and more prolonged than previously expected. Paramount Skydance Corp dropped -6.50%, falling the most of any S&P 500 constituent and extending the volatility recorded since the completion of the merger between Skydance Media and Paramount Global earlier this month. Morgan Stanley also trimmed its price target on Paramount Skydance stock, citing a steep valuation and muted growth expectations for adjusted operating income. Eli Lilly & Co has temporarily paused shipments of its weight-loss drug Mounjaro in the UK, ahead of a new price hike for the treatment set to come into effect starting next month. There are legal protections in place to prevent inappropriate stockpiling of medicines by providers, the pharmaceutical company said, adding that it will resume orders on 1 September.

Wednesday, 27 August 2025: US Equity Markets Advanced

Tue, 26 Aug 2025 23:40:03 +0000

US equity markets advanced as investors shrugged off President Trump’s removal of Federal Reserve Governor Lisa Cook from the central bank’s board and eyed Nvidia Corp’s (+1.09%) second quarter result after the closing bell of tonight’s AEST session - Dow rose +136-points or +0.30%. Boeing Co (up +3.51%) was the leading performer in the 30-stock index following news that Korean Air ordered 103 of the planemaker's passenger jets.

Monday, 25 August 2025: US Equity Markets Rebounded Strongly

Sun, 24 Aug 2025 23:40:26 +0000

US equity markets rebounded strongly on Friday (22 August) after Federal Reserve Chair Jerome Powell hinted at a near-term interest-rate cut during his Jackson Hole Economic Policy Symposium speech - Dow rallied +846-points or +1.89% to a record closing high of 45,631.74, marking the 30-stock indice’s first record close since 4 December last year. Caterpillar Inc (+4.25) was the leading Dow component, while American Express Co (+3.57%), Goldman Sachs Group Inc (+3.62%), and Home Depot Inc (+3.79%) all gained over >3.5%. Nvidia Corp (+1.72%) has told suppliers to suspend production of its H20 chip, according to toa report by The Information citing unnamed sources, after Beijing asked local firms to avoid using the chip tailored for the Chinese market due to security concerns. Reuters separately reported that Nvidia had asked Foxconn to suspend work related to the H20 chips.

Thursday, 21 August 2025: Broader S&P500 extended declines into a fourth consecutive session

Wed, 20 Aug 2025 23:41:37 +0000

Technology stocks came under selling pressure for a second session to weigh on the benchmark US equity indices, while investors also digested the minutes from the Federal Reserve’s July monetary policy meeting - Dow edged +16-points or +0.04% higher. Travelers Companies Inc (up +2.02%) was the leading performer in the 30-stock index, while technology heavyweight Amazon.com Inc (-1.84%) and Apple Inc (-1.97%) were the key drags. Home Depot Inc fell -1.34% a day after the home improvement giant released its second quarter result.

Wednesday 20 August 2025: Major technology companies led declines on US equity markets overnight

Tue, 19 Aug 2025 23:34:12 +0000

Major technology companies led declines on US equity markets overnight - Dow inched +10-points or +0.02% higher to 44,922.27, touching a fresh record intra-day high (45,207.39). Nvidia Corp (down -3.50%) and Boeing Co (-3.19%) both fell over >3%. Reuters reported that Nvidia could look to deliver samples of a new artificial intelligence (AI) chip, entatively known as the B30A, to Chinese clients for testing as early as next month. Separately, there were reports that Chief Executive Officer (CEO) Jensen Huang sold 150,000 shares in the AI semiconductor giant.

Tuesday, 19 August 2025: US equity markets opened the week little changed

Mon, 18 Aug 2025 23:33:14 +0000

US equity markets opened the week little changed - Dow slipped -34-points or -0.08%. UnitedHealth Group Inc (up +1.47% after jumping +11.98% last Friday (15 August)) was the leading Dow component for a second session running after filings with the Securities and Exchange Commission (SEC) released late last week recorded that Berkshire Hathaway Inc took a new positions in the health insurer.

The broader S&P500 dipped -0.01%, with Real Estate (down -0.95%) leading seven of the eleven primary sectors lower. Industrials and Consumer Discretionary both rose ~0.4%. Dayforce Inc (up +25.98%) was the leading performer in the S&P 500 following a report that private equity firm Thoma Bravo is in discussions to acquire the human resources software provider. First Solar Inc (+9.69%) and other solar stocks gained in the wake of new guidance from the Treasury Department on federal tax incentives for clean energy projects.

Monday, 18 August 2025: •US equity markets mixed to close out a strong week as Wall Street tempered its rate-cut hopes

Sun, 17 Aug 2025 23:49:35 +0000

US equity markets mixed to close out a strong week as Wall Street tempered its rate-cut hopes following the latest inflation and retail sales data - Dow added +35-points or +0.08% to 44,946.12, logging its first record intra-day high (45,203.52) since December in the opening minutes of last Friday’s (15 August) session. UnitedHealth Group Inc jumped +11.98% after filings released after the close of the previous session with the Securities and Exchange Commission (SEC) recorded that Berkshire Hathaway Inc took a new positions in the health insurer. Cisco Systems Inc (down -4.47%) was the worst performing Dow component, with HSBC downgrading the networking giant to a ‘hold’ recommendation from ‘buy’ following the company’s fiscal fourth quarter result a day earlier.

Friday, 15 August 2025: Tariff concerns ease and little change in US markets

Thu, 14 Aug 2025 23:55:20 +0000

US equity markets settled little changed, paring earlier declines that came following wholesale inflation data that revived some concerns about tariffs inducing price pressures - Dow slipped -11-points or -0.02%, paring an earlier decline of more than >200-points. 3M Co -2.22% Amazon.com Inc +2.86%

President Trump overnight warned there would be "very severe consequences" if Russian president Vladimir Putin failed to agree to a ceasefire agreement at their meeting in Alaska tonight AEST. President Trump also said he hoped to use the Friday meeting to set up a "quick second meeting" with Ukraine leader Volodymyr Zelenskiy.

Thursday, 31 July 2025: US Markets Settle with Modest Losses

Wed, 30 Jul 2025 23:57:43 +0000

US equity markets settled with modest losses as investors digested the latest monetary policy pronouncements from the Federal Reserve and eyed results after the closing bell from two of the so-called ‘Magnificent Seven’ cohort of mega-capitalisation technology companies - Dow fell -172-points or -0.38% , with 3M Co (down -3.41%) the worst performer in the 30-stock index. Procter & Gamble Co lost -2.38% after the company posted better-than-expected fourth quarter results after the close of the previous session and named Shailesh Jejurikar as its new chief executive. Nvidia Corp (up +2.14%) was the leading Dow component overnight.

Wednesday, 30 July 2025: Investors Wade Through Fresh Corporate Earnings

Wed, 30 Jul 2025 00:31:05 +0000

The S&P 500 and Nasdaq pulled back from record highs as investors waded through a fresh round of corporate earnings releases and eyed the Federal Reserve’s latest interest rate tomorrow morning AEST (31 July) - Dow fell -205-points or -0.46%

Wednesday, 16 July 2025: US Equity Markets Weaker as Investors Digested Inflation Figures

Tue, 15 Jul 2025 23:33:03 +0000

US equity markets weaker as investors digested the latest inflation figures and a mixed bag of second quarter results from some major banks - Dow dropped -436-points or -0.98% to 44,023.29, with American Express Co (down -3.20%) and UnitedHealth Group Inc (-2.95%) both down ~3%. Nvidia Corp rallied +4.04% to a record closing high of US$170.70 and was the leading Dow component following news that the U.S. government plans to grant licenses for the chipmaker to sell its H20 graphics processing units in China.

Tuesday, 15 July 2025: Modest gains across US Equity Markets

Mon, 14 Jul 2025 23:30:18 +0000

US equity markets logged modest gains as investors continued to monitor trade headlines ahead of key inflation data and the beginning of second quarter earnings season tonight AEST - Dow rose +88-points or +0.20%

Monday, 7 July 2025 - US Markets CLOSED for Independence Day

Sun, 06 Jul 2025 23:39:42 +0000

US equity and bond markets were CLOSED on Friday night AEST (4 July) for Independence Day.
For the shortened trading week, the Dow rallied +2.30%. The S&P 500 climbed +1.72% and the Nasdaq +1.62%
The US corporate calendar this week sees Amazon.com Inc begin its annual “Prime Day” sale event on Tuesday night AEST (8 July). After sales hit an all-time high at last year’s event, Amazon has extended this year's sale to four days from two. Costco Wholesale Corp on Wednesday night AEST (9 July). Conagra Brands Inc, Delta Air Lines Inc and Levi Strauss & Co post quarterly results on Thursday night AEST (10 July).

Wednesday, 18 June 2025: Markets fall as Israel-Iran conflict continued to dominate investor sentiment

Tue, 17 Jun 2025 23:45:57 +0000

US equity markets fell as the Israel-Iran conflict continued to dominate investor sentiment and drive volatility and a fresh spike in oil prices - Dow lost -299-points or -0.70%. Merck & Co Inc (down -3.31%) and Nike Inc (-3.07%) both fell over >3%. Amazon.com Inc (down -0.59%) said its Prime Day discount event for Prime members next month will extend to four days (8 July-11 July).

Tuesday, 17 June 2025: Iran Nuclear Talks Spark Market Rally

Mon, 16 Jun 2025 23:59:05 +0000

US equity markets rebounded amid reports that Iran is willing to negotiate over its nuclear program in an effort to contain the conflict with Israel - Dow rose +317-points or +0.75%, with American Express Co (+2.23%), Cisco Systems Inc (+2.22%), investment banks Goldman Sachs Group Inc (+2.33%) and JPMorgan Chase & Co (+2.04%), Nike Inc (+2.26%), and Salesforce Inc (+2.12%) Microsoft Corp +0.88% touched a record all-time intra-day high of US$480.69

Monday, 16 June 2025: Israel launch wave of Airstrikes on Iran and Nuclear Facilities

Sun, 15 Jun 2025 23:59:56 +0000

US equity markets retreated on Friday (13 June) after Israel launched a wave of airstrikes on Iran and its nuclear facilities, pushing oil prices sharply higher - Dow dropped -770-points or -1.79% Sherwin-Williams Co -5.7% was the worst performer in the 30-stock index, with analysts at Citigroup cutting their recommendation on the stock to "neutral" from "buy," indicating that the persistence of high mortgage rates and softness in the housing market could weigh on the paint distributor's performance in the near term. Visa Inc fell -4.99% and American Express Co -3.42% after a report in The Wall Street Journal indicated that Walmart Inc (-0.41) and Amazon.com Inc (-0.53%) are considering issuing their own stablecoins, a move that could help the retail giants sidestep the interchange fees charged by credit-card providers. Nike Inc (-3.61%) and Salesforce Inc (-3.19%) also fell over >3%.

Tuesday, 10 June 2025: Modest gains across US Equity Markets

Tue, 10 Jun 2025 00:11:41 +0000

US equity markets settled with modest gains, building on last week’s advance that saw the benchmark indices log weekly gains of over >1% as investors awaited news from trade talks taking place between the U.S. and China - Dow flat at 42,761.76. Apple Inc -1.21% as its annual Worldwide Developers Conference kicked off overnight, with the company announcing its first new iPhone operating system redesign since 2013. However, there were no highly anticipated updates around artificial intelligence (AI)-enhanced Siri features, with Senior Vice President of Software Engineering Craig Federighi saying that the Siri features “need more time to reach our high quality bar” and that more information will be released “in the coming year.” Boeing Co (up +3.18%) aircraft manufacturer landed its first plane in China after the easing of trade tensions with the U.S. led Beijing to allow deliveries of its jets again. Nvidia Corp +0.64% Chief Executive Officer (CEO) Jensen Huang pledging to boost investment in the UK’s AI sector at London Tech Week, describing a “Goldilocks” opportunity. Meanwhile, the NVIDIA GTC 2025 - AI Conference for Developers kicks off in Paris tonight AEST.

Thursday, 5 June 2025: US equity markets mixed as investors awaited concrete developments on the trade front

Thu, 05 Jun 2025 00:07:37 +0000

US equity markets mixed as investors awaited concrete developments on the trade front and digested softer-than-expected employment data - Dow eased -92-points or -0.22%, snapping a four-session streak. Chevron Corp (down -1.56%) and Verizon Communications Inc (-1.35%) dropped over >1%.

President Trump was active on social media platform Truth Social overnight, observing "I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"

Monday, 2 June 2025: US Markets have little changed and China Markets Closed for Dragon Boat Festival

Sun, 01 Jun 2025 23:56:06 +0000

US equity markets settled little changed following a volatile session to close out a volatile month as U.S. President Trump slammed China before sounding upbeat about reaching a trade deal - Dow added +54-points or +0.13% Nvidia Corp -2.92%

Friday, 30 May 2025: Markets Advance after Solid Q1 NVIDIA Result

Fri, 30 May 2025 00:14:59 +0000

US equity markets advanced and remain on track to log weekly and monthly gains, buoyed by a solid first quarter result from chip giant Nvidia Corp (up +3.25%) that saw its data centre business record . However, gains were capped as investors monitored judicial developments surrounding President Trump’s “reciprocal” tariffs - Dow rose +11-points or +0.28% Boeing Co +3.32% and hit a 52-week high after Chief Executive Officer (CEO) Kelly Ortberg said its airplane deliveries to China will resume next month after handovers were paused amid a trade war with the Trump administration. Mr Orberg also said Boeing could ramp up production of its best-selling Max jets to 47 a month by the end of the year. Salesforce Inc dropped -3.3% and was the worst performing Dow component overnight the cloud software giant

Thursday, 29 May 2025: Markets Retreat and Settle Near Session Lows

Thu, 29 May 2025 00:08:33 +0000

US equity markets retreated and settled near their session lows ahead of the highly anticipated first quarter result from ‘Magnificent Seven’ and Dow component Nvidia Corp after the closing bell - Dow fell -245-points or -0.58%

Tuesday, 27 May 2025: Memorial Day Markets Closed Overnight

Mon, 26 May 2025 23:44:59 +0000

US equity and bond markets were CLOSED overnight in observance of Memorial Day. However, S&P 500 and Nasdaq futures were over >1% higher after President Trump delayed the 50% tariffs which were set to be imposed on the European Union (EU) on 1 June.

Monday, 26 May 2025: Trump Reignites Tariff Concerns with Social Media Posts

Mon, 26 May 2025 00:06:06 +0000

US equity markets fell on Friday (23 May) after President Trump reignited tariff concerns with a series of social media posts - Dow lost -256-points or -0.61%, with Salesforce Inc (down -3.63%) the worst performer in the 30-stock index.

Apple Inc (down -3.02%) fell for an eighth straight session after President Trump posted on his Truth Social website that the technology giant will have to pay a tariff of at least 25% for iPhones made outside the United States. "I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," President Trump wrote. Bank analysts estimated that a $US1200 iPhone would, if made in America, jump in price anywhere from US$1,500 to US$3,500.

Friday, 23 May 2025: US equity markets steadied after steep losses in the previous session

Fri, 23 May 2025 00:07:23 +0000

US equity markets steadied after steep losses in the previous session, - Dow flat, unwinding an earlier rally of as much a +-points. Nike Inc gained +2.23% and was the leading Dow component overnight after confirming that it will resume selling apparel and footwear on Amazon.com Inc’s (+0.98%) platform for the first time since 2019. Separately, Nike said it intends to increase the prices of certain items by 1 June. UnitedHealth Group Inc (down -2.08%) was the worst performer in the 30-stock index for a second session running, under fresh pressure after the Centres for Medicare & Medicaid Services said it plans to take a more "aggressive" approach to auditing Medicare Advantage plans.

Thursday, 22 May 2025: Markets Fell Sharply and Pushed the Dow & S&P Back into Negative Territory

Thu, 22 May 2025 00:31:52 +0000

US equity markets fell sharply, pushing the Dow and S&P 500 back into negative territory for the calendar year-to-date as longer dated Treasury yields jumped and as investors kept close tabs on a sweeping tax and spending bill that's moving through Congress and could dramatically increase the federal deficit - Dow dropped -817-points or -1.91% UnitedHealth Group Inc (down -5.78%) was the worst performer in the 30-stock index overnight, having been the leading Dow component for the past three sessions. The Guardian reported that the health insurer giant had secretly paid nursing homes to reduce transfers of residents in need of care to hospitals. The company denied the allegations.

Wednesday, 21 May 2025: Treasury Yields Ticked Higher and Paused the Recent Rally

Wed, 21 May 2025 00:06:25 +0000

US equity markets recent rally paused as Treasury yields ticked higher - Dow eased -114-points or -0.27%. Nvidia Corp fell -0.88% Chief Executive Officer (CEO) Jensen Huang said Monday (19 May) the company would be opening its artificial-intelligence server platform to rival chip makers but he also warned the U.S. government’s move to limit chip exports to China could hit revenue by $15B. UnitedHealth Group Inc (up +1.8%) was the leading Dow component for a third consecutive session, continuing to rebound from steep losses last week that was spurred by the departure of its CEO and reports that the health insurer faces a Department of Justice (DOJ) investigation and that saw the stock fall over >20% to hit 5-year low last Thursday (15 May).
The broader S&P500 lost -0.39%, snapping a six-session winning streak. Energy (down -0.99%) sat at the foot of the primary sector leaderboard for a second consecutive session and led eight of the eleven primary sectors lower. Utilities (up +0.29%), Health Care (+0.27%) and Consumer Staples (+0.24%) all added ~0.3%.

Wednesday, 14 May 2025: Markets React to Inflation Data, UnitedHealth's Woes, and Nvidia's AI Surge

Tue, 13 May 2025 23:54:24 +0000

US equity markets advanced as investors digested a cooler-than-expected inflation report that revived hopes of interest rate cuts later this year - Dow fell -270-points or -0.64%. UnitedHealth Group Inc slumped -17.79%, alone wiping ~410-points off the 30-stock index after the insurance giant withdrew its full-year outlook and announced the surprise exit of Chief Executive Officer (CEO) Andrew Witty after four years in the role. The withdrawal of the 2025 outlook comes less than a month after the company slashed its 2025 guidance, saying costs rose as Medicare Advantage care activity had increased at twice the expected rate. Nvidia Corp rallied +5.63% and climbed back above the US$3 trillion level in market capitalisation terms for the first time since February, buoyed by a Bloomberg report that President Trump is planning to unveil a deal that would afford Saudi Arabia more access to advanced chips manufactured by the company and the likes of Advanced Micro Devices (AMD) Inc (+4.01%). To deal with the U.S.’s national security concerns, the U.S. and Saudi governments have reportedly discussed creating data embassies, where data centres will fall under foreign regulations rather than local laws around data protection. Meanwhile, Nvidia Chief Executive Jensen Huang announced a deal to deploy 18,000 chips with newly launched Saudi AI firm Humain for a data centre that is expected to reach 500 megawatts. AMD also announced a US$10B partnership with the artificial intelligence (AI) company to build out its AI infrastructure over the next five years. Boeing Co rose +2.46% following reports that China had lifted its ban on deliveries of US-made aircraft.

Monday, 12 May 2025: A relatively muted end to the week for US equity markets

Sun, 11 May 2025 23:59:32 +0000

A relatively muted end to the week for US equity markets following two-days of gains as investors braced for news from highly anticipated trade talks that are scheduled for this weekend in Switzerland between U.S. and Chinese officials - Dow eased -119-points or -0.29%
U.S. Treasury Secretary Scott Bessent said “substantial progress” had been made in the weekend trade negotiations between US and China trade officials, adding that the Trump administration “will be giving details tomorrow, but I can tell you that the talks were productive.” In the same statement, U.S. Trade Representative Jamieson Greer agreed that it was “a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.” China’s delegation later described the weekend meetings as “candid, in-depth and constructive dialogue,” and said a joint statement would be issued Monday (12 May). No specific details of possible points of agreement were revealed by either side. On Friday (9 May), Trump floated the idea of bringing down China’s tariff rate to 80%.

Friday, 9 May 2025: US equity markets advanced but settled well off their session highs

Thu, 08 May 2025 23:55:03 +0000

US equity markets advanced but settled well off their session highs, with investor sentiment buoyed a new trade agreement forged between the United States and Britain, while President Trump indicated upcoming talks with China would be “very substantive” and, if productive, could lead to tariff reductions - Dow rose +254-points or +0.62% to 41,368.48, just failing to exit official correction territory. Boeing Co rallied +3.31% and was the leading performer in the 30-stock index after U.S. Commerce Secretary Howard Lutnick said the UK would buy US$10B of aircraft from the aerospace company. Walt Disney Co +2.97% a day after the entertainment giant posted a stronger-than-expected adjusted earnings per share (EPS) and revenue and unveiled a plan to build a theme park in Abu Dhabi, United Arab Emirates.

Thursday, 8 May 2025: Markets Advance after a Choppy Session

Thu, 08 May 2025 01:01:47 +0000

US equity markets advanced after a choppy session as investors digested the latest corporate earnings releases and the Federal Reserve’s monetary policy decision and soundbites from President Trump on tariffs and trade restrictions - Dow rose +285-points or +0.70%.

Monday, 5 May 2025: Positive Momentum as Markets React to Strong Monthly Employment Data

Sun, 04 May 2025 23:52:28 +0000

US equity markets advanced to cap as investors reacted to strong monthly employment data and news that China is evaluating the possibility of trade talks with the U.S. - Dow rose +564-points or +1.39% to 41,317.43. American Express Co (up +3.09%), 3M Co (+3.03%) and Nike Inc (+3.22%) all climbed over >3%. Nvidia Corp rose +2.59% a report in The Information that the artificial intelligence (AI) chipmaker is working to design semiconductors to sell in China that would comply with U.S. trade restrictions. Microsoft Corp rallied +2.32%, lifting its market capitalisation to ~US$3.235 trillion and pushed passed Apple Inc (down 3.74%, market capitalisation ~US$3.067 trillion) to become the largest company in the U.S. by market capitalisation as investors responded to the latest quarterly results from the technology giants last week. Apple CEO Tim Cook said Trump administration tariffs could cost the iPhone maker US$900M this quarter. Meanwhile, Microsoft closes Skype tonight AEST, the pioneering video-calling service it acquired for US$8.5B 14 years ago.

Friday, 2 May 2025: US Markets Kick Off Positively for the New Month

Fri, 02 May 2025 00:21:09 +0000

US equity markets made a positive start to May, with the Dow and S&P 500 extending their rally into an eighth consecutive session amid fresh gains for megacap technology stocks - Dow added +84-points or +0.21% Microsoft Corp +7.63% was the leading performer in the 30-stock index the technology giant reported better-than-expected third-quarter financials after the close of the previous session amid soaring cloud demand. Nvidia Corp rose +2.47% investors welcomed the news that Microsoft and Meta Platforms Inc expect to continue investing heavily in artificial intelligence (AI) infrastructure

Thursday, 01 May 2025: A Late rally saw US Markets In The Green for the 7th Consecutive Day

Thu, 01 May 2025 00:06:04 +0000

A late rally lifted the Dow and S&P 500 into positive territory for a seventh consecutive session to cap a very volatile month, erasing earlier declines that followed data recording that the US economy contracted for the first time in three years in the first quarter - Dow rose +142-points or +0.35%, recovering from an earlier slide of more than >780-points. Verizon Communications Inc (up +2.58%) and Chevron Corp (down -2.33%) were the best and worst performers respectively in the 30-stock index overnight

Wednesday, 30 April 2025: Sixth Consecutive Rally for US Markets

Wed, 30 Apr 2025 01:20:21 +0000

The Dow and S&P 500 extended their rally into a sixth consecutive session after Commerce Secretary Howard Lutnick said the Trump administration has negotiated its first trade deal with an unnamed country - Dow rose +300-points or +0.75%, logging its longest winning streak since the period ended 17 July, 2024.

Tuesday, 29 April 2025: Dow and S&P Post Fifth Consecutive Gains Session

Mon, 28 Apr 2025 23:48:06 +0000

The Dow and S&P 500 posted a fifth consecutive session of gains, booking their longest winning streak of 2025 to date and settling well off their session lows in a muted trading to open a very busy week of corporate earnings and economic data - Dow rose +114-points or +0.28%. Boeing Co rose +2.44% to US$182.30, buoyed by an upgrade from analysts at Bernstein to ‘outperform with a target price of US$218 (from US$181 previously), and as its deal to reacquire Spirit AeroSystems Holdings (+2.61%) cleared another hurdle. International Business Machines (IBM) Corp +1.61% after pledging a US$150B investment over the next five years to aid the development of technology in the U.S. The company said it would invest more than US$30B in research and development to continue its domestic manufacturing of mainframe and quantum computers. Nvidia Corp fell -2.05% following a Wall Street Journal (WSJ) report that China's Huawei Technologies has developed a new chip called the Ascend 910D, with hopes it will become be more powerful than Nvidia’s H100. Huawei is already poised to ship more than 800,000 of its Ascend 910B and 910C chips to customers including state-owned telecommunications carriers and private AI developers, such as TikTok’s parent ByteDance, according to the WSJ. Nvidia’s H100 was released in 2022 and has since been superseded by later generations of its Hopper chips and its new Blackwell AI semiconductors. Nvidia is prohibited from selling its most powerful AI chips to Chinese companies.

Monday, 28 April 2025: US equity markets extended their strong rebound

Mon, 28 Apr 2025 00:05:43 +0000

US equity markets extended their strong rebound into a fourth consecutive session on Friday (25 April), lifting the S&P and Nasdaq to their highest settlements since 2 April (the day the Trump administration unveiled sweeping tariffs on America's trading partners) – Dow edged +20-points or +0.05% higher after climbing +487-points or +1.23% last Thursday (24 April). Nvidia Corp (up +4.30%) was the leading performer in the 30-stock index. Merck & Co Inc rose +3.63% a day after the pharmaceutical major delivered better-than-expected first-quarter financial result, with EPS of US$2.22 (versus consensus US$2.13) and revenue of US$15.5B (versus consensus US$15.4B) topping consensus analysts forecasts. The pharmaceutical major slightly lowered its earnings forecast for 2025 to account for a US$200M upfront payment to Hengrui Pharma in a licensing deal, now projecting non-GAAP EPS of between US$8.82 and US$8.97 (down from a range of between US$8.88 and US$9.03 previously).

Thursday, 24 April 2025: US Markets Advance, Consolidating Previous Strong Gains

Wed, 23 Apr 2025 23:57:54 +0000

US equity markets advanced, consolidating the strong gains recorded in the previous session and lifting the S&P 500 and Nasdaq to their highest settlements since 15 April as investors continued to cheer a cooling President’s rhetoric around tariffs and his criticism of Federal Reserve Chair Jerome Powell- Dow rose +420-points or +1.07% to 39,606.57, paring an earlier rally of as much as 1,189-points that lifted the index to 40,376.11. Amazon.com Inc (up +4.28%) and Nvidia Corp (+3.86%) both gained ~4%.

Wednesday, 23 April 2025: Markets Rebound Strongly and Recoup Previous Losses

Wed, 23 Apr 2025 00:02:59 +0000

US equity markets rebounded strongly, more than recouping the previous session’s sharp declines as investors digested a busy corporate earnings calendar and comments from Treasury Secretary Scott Bessent - Dow rose +1,017-points or +2.66%, with all 30 index components advancing. Nvidia Corp +2.04% after Amazon.com Inc (+3.50%) pushed back against reports that it was pulling back on building artificial-intelligence (AI) infrastructure. “This is routine capacity management, and there haven’t been any recent fundamental changes in our expansion plans,” wrote Kevin Miller, vice president of global data centres (DC) at Amazon Web Services (AWS), in a post on LinkedIn late Monday (21 April) in response to reports that the Cloud business delayed several new DC leases. Boeing Co rose +2.00% after the aerospace company agreed to sell portions of its Digital Aviation Solutions business to private-equity firm Thoma Bravo in a deal worth US$10.55B.

Tuesday, 22 April 2025: Steep losses amongst the Magnificent Seven

Mon, 21 Apr 2025 23:47:10 +0000

US equity markets resumed trading following the Good Friday holiday with steep losses, with the so-called ‘Magnificent Seven’ cohort of large capitalisation technology stocks under particular pressure - Dow shed -972-points or -2.48%, extending its decline into a fourth consecutive session. UnitedHealth Group Inc (down -6.34%) was the worst performing Dow component overnight, extending the health insurer’s two-day decline to -27.3% - the stock’s worst two-day performance since 7 August, 1998 – after releasing its first quarter result last Thursday (17 April) and lowering its annual profit forecast on expectations of high medical costs for the rest of the year. Nvidia Corp lost -4.51% after Reuters reported that Huawei Technologies planned to begin mass shipments of an advanced artificial intelligence (AI) chip to customers in China as early as next month. Meanwhile, Chief Executive Officer (CEO) Jensen Huang met Japanese Prime Minister Shigeru Ishiba on Monday (21 April), following a meeting with Chinese leaders in Beijing last Thursday (17 April). Nike Inc (up +0.65%) was the only Dow component to advance overnight.

Thursday, 17 April 2025: Markets Tumble after Chip Export News

Thu, 17 Apr 2025 00:01:35 +0000

US equity markets tumbled as investors digested news of U.S. restrictions on chip exports to China and Federal Reserve Chair Jerome Powell's latest assessment of the economy - Dow dropped -700 or -1.73% Nvidia Corp -6.87% after disclosing in a filing with the Securities and Exchange Commission (SEC) after the close of the previous session that sales of its H20 chips to China would require licenses from the Department of Commerce “for the indefinite future”. The chipmaker said it would record charges in its fiscal first quarter of up to US$5.5B for inventory and cancelled sales.

Wednesday, 16 April 2025: Markets Retreat in Muted Trading

Wed, 16 Apr 2025 00:03:31 +0000

US equity markets retreated in muted trading - Dow fell -156-points or -0.38% Boeing Co fell -2.36% and was the worst performer in the 30-stock index after a Bloomberg report said China ordered its airlines not to take any further deliveries of the company’s jets, marking the latest escalation in the trade war between Washington and Beijing.
Nvidia Corp fell over >5.5% in extended trading (after rising +1.35% in the regular session) after the company disclosed in a filing with the Securities and Exchange Commission (SEC) that future sales of its H20 AI accelerators to China would require a license from the U.S. Department of Commerce. The licenses are unlikely to be forthcoming. As a result, Nvidia will take a US$5.5B charge in the current (first) quarter for H20 inventory and cancelled sales.

Monday, 14 April 2025: US equity markets advanced as investors digested another busy slate of information

Mon, 14 Apr 2025 00:03:19 +0000

US equity markets advanced as investors digested another busy slate of information including the latest developments in a trade war with China, earnings reports from major banks and economic data - Dow rose +619-points or +1.56%, with the 30-stock index trading in an 1,150 point range after swinging more than >2,000 points between its high and low for the day in each of the preceding four (4) trading sessions. Apple Inc (up +4.06%) was the leading Dow component on Friday (11 April) amid growing optimism the iPhone maker could win an exemption from the Trump administration’s tariffs. Nvidia Corp, which outsources manufacturing to Taiwan Semiconductor Manufacturing Company (TSMC) Ltd (up +3.94% on the New York Stock Exchange), gained +3.12% after the China Semiconductor Industry Association said chips made by U.S. firms with outsourced manufacturing operations would not be subject to tariffs on U.S. goods. Meta Platforms Inc (up +7.7%) and the Federal Trade Commission face off tonight AEST over antitrust allegations which could force the social media giant to unwind its acquisition of messaging platform WhatsApp and photo-sharing app Instagram. Chief Executive Officer (CEO) Mark Zuckerberg is expected to appear in the witness stand.

Friday, 11 April 2025: China Tariffs Now 145% As Markets Retreat

Fri, 11 Apr 2025 00:01:57 +0000

US equity markets retreated, handing back a portion of the huge gains logged in the previous session’s near record breaking rebound. Losses accelerated after the White House confirmed that the cumulative tariff rate on China would actually total 145% (consisting of the new 125% duty on goods, on top of the 20% rate levied in response to the fentanyl crisis), overshadowing cooler-than-expected inflation figures.
Dow fell -1,015-points or -2.50% Nike Inc (down -8.29%) was the worst performer in the 30-stock index, Nvidia Corp fell -6.79% after soaring +18.72% in the previous session. A report from NPR said the White House has paused plans to put additional restrictions on sales of Nvidia’s H20 artificial-intelligence chips after CEO Jensen Huang attended a dinner hosted by Trump and promised more investment in U.S.-based AI data centres. Separately, Morgan Stanley analyst Joseph Moore kept Nvidia as a top pick, reiterating his Overweight rating and price target of $162. Walt Disney Co fell -6.79%, with China said it would reduce the number of U.S. movies it imports. Amazon.com Inc (-5.17%), American Express Co (-5.9%), Goldman Sachs Group Inc (-5.24%), and Merck & Co Inc (-5.32%) all dropped over >5%.

Thursday, 10 April 2025: Markets Soar as Trump Announces a 90 Day Tariff Pause

Wed, 09 Apr 2025 23:36:40 +0000

Wednesday, 9 April 2025: Another Volatile Day In Markets As Tariff's Continue

Tue, 08 Apr 2025 23:52:17 +0000

A late session slide erased earlier strong gains on US equity markets to cap another volatile session after Beijing vowed to "fight to the end" in response to President Trump's threat of imposing new 50% tariffs unless China rapidly removed its retaliatory measures - Dow settled -320-points or -0.84% lower, having been up as much as +1,461-points or +3.85% at its session peak – marking the biggest erased percentage gain since April 2020. Apple Inc (down -4.98%) extended its decline into a fourth straight session, with White House press secretary Karoline Leavitt saying that President Trump “absolutely” wants iPhones to be manufactured in the U.S. (the company currently assembles a large majority of its products in China). The Times of India reported that Apple transported five planes full of iPhones and other products from India to the US in just three-days during the final week of March to avoid a 10% reciprocal tariff that took effect on 5 April. Nike Inc (-4.21%) also fell over >4%. Nvidia Corp (fell -1.37%)

Tuesday, 8 April 2025: Ongoing Volatility as Trump's Sweeping Tariffs Continue

Mon, 07 Apr 2025 23:41:41 +0000

US equity markets mixed after another volatile as the sweeping Trump administration tariff measures continued to reverberate, with the president threatening even higher rates against China and the White House denying reports that they were considering a 90-day tariff pause on all countries except China - Dow fell -349-points or -0.91%, spiking as much as +2.3% during a brief morning session surge. The Dow swung more than >2,500 points between its intra-day low and high, its largest intra-day points swing on record and all within the opening hour of trading. Apple Inc fell -3.67% after declining -7.3% last Friday (4 April) and was the worst performing Dow component overnight. The iPhone maker, which assembles a large majority of its products in China, slumped -13.6% last week to see US$443.5B wiped off its market capitalisation, the largest weekly market cap decline on record, according to Dow Jones Market Data. Home Depot Inc (down -3.5%) and Travelers Companies Inc (-3.48%) both fell ~3.5%. Nvidia Corp (up +3.53%) was the leading performer in the 30-stock index.

Monday, 7 April 2025: Another Brutal Session for Us Markets as China Responds to Tariffs

Sun, 06 Apr 2025 23:51:37 +0000

Friday (4 April) marked another brutal session for US equity markets as China responded in kind to the Trump administration’s tariff measures and further fanned recession fears - Dow dropped -2,231-points or -5.50% , with Boeing Co (down -9.49%) and 3M Co (-9.18%) both fell over >9% to lead all 30-index components lower with the exception of Nike Inc (up +3%). The latter was buoyed by a friendly social-media post from President Trump about Vietnam, a country Nike relies on heavily to manufacture their products.
China’s finance ministry announced its own 34% tariff on all US imports, effective 10 April. The levy matches the 34% import duty the White House said it would impose on Chinese products slated to go into effect no later than 9 April. Beijing said Trump's tariffs were "inconsistent with international trade rules, seriously undermines China's legitimate rights and interests, and is a typical unilateral bullying practice." In addition to the tariffs, China imposed export bans on select rare earth materials and added two US drone manufacturers to its "unreliable entities" list, effectively restricting their access to Chinese components. It also expanded its “unreliable entity list” by 11 American companies and launched an anti-dumping investigation into imports of medical CT tubes from the U.S. and India.

Friday, 4 April 2025: Markets Tumble as Recession Fears Increase

Thu, 03 Apr 2025 23:10:43 +0000

US markets tumbled overnight as fears around a potential recession pick up. The US markets appearing to be the biggest losers after the tariff announcement. The Dow closed down -3.98% to 40,545. Insurance company UnitedHealth Group was the top performer, up 3.3%. Meanwhile Nike was the worst impacted, dropping -14.44%. The vast majority of Nike’s imports into the US are from Southeast Asia, which will attract tariffs of between 25% and 54%.

Thursday, 3 April 2025: Liberation Day Tariff Promises Begin

Wed, 02 Apr 2025 23:03:00 +0000

The US stock market turned up late overnight, as investors await Trumps so called “Liberation Day” tariffs. However, since the announcement the markets have dropped in aftermarket trading, with the Dow futures down -1.8%, S&P500 futures down > -3%, and the Nasdaq futures down > -4%. So far Trump has promised a minimum 10% tariff on all countries, with larger tariffs on certain countries and industries. So far the major tariffs are 34% on China, 20% on the EU, 26% on India, and 10% on Australia and the UK. The Dow closed up 0.56% to 42,225.

Wednesday, 2 April 2025: Mixed Stock Market Ahead of Trumps "Liberation Day" Tomorrow

Tue, 01 Apr 2025 23:05:58 +0000

The US stock was mixed overnight.
The Dow closed mostly flat, down -0.03% to 41,989 points.
Nike was the top performer, up 2.02%. While pharma companies were all sold off, with the three worst performing stocks including Johnson & Johnson down -7.59%, Merck down -2.94%, and Amgen down -1.49%. Johnson & Johnson has just had a federal judge reject a $10b class action settlement over cancer claims relating to its baby powder.

Monday, 31 March 2025: 2nd Worst Day in 2025 For US Equities

Sun, 30 Mar 2025 23:08:05 +0000

The US stock market fell for the third day in a row on Friday – the 2nd worst day for US equities in 2025 due to tariffs expected this week and hotter than anticipated inflation numbers.
The Dow fell -1.69% to 41,538 points, ending the week with a loss of -0.96%. 26 of the Dow 30 closed in the red.
Amazon was the worst among them, falling -4.29%, alongside fell consumer stock Nike which fell -3.81%.

Friday, 28 March 2025: Tariffs, Inflation, and Corporate Earnings: What’s Shaping the Market?

Thu, 27 Mar 2025 23:33:56 +0000

The US stock market fell for the second day in a row on Thursday after trading sideways for most of the session. Traders remained cautious ahead of Friday’s release of the Fed’s preferred inflation gauge.
Dow fell -155-points to trade below 42,300 points. Shares of Goldman Sachs (-2.61%), 3M co (-2.78%) and NIVIDIA (-2.05%) each contributing to the decline, falling over >2.00%.

Thursday, 27 March 2025: Three Day Winning Streak Snapped

Wed, 26 Mar 2025 23:07:18 +0000

All three major U.S. stock indices snapped a three-day winning streak as an imminent tariff announcement from President Trump derailed the recovery from a month-long selloff - Dow fell -132.71-points or 0.31% lower. Nvidia Corp fell -5.74% amid concerns about possible new restrictions on the chipmaker's sales in China. Regulators in China have been discouraging the country’s large technology companies from purchasing Nvidia’s H20 chip - specifically designed to satisfy U.S. sanctions on exports - as it breaches energy-efficiency rules, the Financial Times reported, citing people with knowledge of the matter. Boeing Co fell -2.1% after a federal judge ordered the airplane maker to go to trial in June in a criminal case related to two 737 MAX crashes in 2018 and 2019. The Wall Street Journal reported Monday (24 March) that Boeing sought to withdraw an earlier agreement to plead guilty in the case that blamed it for deceiving regulators before the crashes. The broader S&P500 shed -1.1% and the biggest decline in almost 2 weeks. Consumer staples rose +1.42%, leading five of the eleven primary sectors higher. Information technology was the worst hit -down -2.46% and sat at the foot of the primary sector leaderboard followed by Communication services- down 2.04%

Wednesday, 26 March 2025: Late Rally in Big Tech Boosts Markets Slightly

Tue, 25 Mar 2025 22:59:41 +0000

US equity markets climbed slightly on Tuesday, boosted by a late rally in big tech, however gains slowed after a strong start to the week. Investors shrugged off weaker March consumer confidence data, focusing instead on economic risks and the looming threat of a trade war.

Monday, 24 March 2025: US equity markets settled with modest gains

Sun, 23 Mar 2025 23:00:01 +0000

US equity markets settled with modest gains on Friday (21 March) following a late-session rally, erasing earlier losses after comments from U.S. President Trump provided hope that previously announced tariffs expected to begin in early April may not be as burdensome as feared - Dow edged +32-points or +0.08% higher, with Boeing Co rising +3.06% after the Trump administration awarded the plane maker a contract to build the U.S. Air Force's most sophisticated fighter jet (to be called the F-47), beating out rival Lockheed Martin Corp (down -5.79%). While financial details were not disclosed, The Wall Street Journal estimated that research, development, and acquisition costs could exceed >US$50B. Nike Inc fell -5.42% and was the worst performing Dow component after posting its fiscal third quarter result after the close of the previous session and projected a sharper decline in fourth-quarter revenue than analysts had anticipated.The broader S&P500 inched +0.08% higher, with Communication Services (up +1.0%) leading just three of the eleven primary sectors higher. Real Estate (down -1.03%) and Materials (-1.0%) both fell ~1%. Economic bellwether FedEx Corp fell -6.45% to be the worst performer in the S&P 500 after the package delivery giant reported a solid quarter result after the close of last Thursday’s (20 March) session but cut its full-year profit and revenue forecasts, citing continued weakness and uncertainty in the U.S. industrial economy.

Friday, 21 March 2025: Uncertainty around the U.S. economy continued to weigh on equities

Thu, 20 Mar 2025 22:59:39 +0000

US equity market ticked lower on Thursday as uncertainty around the U.S. economy continued to weigh on equities, thwarting the market’s attempts at recovery from a monthlong rout.
The Dow Jones closed around the flatline -11.31 points, or 0.03%, closing at 41,953.32. The S&P 500 lost -12.40 points or 0.22%, to close at 5,662.89. The Nasdaq Composite dipped -59.16 points or 0.33% to 17,691.63.
The Small-cap Russell 2000 continued the trend losing -0.65%.

Thursday, 20 March 2025: Markets Rally as S&P Claws Back More

Wed, 19 Mar 2025 23:09:49 +0000

US equity markets rallied on Wednesday, with the S&P 500 clawing back more of the rout since late February that took the benchmark briefly into correction territory.
The Dow Jones climbed 383.32 points, or 0.92%, closing at 41,964.63. The S&P 500 added 60.63 points or 1.08%, to close at 5,675.29. The Nasdaq Composite jumped 246.67 points or 1.41% to 17,750.79.
The Dow and the S&P 500 are more than 6% and more than 7%, respectively, below their recent closing highs. The Nasdaq, meanwhile, is roughly 12% off its record close.

Tuesday, 18 March 2025: Markets Build on Their Comeback After a Month Long Rout

Mon, 17 Mar 2025 23:10:04 +0000

US equity markets rose on Monday, building on their comeback from a four-week rout on Wall Street after mixed economic data and ahead of talks between U.S. President Donald Trump and Russian President Vladimir Putin aimed at ending the Ukraine war. The S&P 500 gained 0.65% to close at 5,675.12, while the Nasdaq Composite climbed 0.31% and ended at 17,808.66. The Dow Jones Industrial Average also advanced 353.44 points, or 0.85%, to end at 41,841.63. The 30-stock index was bolstered by gains in Walmart and International Business Machines

Friday, 14 March 2025: Big Tech Continuing to Hurt Indices

Thu, 13 Mar 2025 23:07:11 +0000

US equity markets weaker on Wednesday, big tech continuing to hurt indices, with select Consumer names also being sold off. US PPI came in a touch below expectations, which followed a CPI print below expectations the day prior, but tariffs (and the threat of tariffs) were louder and seemed the focus of market moves.
The Dow fell 537 points or -1.30%.
Apple continued its negative trajectory, shares down another -3.36%, extending a string of recent losses on concerns over delayed Siri features and the impact of tariffs. The stock fell for the third-straight session after Apple on Friday reportedly pushed back the launch of certain Apple Intelligence features for Siri until 2026. The stock is -20% off its highs set in late December.

Thursday, 13 March 2025: Tech Names in the Green, Consumer Staples Down

Wed, 12 Mar 2025 23:06:41 +0000

US equity markets mixed on Wednesday, select beaten up tech names in the green, while large Consumer Staples continued to pull back, as US annual inflation rate fell to 2.8% in February, below forecasts of 2.9%. The core rate, which excludes volatile food and energy prices, was 3.1% versus expectations of 3.2%.
The Dow slipped 82 points or -0.20%.

Wednesday, 12 March 2025: US Equity Markets Weaker Again

Tue, 11 Mar 2025 23:07:59 +0000

US equity markets were again weaker on Tuesday, tariffs (both actual and threatened) making investors skittish. The Dow fell 478 points or -1.14%.

Verizon Communications, the worst performer in the Dow, fell -6.58% after the telecommunications company said at a conference that it has "been a challenging quarter from a competitive intensity standpoint." Verizon anticipates first-quarter postpaid phone gross additions to be flat to slightly down from the prior-year period.

Citi became the latest Wall Street investment bank to downgrade its stance on U.S. equities, downgrading its recommendation to "neutral" from “overweight” and citing recession fears. Citi’s global head of macro strategy, Dirk Willer, cited two key market signals as factors signalling weakness ahead. Firstly, the S&P 500 broke below its 200-day moving average and secondly, the underperformance of market-leading stocks. He noted that while US equities may regain their edge once the artificial intelligence (AI)-driven rally resumes, near-term growth is expected to lag behind global markets.

Tuesday, 11 March 2025: Will Tariff Policy Lead Markets to a Recession? Investors Worry as Markets Weaken More

Mon, 10 Mar 2025 23:44:31 +0000

US equity markets were again weaker on Monday, investors worried that tariff policy uncertainty would tip the economy into a recession, something President Donald Trump did not rule out over the weekend in an interview. 'Risk-off' sentiment can definitely be seen in US market trading. The Dow fell 890 points or -2.08%, the 30-stock index dragged down by Nvidia, Goldman Sachs and Apple, down -5.07%, 5%, and 4.85% respectively.
Canada's next prime minister, former Bank of England Governor Mark Carney, took aim at President Trump in his victory speech. "There's someone who's trying to weaken our economy: Donald Trump," he said. Carney won with leadership of the Canadian Liberal party with 86% of the vote. He will be sworn in as the country's new prime minister in the coming days. He said he will seek new trading partnerships with "reliable partners." Carney has also vowed to maintain retaliatory tariffs "until the Americans show us respect."

Monday, 10 March 2025: US equity markets advanced, recovering from steep losses

Sun, 09 Mar 2025 23:05:57 +0000

US equity markets advanced, recovering from steep losses earlier in the session following a lacklustre jobs report and after Federal Reserve Chair Jerome Powell said the economy remains in good shape. The Dow was up 222 points or 0.52%, the 30-stock index led by IBM (up 5.1%), and Verizon Communications (up 4.14%) leading the charge.The broader S&P500 gained +0.55%, with Utilities (up +1.84%) and Energy (+1.64%) leading eight of the eleven primary sectors higher.

Friday, 7 March 2025: Investors digest Trumps Tariffs

Thu, 06 Mar 2025 23:05:14 +0000

U.S. equity markets were down overnight as the market digests Trumps whipsawing tariff decisions.

The Dow was down -0.92% to 42,612 points.
Nvidia was the main drag, falling -5.52% after CFO Colette Kress stated it would take some time for them to meet demand for their Blackwell chips.
Goldman Sachs was also weak, falling -4.27%.
The broader S&P500 fell -1.69% to 5,743 points. Energy was the top performing sector, up 0.63%. Consumer Discretionary and Real Estate sat at the foot of the primary sector leaderboard, down -3.01% and -2.61% respectively.
Trading platform MarketAxess was the top performer, closing up 5.26% after reporting stronger institutional trading volumes.
BestBuy closed up 4.21% to partially recover from its strong sell off earlier in the week.

Thursday, 6 March: US equity markets advanced following two session of heavy losses as investors

Wed, 05 Mar 2025 23:15:11 +0000

US equity markets advanced following two session of heavy losses as investors eyed a near term reprieve for the automotive sector from President Trump’ tariff measures that may be a portent of further concessions - Dow rose +486-points or +1.14% Microsoft Corp (up +3.23%) and Caterpillar Inc (+3.59%) both rallied over >3% to be the leading performers in the 30-stock index.

Wednesday, 5 March 2025: US Equity Markets weaker, extending losses

Tue, 04 Mar 2025 23:03:13 +0000

US equity markets weaker, extending the steep losses recorded a day earlier albeit settling off their worst levels of the session as tariffs of 25% on Canada and Mexico took effect - Dow shed -670-points or -1.55% to 42,520.99, having fallen as much a -843 points at its session low. A close below 40,512.64 would mark a correction (defined as a 10% fall from the most recent peak) from the index’s record close of 45,014.04, set on 4 December. Boeing Co (down -6.56%) was the worst performer in the 30-stock index. Nvidia Corp rose +1.67%, recouping some of the previous session’s -8.81% decline that dragged the chipmaker into official correction territory (after settling more than >20% below its record all-time closing high of US$149.43 set on 6 January).

Tuesday, 4 March 2025: US Markets Fell Sharply After Tariff Announcement

Mon, 03 Mar 2025 23:10:15 +0000

US equity markets fell sharply, unwinding opening gains as President Trump said that tariffs against Mexico and Canada will go ahead as planned tonight AEST (and also signed an action to impose an additional 10% duty on China, according to an administration official), while investors also digested signs of a fresh spike in inflation pressures - Dow dropped -650-points or -1.48%. Nvidia Corp fell 8.81% to US$114.22 to be the worst performer in the 30-stock index overnight, with the stock falling into official correction territory after settling more than >20% below its record all-time closing high of US$149.43 set on 6 January. There were reports that Nvidia and Broadcom Inc (-6.05%) are testing Intel Corp’s (-4.17%) chip manufacturing process. Separately, The Wall Street Journal reported on Sunday (2 March) that Chinese buyers were finding ways to buy Nvidia’s chips despite President Trump’s attempts to limit sales to Beijing. Elsewhere, Amazon.com Inc (down -3.42%), Caterpillar Inc (-3.46%) and Chevron Corp (-3.49%) all fell over >3%.

Monday, 3 March 2025: US equity indices settled with solid gains

Sun, 02 Mar 2025 23:19:23 +0000

Benchmark US equity indices settled with solid gains on Friday (28 February) on heavy volume to close out a dreary February on a brighter note, with investors digesting the latest inflation figures that pushed US Treasury yields to fresh multi-month lows - Dow rose +601-points or +1.39%, with 26 of 30 index components advancing.

Friday, 28 February 2025: Markets negative after Nvidia results and Tariff talks

Thu, 27 Feb 2025 22:51:39 +0000

Wall Street trading got off to a negative start on Thursday following earnings from AI-darling Nvidia overnight and an update from Donald Trump regarding his proposed tariffs on a number of America's largest trading partners.
The DOW falling 193 Points or -0.45% to 43,239 points (-3.30% for the month)
The broader S&P500 fell 93 points or 1.57% to 5,862 points (-2.24% for the month)
The Nasdaq fell 530 points or 2.78% to 18,544 points. (-4.12 for the month)

Thursday, 27 February 2025: NVIDIA impresses and beats expectations

Wed, 26 Feb 2025 23:27:15 +0000

US equity markets were mixed again on Wednesday trading with The DOW falling 188 Points or -0.43%
The broader S&P500 was virtually unchanged settling one point higher at 5,956 points.
The Nasdaq posted modest gains up 48 points or +0.26% to 19,075 points.
The Russell 2000 Index was also marginally up by 4 Points to close at 2,174 down 0.20% for the session.

Wednesday 26 February 2025: Mixed markets again

Tue, 25 Feb 2025 23:04:18 +0000

US equity markets were mixed again on Tuesdays trading with The DOW up 159 Points or +0.37%
The broader S&P500 was negative losing 27 Points or 0.45% to settle at 5,955 points
And again, the Nasdaq was the worst performing index falling 260 points or -1.35% to 19,026 points. The Nasdaq’s loss today pushing it to a 4-day loss of around 5% the most since Sept 2024
The Russell 2000 Index fell 8 Points to close at 2,170 down 0.38% for the session.

Monday, 24 February 2025: US Markets heavily retreat with the DOW down 750 Points

Sun, 23 Feb 2025 22:57:20 +0000

US equity markets retreated heavily on Friday The DOW down 750 Points or -1.7% amid reports of increased volatility and a potential correction sited by Goldman Sacs as being related to some 2.7 Trillion in derivatives that are set to expire. Only the consumer staples sector was positive during the session up 1% whilst Consumer discretionary was the worst sector down 2.77%. The Energy, IT and Industrials sectors all falling 2% or more.

Nvidia Corp pulled back 4% and will report this week. Also of note United Health was the biggest detractor down over 7% with Amazon and Amex also negative 2.8% each. Leading performers in the 30-stock index Merck 7 co, Coca Cola and Proctor & Gamble.

Friday, 21 February 2025: Stocks declined on Thursday after two consecutive record highs for the S&P 500

Thu, 20 Feb 2025 23:03:44 +0000

Stocks declined on Thursday after two consecutive record highs for the S&P 500, as investors sold off popular stocks following Walmart’s cautious forecast, raising concerns about the broader economic outlook. It was red across the board with all four major US indices closing down.
Dow: down 451pts or -1.01% (44,176pts)
S&P500: down 26.6pts or -.43% (6,117pts)
Nasdaq: down 94pts or -.47% (19,962 pts)
Russell 2000: down 20.7pts or -.8% (2264 pts)

Thursday, 20 February 2025: US markets closed up slightly overnight

Wed, 19 Feb 2025 23:26:23 +0000

US markets closed up slightly overnight, as investors looked beyond continued tariff threats by the Trump administration. The S&P 500 closed at yet another record high. Notably, the last two ‘record all time highs’ have been without the help of the Magnificent 7. Shares of Microsoft gained 1% and led the broader technology sector higher after the company unveiled its first ever quantum computing chip. Nvidia added 1% while Tesla climbed more than 2%. Analog Devices stock surged nearly 10% after posting better-than-expected quarterly results on the top and bottom line. Apple announced that it would be releasing a version of the iPhone 16e that will be powerful enough to run AI technology.

Tuesday, 18 February 2025: US Equity and Bond markets: Closed for Presidents Day.

Mon, 17 Feb 2025 23:01:39 +0000

Outgoing Federal Reserve Bank of Philadelphia President Patrick Harker sounded an upbeat note on the state of the U.S. economy on Monday, and said he saw no reason to change interest rate policy right now as the central bank continued to work to lower inflation levels. This preceded comments by Fed Reserve Governor Bowman who noted that while monetary policy “is now in a good place,” she wants to see data reflect more progress on inflation before cutting interest rates further.

Monday, 17 February 2025: Mixed markets influenced by ongoing geopolitical tensions

Sun, 16 Feb 2025 22:55:18 +0000

Global financial markets were mixed on Friday, influenced by ongoing geopolitical tensions, trade policy developments, and economic data releases.
The S&P 500 index was unchanged on the day, closing at 6114pts. AirBnB rallied 14.5%, having released strong Q4 earnings results after the closing bell the previous day. The company noted that they are “continuing to build on 2024 momentum, executing a multi-year strategy to perfect the core service, accelerate growth in global markets, and launch and scale new offerings.”

Friday, 14 February 2025: US Stocks Gathered More Steam

Thu, 13 Feb 2025 23:42:53 +0000

U.S. stocks were gathering more steam Thursday after President Trump's tariff update left open key questions about when they might be applied, and which countries may be impacted. Dow rose 342.87 points or +0.77%, with NVIDIA Corp (up +2.98%) and Cisco Systems Inc (up +2.17%) both gaining over +2%.
The broader S&P 500 rose +0.99%. Materials (up +1.75%) lead all 11 of the primary sectors higher, with Information Technology (up +1.39%) and Consumer Discretionary (up +1.39%) not far behind.

Thursday, 13 February 2025: All Three Major Stock Indexes Off Lowest Levels

Wed, 12 Feb 2025 23:21:44 +0000

All (3) three major stock indexes were off their lowest levels of Wednesday's session after President Trump suggested that Russian President Vladimir Putin was receptive to talks about its war with Ukraine.

Wednesday 12 February 2025: Wall Streets Main Indexes Mixed

Tue, 11 Feb 2025 23:43:46 +0000

Wall Street's main indexes were mixed on Tuesday as gains in Coca-Cola Co (NYSE: KO) and Apple Inc (NASDAQ: AAPL) offset losses in Tesla Inc (NASDAQ: TSLA), while investors analysed Federal Reserve Chair Jerome Powell's latest comments. The S&P 500 was down -0.01% at 6,066.07 points. The Nasdaq declined -0.21% to 19,672.22 points, while the Dow Jones Industrial Average was up +0.08% at 44,506.82 points.
Six (6) of the 11 primary sectors rose led by energy up +1.09%, followed by a +0.51% gain in materials.

Tuesday, 11 February 2025: Investors shrug off Trumps Tariffs

Mon, 10 Feb 2025 22:56:19 +0000

Monday, 10 February 2025: Trump's reciprocal tariff announcement followed weak jobs and consumer sentiment data

Sun, 09 Feb 2025 23:23:05 +0000

All three (3) U.S. stock indexes fell on Friday after President Donald Trump's reciprocal tariff announcement followed weak jobs and consumer sentiment data.

The broader S&P 500 index closed down 57.58 points or 0.95% on Friday, leaving the U.S. large cap stock index with a loss for the week of 0.2%, according to Dow Jones Market Data.

The S&P 500 snapped a three-day winning streak and logged back-to-back weekly declines.

Friday, 7 February 2025: Honeywell topping out as the worst performer, markets mixed

Thu, 06 Feb 2025 22:57:58 +0000

U.S. equity markets were mixed overnight as investors wait for January’s jobs data. • The Dow 30 was down -0.29% to 44,744 points. • Honeywell the worst performer down -5.64% after reporting weak earnings outlook that was not enough to offset plans to separate into 3 separate companies. • Salesforce was also weaker down -4.91% after the announcement that 25-year Salesforce Veteran and COO Brian Millham was retiring.

Thursday, 6 February 2025: No Fresh Tariffs as Trump focuses on the Gaza Strip

Wed, 05 Feb 2025 22:53:38 +0000

U.S. equity markets were up overnight in choppy trading. No fresh tariffs to speak of for a change as Trump shifts his focus to the Gaza strip.

The Dow 30 was up 0.71% to 44,873 points.
Nike fell -2.80% as it continues to struggle. Now down over 25% the last 12 months.
Shares in Disney were down -2.44% after reporting a beat to earnings expectations off the back of strong performance in their streaming segment, despite losing 700,000 subscribers. However, their parks business lagged due to multiple hurricanes and greater cruise ship investments.

Wednesday, 5 February 2025: Investors heave a sigh of relief after paused Tariffs

Tue, 04 Feb 2025 23:19:14 +0000

U.S. equity markets were up as the investors heaved a sigh of relief after Trump agreed to hit pause on his planned tariffs with Canada and Mexico. However he then announced tariffs on China due to kick in on Tuesday. China has responded by announcing its own tariffs on U.S coal, LNG and crude, as well as a probe into Google.

The Dow 30 was up 0.30% to 44,556 points. Merck fell -9.05% despite beating quarterly forecasts. The stock fell after 2025 guidance was weaker than expected due to weaker than expected demand for their vaccine Gardasil.
Chevron rose 2.60% to partially recover some of the ground it lost after disappointing results last week.

Tuesday, 4 February 2025: U.S. equity markets were down heavily

Mon, 03 Feb 2025 22:59:26 +0000

U.S. equity markets were down heavily in early trading, before paring losses as Trump promised a 1-month delay to any tariffs to be placed on Mexico.

The Dow 30 down -0.28% to 44,421.91 points. Apple fell -3.39% as reports emerge that iPhone sales are still lagging in China. IBM was up just under 2% to be the top performer on the index.
The broader S&P500 fell -0.76% to 5,994 points after recovering from a 1.9% fall in early trading. Consumer Staples, Utilities and Energy were the top performing sectors, up 0.68%, 0.46% and 0.42% respectively. Information Technology and Consumer Discretionary say at the foot of the primary sector leaderboard, down -1.80% and -1.37% respectively.

Monday, 3 February 2025: US Markets lower after Trump places 25% tariffs on Canada and Mexico

Sun, 02 Feb 2025 23:06:32 +0000

U.S. equity markets finished lower on Friday after President Trump said he would place 25% tariffs on imports from Canada and Mexico, and a 10% tariff on goods from China, now due to go into effect on Tuesday.
The NASDAQ fell 0.28% and the Dow 30 closed down 337 points or -0.75%. The two biggest falls being Chevron down 4.56% after missing earnings estimates, and Nvidia down 3.67% on continued uncertainty surround the impact of DeepSeek.

Friday, 31 January 2025: U.S. equity markets finish higher overnight

Thu, 30 Jan 2025 23:13:57 +0000

U.S. equity markets finish higher overnight, the Dow and S&P 500 traded near session highs in a choppy trading session. Investors remained focused on earnings despite lower-than-expected GDP growth data.
U.S. President Donald Trump earlier this morning AEST said he would likely decide by the end of the day whether to put a 25% tariff on imports of Mexican and Canadian oil that would take effect on 1 February. "We may or may not. We're going to make that determination probably tonight," Trump told reporters at the White House.

Wednesday 29 January 2025: NVIDIA and markets rebound after DeepSeek related sell-off

Tue, 28 Jan 2025 23:08:42 +0000

US equity markets rose overnight to recover from its previous session falls. U.S. stocks rose on Tuesday, with artificial intelligence-linked and other technology shares bouncing back from sharp losses the previous day as investors snapped up bargains.

Tuesday, 28 January 2025: Markets Decline Sharply + Deep-Seek announcement

Mon, 27 Jan 2025 23:03:34 +0000

US equity markets declined sharply overnight with a large sell off in the Information Technology sector to kick of the week’s trading. Investors await a slew of key earnings reports this week along with the release of a competitive AI model from a Chinese start up Deep Seek- a competitor to ChatGPT.

Friday, 24 January 2025: Markets Rally as President Trump calls for cheaper oil prices

Thu, 23 Jan 2025 23:13:54 +0000

US equity markets rallied to record highs on Thursday after President Donald Trump called for lower interest rates and cheaper oil prices.
The 30-stock Dow added +408 points, or +0.92% to end at 44,565.07. The S&P 500 gained +32.34 points of +0.53% to close at 6,118.71, while the Nasdaq Composite rose +44.34 points or +0.22% to 20,053.68.

Thursday, 23 January 2024: Oracle and Nvidia rallied on artificial intelligence optimism

Wed, 22 Jan 2025 23:08:40 +0000

US equity markets Stocks climbed on Wednesday, with the S&P 500 hitting all-time high again, as technology shares such as Oracle and Nvidia rallied on artificial intelligence optimism
The 30-stock Dow added +130 points, or +0.30% to end at 44,156. The S&P 500 gained +37.13 points of 0.61% to close at 6,086.37, while the Nasdaq Composite rose +252.56 points or +12.8% to 20,009.34.

Wednesday 22 January 2025: Markets Up as Donald Trump Begins Signing Executive Orders

Tue, 21 Jan 2025 23:18:27 +0000

US equity markets the Dow Jones advanced on Tuesday as Wall Street viewed President Donald Trump’s comments and first-day actions around international trade as softer than initially believed.

The 30-stock Dow added +538 points, or +1.24% to end at 44,025. The S&P 500 gained +52.58 points of 0.88% to close at 6,049.24, while the Nasdaq Composite rose +126.58 points or +0.64% to 19,756.78.

Tuesday, 21 January 2025: Markets closed for Martin Luther King day

Mon, 20 Jan 2025 22:55:58 +0000

US equity markets were closed overnight for the Martin Luther King Day holiday, as Donald Trump was sworn in a second time as U.S. president

Monday, 20 January 2025: US Equity Markets climb

Sun, 19 Jan 2025 23:07:26 +0000

US equity markets climbed on Friday, as the three major averages posted their first weekly gain of the new year.

Friday, 17 January 2025: Markets slightly down, but little change

Thu, 16 Jan 2025 23:11:10 +0000

Major US indexes were little changed at midday on Thursday but closed slightly down, as investors reacted to quarterly reports, while major tech companies gave back some of the previous session’s gains. Dow slipped -68 points or -0.16%, the 30-stock index dragged down by United Health (down -6.04%) and Apple (down -4.04%).

Thursday, 16 January 2025: US equity markets up strongly

Wed, 15 Jan 2025 22:44:15 +0000

US equity markets up strongly on Wednesday, driven by a lower-than-expected consumer inflation print, and strong earnings released by the big financials. Dow up 703 points or 1.65%, the 30-stock index led by Goldman Sachs (up 6.02%), and American Express (up 3.98%).
The broader S&P500 closed up, 1.83% higher, having its best trading day since November, following the tame inflation report. Consumer Discretionary the top sector performers, up 3.02%.

Wednesday 15 January 2025: Markets seesaw between gains and losses

Tue, 14 Jan 2025 23:09:58 +0000

US equity markets seesawed between gains and losses on Tuesday as investors digested a surprisingly soft wholesale inflation report and awaited more inflation data on Wednesday. Every number in the PPI report, both headline and core gauge for the monthly and yearly time frame came in softer than expected. This weak appetiser should ease expectations a touch for the main course – the upcoming CPI data for December – released tonight. The Dow up 221 points or 0.52%, the 30-stock index again being led by for a second straight session by non-tech shares, Caterpillar (up 2.5%), and 3M (up 1.94%) leading the charge.

Tuesday, 14 January 2025: Nvidia falls -1.97% as the biggest detractor in the Dow

Mon, 13 Jan 2025 22:59:18 +0000

US equity markets mixed on Monday, The Dow Jones climbing higher, outperforming, while the Nasdaq Composite slipped as traders continued to sell off major tech stocks that have powered the recent bull market. The 30-stock Dow rose 358 points, or 0.86%, as investors rotated into non-tech shares like Caterpillar, JP Morgan, and United Health (up 3.28%, 1.81%, and 3.93% respectively). Meanwhile, the tech-heavy Nasdaq dropped -0.38%, and the S&P500 inched up 0.16%. All three benchmarks are down for the last two weeks, with tech shares causing most of the damage.

Monday, 13 January 2025: Hotter-than-expected December jobs report push markets down

Sun, 12 Jan 2025 23:02:55 +0000

US equity markets down on Friday, with a surge in bond yields after a much hotter-than-expected December jobs report putting prospects for further rate cuts by the Federal Reserve in doubt, The 10-year yield finished up 9.2 basis points to 4.772%, its highest since Nov. 1, 2023. Conversely, the Dow bled -697 points or -1.63%.

Friday, 10 January 2025: US Markets Closed, European bourses mixed in relatively muted trading

Fri, 10 Jan 2025 00:14:01 +0000

US equity markets were CLOSED overnight in observance of a National Day of Mourning for former President Jimmy Carter, who passed away aged 100 late last year.
The US fourth quarter corporate earnings season tentatively begins tonight AEST, with Constellation Brands Inc, Delta Air Lines Inc, Walgreens Boot Alliance Inc and WD-40 Company posting quarterly results. The fourth quarter earnings season starts in earnest on Wednesday next week (15 January), with major banks Citigroup, Goldman Sachs Group Inc, JPMorgan Chase & Co and Wells Fargo among companies slated to report.

Thursday, 9 January 2025: US Markets Mixed Prior to Jimmy Carter Exchange Closing Night

Wed, 08 Jan 2025 23:14:15 +0000

US equity markets mixed ahead of the release of the latest non-farm payrolls report on Friday night AEST (10 December) - Dow rose +107-points or +0.25% CNN reported that President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, citing unnamed sources familiar with the matter.

Wednesday, 8 January 2025: Magnificent Seven Cohort All Retreat

Tue, 07 Jan 2025 23:06:27 +0000

US equity markets retreated and bond yields climbed following the release of economic data that raised fresh inflation concerns - Dow fell -178-points or -0.42%.
Nvidia Corp dropped -6.22% after hitting an all-time high (US$153.13) in early trading after Chief Executive Officer (CEO) Jensen Huang delivered a keynote speech at the annual Consumer Electronics Show (CES) in Las Vegas and provided several noteworthy technology updates.

Tuesday, 7 January 2025: Chipmakers Trade Particularly Strong

Mon, 06 Jan 2025 23:10:30 +0000

US equity markets advanced albeit the major indices settled well off their session highs, with chipmakers trading particularly strongly - Dow slipped -26-points or -0.06% Nvidia Corp rallied +3.43% to be the leading performer in the 30-stock index for a second straight session ahead of Chief Executive Officer (CEO) Jensen Huang delivering a keynote speech at the annual Consumer Electronics Show (CES) in Las Vegas. Chip-related stocks more broadly traded strongly after Taiwanese electronics giant Foxconn Technology Co Ltd - whose customers include Apple Inc (+0.67%) and Nvidia Corp – reported record fourth-quarter revenue (up +15% year-on-year to 2.132 trillion New Taiwan dollars or ~US$65.09B). Amazon.com Inc (+1.53%) and Microsoft Corp (+1.06%) both gained over >1%. Procter & Gamble Co (down -2.43%) was the worst performing Dow component overnight.

Monday, 6 January 2025: US equity markets advanced amid light trading volume to conclude a holiday-shortened week

Mon, 06 Jan 2025 00:37:36 +0000

US equity markets advanced amid light trading volume to conclude a holiday-shortened week, with the S&P 500 and Nasdaq snaping five-session losing streaks - Dow rose +340-points or +0.80%, ending a run of four consecutive session declines.

Nvidia Corp rallied +4.45% to be the leading performer in the 30-stock index ahead of Chief Executive Officer (CEO) Jensen Huang delivering a keynote speech at the annual Consumer Electronics Show (CES) in Las Vegas tonight AEST which is expected to highlight how Nvidia's semiconductors are powering some of the most advanced products being shown off at the conference.

Monday, 23 December 2024: Markets rebound following tame inflation figures

Sun, 22 Dec 2024 23:04:31 +0000

US equity markets rebounded on Friday (20 December) following tame inflation figures, recouping some of the steep losses recorded earlier in the week after the Federal Reserve signalled a potentially smaller reduction in interest rates in 2025 than Fed officials previously projected - Dow rallied +498-points or +1.18%, with Nvidia Corp (up +3.08%) the leading performer in the 30-stock index.

Thursday, 19 December 2024: Post-rate cut leaves markets in the red 📉

Wed, 18 Dec 2024 23:17:12 +0000

US equity markets fell sharply after the Federal Reserve cut rates as expected but pumped the brakes on future rate cuts - Dow dropped -1,123-points or -2.58%, logging its tenth consecutive session decline. Amazon.com Inc (down -4.6%), American Express Co (-4.5%) and Goldman Sachs Group Inc (-4.25%) all fell over >4%, with all 30 index components settling in the red with the exception of Unitedhealth Group Inc (+2.92%). Nvidia Corp fell -1.14%, unwinding an earlier rally of ~4.8%% and falling deeper into official correction territory. The stock was buoyed earlier in the session by a report that gave an optimistic outlook about the chipmaker's production, especially of its Blackwell NVL / GB200 system.

Wednesday, 11 December 2024: US equity markets declined ahead of the latest inflation figures

Tue, 10 Dec 2024 23:04:42 +0000

US equity markets declined ahead of the latest inflation figures tonight AEST - Dow retreated for a fourth straight session, down -154-points or -0.35%. Nvidia Corp fell -2.69%, extending its two-day slide to over >5% after China’s State Administration for Market Regulation said it was investigating the company over possible violations of the country’s antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition. Nvidia’s revenue in China totalled US$13.5B in the past four quarters, accounting for ~12% of its global total, according to The Wall Street Journal (WSJ). Caterpillar Inc (-2.72%) and Merck & Co Inc (-2.69%) both fell over >2.5%. Boeing Co rallied +4.50% after the aerospace giant said it had restarted production of its 737 MAX jets. Production was paused for more than 12 weeks because of a seven-week labour strike that began in mid-September and settled in early November.

Tuesday, 10 December 2024: S&P 500 and Nasdaq pulling back from record closing highs set last Friday

Mon, 09 Dec 2024 23:12:57 +0000

US equity markets retreated, with the S&P 500 and Nasdaq pulling back from record closing highs set last Friday (6 December) - Dow fell -241-points or -0.54%, with International Business Machines (IBM) Corp (down 3.38%) and Travelers Companies (-3.53%) both down over >3%. Nvidia Corp fell -2.55% after China’s State Administration for Market Regulation said it was investigating the company over possible violations of the country’s antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition.

Friday, 6 December 2024: Markets retreat after record highs

Thu, 05 Dec 2024 23:13:19 +0000

Benchmark US equity indices retreated from record highs ahead of the release of key employment figures tonight AEST - Dow fell -248-points or -0.55%. Unitedhealth Group Inc fell 5.21% after day after the CEO of the US’s largest health insurer, Brian Thompson, was murdered on the streets on New York in a seemingly targeted attack.

Thursday, 5 December 2024: Tech Stocks lead a fresh rally

Wed, 04 Dec 2024 23:24:59 +0000

Technology stocks led a fresh rally on US equity markets, lifting all three (3) benchmark indices to fresh record highs - Dow rose +309-points or +0.69% to 45,014, the first close above the >45,000 level. Salesforce Inc jumped +10.99% following the release of the enterprise software company’s third quarter result after the close of the previous session that saw revenue top consensus expectations and the full year revenue guidance range lifted. Nvidia Corp rose +3.48% and Amazon.com Inc +2.21%.

Wednesday 4 Decemeber 2024: Fresh intra-day highs for the S&P 500 and Nasdaq

Tue, 03 Dec 2024 23:03:35 +0000

The S&P 500 and Nasdaq logged fresh intra-day and record closing highs - Dow eased -76-points or -0.17%, with Procter & Gamble Co (down -2.38%) the worst performer in the 30-stock index. Honeywell International Inc fell -1.3% after the industrial conglomerate cut its full-year outlook after signing a strategic agreement with Bombardier to supply advanced avionics, propulsion, and satellite communications technologies for Bombardier’s aircraft. Nvidia Corp rose +1.18%, with the chipmaker’s Chief Financial Officer (CFO) Colette Kress addressing the UBS Global Technology and AI Conference and saying the company would consider some mergers and acquisition (M&A) activity.

Friday, 14 November 2024:

Wed, 13 Nov 2024 23:22:35 +0000

US equity markets settled little changed as investors digested a benign October inflation report - Dow added +47-points or +0.11%, unwinding an earlier rally of as much as +230-points. Amazon.com Inc (up +2.48%) and Chevron Corp (+2.21%) both gained over >2%. Boeing Co (down -3.58%) was the worst performer in the 30-stock index overnight.

Wednesday, 13 November 2024: Post-election hype begins to fade as markets retreat

Tue, 12 Nov 2024 23:25:09 +0000

US equity markets retreated, with the post Trump election rally fading ahead of inflation figures tonight AEST - Dow fell 382-points or 0.86% to 43,911, having closed above >44,000 for the first time a day earlier. Amgen Inc slumped -7.14% to be the worst performer in the 30-stock index after investment bank Cantor Fitzgerald flagged possible safety issues with MariTide, the biotechnology firm's experimental anti-obesity drug. According to analysts, data from clinical trials increased concerns about bone mineral density loss among patients taking the weight-loss treatment. Honeywell International Inc rose +3.87% to a record high following news that activist investor Elliott Investment Management had taken a US$5B stake in the company. Nvidia Corp rose +2.10%

Tuesday 12 November 2024: US Markets continue onto fresh record highs

Mon, 11 Nov 2024 23:24:00 +0000

The benchmark US indices edged their way to fresh record highs, with the Dow and S&P 500 settling above 44,000 and 6,000 respectively for the first time ever - Dow gained +304-points or +0.69% to 44,293.13. Salesforce Inc (up +6.14%) was the leading performer in the 30-stock index, while Goldman Sachs Group Inc (+2.22%) and Honeywell International Inc (+2.62%) gained over >2%.

The broader S&P500 edged +0.10% higher to 6,001.35, recording its fifth consecutive session gain and longest winning streak since mid-September. Consumer Discretionary (up +1.75%) and Financials (+1.41%) leading six of the eleven primary sectors higher. Information Technology (down -0.89%) sat at the foot of the primary sector leaderboard overnight. Bristol Myers Squibb Co rallied +10.55% after rival pharmaceutical company Abbvie Inc (down -12.58%) reported a disappointing Phase 2 trial result of an experimental schizophrenia drug purchased as part of an US$8.7B acquisition last year. In September, the U.S. Food and Drug Administration (FDA) approved Bristol Myers Squibb’s schizophrenia drug Cobenfy. Monolithic Power Systems Inc dropped -14.97% after analysts at Edgewater Research warned that Nvidia Corp (-1.60%) has cancelled orders with the power solutions company.

Monday, 11 November 2024: Tesla takes flight post-Trump victory as markets rally

Sun, 10 Nov 2024 22:55:20 +0000

US equity markets extended their rally, lifting the benchmark indices to fresh record highs to cap their best week in a year following Donald Trump’ sweeping election victory and after the Federal Reserve cut its benchmark interest rate by -25 basis points - Dow rose +260-points or +0.59% to 43,988.99, briefly crossing 44,000 for the first earlier in the session. Salesforce Inc +3.59% was the leading performer in the 30-stock index on Friday (8 November). Nvidia Corp (down -0.84%) became a member of the Dow on Friday (8 November), replacing beleaguered chipmaker Intel Corp (-0.11%). Paint maker Sherwin-Williams Co (up +0.70%) also joined the blue-chip index, supplanting chemical giant Dow Inc (-4.93%).

Friday, 8 November 2024: US Markets Soar!

Thu, 07 Nov 2024 23:10:35 +0000

The post-election rally rolled on, lifting the S&P 500 and Nasdaq to fresh record highs for a second session in-a-row as investors also digested the latest rate cut and monetary policy pronouncements from the Federal Reserve. - Dow flat.

Goldman Sachs Group Inc (down -2.32%) and JPMorgan Chase & Co (-4.32%) handed back some of the previous session’s double-digit gains.

The broader S&P500 +0.74% to 5,973.10, logging its 49th record closing high of 2024.

Communication Services (up +1.92%), Information Technology (+1.83%), Consumer Discretionary (+1.37%) and Real Estate (+1.19%) all gained over >1% to lead eight of the eleven primary sectors higher.

Wednesday 6 November 2024: Large Cap technology stocks led US equity markets higher

Tue, 05 Nov 2024 23:28:34 +0000

Large capitalisation technology stocks led US equity markets higher as investors awaited the results U.S. presidential election - Dow rose +427-points or +1.02%. Intel Corp rose +3.55%, more than recouping the previous session’s -2.93% decline to be the leading performer in the 30-stock index. Goldman Sachs Group Inc rose +3.03%. Boeing Co lost -2.62% despite workers voting by 59% to end their strike and return to work, securing a 38% raise over the next four years and paving the way for the troubled manufacturer’s Washington factories to restart production.

Monday, 4 November 2024: US Markets make a positive start

Sun, 03 Nov 2024 23:11:43 +0000

US equity markets made a positive start to November as investors digested the latest results from large technology companies and labour market data that reinforced expectations that the Federal Reserve will continue cutting interest rates - Dow gained +289-points or +0.69%. Intel Corp (up +7.81%) and Amazon.com Inc (+6.19%) were the leading performers in the 30-stock index, with both companies posting quarterly results after the close of the previous session. Boeing Co +3.54% after the aircraft manufacturer reached a tentative deal with International Association of Machinists (IAM) on a new contract, potentially ending a crippling seven-week strike. The new offer includes a 38% general wage increase over four years, higher than the previous offer of 35%, with union members expected to vote on the deal tonight AEST.

Wednesday, 30 October 2024: Large Cap tech companies catch investors eyes as markets end firmer.

Tue, 29 Oct 2024 23:10:58 +0000

US equity markets firmer as investors eyed earnings from a number of large capitalisation technology companies and key economic data - Dow lost -155-points or -0.36%. Home Depot Inc (down -1.94%) and Coca-Cola Co (-1.66%) both fell over >1.5%.

The broader S&P500 edged +0.16% higher to settle ~0.5% below its record all-time closing high. Communication Services (up +1.56%) and Information Technology (+1.12%) both climbed over >1% to be the only primary sectors to advance overnight. Utilities (down -2.13%) and Energy (-1.44%) sat at the foot of the primary sector leaderboard. Ford Motor Co dropped -% after the carmaker reported lower-than-expected third-quarter profits after the close of the previous session.

Monday, 28 October 2024: Markets end mixed to cap off a bumpy few days of trading

Sun, 27 Oct 2024 23:41:00 +0000

US equity markets mixed on Friday (25 October) to cap off a bumpy few days of trading as investors eye a huge week of economic data and earnings reports - Dow fell -260-points or -0.61%.

McDonald’s Corp fell -2.97% and was the worst performer in the 30-stock index on Friday (25 October) and the stock has been under pressure in recent days following news that an E. coli outbreak in several states was tied to onions on the fast food chain's Quarter Pounder burgers.

Thursday, 24 October 2024: Markets decline as bond yields climb

Wed, 23 Oct 2024 23:30:18 +0000

US equity markets declined as bond yields continued to climb - Dow dropped -410-points or -0.96%, paring an earlier decline of as much as 632 points but still marking the 30-stock index’s largest one-day decline since 6 September. McDonald’s Corp fell -5.12% to be the worst performer in the 30-stock index after the Centers for Disease Control and Prevention (CDC) said they were investigating an E. coli outbreak. Amazon.com Inc (down 2.6%) and Apple Inc (-2.16%) both fell over >2%. Verizon Communications Inc rose 3.28% to be the leading Dow component overnight, recouping some of the previous session’s -5.3% decline in the wake of telecom giant’s third quarter result falling short of consensus expectations despite continuing to add wireless phone and internet subscribers

Friday, 18 October 2024: Markets settled narrowly mixed after a morning session rally for the semiconductor sector

Thu, 17 Oct 2024 23:20:59 +0000

US equity markets settled narrowly mixed after a morning session rally for the semiconductor sector, spurred by solid quarterly results from the world's largest contract chipmaker, lost some steam - Dow rose +161-points or +0.37% to 43,239.05 to book its 39th record closing high of the year. American Express Co (up +1.46%) and Chevron Corp (+1.66%) were the leading performers in the 30-stock index.
The broader S&P500 dipped -0.02%, with Utilities (down -0.93%) leading six of the eleven primary sectors lower. Energy (up +0.4%) sat atop the primary sector leaderboard. Expedia Group Inc gained +4.75% after the Financial Times reported Uber Technologies Inc (down -2.44%) was considering a bid to buy the online travel company.

Friday, 11 October 2024: Modest declines in the wake of slightly stickier inflation data for September

Thu, 10 Oct 2024 22:50:12 +0000

US equity markets settled with modest declines in the wake of slightly stickier inflation data for September - Dow slipped -58-points or -0.14%. Boeing Co fell -1.84% to be the worst performer in the 30-stock index. International Business Machines (IBM) Inc (-0.55%) touched a record all-time high (US$235.83) earlier in the session. Amazon.com Inc rose +0.80% after the on-line retailing giant said that sales and number of items sold during Prime Big Deal Days on Tuesday (8 October) and Wednesday (9 October) were the most ever for one of its October events. Doug Herrington, Chief Executive Officer (CEO) of Worldwide Amazon Stores, said it “marked a strong start to the holiday shopping season.” Amazon was in trying to get a jump on the key sales period heading into Christmas. Target Corp’s (up +1.06%) second Target Circle Week of the year kicked off on Sunday (6 October) and runs through Saturday (12 October). Dow component Walmart Inc’s (down -0.98%) Holiday Deals event runs until Sunday (13 October).

Tuesday, 8 October 2024: Markets Retreat as Rate Cut Hopes Fade and Oil Prices Rise Amid Middle East Tensions

Mon, 07 Oct 2024 23:07:24 +0000

US equity markets retreated, handing back the previous session’s post jobs report surge as expectations for big interest rate cuts subsided and oil prices continued rising on concerns about Middle East tensions - Dow shed 399-points or -0.94%. Travelers Companies Inc (down -4.34%) was the worst performer in the 30-stock index. Amazon.com Inc (down -3.06%) and Walt Disney Co (-2.9%) . Apple Inc fell -2.25% after Jefferies downgraded the company to “hold” from “buy”, saying expectations for sales of the iPhone 16 and 17 are too high.

Thursday, 3 October 2024: General cautious mood amidst Middle East tensions and port strikes

Thu, 03 Oct 2024 00:00:33 +0000

US equity markets settled little changed on the second trading day of the fourth quarter, with investors in a generally cautious mood against the backdrop of rising tensions in the Middle East and a strike at U.S. East Coast and Gulf ports - Dow added +40-points or +0.09%, advancing for the eight time in the past ten sessions.

Monday, 30 September 2024: Tamer inflation figures lifted the Dow to a fresh record peak

Mon, 30 Sep 2024 00:12:24 +0000

US equity markets mixed on Friday (27 September) albeit tamer inflation figures lifted the Dow to a fresh record peak and buoyed small capitalisation stocks - Dow added +138-points or +0.33% to 42,313, booking its 32nd record close of 2024. Chevron Corp +2.46%.

Friday, 27 September 2024: US equity markets advanced ahead of tonight’s AEST key inflation figures

Thu, 26 Sep 2024 23:33:57 +0000

US equity markets advanced ahead of tonight’s AEST key inflation figures, buoyed by fresh China stimulus measures and a strong gains for chipmakers - Dow gained +260-points or +0.62% to 42,175.11, logging its second highest close ever. Caterpillar Inc (up +3.36%) and Dow Inc (+3.56%) rose over >3%.

Tuesday, 24 September 2024: Record closing highs after Fed rate cut-induced momentum

Mon, 23 Sep 2024 23:55:01 +0000

The S&P 500 and Dow logged record closing highs, building on last week's Federal Reserve rate cut-induced momentum and after data showed steady business activity in September - Dow added +61-points or +0.15% to 42,124.65, logging a record closing high for a third consecutive session. Intel Corp gained +3.30% to be the leading performer in the 30-stock index after Bloomberg reported on Sunday (22 September) that Apollo Global Management has offered to invest as much as US$5B in the struggling chipmaker. Intel got a boost last week from a company update on its transformation plans as well as a Wall Street Journal report Friday (20 September) that Qualcomm Inc (down -1.75%) had made a "takeover approach". Boeing Co (+1.96%) has made its “best and final” offer to striking workers, offering a 30% raise as it tries to end a work stoppage that threatens its recovery. The 33,000 members of the International Association of Machinists and Aerospace Workers District 751 walked off the job 11 days ago after rejecting a contract negotiated by the union’s leadership.

Monday, 23 September 2024: Subdued trading despite last Friday's "triple witching" event

Mon, 23 Sep 2024 00:03:32 +0000

US equity markets ended a strong week on a mixed note, with trading relatively subdued despite Friday’s (20 September) session being a “triple witching” event - the simultaneous expiration of stock options, stock index futures, and stock index options contracts that saw option contracts tied to more than >US$5 trillion in tradeable stocks expire - Dow edged +38-points or +0.09% higher to a fresh record closing high of 42,062.81. Nike Inc rallied +6.84% to be the leading Dow component on Friday (20 September) after announcing after the close of the previous session that chief executive John Donahoe will retire next month and will be succeeded by company veteran Elliott Hill, an abrupt leadership change punctuating a period of dour economic performance at the world’s largest sportswear maker. Initial sales data for Apple Inc’s (down -0.29%) iPhone 16 will be released tonight AEST after the new device went on sale for the first time last Friday (20 September). The technology giant's AI model, Apple Intelligence, won't be available immediately but will come later as a free software update.

Thursday, 19 September 2024: Markets fail to hold gains after Fed announces cuts

Wed, 18 Sep 2024 23:04:22 +0000

US equity markets failed to hold initial gains that came after the Federal Reserve delivered -50 basis point interest rate cut and that had lifted both the S&P 500 and Dow to fresh record intra-day highs - Dow fell -103-points or -0.25%, having rallied ~376-points immediately following the Fed’s rate announcement and lifting the 30-stock index to a record intra-day peak just shy of 41,982. Intel Corp fell -3.26% to be the worst performing Dow component, having rallied over >10% in the preceding three sessions.

Wednesday, 18 September 2024: Dow Dips, S&P500 Hits Records: Key Moves Before Fed's Rate Decision

Tue, 17 Sep 2024 23:37:58 +0000

US equity markets mixed ahead of the latest interest rate decision and monetary policy pronouncements from the Federal Reserve tomorrow morning AEST - Dow dipped -16-points or 0.04% to 41,606.18, snapping a four session winning streak after hitting a fresh record intra-day high (41,835.28) earlier in the session. Intel Corp rallied +2.68% to be the leading Dow component for a second session running after Chief Executive Officer (CEO) Pat Gelsinger provided an update on the company's restructuring efforts, citing progress on cost-cutting and unveiling plans to turn its chipmaking arm into a separate subsidiary. The company also said it would produce chips for Amazon.com Inc’s (+1.08%) Amazon Web Services and the U.S. military. Microsoft Corp rose +0.88% after the company announced a US$60B stock buyback programme and boosted its dividend (to US$0.83c per share, up from US$0.73c previously) after the close of the previous session. Separately, BlackRock is preparing to launch a more than >US$30B artificial intelligence (AI) investment fund (via its infrastructure investment unit, Global Infrastructure Partners) with Microsoft to build data centres and energy projects to meet growing demands stemming from AI.

Tuesday, 17 September 2024: US equity markets mostly firmer in cautious trade of key central bank meetings later this week

Mon, 16 Sep 2024 23:27:57 +0000

US equity markets mostly firmer in cautious trade of key central bank meetings later this week - Dow rose +228-points or +0.55% to 41,622.08, logging its 27th record close of the year-to-date. Intel Corp rallied +6.36% to be the leading Dow component after confirming press reports late last Friday (13 September) that it has been granted up to US$3B in Chips Act funding to “expand the trusted manufacturing of leading-edge semiconductors for the U.S. government.” Specifically, this award covers defence work. This deal is separate from the ~US$20B in funding that Intel announced earlier this year that it was eligible for through the Chips Act. Apple Inc fell -2.78% amid concerns about early sales for the just-launched iPhone 16. Analysing delivery lead times and whether models of the iPhone 16 will be available in stores on Friday (20 September) as scheduled, several analysts said that early indications appear disappointing for Apple's latest smartphone. Separately, the tech giant also received FDA approval for the sleep apnoea detection feature in its newest smartwatch operating system. Meanwhile, Amazon.com Inc (-0.86%) told employees to return to in-person work five days a week next year, barring any ”extenuating circumstances” or exceptions.

Monday 16, September 2024: Boeing the worst 30-stock index performer after 33,000 worker strike

Mon, 16 Sep 2024 00:17:00 +0000

US equity markets extended their recovery from an early September sell-off on Friday (13 September), with the S&P 500 and Nasdaq recording their best weekly gains of 2024 - Dow rallied +297-points or +0.72%.

Boeing Co shed 3.69% to be the worst performer in the 30-stock index after the aerospace company’s biggest union, the International Association of Machinists and Aerospace Workers representing ~33K workers, went on strike after voting down a new, four-year labour deal. The strike will halt work on the company’s best-selling 737, 777, and 767 jets.

Friday, 13 September 2024: S&P 500 and Nasdaq extend gains

Thu, 12 Sep 2024 23:30:16 +0000

The S&P 500 and Nasdaq extended gains into a fourth straight session after the latest wholesale inflation figures helped reinforce expectations for an interest rate cut when the Federal Reserve convenes its latest monetary policy meeting next week (17-18 September) - Dow rose +235-points or +0.58%.

Thursday, 12 September 2024: Equity Surges After CPI and Debate Sparks

Thu, 12 Sep 2024 00:20:35 +0000

US equity markets recovered from earlier losses to advance and settle near their session highs as investors weighed the implications of the latest CPI data and the presidential debate - Dow rose +125-points or +0.31%, with American Express Co (up +3.57%) and Intel Corp (+3.48%) both rallying over >3%.

Wednesday, 11 September 2024: Markets mixed ahead of the upcoming presidential debate

Wed, 11 Sep 2024 00:12:34 +0000

US equity markets mixed ahead of the first presidential debate later this morning AEST and inflation figures tonight AEST - Dow eased -93-points or -0.23%. JPMorgan Chase & Co shed -5.19% to be the biggest decliner in the 30-stock index after president Daniel Pinto, speaking at a Barclays financial services conference in New York, tempered full-year net interest income (NII) expectations for the largest US bank by assets. The current forecast of US$91.5B in 2024 was, he said, “not very reasonable” in light of the Federal Reserve’s impending interest rate cuts. Goldman Sachs Group Inc fell -4.39% after chief executive David Solomon warned investors at the same conference a day earlier that the investment bank’s trading business was on track to see revenues fall about 10% in the third quarter due to a “more challenging macro environment, particularly in the month of August”. Boeing Co lost -1.74%, with Reuters reporting that the aircraft manufacturer had informed its suppliers that it now expects MAX production to reach 42 planes per month in March 2025, compared with its prior estimate of September 2024. Apple Inc, which unveiled its new artificial intelligence (AI)-enabled iPhone on Monday (9 September), lost -0.36% after the Court of Justice of the European Union (EU) overturned a lower court ruling on Irish tax breaks for the tech giant.

Tuesday, 10 September 2024: US equity markets rebounded from their biggest weekly losses of the year

Tue, 10 Sep 2024 00:24:24 +0000

US equity markets rebounded from their biggest weekly losses of the year last week, with investors eyeing key inflation figures in the coming days - Dow rallied +484-points or +1.20%, more than recouping last Friday’s (6 September) -410-point or -1.01% fall. Boeing Co gained +3.36% after the aircraft manufacturer and its biggest union (the International Association of Machinists and Aerospace Workers) reached a tentative deal covering more than 32,000 workers, averting a possible strike. Apple Inc inched +0.04% higher following its product launch event called “It’s Glowtime” that saw the unveiling of the iPhone 16, Apple Watch Series 10 and AirPods 4. Chief executive Tim Cook said the iPhone 16 - which will go on sale on 20 September with pre-orders starting this Friday (13 September) - was the first of its smartphones to be “designed from the ground up” for artificial intelligence “and its breakthrough capabilities”. Goldman Sachs Group Inc fell ~1% in extended trading (after rising +1.87% in the regular session) after chief executive David Solomon warned investors that the investment bank’s trading business was on track to see revenues fall about 10% in the third quarter. “With respect to trading . . . we had an extremely strong third quarter in 2023,” Mr Solomon said at an industry conference organised by Barclays. “This quarter, given what I’d say is a more challenging macro environment, particularly in the month of August, that business is trending down close to 10 per cent, largely due to FICC [fixed income, currencies and commodities trading],” Mr Solomon said. Mr Solomon also flagged that Goldman’s earnings in the third quarter would also take a US$400M hit from its continued pullback from consumer trading.

Monday, 9 September 2024: Markets retreat sharply as debate sparks on how aggressive the fed will be with rate cuts

Sun, 08 Sep 2024 23:55:58 +0000

US equity markets retreated sharply on Friday (6 September) as the latest employment report underscored labour market weakness and spurred further debate about how aggressive the Federal Reserve will be when it starts cutting interest rates - Dow lost -410-points or -1.01%, with Amazon.com Inc (down -3.65%) and American Express Co (-3.09%) both falling over >3%. Intel Corp fell -2.63%, with Reuters reporting that Qualcomm Inc (-3.37%) is looking at buying segments of the company, potentially including its PC chip design business. Separately, Bloomberg reported that Intel is considering selling off some of its stake in MobilEye Global (-8.48%), which provides hardware and software for self-driving vehicles, as part of the chipmaker's effort to improve its financial position. Apple Inc (down -0.7%) hosts its product launch event called “It’s Glowtime” tonight AEST and is expected to announce its new iPhone 16 lineup alongside new Apple Watch models, and potentially other products. Boeing Co (-2.79%) and its largest union said Sunday (8 September) they reached agreement on a new contract that, if ratified, will avoid a strike that threatened to shut down aircraft production by the end of the coming week.

Thursday, 5 September 2024: S&P 500 continues it's September struggles

Wed, 04 Sep 2024 23:55:34 +0000

US equity markets ended mostly to the downside overnight as the S&P 500’s September struggles continued following weak labour market data - Dow was the outlier rising -38-points or +0.09%. Intel Corp (down -3.33%) was amongst the worst performers in the 30-stock index, amid a broader selloff of chip stocks as well as Reuters reporting that recent tests of the chip giant's most advanced manufacturing process conducted by Broadcom (AVGO) failed.

Wednesday, 4 September 2024: US Markets resume trading after Labor Day

Wed, 04 Sep 2024 01:03:06 +0000

US equity markets resumed trading after the Labor Day long weekend and settled sharply lower to kick-off what is a historically tough month for equities, with investors assessing some weak manufacturing data while eyeing Friday’s (6 September) key non-farm payrolls figure - Dow shed -626-points or -1.51%. Intel Corp (down -8.8%) was the worst performer in the 30-stock index. The chipmaker is the worst performing Dow component calendar year-to-date (down -60%) and is in danger of losing its status as a member of the Dow Jones Industrial Average (DJIA). Intel is the lowest-weighted component of the index, making up just 0.3% of the DJIA as of last week. Boeing Co lost -7.32%, with Wells Fargo downgrading the planemaker to "underweight" from "equal weight" and cutting its target price to US$119 from US$185. The analyst pointed to Boeing's "extensive delays and added cost" impacting aircraft production cash flow .

Monday, 2 September 2024: The volatile month comes to a close

Sun, 01 Sep 2024 23:46:46 +0000

US equity markets advanced on Friday (30 August) to cap one of the most volatile months of trading in years - Dow rose +228-points or +0.55% to 41,563.08 to log its fourth record closing high of the week. Intel Corp rallied +9.49% following a Bloomberg report that the chipmaker is considering the spin-off or sale of its foundry business. Goldman Sachs Group Inc rose +0.62%, with the Wall Street Journal reporting that the investment bank is cutting as many as 1,800 of its employees as part of a planned 3% to 4% staff reduction following the bank’s annual performance-review process.

Friday, 30 August 2024: Dow logs third record closing high in the past four sessions

Fri, 30 Aug 2024 00:03:39 +0000

US equity markets mixed, with both the S&P 500 and Nasdaq losing ground late in the session and selling in Nvidia Corp intensified - Dow gained +244-points or +0.59% to 41,335.05, logging its third record closing high in the past four sessions. Apple Inc rose +1.46% with after Citigroup nominating the iPhone maker its top artificial intelligence (AI) pick. Meanwhile, Nikkei reported that Apple is telling suppliers to prepare components and parts for some 88M to 90M smartphones, according to multiple sources familiar with the plan. That is more than last year's initial component orders for around 80M new iPhones. Apple is preparing for sales of its first iPhone with Apple Intelligence, which includes generative AI features. The company has announced it will host its flagship product launch event on 9 September. Salesforce Inc fell -0.73%, giving back earlier gains after the enterprise software company reported results after the close of the previous session that exceeded expectations on both the top and bottom lines.

Thursday, 29 August 2024: Markets retreated ahead of chip giant Nvidia Corp’s second quarter results

Thu, 29 Aug 2024 00:22:17 +0000

US equity markets retreated ahead of the much anticipated release of chip giant Nvidia Corp’s second quarter result after the close, and with a batch of US retailers cutting outlooks amid a challenging consumer environment - Dow fell -159-points or -0.39%, paring an earlier decline of more than >400-points. Nike Inc (down -2.93%) was the worst performer in the 30-stock index.

Wednesday, 28 August 2024: All eyes on Nvidia Corps second quarter result tonight AEST

Wed, 28 Aug 2024 00:26:08 +0000

US equity markets settled little changed as investors eye Nvidia Corp’s (up +1.46%) second quarter result tonight AEST - Dow inched+10-points or +0.02% higher to a fresh record closing high of 41,250.50.

The broader S&P500 added +0.16%, with Information Technology (up +0.63%) leading six of the eleven primary sectors higher. Eli Lilly & Co rose +0.42% after the pharmaceuticals giant announced it would launch single-dose vials of Zepbound, one of the company's popular weight-loss drugs. Warren Buffett’s investment vehicle Berkshire Hathaway is on the cusp of becoming just the ninth company in the world to achieve a US$1 trillion valuation. The conglomerate’s total market capitalisation stood at nearly US$993B as of last night’s close, with Berkshire Class A shares up +1.34% (at US$691,350) and Class B stock +1.35% (at US$460.63). Berkshire Hathaway has seen its total market cap increase by ~US$218B since the start of 2024, according to Dow Jones data. ResMed Inc rallied +7.26% on large volume (~1.9M shares versus a daily average of 1.08M), buoyed by a bullish research note from US independent investment bank and financial services company William Blair & Company that cited a “tidal wave” of new sleep apnoea and continuous positive airway pressure (CPAP) patients coming from weight loss drugs beginning in 2025. Paramount Global dropped -7.15% following news that Edgar Bronfman Jr. has withdrawn from bidding for Shari Redstone's media empire, setting the stage for the entertainment giant to be sold to David Ellison's Skydance Media.

Tuesday, 27 August 2024: "It's Glowtime" - Apple reveal event 9 September gives modest boost. Markets quiet

Mon, 26 Aug 2024 23:36:33 +0000

US equity markets eased in a quiet session following last Friday’s (23 August) strong gains, with investors eyeing chip giant Nvidia Corp’s (down -2.25%) second quarter result on Wednesday night AEST (28 August) and inflation figures at the back end of the week - Dow added +65-points or +0.16% to 41,240.52, notching its 23rd record close of 2024. Apple Inc (up +0.15%) is likely to unveil its newest phones and the next generations of the Apple Watch and AirPods at an event on 9 September reportedly called “It’s Glowtime”. The iPhone maker is expected to officially announce the long-anticipated iPhone 16, supercharged with artificial intelligence (AI) capabilities. Intel Corp fell -2% following a report from CNBC that said the chip maker has hired advisors, including some with Morgan Stanley (up +0.43%), to help defend the company against potential shareholder activism.

Monday, 26 August 2024: "The time has come" for monetary easing says Chair Jerome Powell

Sun, 25 Aug 2024 23:53:58 +0000

US equity markets rallied on Friday (23 August) after Federal Reserve Chair Jerome Powell said “the time has come” for monetary easing - Dow rose +462-points or +1.14% to 41,175.08, closing within 0.1% of a fresh record close.
The broader S&P500 gained +1.15% to 5,634.61, settling just 0.6% below its all-time closing high recorded in mid-July. Construction materials supplier Builders FirstSource Inc rallied +8.75% to be the leading performer in the S&P 500

Friday, 23 August 2024: S&P 500 and Nasdaq logging their worst daily decline since 5 August

Fri, 23 Aug 2024 00:15:56 +0000

US equity markets retreated as central bankers will gather in Jackson Hole, Wyoming for the Federal Reserve’s annual Monetary Policy Symposium, with the S&P 500 and Nasdaq logging their worst daily decline since 5 August - Dow fell -178-points or -0.43%. Intel Corp slumped -6.12% to be worst performer in the 30-stock index overnight following reports that the semiconductor giant's progress on constructing two new chip fabrication facilities in Germany may be stalled. Intel expected the Magdeburg plants to be online and producing high-performance semiconductors as soon as 2027. However, according to media reports this week, the schedule now appears uncertain. Amazon.com Inc (-2.21%) and Microsoft Corp (-2.03%) both fell over >2%.

Thursday, 22 August 2024: Modest market gains as investors digested earnings reports from various retailers

Thu, 22 Aug 2024 00:16:05 +0000

US equity markets logged modest gains as investors digested earnings reports from various retailers, the minutes from the Federal Reserve’s late July monetary policy meeting and a sharp downward revision to annual payrolls data - Dow edged +56-points or +0.14% higher, with Intel Corp (up +2.0%) the leading performer in the 30-stock index. American Express Co fell -2.68% to US$246.30 after Bank of America Securities downgraded the payments giant to ‘Neutral’ from ‘Buy’ with a US$263 price target, with the analysts pointing to the stock’s current premium valuation and the potential for subdued growth in billings volume.

Wednesday, 21 August 2024: End of the Streak - S&P500 Falls Short of a 20-Year Record

Tue, 20 Aug 2024 23:49:42 +0000

US equity markets logged modest declines, with the S&P 500 and Nasdaq snapping eight session winning streaks - Dow slipped -62-points or -0.15%, snapping a five session winning streak. Boeing Co shed -4.2% after the aerospace company said it would be grounding its four-plane test fleet of the 777x after finding cracks in the jet’s structure. Intel Corp lost -2.46%, unwinding much of the previous session’s +3.11% gain.

Monday 19 August 2024: US Markets advance to cap their best week of 2024 to date

Mon, 19 Aug 2024 00:02:48 +0000

US equity markets advanced on Friday (16 August) to cap their best week of 2024 to date, with the S&P 500 and Nasdaq - Dow added +97-points or +0.24%, rising for a sixth time in seven sessions.
The broader S&P500 rose +0.20%, with Financials (up +0.62%) leading eight of the eleven primary sectors higher. Ulta Beauty Inc rose +3.12% and extended gains after regulatory filing late last week revealed Warren Buffett's investment vehicle Berkshire Hathaway Inc had acquired an ~US$266M stake in the cosmetics retailer. Amcor Plc lost -3.69% to be the worst performer in the S&P 500 after the packaging giant missed revenue estimates and provided weak guidance after the close of the previous session as volumes for healthcare and North American beverage companies remained soft.
The Nasdaq edged +0.21% higher.

Friday 16 August 2024: Fresh batch of economic data eases concerns about the health of the economy

Fri, 16 Aug 2024 00:03:14 +0000

US equity markets rallied following the release of a fresh batch of economic data that eased concerns about the health of the economy and some further robust corporate earnings releases - Dow gained +555-points or +1.39%, rising for the fifth time in six sessions. Cisco Systems Inc jumped +6.8% to be the leading performer in the 30-stock index after the software and networking company posted better-than-expected adjusted earnings per share (EPS) and revenue for its fiscal fourth quarter and outlined a restructuring plan that will see its worldwide workforce shrink by ~7% after the closing bell of the previous session. Intel Corp rose +3.87% despite the Financial Times (FT) reporting that talks with Japan’s Softbank Group Corp (+2.16%) to manufacture chips rivalling those made by Nvidia Corp (+4.05%) fell apart in recent months. SoftBank blamed Intel for the collapse of the talks due to its inability to meet demands for volume and speed, and has now held talks with Taiwan Semiconductor Manufacturing Co (down -0.53%), according to the FT. Boeing Co rose +4.69% after El Al Israel Airlines confirmed a US$2.5B deal to buy up to 31 of the aerospace giant's 737 Max planes. Nike Inc gained +5.07% after Bill Ackman’s Pershing Square Capital Management disclosed a new stake in the company. A U.S. Securities and Exchange Commission (SEC) filing recorded that the hedge fund investor bought just over 3M shares in the athletic apparel major.The broader S&P500 rallied +1.61% to 5,543.22 and now sits +0.34% higher for August after booking its worst start to a month in eight years. The index also settled ~2.1% below its record closing high of 5,667.2 recorded on 16 July. Consumer Discretionary climbed +3.38% to lead nine of the eleven primary sectors higher following stronger-than-expected retail sales figures for July and strong earnings from sector bellwether Walmart. Ulta Beauty Inc soared +11.17%, with a regulatory filing from Warren Buffett's investment vehicle Berkshire Hathaway Inc (up +0.61%) recording that the firm had acquired an ~US$266M stake in the cosmetics retailer. Lithium producer Albemarle Inc rebounded +8.63% after being the worst performer in the broader index on both Monday (August) and Wednesday (August) of this week. Paramount Global jumped +7.14% following multiple reports that media executive Edgar Bronfman Jr. is set to make a bid for the entertainment giant. Last month, Paramount agreed to the terms of a merger with production company Skydance Media after prolonged talks.

Thursday 15 August 2024: Markets advance after annual rate of headline consumer inflation falls below 3%

Thu, 15 Aug 2024 00:07:36 +0000

US equity markets advanced after the annual rate of headline consumer inflation fell below 3% for the first time since March 2021 - Dow gained +243-points or +0.61%, with American Express Co (up +2.0%) the leading performer in the 30-stock index.
The broader S&P500 added +0.38%, extending gains into a fifth straight session that has lifted the index +4.83%. Financials (up +1.29%) led eight of the eleven primary sectors higher.
The Nasdaq inched +0.03% higher, shaking of earlier session declines to log a fifth straight session advance that has lifted the technology-centric index +6.05% over that stretch. Google-parent company Alphabet Inc fell -2.31% following news after the close of the previous session that the U.S. Department of Justice was weighing an effort to break up the technology behemoth.

Wednesday 14 August 2024: S&P 500 and Nasdaq book their biggest four-day percentage gains of 2024

Tue, 13 Aug 2024 23:56:53 +0000

US equity markets rallied strongly following tamer-than-expected wholesale inflation data, with the S&P 500 and Nasdaq booking their biggest four-day percentage gains of 2024 - Dow gained +409-points or +1.04%. Intel Corp jumped +5.73% to be the leading performer in the 30-stock index. A filing showed the company had divested its stake (~1.8M shares) in chip designer Arm Holdings Plc (+5.69%). Nike Inc rallied +5.17% to US$78.50, with analysts at Bernstein Research reiterating their "buy" rating for the stock along with a US$112 price target.
The broader S&P500 rallied +1.68%, taking its 4-day gain to +4.45%. The broader index now sits ~4.1% below its record closing high set on 16 July. Information Technology (up +3.00%) and Consumer Discretionary (+2.42%) to lead ten of the elven primary sectors higher. Energy (down -1.02%) was the only sector to settle in the red. Starbucks Corp soared +24.50% after ousting Chief Executive Officer (CEO) Laxman Narasimhan and announcing the current CEO of Chipotle Mexican Grill Inc (down -7.50%) Brian Niccol as his replacement. Mr Niccol will start in the role on 9 September, with Starbucks Chief Financial Officer (CFO) Rachel Ruggeri set to take the interim CEO title for the next month. The announcement follows recent pressure from activist investor including Elliott Investment Management.

Tuesday, 13 August 2024: A mixed and muted session for US equity markets

Tue, 13 Aug 2024 01:27:30 +0000

A mixed and muted session for US equity markets as investors eye inflation and retail sales figures later in the week - Dow fell -141-points or -0.36%, with Boeing Co (down -2.25%) and Procter & Gamble Co (-2.19%) both down over >2%.
The broader S&P500 settled flat . Real Estate (down -0.64%) and Communication Services (-0.62%) both fell over >0.6% to lead eight of the eleven primary sectors lower. Information Technology (up +0.92%) and Energy (+0.49%) sat atop the primary sector leaderboard overnight. KeyCorp jumped +9.1% to be the leading performer in the S&P 500 following news that Bank of Nova Scotia (down -3.42%) acquired a 14.9% stake in the bank for US$2.8B. Starbucks Corp rose +2.58% after The Wall Street Journal (WSJ) reported that hedge fund Starboard Value has taken a stake in the world's biggest coffee chain and was calling for changes. The WSJ noted that the move came as Starbucks is in settlement discussions with activist investor Elliott Investment Management, which it previously reported had taken a large stake in the company and also called for changes. Albemarle Corp shed -6.92% to be the worst-performing stock in the S&P 500 as the world's biggest lithium producer continues to feel the negative effects of slumping lithium prices (which have slumped more than >80% since the start of 2023).

Monday 12 August 2024: Modest gains after the most volatile week of 2024 to date

Mon, 12 Aug 2024 00:02:46 +0000

US equity markets logged modest gains on Friday (9 August) and continued to mount a comeback that saw the S&P 500 and Nasdaq all but erase Monday’s (5 August) rout that saw both indices register their sharpest daily losses since 13 September 2022 - Dow edged +51-points or +0.13% higher, with American Express Co (up +1.85%), Apple Inc (+1.37%) and Salesforce Inc (+1.37%) all rising over >1%. Intel Corp shed -3.81% to be the worst performer in the Dow last Friday (9 August).

Friday, 9 August 2024: S&P 500 and Nasdaq record their strongest session since 30 November, 2022

Thu, 08 Aug 2024 23:52:36 +0000

US equity markets rallied sharply amid a broad-based rally that saw the S&P 500 and Nasdaq record their strongest session since 30 November, 2022 after the latest weekly jobless claims figures soothed nerves in some quarters around the strength of the labour market - Dow gained +683-points or +1.76%, logging its strongest session since 16 July.

The broader S&P500 rallied +2.3%. Information Technology rallied +3.31% to lead all eleven primary sectors higher, six of which logged gains of more than >2%. Palantir Technologies jumped +11.25 after the company announced an agreement with Microsoft Corp (+1.07%) to provide the U.S. government with secure cloud, artificial intelligence (AI), and analytics capabilities for national security. The agreement provides the U.S. government agencies including the Central Intelligence Agency (CIA) with large language models (LLMs) through Azure OpenAI Services, Microsoft's cloud offerings through its partnership with OpenAI, and Palantir's AI Platform (AIP). Warner Bros. Discovery Inc shed -8.95% after the entertainment giant posted a loss of nearly -US$10B for the second quarter after the close of the previous session.

Thursday, 8 August 2024: Gains are relinquished after markets retreat

Thu, 08 Aug 2024 00:15:18 +0000

US equity markets retreated, relinquishing earlier session gains and capping the worst 5-day start to a month for the Dow and S&P 500 since January 2016 - Dow fell -234-points or -0.60%,. Intel Corp fell -4.24% following a fresh broker downgrade (with analysts at Mizuho Securities cutting their recommendation to ‘Neutral’ from ‘Outperform’ and writing of “a tough road ahead to regain leadership”), extending the semiconductor company’s 5-day slide to -43.6%.

The broader S&P500 lost -0.77%, with Consumer Discretionary (-1.39%), Materials (-1.39%), Information Technology (-1.36%) and Health Care (-1.07%) all declining over >1% to lead seven of the eleven primary sectors lower. Super Micro Computer Inc tumbled -20.14% after the artificial intelligence (AI) server company – and a customer and close partner of Nvidia Corp (-5.12%) – reported its fiscal fourth-quarter result after the close of the previous session as the cost of transitioning to more expensive AI chips weighed on the bottom line.

Wednesday, 7 August 2024: Real Estate leads the primary sectors as markets rebound

Wed, 07 Aug 2024 00:32:37 +0000

US equity markets rebounded amid a broad-based recovery a day after the Dow and S&P 500 registered their sharpest daily losses since 13 September 2022 - Dow rose +294-points or +0.76%, clawing back some of the previous session’s -1,033.99-points or -2.6% tumble.
The broader S&P500 +1.04%, with Real Estate (up +2.3%) leading all eleven primary sectors higher. Palantir Technologies Inc jumped +10.38% after reporting a better-than-expected second quarter result and lifted its full-year guidance on strong demand for its Artificial Intelligence Platform (AIP) after the close of the previous session. Royal Caribbean Cruises Ltd rallied +7.51% after JPMorgan analysts labelled the company “best in class” among the cruise lines and raised their full year earnings per share (EPS) forecast to US$11.50 from US$11.43.

Tuesday, 6 August 2024: US Markets extend their steep declines 📉

Tue, 06 Aug 2024 00:10:11 +0000

US equity markets extended their steep declines to cap their worst three-day performance since 2022, with the Dow and S&P 500 registering their sharpest daily losses since 13 September 2022 - Dow tumbled -1,033.99-points or -2.6% to 38,703.27, with all 30 components settling in the red. Intel Corp (down -6.38%) was the worst Dow performer overnight. Apple Inc (down -4.82%) continued to slide after Warren Buffett’s investment vehicle Berkshire Hathaway Inc (down -3.34%) halved its stake in the technology giant and boosted its cash pile to a record high of US$277M, according its second-quarter financial results released on Saturday (3 August),
Markets have become increasingly concerned following last Friday’s (2 August) non-farm payrolls report for July that the Federal Reserve may be moving too slow when it comes to interest rate cuts if it wants to avoid a recession. Indeed, some analysts are now calling for ‘emergency’ rate cuts from the Federal Reserve. Also a lot of talk around the unwinding of the Yen carry trade triggered by the Bank of Japan's (BoJ) unexpected rate hike on Wednesday last week (31 July),

Monday 5 August 2024: Markets tumble after a weak jobs report stocked recession fears

Mon, 05 Aug 2024 00:22:12 +0000

US equity markets tumbled for a second straight session after a weak jobs report further stocked fears of a recession – Dow fell -611-points or -1.51%. Intel Corp tumbled -26.06% after the chipmaker announced a wider-than-expected quarterly loss after the close of last Thursday’s (1 August) session and said it would lay off 15% of its staff as part of a massive cost-cutting effort. Amazon.com Inc -8.78% after the e-commerce giant reported weaker-than-anticipated quarterly revenue and issued soft guidance for the current quarter after the close of the previous session.

The broader S&P500 dropped -1.84% to 5,346.56, with 74% of index components settling in the red. The index settled 5.66% below its 16 July closing high (5,667.20). It marks the 29th correction of great than >5% off of a high since the March 2009 low.

Friday, 02 August 2024: US equity markets logged sharp declines amid a fresh sell off for the technology sector

Fri, 02 Aug 2024 00:43:17 +0000

US equity markets logged sharp declines amid a fresh sell off for the technology sector and following the release of some weak economic data - Dow fell -495-points or -1.21%, paring an earlier decline of ~744 points.
The broader S&P500 dropped -1.37%, with Information Technology falling -3.36% and handing back much of the previous session’s +3.95% rally.

Energy (down -2.56%) and Consumer Discretionary (-2.25%) both fell over >2% to be among six of the eleven primary sectors that settled in the red.

The more defensive Utilities (up +1.85%) and Real Estate (+1.58%) sectors sat atop the primary sector leaderboard overnight.
The Nasdaq -2.3%. Nvidia Corp fell -6.67%.

US equity markets retreated, with chip stocks under particular pressure

Wed, 31 Jul 2024 00:06:43 +0000

US equity markets retreated, with chip stocks under particular pressure ahead of earnings from a number of large capitalisation technology companies - Dow gained +203-points or +0.50%, with Travelers Companies Inc (up +3.03%), and investment banks Goldman Sachs Group Inc (+2.63%) and JPMorgan Chase & Co (+2.06%) leading the 30-stock index’s advance.

Tuesday, 30 July 2024: Little change ahead of a defining week in US Equity Markets

Mon, 29 Jul 2024 23:57:37 +0000

US equity markets settled little changed ahead of a defining week that sees 171 S&P 500 companies post second quarter results (including ten (10) Dow components and four (4) of the so-called ‘Magnificent Seven’ of large capitalisation technology stocks) along with key global central bank meetings and the latest Non Farm payrolls report - Dow slipped -49-points or -0.12%, with Caterpillar Inc (down -1.7%), Intel Corp (-1.66%), 3M Co (-1.57%) and Salesforce Inc (-1.57%) all falling over >1.5%.

Monday, 29 July 2024: US Equity Markets Soar

Mon, 29 Jul 2024 00:02:08 +0000

US equity markets soared on Friday (26 July) to cap a turbulent week, with the S&P 500 and Nasdaq snapping three session losing streaks as the technology sector recovered, corporate earnings news provided a big boost to several companies and inflation data reinforced expectations that the Federal Reserve will cut interest rates soon - Dow rallied +654-points or +1.64%, American Express Co (up +2.38%), with Travelers Companies Inc (+2.21%), Salesforce Inc (+2.%) and Visa Inc (+2.35%) all rising over >2%The broader S&P500 gained +1.11%, with Industrials (up +1.72%), Materials (+1.68%), Real Estate (+1.67%) and Financials (+1.49%) leading all eleven primary sectors higher.

S&P 500 and Nasdaq Composite retreated for a third straight session

Fri, 26 Jul 2024 00:02:35 +0000

The S&P 500 and Nasdaq Composite retreated for a third straight session amid a fresh rotation out of large cap technology into small capitalisation and value stocks - Dow added +81-points or +0.20% but settled well off its session highs. International Business Machines (IBM) Corp climbed +4.33% and was the leading performer in the 30-stock index. Boeing Co (up +2.38%), Caterpillar Inc (+2.46%) and Salesforce Inc (+2.7%) all rallied over >2%. Microsoft Corp shed -2.45%.

Wednesday, 24 July 2024: Disney down -39% as investors digested a busy corporate earnings calendar

Wed, 24 Jul 2024 00:18:20 +0000

US equity markets settled with modest declines as investors digested a busy corporate earnings calendar and eyed second quarter results from the first of the so-called “Magnificent Seven” of large capitalisation technology stocks after the closing bell - Dow slipped -57-points or -0.14%. Walt Disney Co (down -.39%) was the worst performer in the 30-stock index, while McDonald’s Corp (-2.12%), Nike Inc (-1.95%) and Chevron Corp (-1.85%) were also notable underperformers. Boeing Co (up +4.24%) was the best performing Dow component overnight after receiving an additional airplane order from Qatar Airways.

Tuesday, 23 July 2024: Tech stocks led the rebound on US Equity Markets

Tue, 23 Jul 2024 00:34:44 +0000

Technology stocks led a rebound on US equity markets following steep losses last week - Dow added +128-points or +0.32%, with Nike Inc (up +2.97%) and Salesforce Inc (+2.6%) both gaining over >2.5% to be the leading performers in the 30-stock index.
The broader S&P500 gained +1.08%, logging its best session since 5 June as more than >77% of index constituents advanced. Information Technology (up +1.96%), Communication Services (+1.21%) and Industrials (+1.07%) all rose over >1% to lead nine of the eleven primary sectors higher. Energy (down -0.72%) and Consumer Staples (-0.04%) were the only primary sectors to settle in the red overnight. Reddit Inc gained +5.3% after the social media company announced partnerships with the NBA, NFL, and other major U.S. sports leagues that will give its users access to official highlights and other content. CrowdStrike Holdings Inc slumped -13.46% to be the worst performer in the S&P 500 for a second session running as the fallout after from an update to the cybersecurity firm's software that caused a global outage in Microsoft Corp’s (-0.74%) cloud services late last week continued.

Monday, 22 July 2024: Crowdstrike slumps to be the worst performer in S&P 500

Mon, 22 Jul 2024 00:06:56 +0000

US equity markets retreated on Friday (19 July) as technology stocks came under fresh pressure and investors digested the impact of a global technology outage - Dow dropped -377-points or -0.93%, extending its decline over the past two sessions to over >900 points or ~2.2%. Intel Corp shed -5.42% to be the worst performer in the 30-stock index on Friday (19 July).

The broader S&P500 fell -0.71%, with Energy (down -1.29%), Information Technology (-1.27%) and Financials (-1.00%) all fell 1%+ to lead nine of the eleven primary sectors lower. Health Care (up +0.50%) and Utilities (+0.11%) were the only primary sectors to advance. Starbucks Corp rallied +6.85% after the Wall Street Journal reported that activist investor Elliott Management has taken a significant stake in the global coffee chain and is engaging with management to find ways to improve the company’s share price.

Friday, 19 July 2024: Goldman Sachs Group Inc and JPMorgan Chase & Co worst performers overnight

Thu, 18 Jul 2024 23:59:07 +0000

US equity markets retreated amid fresh weakness for a number of large capitalisation technology companies and as the rally among small capitalisation stocks stalled - Dow dropped -533-points or -1.29%, having logged consecutive record closing highs. Investment banks Goldman Sachs Group Inc and JPMorgan Chase & Co both fell -3.18% to be the worst performers in the 30-stock index overnight. Amazon.com Inc (down -2.22%) and Apple Inc (-2.05%) both fell over >2%.

The broader S&P500 fell -0.78% Healthcare (down -2.29%) leading ten of the eleven primary sectors lower. Energy (up +0.33%) was the only primary sector to advance overnight. Eli Lilly & Co fell -6.26%, extending the previous session’s -3.8% decline amid concerns about intensifying competition among obesity-drug developers. Swiss pharmaceutical company Roche Holding AG announced positive early-stage trial data for its experimental obesity pill a day earlier. Ozempic manufacturer Novo Nordisk A/S fell -3.48%., taking its two-day slide to almost 9%.

Wednesday, 17 July 2024: Value stocks begin to gain momentum

Tue, 16 Jul 2024 23:59:29 +0000

US equity markets rallied as the rotation into value stocks, which have underperformed their growth peers and the broader S&P 500, gained momentum amid building expectations of interest rate cuts - Dow rallied +743-points or +1.85% to a fresh record closing high of 40,954.48, booking its largest one-day percentage gain since June 2023, and largest daily point gain since November 2022, according to Dow Jones Market data. The Dow Jones transportation average (up +3.28% at 16,298.98) outperformed the broader indexes, logging its biggest one-day percentage gain since November and reaching its highest closing level since August 2023 as investors increasingly focused on undervalued areas of the market. Caterpillar Inc (up +4.28%) and Boeing Co (+3.87%)

Tuesday, 16 July 2024: US equity markets open on a positive footing

Tue, 16 Jul 2024 00:10:41 +0000

US equity markets opened the new week on a positive footing- Dow gained +211-points or +0.53% to record closing high of 40,211.72 - the first record close for the 30-stock index since 17 May and 20th this year. American Express Co (up +2.25%), Caterpillar Inc (+3.03%) and JPMorgan Chase & Co (+2.49%) all climbed over >2%.
The broader S&P500 added +0.28% to 5,631.22, touching a fresh record intra-day peak (5,666.94). Energy (up +1.56%) and Financials (+1.42%) lead six of the eleven primary sectors higher. Utilities (down -2.39%) sat at the foot of the primary sector leaderboard overnight.

Monday, 15 July 2024: DOW touches a fresh record all time intra-day high

Mon, 15 Jul 2024 00:57:08 +0000

US equity markets advanced on Friday (12 July), rebounding from the previous session’s sell-off albeit finished off their best levels of the session that saw all three benchmark indices more than >1% higher - Dow rallied +247-points or +0.62% to 40,000.90, touching a fresh record all time intra-day high of 40,257.24. International Business Machines (IBM) Corp (up +2.53%) and Intel Corp (+2.96%) both rose over >2.5% to be the leading performers in the stock index.

Friday, 12 July 2024: S&P 500 and Nasdaq log worst single session declines since 30 April

Fri, 12 Jul 2024 00:07:25 +0000

The S&P 500 and Nasdaq snapped a seven-session winning streak and logged their worst single session declines since 30 April as investors digested the latest inflation figures that triggered a rotation out of large capitalisation technology stocks - Dow edged +32-points or +0.08% higher, with Home Depot (up +2.79%) the leading performer n the 30-stock index. However, Intel Corp slumped -3.93%, while Amazon.com Inc (down -2.37%) and Apple Inc (-2.32%) and Microsoft Corp (-2.48%) all fell over >2%.

Thursday, 11 July 2024: S&P 500’s longest daily winning streak since November 2023

Wed, 10 Jul 2024 23:51:54 +0000

The S&P 500 and Nasdaq extended their respective rallies into a seventh consecutive session, boosted by the continued strong performance of technology stocks and recording a fresh round of record peaks that lifted the S&P 500 above >5,600 for the first time - Dow rose +429-points or +1.09% to 39,721.36, marking the 30-stock index’s best single session advance since 31 May.

Wednesday, 10 July 2024: The S&P 500 and Nasdaq edged higher to fresh record closing peaks

Tue, 09 Jul 2024 23:42:46 +0000

The S&P 500 and Nasdaq edged higher to fresh record closing peaks, extending gains that have been fuelled by the strong performance of technology stocks and hopes the Federal Reserve will cut interest rates soon - Dow eased -53-points or -0.13%, with Dow Inc (down -2.31%), Microsoft Corp (-1.44%) and Salesforce Inc (-1.77%) among the key index drags. Intel Corp (up +1.77%) booked a five-session winning streak, while Goldman Sachs Group Inc (+1.72%) also rose over >1.5%. Apple Inc added +0.38% to a fresh record closing high of US$228.68 that lifted the company’s market capitalisation above >US$3.5 trillion. Amazon.com Inc inched +0.03% higher, with founder and executive chair Jeff Bezos selling s further US$863.5M in stock. A filing after the market close last Tuesday (3 July) disclosed the proposed sale of 25M shares (or almost US$5B), which would still leave Mr Bezos owning an ~8.8% stake.

Nike Inc (down -3.16%) was the worst performer in the 30-stock index

Mon, 08 Jul 2024 23:43:33 +0000

US equity markets opened the week with modest gains, lifting the S&P 500 and Nasdaq to fresh record closing highs - Dow slipped -31-points or -0.08%. Nike Inc (down -3.16%) was the worst performer in the 30-stock index, while Salesforce Inc (-2.21%) and Visa Inc (-1.46%) were also notable underperformers. Intel Corp soared +6.15% to be the leading Dow component overnight. Boeing Co rose +0.55% despite news the aircraft manufacturer had agreed to plead guilty to a charge of defrauding the federal government over the 2018 and 2019 crashes of a pair of 737 Max planes that killed more than 300 people. The company will pay another US$243.6M in fines, and be required to spend ~US$455M on its safety and compliance programs over the next three years while facing a three-year probationary period where it will be monitored by a government-appointed compliance monitor.

Monday, 8 July 2024: US equity markets rallied on Friday (5 July), lifting both the S&P 500 and Nasdaq

Sun, 07 Jul 2024 23:57:55 +0000

US equity markets rallied on Friday (5 July), lifting both the S&P 500 and Nasdaq to fresh record closing highs as the latest jobs data pointing to a cooling but not collapsing economy, and with the second quarter earnings season kicking off later in the week - Dow added +68-points or +0.17%, with both Apple Inc (up +2.16% to US$226.34) and Microsoft Corp (+1.47% to US$467.56) climbing to fresh record highs. Intel Corp (up +2.53%) and Walmart Inc (+2.64%) both rallied over >2.5%.

Friday 5th July 2024: Earnings for S&P 500 companies are forecast to grow 8.8% year-on-year in the second quarter

Fri, 05 Jul 2024 00:01:48 +0000

Earnings for S&P 500 companies are forecast to grow 8.8% year-on-year in the second quarter according to FactSet, which would mark the highest year-over-year earnings growth rate reported by the index since the first quarter of 2022 (when earnings grew 9.4%).

Thursday 4 July 2024: Back-to-back record closing highs for S&P and Nasdaq

Thu, 04 Jul 2024 00:09:55 +0000

US equity markets advanced as Treasury yields retreated, lifting the S&P 500 and Nasdaq to back-to-back record closing highs in an abbreviated trading session ahead of the Independence Day holiday - Dow slipped -24-points or -0.06%, with healthcare stocks trailing the broader market. UnitedHealth Group Inc fell -1.68%, while Merck & Co Inc lost -1.46% and Amgen Inc -0.45%. Salesforce Inc (up +1.86%) was the leading performer in the 30-stock index.

Wednesday, 3 July 2024: Tesla jumps 10.20% to be best performer again

Wed, 03 Jul 2024 00:04:12 +0000

US equity markets rallied, with the S&P 500 and Nasdaq closing above the 5,500 and 18,000 milestones respectively for the first time ever - Dow rose +162-points or +0.41%.
The broader S&P500 gained +0.62% to 5,509.01, logging its 32nd record close of 2024. Consumer Discretionary (up +1.81%) and Financials (+1.10%) rose over >1% and led ten of the eleven primary sectors higher. However, Health Care (down -0.40%) extended losses into a sixth straight session, the sector’s longest losing streak since January 2022. Tesla Inc jumped +10.20% to US$231.26 to be the best performer in the S&P 500 for second session running and log it highest close since 10 January after the electric-vehicle giant stronger-than-expected second quarter deliveries.

Tuesday, 2 July 2024: Nasdaq climbs to a fresh record high

Mon, 01 Jul 2024 23:55:17 +0000

US equity markets advanced to kick off the second half of 2024, with the Nasdaq climbing to a fresh record high - Dow edged +51-points or +0.13% higher, with Merck & Co Inc (up +3.31%) the leading performer in the 30-stock index. Boeing Co rose +2.58% after announcing a long-awaited deal to reacquire parts supplier Spirit AeroSystems Holdings Inc (+3.35%). UnitedHealth Group Inc (down 2.87%) and Home Depot Inc (-2.34%) were the worst performing Dow components overnight.

Monday, 1 July 2024: Nasdaq touch fresh record intra-day highs to close out the month, quarter and half with a whimper

Mon, 01 Jul 2024 00:13:25 +0000

US equity markets relinquished early gains that saw both the S&P 500 and Nasdaq touch fresh record intra-day highs to close out the month, quarter and half with a whimper on Friday (28 June) - Dow slipped -45-points or -0.12%. Nike Inc tumbled -19.98% recording its largest single session percentage decline on record after reporting a disappointing fourth quarter result and cutting full year guidance after the close of the previous session that prompted multiple broker downgrades. Boeing Co (down -.27%) will be charged with fraud by the US Justice Department, according to a Bloomberg report that was published over the weekend. The decision comes after the Justice Department said Boeing violated the terms of a 2021 deferred prosecution agreement in May.

Friday, 28 June 2024: Nike experiences slowest annual sales growth in 14 years

Thu, 27 Jun 2024 23:57:58 +0000

US equity markets ended relatively unchanged as investors await fresh inflation data and what comes of the presidential debate scheduled for today- Dow rose +36 points or +0.09% to 39,164. Walgreens Boots Alliance slumped -22.16% after cutting its 2024 profit forecast and announcing plans to close more underperforming US stores. Nike shares were down -6% in extended trading, reporting its slowest annual sales growth in 14 years, excluding the Covid-19 pandemic, citing a slowdown in lifestyle stales, among other factors such as losing market share to start-ups On Running and Hoka.

Thursday, 27 June 2024: Choppy trading session leads to modest US gains

Wed, 26 Jun 2024 23:57:57 +0000

US equity markets closed with modest gains after a choppy trading session, with investors holding their cards close to their chest ahead of a presidential debate and an inflation report closely watched by Federal Reserve policy makers - Dow rose +16.10 points or +0.04%, to 39,128.26.

The broader S&P500 +0.16% to 5,477.91. Shares of major US banks including Morgan Stanley, Citigroup and Bank of America have been boosted by the results of the Fed’s annual banking sector stress test with each of the 31 banks absorbing losses while maintaining capital requirements in an environment assuming 10% unemployment, commercial real estate values plunging 40% and housing prices falling -36%.

Wednesday, 26 June 2024: Nvidia enters official correction territory up 6.76%

Tue, 25 Jun 2024 23:48:22 +0000

The S&P 500 and Nasdaq snapped three session losing streaks as Nvidia Corp (+6.76%) arrested a 3-day slide saw the chip giant enter official correction territory less than a week after hitting a record all time high - Dow dropped -299-points or -0.76%, snapping a five session winning streak and booking its worst single session decline since 30 May. Home Depot Inc fell -3.58% amid a broader sell-off of stocks exposed to the U.S. housing market. Boeing Co lost -2.23% following a Bloomberg report it had altered its offer to reacquire supplier Spirit AeroSystems (-3.96% to US$31.76) from an all-cash to all-stock offer that valued the target at US$35 per share.

Monday, 24 June 2024: FDIC finds "shortcomings" in living wills in four of the eight largest U.S. banks

Mon, 24 Jun 2024 23:42:22 +0000

US equity markets logged modest declines on Friday (21 June) as semiconductor stocks retreated for a second straight session - Dow inched +16-points or +0.04% higher, with Intel Corp (up +1.53%) and Nike Inc (+1.68%) rising over >1.5%. Boeing Co edged +0.15% higher amid reports it was nearing a deal to acquire supplier Spirit AeroSystems (+6%). Apple Inc dropped -1.04%, falling in the final minutes of the session - possibly a byproduct of Friday night AEST’s triple witching (the simultaneous expiration of stock options, stock index futures, and stock index options contracts) or a sizeable rebalancing of the US$70B Technology Select Sector SPDR Fund.

Goldman Sachs Group Inc (down -1.72%) and JPMorgan Chase & Co (-1.19%) were both under pressure after the U.S. Federal Deposit Insurance Corp (FDIC) and the Federal Reserve Board on Friday (21 June) said they have found “shortcomings” in the so-called living wills of four of the eight largest U.S. banks. Since the 2008 financial crisis and the Dodd-Frank legislation to shore up the U.S. banking system, big banks have been required to file living wills with regulators to lay out plans for an orderly bankruptcy. Meanwhile, New York Fed's Liberty Street Economics blog cautioned last Thursday (20 June) that the big US banks face growing spillover risks from non-banks that could trigger "vectors of shock transmission and amplification, forcing authorities to intervene and do so en masse," the post said, adding that the disruptions "could be rather severe."

Tuesday, 25 June 2024: ResMed Inc tumbles -11.48% and Nvidia drops as US markets retreat

Mon, 24 Jun 2024 23:41:57 +0000

US equity markets retreated as last week’s artificial intelligence (AI) and semiconductor sell-off continued amid some tentative signs of a change in market leadership - Dow rose +261-points or +0.67%, with Amgen Inc (up +3.24%), Chevron Corp (+2.60%) and Goldman Sachs Group Inc (+2.65%) all gaining over >2.5%. Apple Inc added +0.31% despite the iPhone maker being charged by the European Union for failing to comply with a new digital-competition law. Meanwhile, The Wall Street Journal reported that Apple has held discussions with Meta Platforms Inc (+0.83%) about potentially integrating Meta’s generative AI model into Apple Intelligence, the company’s AI strategy for iPhones, iPads, and Macs.

Friday, 21 June 2024: AI announcement gives Amazon a boost

Fri, 21 Jun 2024 00:12:00 +0000

US equity markets mixed after resuming trading following the Juneteenth holiday, with semiconductor stocks weighing on the Nasdaq - Dow gained +300-points or +0.77%. Salesforce Inc (up +4.31%) and Chevron Corp (+2.2%) were the leading performers in the 30-stock index. Amazon.com Inc +1.8% as Anthropic, the OpenAI competitor it backs, unveiled a more advanced version of its Claude chatbot.

Thursday, 20 June 2024: US markets closed as European bourses settled with modest losses

Wed, 19 Jun 2024 23:52:52 +0000

US equity and bond markets were CLOSED overnight AEST in observance of Juneteenth National Independence Day.
In US economic data, the National Association of Home Builders (NAHB) Housing Market Index for June. A preliminary reading of Building Permits for May, the Philadelphia Fed Manufacturing Index for June, and the latest weekly jobless claims figures are released tonight AEST.

Wednesday, 19 June 2024: Fresh record closing highs for S&P500 and Nasdaq pre-public holiday

Tue, 18 Jun 2024 23:57:29 +0000

The S&P 500 and Nasdaq booked fresh record closing highs ahead of the Juneteenth public holiday. The Dow edged +57 points or +0.15% higher. Goldman Sachs Group Inc (up +1.61%), Verizon Communications Inc (+1.57%), Home Depot Inc (+1.25%) and JPMorgan Chase & Co (+1.04%) all rising over >1%. Boeing Co lost -1.91% as outgoing CEO David Calhoun called the company culture “less than perfect” in Senate testimony related to the jet maker’s manufacturing and safety standards.

Tuesday, 18 June 2024 - Tech sector rises and Apple leads the way in the 30-stock index

Mon, 17 Jun 2024 23:42:45 +0000

US equity markets rallied, buoyed by fresh gains for the technology sector - Dow rose +189-points or +0.49% to snap a four session losing streak, with Apple Inc (up +1.97%) the leading performer in the 30-stock index after scrapping its “buy now, pay later” service, which it launched in the US only last year. The tech giant says it is pivoting to a new instalment loans service offered through third-party credit and debit cards. Merck & Co rose over >1% in after-hours trading (having declined -0.94% in the regular session) after receiving US regulatory approval for its next-generation vaccine (Capvaxive) to protect adults from pneumococcal disease, which is set to challenge Pfizer Inc’s (down -2%) blockbuster Prevnar shot

Monday, 17 June 2024: US equity markets settle mixed after inflation updates

Mon, 17 Jun 2024 00:26:36 +0000

US equity markets settled mixed on Friday (14 June) to close out a big week of inflation updates and Federal Reserve interest rate forecasts, with the technology sector powering to fresh records - Dow fell for a fourth straight session, easing -58-points or -0.15%. Caterpillar Inc (down -1.50%) and Dow Inc (-1.86%) both fell 1.5%+ to be the worst performers in the 30-stock index on Friday (14 June).

Friday, 14 June 2024: Salesforce and Amazon down after a fourth closing high in S&P500

Fri, 14 Jun 2024 00:06:05 +0000

US equity markets logged modest gains, with fresh gains for technology stocks lifting the S&P 500 and Nasdaq to their fourth consecutive record close - Dow eased -65-points or -0.17%, with Salesforce Inc (down -2.87%) and Amazon.com Inc (-1.64%) the worst performers in the 30-stock index. Boeing Co fell -1.08% said it has found improperly torqued fasteners on some of its undelivered 787 Dreamliners, the latest in a series of quality problems. The fastener problem does not make the wide-body plane unsafe to fly, and it has not stopped delivering the aircraft to customers. Apple Inc rose +0.55% to US$214.24, lifting the company’s market capitalisation to US$3.285 trillion to usurp Microsoft Corp (+0.12%, market cap US$3.282 trillion) as the most valuable US company. Apple hadn’t closed with a market cap above Microsoft’s since 24 January, according to Dow Jones Market Data.

Thursday, 13 June 2024: S&P 500 and Nasdaq post record highs for a third straight session

Wed, 12 Jun 2024 23:46:02 +0000

The S&P 500 and Nasdaq posted record closing highs for a third straight session, buoyed by a softer-than-expected consumer inflation reading for May and signs that Federal Reserve officials could start to cut interest rates this year - Dow slipped -35-points or -0.09%. Apple Inc gained +2.86%, logging a record closing high (US$213.07) for a second straight session and settled US$12B shy of Microsoft Corp (+1.94%) in market capitalisation terms. Caterpillar Inc added +0.43% the board of the manufacturer of construction and mining equipment approved an additional US$20B in share buybacks and raised its dividend (by +US$0.11c to US$1.41). Nike Inc fell -2.28% after a European court dismissed its bid to trademark the term “Footware,” a portmanteau combining “foot” and “software” or “hardware.”

Tuesday, 11 June 2024: S&P 500 and Nasdaq log fresh record closing highs

Tue, 11 Jun 2024 00:09:08 +0000

US equity markets ticked higher, with the S&P 500 and Nasdaq logging fresh record closing highs ahead of US inflation figures and the Federal Reserve’s latest monetary policy decision later in the week - Dow added +69-points or +0.18%. Walmart Inc gained +1.64%, buoyed by an upgrade from analysts at Bank of America, who cited the potential benefits from “a new wave of tech diffusion.” Apple Inc shed -1.91% after the company’s latest Worldwide Developers Conference (WWDC) kicked off overnight (running through until Friday night AEST (14 June)) with a with a demonstration of Apple Intelligence, the tech giant's highly anticipated custom artificial intelligence (AI) system built into the newest iPhone, iPad, and Mac operating systems.

Friday, 7 June 2024: Little changed ahead of the release of the key non-farm payrolls figures

Fri, 07 Jun 2024 00:00:53 +0000

US equity markets settled little changed ahead of the release of the key non-farm payrolls figures tonight AEST - Dow added +79-points or +0.20%, with Amazon.com Inc (up +2.05%) and Salesforce Inc (+2.63%) rising over >2%.

The broader S&P500 dipped -0.02%, with Utilities (1.03%), Industrials (-0.60%) and Information Technology (-0.47%) settling in the red. Consumer Discretionary (up +0.97%) and Energy (+0.55%) both climbed over >0.50%. PayPal Inc rallied +5.49%, logging its largest single-day percentage increase since 19 January, after striking a bullish tone at an investor conference and as investors become more positive on the company’s new Fastline product. Uber Technologies Inc gained +4.68% after competitor Lyft Inc (+1.03%) offered an optimistic forecast for future bookings at its first investor day.

Thursday, 6 June 2024: Several pieces of economic data pointed to a slowing U.S. economy

Thu, 06 Jun 2024 00:20:43 +0000

US equity markets rallied, with the S&P 500 and Nasdaq hitting fresh record highs after several pieces of economic data pointed to a slowing U.S. economy, raising hopes for interest rate cuts later this year - Dow added +96-points or +0.25%. Intel Corp rose +2.50% after announcing after the close of the previous session that it would sell a 49% stake in Irish manufacturing venture Fab34 to Apollo Global Management for US$11B. The investment is part of Intel's "Smart Capital" strategy, its plan to revitalize and expand its supply chain without putting too much strain on its own balance sheet by bringing in outside investments. Intel will retain a 51% controlling stake in the Fab 34 facility.

Tuesday, 4 June 2024: choppy trading following some soft manufacturing data and with traders eying the non-farm payrolls report

Wed, 05 Jun 2024 01:09:50 +0000

US equity markets edged higher in choppy trading following some soft manufacturing data and with traders eying the non-farm payrolls report at the end of the week - Dow fell -115-points or -0.30%. Chevron Corp dropped -2.98%, tracking crude prices lower. Heavy industry stalwarts Dow Inc (down -2.71%) and Caterpillar Inc (-2.12%) retreated following some weak manufacturing data.

Wednesday, 5 June 2024: Fresh job openings data suggested the labour market continued to cool in April

Wed, 05 Jun 2024 01:07:17 +0000

US equity markets edged higher after fresh job openings data suggested the labour market continued to cool in April - Dow gained +140-points or +0.36%. Cisco Systems Inc rose +1.65% after it launched a US$1B fund to invest in artificial intelligence (AI) startups. Intel Corp fell -0.86% slipped 0.9% after unveiling its next-generation Xeon 6 AI data centre chips at the Computex trade fair in Taipei alongside other leading chipmakers. The next-generation chips come in two types: a more powerful processor to handle the workload of larger AI infrastructure requirements, and an efficiency model, which the company has positioned as a replacement for earlier-generation chips.

Monday, 3 June 2024: US equity markets advanced to cap another strong month

Mon, 03 Jun 2024 00:51:26 +0000

US equity markets advanced to cap another strong month - Dow rallied +575-points or +1.51%. Salesforce Inc rebounded +7.54% after slumping almost 20% a day earlier after the cloud client relationship management software group provided weaker-than-expected fiscal second quarter and full year guidance. Consumer brands that have been struggling with sticky inflation and under pressure consumers also traded strongly, with McDonald’s Corp up +2.71%, Home Depot Inc +1.73% and Coca-Cola Co +1.55%.

Friday, 31 May 2024: US equity markets - Dow ll -330-points or 0.86%.

Mon, 03 Jun 2024 00:38:51 +0000

US equity markets - Dow fell -330-points or 0.86%. Salesforce Inc slumped over >19.74% in extended trading after the cloud client relationship management software group provided weaker-than-expected fiscal second quarter and full year guidance after the close of the previous session. Technology giants Microsoft Corp (down -3.38%) and Amazon.com Inc (-1.48%) were weaker amid a broader sell-off for the sector. Verizon Communications Inc rose +3.15% after being awarded a 10-year U.S. Navy contract valued at more than >US$2.6B.
The broader S&P500 lost -0.60%, with the losses concentrated in the Information Technology sector (down -2.45%). Nine of the elven primary sectors advanced, with Real Estate (up +1.51%) and Utilities (+1.41%) rising over >1%.
The Nasdaq dropped -1.08%. Nvidia Corp fell -3.77% amid reports U.S. officials had slowed the issuing of licenses to advanced chipmakers sending shipments to the Middle East. Fellow chipmakers Broadcom Inc and Qualcomm Inc lost -1.91% and -1.66%, respectively. Only two of the so-called ‘Magnificent Seven’ large capitalisation technology stocks advanced overnight, with Tesla Inc up +1.48% and Apple Inc +0.53%.
The small capitalisation Russell 2000 gained +0.69%.

Thursday, 30 May 2024: US equity markets retreated, led lower by declines in rate-sensitive sectors

Wed, 29 May 2024 23:52:28 +0000

US equity markets retreated, led lower by declines in rate-sensitive sectors as concerns around the timing and the scale of the Federal Reserve's interest rate cuts pushed Treasury yields higher and pressured risk assets - Dow dropped -411-points or -1.06%. Unitedhealth Group Inc dropped -3.76% after Chief Executive Officer (CEO) Andrew Witty said at the Bernstein 40th Annual Strategic Decisions Conference in New York that he expected some “disturbance” in the company’s Medicaid profitability models from the resumption of eligibility reviews following the lifting of the COVID-19 emergency declaration.

Wednesday, 29 May 2024: Nvidia Corp continued to power ahead and push the Nasdaq to fresh record highs

Wed, 29 May 2024 00:11:06 +0000

US equity markets resumed trading on a mixed note following the Memorial Day long weekend, although Nvidia Corp continued to power ahead and push the Nasdaq to fresh record highs - Dow fell -217-points or -0.55%, paring an earlier decline of over >300-points. Healthcare names led the 30-stock index lower, with Merck & Co down -2.63%, Amgen Inc -1.85% and Johnson & Johnson -1.76%. Just seven stocks in the Dow finished in positive territory. Chevron Corp rose +0.82% after its US$53B acquisition of Hess Corporation (+0.44%) was approved by the target’s shareholders.

Tuesday, 28 May 2024: US equity markets and bond markets were CLOSED overnight for Memorial Day

Mon, 27 May 2024 23:55:17 +0000

In US corporate earnings, Cava Group and Hewlett Packard Enterprise post quarterly results tonight AEST. In US economic data, the S&P Core Logic Case-Shiller Home Price for March, the Federal Housing Finance Agency (FHFA) House Price Index for March, the Conference Board’s Consumer Confidence survey for May, and the Dallas Fed Manufacturing Index for May are released tonight AEST.

Monday, 27 May 2024: US equity markets advanced ahead of the Memorial Day long weekend

Mon, 27 May 2024 00:47:02 +0000

Friday, 24 May 2024: US equity markets retreated, reversing earlier gains

Thu, 23 May 2024 23:39:46 +0000

US equity markets retreated, reversing earlier gains as the latest ‘flash’ purchasing managers indices (PMIs) fuelled fresh interest rate concerns and overshadowed a renewed rally for chipmaking giant Nvidia Corp - Dow dropped -606-points or -1.53%, marking the largest daily percentage decline since 22 March and with all of the 30-stock index’s components settling in the red. Boeing Co shed -7.55% after Chief Financial Officer (CFO) Brian West addressed an investor conference in New York and warned investors that the company’s second-quarter cash burn could match or be worse than the first quarter’s US$3.9B burn and that production struggles are likely to continue in the current quarter. Moreover, Boeing is unlikely to see positive cash flow this year. The comments came after Boeing undertook a US$10B corporate-debt issuance in late April. Intel Corp fell -426%, while Johnson & Johnson (-2.48%), McDonald’s Corp (-2.95%) and Walt Disney Co (-2.29%) all fell over >2%.

Thursday, 23 May 2024: US equity markets retreated, falling in the afternoon session after the minutes from the Federal Reserve

Wed, 22 May 2024 23:47:37 +0000

US equity markets retreated, falling in the afternoon session after the minutes from the Federal Reserve's early May monetary policy meeting put a spotlight on inflation risks - Dow fell -202-points or -0.51%, logging its worst session of the month to date.
The broader S&P500 eased -0.27% Energy (down -1.83%) and Utilities (-1.18%) falling over >1% to lead eight of the eleven primary sectors lower. Lululemon Athletica slumped -7.23% to their lowest level in more than a year a day after the maker of fashion workout clothes shook up its organisational structure and announced the departure of Chief Product Officer Sun Choe.
The Nasdaq slipped -0.18%. PayPal Holdings Inc fell -2.98% after the Consumer Financial Protection Bureau issued a rule stipulating that Buy Now, Pay Later users are entitled to the same consumer protections as credit card users
The small capitalisation Russell 2000 fell -0.79%.

Tuesday, 21 May 2024: Markets mostly firmer to open the week, with technology stocks underpinning the gains

Wed, 22 May 2024 00:16:42 +0000

US equity markets mostly firmer to open the week, with technology stocks underpinning the gains - Dow fell -197-points or -0.49%. JPMorgan Chase & Co dropped -4.50% after Chief Executive Officer (CEO) Jamie Dimon hinted during the bank’s annual investment meeting that he was preparing to retire after nearly 20 years at the helm of America's largest bank. Mr Dimon also said the bank would not repurchase shares at their current levels. Microsoft Corp gained 1.22% after the technology giant unveiled a new line of personal computers equipped with artificial-intelligence (AI) chips and the company’s CoPilot AI software.

Wednesday, 22 May 2024: Markets ticked higher as investors digested results from retailers

Wed, 22 May 2024 00:14:34 +0000

US equity markets ticked higher as investors digested results from retailers and eyed the released of semi-conductor giant Nvidia Corp’s (up +0.64%) first quarter result after the closing bell tonight AEST - Dow edged +66-points or +0.17% higher. International Business Machines (IBM) Corp rose +2.09%after it said it was expanding several artificial intelligence (AI) partnerships with companies including Meta Platforms Inc (down -0.90%) and Salesforce Inc (-1.15%). Microsoft Corp added +0.87% to US$429.04 to close just cents shy of a record high after it unveiled new tools to develop AI software during the first day of its Microsoft Build developer conference.

Monday, 20 May 2024: Dow rallied, topping the 40k mark for the first time in its 128-year history

Sun, 19 May 2024 23:37:55 +0000

US equity markets settled with modest gains on Friday (17 May), with the Dow closing above the 40,000 mark for the first time - Dow rallied +134-points or +0.34% to 40,003.59 a day after briefly topping the 40,000 mark for the first time in its 128-year history. It has taken 874 trading days for the 30-stock index to climb from 30,000 (which it steeled above on 24 November, 2020) to 40,000.

Friday, 17 May 2024: US equity markets settled with modest declines a day after all three (3) benchmark indices logged record closing highs

Thu, 16 May 2024 23:56:18 +0000

US equity markets settled with modest declines a day after all three (3) benchmark indices logged record closing highs - Dow slipped -39-points or -0.10% to 39,869.38, briefly topping >40,000 for the time earlier in the session.

American Express Co (-0.16%) and Amazon.com Inc (-1.27%) are the two top performing Dow stocks so far this year, up +28.81% and +20.86% respectively year-to-date. However, given the Dow is a price-weighted average it’s Caterpillar Inc (down -2.59%) and Goldman Sach Group Inc (-0.34%) that have been the biggest points contributors to the 30-stock index this year to date.

Thursday, 16 May 2024: All three (3) benchmark US equity indices rallied to record highs

Wed, 15 May 2024 23:54:31 +0000

All three (3) benchmark US equity indices rallied to record highs, with investor sentiment buoyed by the first cooler-than-expected consumer inflation print in four months accompanied by softer retail sales in April - Dow climbed +350-points or +0.88% to 39,908.00, settling with its 18th record close of 2024. Salesforce Inc (up +3.88%) was the leading performer in the 30-stock index, while Amgen Inc (+2.45%), Home Depot Inc (+2.4%) and Merck & Co Inc (+2.39%) climbed ~2.5%. On the downside, Walt Disney Co fell 2.45% after Chief Executive Officer (CEO) Bob Iger said the company had invested too much in its streaming service and was taking steps to address enduring profitability challenges. Boeing Co fell 2.09% after the Department of Justice said the jet maker had violated a 2021 settlement stemming from two fatal 737 crashes.

Wednesday, 15 May 2024: US equity markets shrug off stronger-than-expected wholesale inflation data

Wed, 15 May 2024 23:49:50 +0000

US equity markets advanced, shrugging off stronger-than-expected wholesale inflation data and with investors’ focus now turning to the latest consumer price inflation figures tonight AEST - Dow rose +127-points or +0.32%. Boeing Co rose +1.30% despite delivering fewer jets in April amid quality problems that forced a slowdown in production. The company reported that it shipped 24 jets in April (including 16 737 MAX jets), down from a total of 29 jets in March (including 24 MAX jets). In April 2023, Boeing delivered 26 jets, including 17 MAX jets. Thus far in 2024, Boeing has delivered 107 jets, including 82 MAX jets. That compares with 156 jets in the first four months of 2023, including 128 MAX jets. Intel Corp (up +1.77%), American Express Co (+1.21%) and JP Morgan Chase & Co (+1.4%) also all rose over >1%.

Tuesday, 14 May 2024: US equity markets mixed following a session absent any major news or data

Mon, 13 May 2024 23:29:55 +0000

US equity markets mixed following a session absent any major news or data, and with investors eyeing the latest round of inflation figures - Dow eased -81-points or -0.21%, snapping an eight session winning streak. Intel Corp rose +2.21% after The Wall Street Journal reported that the company is in talks with Apollo Global Management about providing US$11B in funds to help the chipmaker build a plant in Ireland.

Monday, 13 May 2024: US equity markets advanced although investor sentiment was kept in check

Sun, 12 May 2024 23:46:51 +0000

US equity markets advanced although investor sentiment was kept in check after consumer sentiment data (including inflation expectations) deteriorated and ahead of inflation data later this week - Dow rose +125-points or +0.32%, booking an eighth consecutive session advance and best weekly performance of 2024 to date. Goldman Sachs Group Inc settled -0.18% lower after touching a record intra-day high of US$458.75.
The broader S&P500 added +0.16%, with Consumer Staples (up +0.64%), Information Technology (+0.48%) and Financials (+0.46%) the leading primary sector performers on Friday (10 May). Consumer Discretionary (down -0.61%) and Energy (-0.55%) were the laggards.
The Nasdaq dipped -0.03%.
The small capitalisation Russell 2000 lost -0.67%.

Friday, 10 May 2024: US equity markets advanced as the latest weekly jobless claims figures fuelled fresh optimism

Thu, 09 May 2024 23:39:06 +0000

US equity markets advanced as the latest weekly jobless claims figures fuelled fresh optimism around Federal Reserve interest rate cuts - Dow rallied +331-points or +0.85% to 39,387.76 to book its seventh consecutive session advance and highest close since 1 April. The 30-stock index also settled within 1.1% of its 28 March record closing high (39,807.37). Home Depot Inc (up +2.54%) and Caterpillar Inc (+2.11%) climbed over >2% to be the leading index components overnight.

Thursday, 9 May 2024: US equity markets were mixed following a subdued session

Thu, 09 May 2024 00:02:47 +0000

US equity markets were mixed following a subdued session - Dow sealed its sixth consecutive session advance, rising +172-points or +0.44% to 39,056.39 to book its longest winning streak since the period that ended on 19 December (when the index rose for nine straight trading days). It also marked the first time that the 30-stock index closed above >39,000 since 3 April.

Wednesday, 8 May 2024: US equity markets settled with modest gains overnight. Dow edged +32 points

Wed, 08 May 2024 00:32:27 +0000

Tuesday, 7 May 2024: US equity markets advanced, building on last Friday’s (3 May) strong gains

Wed, 08 May 2024 00:01:35 +0000

US equity markets advanced, building on last Friday’s (3 May) strong gains - Dow extended gains into a fourth straight session, up +177-points or +0.46%. Walt Disney Co (up +2.47%) was the leading performer in the 30-stock index ahead of the release of its fiscal second quarter result tonight AEST.

Apple Inc fell -0.91% following news over the weekend that Berkshire Hathaway Inc, the largest shareholder in the iPhone maker, had reduced its stake in the company by ~13% (albeit it still comfortably remains the investment conglomerate’s largest position). The company hosts a product launch event tonight AEST called ‘Let Loose’ (with some expecting the release of a new iPad tablet). Meanwhile, iPhone manufacturer Foxconn - which trades as Hon Hai Precision Industry in Taiwan – jumped +7.37% and hit a record intra-day high (NT$168.50) after the company reported a 19.03% year-on-year rise in April revenue (to 510.9B New Taiwan dollars). The company said that its component business, as well as its cloud and networking products “delivered strong growth,” while its smart consumer electronics and computing products segment “showed significant year on year growth in revenue.”

Monday, 6 May 2024: US equity markets rallied on Friday (3 May) after the latest jobs data printed weaker-than-expected

Sun, 05 May 2024 23:44:27 +0000

US equity markets rallied on Friday (3 May) after the latest jobs data printed weaker-than-expected for the first time in four months, with all three benchmark indices rising over >1% on the same day for the first time since 22 February - Dow rallied +450-points or +1.18%. Apple Inc gained +5.98%, with the iPhone maker logging its best single session gain since 30 November, 2022 after unveiling stronger-than-expected fiscal second quarter result after the close of the previous session that included a record US$110B share buyback programme. Amgen Inc +11.82% - its best single session advance since 2009 - after the biopharmaceutical giant posted quarterly earnings that came in ahead of expectations and provided a positive update about trials of its injectable weight-loss drug MariTide after the close of last Thursday’s (2 May) session.

Friday, 3 May 2024: US equity markets rallied ahead of the key jobs report for April tonight AEST

Fri, 03 May 2024 00:15:53 +0000

US equity markets rallied ahead of the key jobs report for April tonight AEST and in the wake of the Federal Reserve’s latest monetary policy meeting - Dow gained +363-points or +0.96%. Boeing Co (up +4.31%) and Amazon.com Inc (+3.20%) were the leading performers in the 30-stock index.

Thursday, 2 May 2024: US equity markets retreated overnight, reversing earlier gains

Wed, 01 May 2024 23:46:19 +0000

US equity markets retreated overnight, reversing earlier gains as investors digested the latest monetary policy announcements from the Federal Reserve - Dow added +87-points or +0.2%, unwinding an earlier rally of over >500-points. Amazon.com Inc climbed +2.17% after reporting better-than-expected first-quarter earnings after the close of the previous session, underpinned by growth in its cloud computing and advertising businesses. Johnson & Johnson rose +4.56% after proposing a US$6.5B settlement that would resolve nearly all outstanding talc ovarian cancer lawsuits it faces.

Wednesday, 1 May 2024: US equity markets retreated, extending losses in the final hour of trading

Tue, 30 Apr 2024 23:52:42 +0000

US equity markets retreated, extending losses in the final hour of trading as wage growth data dealt another blow to the Federal Reserve in its fight against inflation ahead of the central bank concluding its two-day monetary policy meeting tomorrow morning AEST - Dow fell -570-points or -1.49%, the largest one-day percentage decline for the 30-stock index since March 22, 2023. Economic bellwether Caterpillar Inc dropped -4.35%, while Boeing Co (-3.26%), Chevron Corp (-3.04%) and Microsoft Corp (-3.21%) fell over >3%. Walmart Inc fell -1.48% after announcing it was abandoning its push into low-cost health centres amid mounting costs.

Tuesday, 30 April 2024: US equity markets advanced, building on last week’s rally ahead of the busiest week on the US first quarter earnings

Mon, 29 Apr 2024 23:43:36 +0000

US equity markets advanced, building on last week’s rally ahead of the busiest week on the US first quarter earnings calendar and employment data and the Federal Reserve’s latest monetary policy meeting - Dow added +146-points or +0.38%. Boeing Co rose +3.75% amid reports it had tapped the bond market to raise US$10B after last week reporting it burned through nearly $4 billion in cash in the first quarter.

Monday, 29 April 2024: US equity markets rallied on Friday (26 April), shrugging off fresh evidence of sticky inflation

Sun, 28 Apr 2024 23:44:45 +0000

US equity markets rallied on Friday (26 April), shrugging off fresh evidence of sticky inflation as investors cheered strong earnings from technology majors - Dow rose+153-points or +0.4%. Amazon.com Inc (up +3.43%) was the leading performer in the 30-stock index, buoyed by strong first quarter results from artificial intelligence (AI) hyperscaler peers, including Microsoft Corp (+1.82%). Goldman Sachs Group Inc rose +1.79% to US$427.57, touched a record all-time high of US$428.53.

Friday, 26 April 2024: US equity markets retreated, paring earlier steeper losses as investors digested the latest economic growth data

Fri, 26 Apr 2024 00:22:41 +0000

US equity markets retreated, paring earlier steeper losses as investors digested the latest economic growth data and another swathe of major corporate earnings releases - Dow fell -375-points or 0.98% (after slipping -43-points or 0.11% on Wednesday (24 April)). International Business Machines (IBM) Corp shed -8.25% after the hardware, software and consulting provider reported softer-than-expected first quarter revenue (up +1.5% year-on-year at US$14.46B versus consensus US$14.55B) after the close of the previous session and confirmed earlier media speculation in announcing that it was acquiring cloud software maker HashiCorp Inc (up +4.49% at US$32.82) in a deal with an enterprise value of US$6.4B (paying US$35 per share).

Wednesday, 24 April 2024: US equity markets rallied as investors poured over another busy corporate earnings calendar

Tue, 23 Apr 2024 23:44:14 +0000

US equity markets rallied as investors poured over another busy corporate earnings calendar - Dow extended gains into a fourth consecutive session, rising +264-points or +0.69% to book its longest winning streak since 21 March. Verizon Communications Inc rebounded +2.85% after dropping -4.67% a day earlier following the release of the telecommunications giant’s first quarter result. American Express Co gained +2.56%.

Tuesday, 23 April 2024: US equity markets rebounded to open a busy week headlined by a host of major corporate earnings releases

Mon, 22 Apr 2024 23:46:12 +0000

US equity markets rebounded to open a busy week headlined by a host of major corporate earnings releases, and gross domestic product (GDP) growth and inflation data - Dow gained +254-points or +0.67%, extending its advance into a third consecutive session. Goldman Sachs Group Inc (up +3.3%) was the leading performer in the 30-stock index, with just five components settling in the red. Salesforce Inc rose +1.27% following reports that talks to acquire data management firm Informatica (down -10.51%) had broken down. News of the possible acquisition sent Salesforce’s stock tumbling last week.

Monday, 22 April 2024: US equity markets retreated, with large capitalisation technology stocks under particular pressure

Sun, 21 Apr 2024 23:58:24 +0000

US equity markets retreated, with large capitalisation technology stocks under particular pressure and with traders continuing to assess the latest developments in the Middle East and quarterly earnings - Dow gained +211-points or +0.56%.

Friday, 19 April 2024: The S&P 500 and Nasdaq fell for a fifth straight session as a slew of earnings reports lifted pockets of the market

Thu, 18 Apr 2024 23:33:50 +0000

The S&P 500 and Nasdaq fell for a fifth straight session as a slew of earnings reports lifted pockets of the market, including insurers and airlines, while technology stocks underperformed - Dow edged +22-points or +0.06% higher, with UnitedHealth Group (up +2.96%) the leading performer in the 30-stock index for a third straight session, getting a further boost after health insurance peer Elevance Health Inc (+3.19%) raised its full-year earnings forecast after topping first quarter earnings and revenue estimates thanks to premium rate hikes. However, Microsoft Corp (down -1.84%), Intel Corp (-1.79%) and Salesforce Inc (--1.59%) all fell over >1.5.

Thursday, 18 April 2024: US equity markets retreated, with both the S&P 500 and Nasdaq notching their first four-day losing streaks

Thu, 18 Apr 2024 00:02:03 +0000

US equity markets retreated, with both the S&P 500 and Nasdaq notching their first four-day losing streaks since January and hitting 2-month lows - Dow eased -46-points or -0.12%, unwinding an earlier rally of +238-points and logging its seventh negative session in the past eight. UnitedHealth Group Inc rose +2.15%, leading the gainers list for the 30-stock index for a second day after posting a stronger-than-expected first quarter result on Tuesday (16 April). Goldman Sachs Group Inc (up +1.78%) and Nike Inc (+1.55%) both rose over >1.5%.

Wednesday, 17 April 2024: US equity markets settled mostly in the red following a choppy session

Tue, 16 Apr 2024 23:49:28 +0000

US equity markets settled mostly in the red following a choppy session as markets continue to adjust interest rate expectations - Dow added +64-points or +0.17%. Boeing Co (up +1.63%) snapped an 11-session losing streak -the stock’s equal longest stretch of consecutive declines.

Tuesday, 16 April 2024: US equity markets retreated as a fresh rise in bond yields & ongoing concerns around instability in the Middle East

Mon, 15 Apr 2024 23:34:28 +0000

US equity markets retreated as a fresh rise in bond yields and ongoing concerns around instability in the Middle East overshadowed a strong first quarter result from investment banking major Goldman Sachs - Dow fell -248-points or -0.65%, relinquishing an earlier rally of over >1% to log a sixth straight session decline - the longest losing streak since June. Five (5) Dow components touched lows not seen in more than a year – Biogen Inc (down -0.70%), Boeing Co (-1.02%), Brown-Forman Corp (-0.08%), Verisign Inc (-1.20%) and Walgreens Boots Alliance Inc (-1.12%).

Monday, 15 April 2024: US equity markets retreated after major U.S. bank results failed to impress

Sun, 14 Apr 2024 23:41:07 +0000

US equity markets retreated after major U.S. bank results failed to impress, capping a week marked by market-moving inflation data, evolving expectations for U.S. Federal Reserve policy, and escalating geopolitical tensions - Dow shed -476-points or -1.24% after falling as much as -582-points or -1.51% earlier in the session. Chevron Corp -1.81% after Hess, which it has agreed to acquire, warned arbitration with ExxonMobil over Guyanese oilfield assets could push the acquisition into 2025.

Friday, 12 April 2024: US equity markets advanced, rebounding from the previous session’s sell-off

Thu, 11 Apr 2024 23:43:21 +0000

US equity markets advanced, rebounding from the previous session’s sell-off that was triggered by a hotter than expected US consumer price inflation reading for March - Dow dipped -2-points or -0.01%.

Thursday, 11 April 2024: US equity markets retreated following a stronger-than-expected March inflation report

Thu, 11 Apr 2024 00:05:10 +0000

US equity markets retreated following a stronger-than-expected March inflation report that prompted federal-funds futures markets to quickly price out rate cuts for the Federal Reserve’s June and July monetary policy meetings - Dow shed -422points or -1.09%, with Home Depot Inc (down -3.00%) and Intel Corp (-2.95%) falling ~3%. Boeing Co fell -1.96% a day after the New York Times reported a whistleblower raised concerns about the safety of its Dreamliner 787s. On the positive side of the ledger, Walmart Inc (up +1.39%) was the strongest performer in the 30-stock index, while Chevron Corp (+0.41%) logged a record closing high (US$162.67).

Wednesday, 10 April 2024: US equity markets edged higher, rebounding late in the session

Tue, 09 Apr 2024 23:33:07 +0000

US equity markets edged higher, rebounding late in the session ahead of key inflation figures for March tonight AEST - Dow dipped -9-points or -0.02%. Boeing Co (down -1.89%) fell for a seventh straight session – its longest losing streak since 3 September 2023 - after the company reported that it delivered 83 commercial airplanes in the first quarter, which was its lowest quarterly total in nearly three years and below consensus analyst forecasts for 105 planes. It marked a steep decline from the 157 units it delivered in the fourth quarter and the 130 units it delivered in the first quarter of 2023. Meanwhile, a New York Times report said the US aviation regulator was investigating whistleblower claims about safety issues in the production of Boeing’s 787 Dreamliner plane. The company said the claims were “inaccurate”. Intel Corp rose +0.92% after unveiling its latest artificial intelligence (AI) chip, called Gaudi 3. Intel says the new Gaudi 3 chip is over twice as power-efficient as Nvidia Corp’s H100 GPU, and can run AI models one-and-a-half times faster than its competitor’s product. It also comes in different configurations like a bundle of eight Gaudi 3 chips on one motherboard or a card that can slot into existing systems.

Tuesday, 9 April 2024: US equity markets settled little changed in a subdued start to the week

Mon, 08 Apr 2024 23:28:19 +0000

US equity markets settled little changed in a subdued start to the week as investors eye key inflation figures on Wednesday night AEST (10 April) - Dow dipped -11-points or -0.03%. Nike Inc (up +1.31%) and Home Depot Inc (+1.17%) both rose over >1%. However, Intel Corp fell -1.89% as R2 Semiconductor filed a patent infringement lawsuit against its French unit and two of its customers, Dell Technologies Inc (-4.20%) and Hewlett-Packard Enterprise Co (up +0.78%), in a case that could see the technology giants blocked from importing certain microchips to the country.

Monday, 8 April 2024: US equity markets climbed on Friday (5 April) after a strong jobs report

Sun, 07 Apr 2024 23:25:18 +0000

US equity markets climbed on Friday (5 April) after a strong jobs report reinforced the view that the economy remains healthy even as it suggested the Federal Reserve could delay cutting interest rates - Dow rose +307-points or +0.80%. Amazon.com Inc climbed +2.82% as a Wedbush survey showed nearly 60% of respondents intended to increase their spending on the platform in 2024, the most of any retailer in the survey. However, Intel Corp fell -2.57%, extending losses into a fifth consecutive session as investors continued to digest its disappointing foundry business financials.

Friday, 5 April 2024: US equity markets fell sharply amid fresh concerns Federal Reserve's ability to cut interest rates

Thu, 04 Apr 2024 23:14:21 +0000

US equity markets fell sharply amid fresh concerns Federal Reserve's ability to cut interest rates this year against a backdrop of inflationary pressures including climbing oil prices, and ahead of key jobs figures tonight AEST - Dow down -530-points or -1.35%, extending its decline into a fourth straight session and marking the index’s worst daily percentage drop since 22 March, 2023. Only two of the index’s 30 components settled in positive territory, with Chevron Corp up +0.16% and +%. Boeing Co fell -0.88% following reports it was in talks with competitor Airbus SE to divide the operations of contractor Spirit AeroSystems Holdings Inc (+0.47%). Walt Disney Co (down -1.59%) Chief Executive Officer (CEO) Bob Iger aid Disney+ will be cracking down on password sharing in June, following Netflix Inc's (down -2.05%) lead to boost streaming service profitability.

Thursday, 4 April 2024: US equity markets settled little changed following a slew of mixed economic data

Wed, 03 Apr 2024 23:04:05 +0000

US equity markets settled little changed following a slew of mixed economic data - Dow slipped -43-points or -0.1%, unwinding an earlier rise of over >135-points to log a third consecutive session decline. Walt Disney Co fell -3.13% after shareholders re-elected all 12 of the entertainment giant's directors at the annual shareholder meeting overnight, dealing activist investor Nelson Peltz defeat in his months-long campaign to claim spots on the board for himself and former chief financial officer Jay Rasulo. Intel Corp tumbled -8.22% as analysts and investors mulled yesterday’s announcement that its foundry business recorded a $7 billion operating loss in 2023. However, Amazon.com Inc rose +0.95% after it said it would lay off hundreds of employees in its Amazon Web Services unit.

Wednesday, 3 April 2024: US equity markets extended their lackluster start to the new quarter

Tue, 02 Apr 2024 22:56:24 +0000

US equity markets extended their lackluster start to the new quarter, with the Dow and S&P 500 logging their worst single session performance since 5 March - Dow shed -397-points or -1.00% after falling over >500-points earlier in the session. UnitedHealth Group slumped -6.44% after the government finalised a January proposal to raise payments to Medicare Advantage plans by 3.7% in 2025, a modest increase that analysts expect will crimp insurers’ profits. Honeywell International Inc fell -0.88% amid a report from Bloomberg that the industrial conglomerate was exploring a sale of its personal protective equipment unit.

Tuesday, 2 April 2024: US equity markets resumed trading opening the new quarter on a subdued note

Mon, 01 Apr 2024 23:02:12 +0000

US equity markets resumed trading following the Good Friday holiday, opening the new quarter on a subdued note following positive manufacturing data that lifted Treasury yields – Dow fell -241-points or -0.60%, marking the sharpest single session decline for the 30-stock index since 22 March.

Thursday, 28 March 2024: US equity markets rallied, logging a broad advance in the final hour of the session

Wed, 27 Mar 2024 22:45:36 +0000

US equity markets rallied, logging a broad advance in the final hour of the session - Dow rallied +478-points or +1.22%, and is on pace for its best first quarter gain since 2021. Merck & Co rallied +4.96% to be the leading component in the 30-stock index a day after the U.S. Food and Drug Administration (FDA) approved its drug (which will be marketed as Winrevair) to treat a rare, progressive and life-threatening lung condition called pulmonary arterial hypertension.

Wednesday, 27 March 2024: US equity markets retreated, with investors eyeing key inflation figures on Friday night AEST

Tue, 26 Mar 2024 23:07:02 +0000

US equity markets retreated, with investors eyeing key inflation figures on Friday night AEST (29 March) - Dow slipped -31-points or -0.08%. Boeing Co fell 2.04% as credit rating agency Moody’s said it was considering downgrading some of the jet maker’s debt. Johnson & Johnson added +0.35% amid reports it was in talks to acquire medical device maker Shockwave Medical Inc (+10.04%). Visa Inc slipped -0.22% as it agreed to lower swipe fees to settle a legal battle it and peer Mastercard (up +0.16%) have fought with retailers for decades.

Tuesday, 26 March 2024: US equity markets opened the holiday shortened week on the back foot - Dow fell -162-points

Mon, 25 Mar 2024 23:48:51 +0000

Monday, 25 March 2024: •US equity markets were mostly weaker on Friday (22 March) but capped their biggest weekly advance in three months

Sun, 24 Mar 2024 23:25:00 +0000

US equity markets were mostly weaker on Friday (22 March) but capped their biggest weekly advance in three months - Dow fell -305-points or -0.77%. Nike Inc sank -6.90% after the world's largest sportswear maker warned that its revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage, as it scales back on franchises to save costs. However, FedEx Corp rallied +7.35% after the economic bellwether raised its 2024 guidance and said it would continue to cut costs and trim its spending for the year after the close of the previous session.

Thursday, 21 March 2024: The benchmark US equity indices rallied to fresh all-time highs

Wed, 20 Mar 2024 22:59:10 +0000

The benchmark US equity indices rallied to fresh all-time highs after the Federal Reserve signaled that it remains on track to lower interest rates three times this year - Dow rallied +401-points or +1.03% to 39,512.13. Boeing Co gained +3.67% to be the leading performer in the 30-stock index, while American Express Co (+2.81%) and 3M Co (+2.65%) climbed over >2.5%.

Wednesday, 20 March 2024: US equity markets advanced as investors eyed the conclusion of the FED’s latest monetary policy meeting

Tue, 19 Mar 2024 22:54:12 +0000

US equity markets advanced as investors eyed the conclusion of the Federal Reserve’s latest two-day monetary policy meeting tomorrow morning AEST (21 March) - Dow rallied +320-points or +0.83%, booking its largest one-day point and percentage gains since 22 February. Home Depot Inc (up +2.02%) was the leading performed in the 30-stock index.

Tuesday, 19 March 2024: US equity markets advanced despite Treasury yields hitting three week highs

Mon, 18 Mar 2024 22:59:47 +0000

US equity markets advanced despite Treasury yields hitting three week highs ahead of a busy week of key global central bank meetings - Dow added +76-points or +0.20%, with Salesforce Inc (up +2.1%) and Walt Disney Co (+1.7%) rising over >1.5 to be the leading performers in the 30-stock index.

Monday, 18 March 2024: US equity markets retreated on Friday, with mega capitalisation technology names a key drag

Sun, 17 Mar 2024 23:03:32 +0000

US equity markets retreated on Friday (15 March), with mega capitalisation technology names a key drag and with investors eyeing key central bank meetings this week - Dow fell-191-points or -0.49%, with Salesforce Inc (down -2.96%) and Amazon.com Inc (-2.42%) leading losses in the 30-stock index. Microsoft Corp fell -2.07% a day after closing at a record high. McDonald’s Corp fell -0.92% after reporting system outages worldwide that caused the temporary closure of some restaurants.

Friday, 15 March 2024: US equity markets retreated as stronger-than-expected producer prices undermined an early rally

Thu, 14 Mar 2024 23:05:37 +0000

US equity markets retreated as stronger-than-expected producer prices undermined an early rally, and with some major chipmakers recording fresh declines - Dow eased -138-points or -0.35%, with Amgen Inc (down -1.61%), Honeywell International (-1.69%), International Business Machines (IBM) Corp (-1.66%) and JPMorgan Chase & Co (-1.78%) all falling over >1.5%.

Thursday, 14 March 2024: US equity markets mostly weaker amid selling of chipmakers and ahead of wholesale inflation data tonight

Wed, 13 Mar 2024 23:07:26 +0000

US equity markets mostly weaker amid selling of chipmakers and ahead of wholesale inflation data tonight AEST - Dow added +38-points or +0.10%, paring an earlier rally of almost +200-points. Intel Corp dropped -4.44% after Bloomberg reported that the Pentagon had pulled out of a plan to spend as much as US$2.5B on a chip grant to the company. McDonald’s Corp -3.89% after the chief financial officer (CFO) said the fast-food giant's international sales could fall sequentially in the current quarter, pressured by the conflict in the Middle East and demand weakness in China.

Wednesday, 13 March 2024: US equity markets rallied despite mildly hotter-than-expected inflation figures

Tue, 12 Mar 2024 23:24:21 +0000

US equity markets rallied despite mildly hotter-than-expected inflation figures - Dow rose +236-points or +0.61%. International Business Machines (IBM) Corp rose +3.16% following reports that it had notified employees in its marketing and communications division that it’s making cuts, becoming the latest large technology company to trim its payroll. Last year, IBM Chief Executive Arvind Krishna said the company was “massively upskilling all of our employees on AI [artificial intelligence]” as it replaces nearly 8,000 jobs with AI. 3M Co (up +4.97%), Microsoft Corp (+2.66%), Amazon.com Inc (1.99%) and Walmart Inc (+1.24%) also traded strongly.

Tuesday, 12 March 2024: US equity markets opened the new trading week mixed amid subdued trading ahead of key inflation figures tonight

Mon, 11 Mar 2024 22:42:35 +0000

US equity markets opened the new trading week mixed amid subdued trading ahead of key inflation figures tonight AEST - Dow added +47-points or +0.10%. Boeing Co fell -3.02% after The Wall Street Journal reported over the weekend the Justice Department has opened a criminal investigation into the Boeing 737 MAX jet that experienced a blowout on an Alaska Airlines flight in early January.

Monday, 11 March 2024: US equity markets retreated but not before both the S&P500 and Nasdaq touched fresh intra-day record peaks

Sun, 10 Mar 2024 22:41:33 +0000

US equity markets retreated but not before both the S&P500 and Nasdaq touched fresh intra-day record peaks - Dow eased -68-points or -0.18%. Apple Inc rose +1.02%, snapping a seven session losing streak (its longest losing streak since early 2022). Meanwhile, the Department of Justice has launched a criminal investigation into the Boeing Co (down -2.24%) jetliner blowout that left a gaping hole on an Alaska Air Group Inc (-1.85%) plane on 5 January, the Wall Street Journal reported on Saturday (10 March).

Friday, 8 March 2024: US equity markets rallied, lifting both the S&P500 and Nasdaq back to record highs

Thu, 07 Mar 2024 23:36:38 +0000

US equity markets rallied, lifting both the S&P500 and Nasdaq back to record highs - Dow rose +130-points or +0.34%.

Thursday, 7 March 2024: US equity markets advanced but trimmed gains in the closing hour of trading

Wed, 06 Mar 2024 23:03:10 +0000

US equity markets advanced but trimmed gains in the closing hour of trading as investors digested Federal Reserve Chair Jerome Powell’s first day of congressional testimony - Dow added +76-points or +0.20%.

Wednesday, 6 March 2024: Technology stocks led declines on US equity markets overnight

Tue, 05 Mar 2024 23:02:48 +0000

Technology stocks led declines on US equity markets overnight, with investors also eyeing Federal Reserve Chair Jerome Powell’s congressional testimony tonight AEST and labour market data later in the week - Dow fell -405-points or -1.04%. Apple fell -2.84% after a report by Counterpoint Research reported that the company sold 24% fewer iPhones in in China in the first six weeks of 2024 versus a year earlier. Overall smartphone sales declined 7% in the period, though sales for rival firm Huawei jumped 64%, according to the report. Apple is still rapidly losing market share in China, a country that also serves as a manufacturing base for the company, after Beijing last year banned government officials from using Apple phones. In another sign of weakness, Foxconn (or Hon Hai Precision Industry Co., Ltd), the Taiwanese company that assembles iPhones for Apple, said on Tuesday (5 March) that February sales fell -12% from a year earlier. Meanwhile, Intel Corp (down -5.37%) and Salesforce Inc (-5.05%) both declined over >5% to be the worst performers in the 30-stock index.

Tuesday, 5 March 2024: The US equity market rally stalled overnight, with both the S&P 500 and Nasdaq retreating from record highs

Mon, 04 Mar 2024 22:42:07 +0000

The US equity market rally stalled overnight, with both the S&P 500 and Nasdaq retreating from record highs - Dow eased -98-points or -0.25%. Apple Inc fell -2.54% after the European Commission, the European Union’s executive arm, hit the company with a €1.8B antitrust fine for abusing its dominant position in the market for the distribution of music streaming apps. Separately, the Federal Aviation Administration said its audit of 737 Max manufacturing at airplane-maker Boeing Co (up +0.27) and its key supplier turned up “multiple instances” of them failing to make sure manufacturing met quality standards.

Monday, 4 March 2024: US equity markets opened March with a bang, with both the S&P500 and Nasdaq logging fresh record highs

Sun, 03 Mar 2024 23:24:56 +0000

US equity markets opened March with a bang, with both the S&P500 and Nasdaq logging fresh record highs - Dow added +91-points or +0.23%. Boeing Co fell -1.83% after confirming it is in “preliminary” talks to acquire Spirit AeroSystems Holdings Inc (+15.31%), the troubled fuselage supplier it spun off nearly 20 years ago, as the plane maker faces pressure to improve its safety record. Boeing said it believed that the “reintegration” of Spirit “would further strengthen aviation safety, improve quality and serve the interests of our customers, employees, and shareholders”.

Friday, 1 March 2024: US equity markets closed out the month with modest gains

Thu, 29 Feb 2024 23:15:10 +0000

US equity markets closed out the month with modest gains as investors digested the latest inflation data, with both the S&P 500 and Nasdaq recording record closing highs - Dow edged +15-points or +0.04%.

Thursday, 29 February 2024: US equity markets weaker ahead of key inflation figures tonight

Wed, 28 Feb 2024 22:52:13 +0000

US equity markets weaker ahead of key inflation figures tonight - Dow slipped -23-points or -0.06%. UnitedHealth Group Inc (down -2.95%) led losses on the 30-stock index, while Intel Corp (-1.73%) and Alphabet Inc (-1.91%).

Wednesday, 28 February 2024: US equity markets mostly firmer as investors digested the latest round of corporate earnings releases

Tue, 27 Feb 2024 22:47:35 +0000

US equity markets mostly firmer as investors digested the latest round of corporate earnings releases and eye gross domestic product (GDP) figures tonight AEST and inflation figures on Thursday night AEST (29 February) - Dow fell -97-points or -0.25%. UnitedHealth Group Inc (down -2.27%) after the Wall Street Journal (WSJ) reported that the Justice Department has launched an antitrust investigation into the health-insurance giant. Antitrust investigators have asked how UnitedHealth’s acquisitions of doctor groups might affect competitors and consumers, the Journal reported, citing people familiar with the meetings.

Tuesday, 27 February 2024: US equity markets settled with modest declines following the recent Nvidia Corp (up +0.35%) fuelled rally

Mon, 26 Feb 2024 23:00:34 +0000

US equity markets settled with modest declines following the recent Nvidia Corp (up +0.35%) fuelled rally, with traders eyeing gross domestic product (GDP) and inflation data later in the week - Dow eased -62-points or -0.16% to 39,069.23 after logging its 14th record close of 2024 last Friday (23 February). Amazon.com Inc (down -0.15%) joined the 30-stock index overnight, replacing Walgreens Boots Alliance Inc (-3.41%). The Dow’s holdings are weighted according to stock price, not market capitalisation. Chevron Corp (down -0.14%) warned that its $53B acquisition of Hess Corp (fell over >4% in extended trading after rising +0.57% in the regular session) could be thwarted by rival oil groups ExxonMobil Corp (+0.39%) and China National Offshore Oil Corporation, which are asserting their right to pre-empt its purchase of a stake in a massive oil project off the coast of Guyana.

Monday, 26 February 2024: The Dow and S&P500 eked out fresh record highs on Friday (26 February)

Sun, 25 Feb 2024 23:19:39 +0000

The Dow and S&P500 eked out fresh record highs on Friday (26 February) - Dow added +62-points or +0.16% to a fresh record losing high of 39,131.53. Amazon.com Inc (up +0.23%) will replace Walgreens Boots Alliance (up +0.74%) as one of the 30 members of the Dow before the start of trading tonight AEST.

Friday, 23 February 2024: A bumper fourth quarter earnings release from Nvidia Corp drove a strong rally on US equity markets

Thu, 22 Feb 2024 23:00:56 +0000

A bumper fourth quarter earnings release from Nvidia Corp after the close of the previous session drove a strong rally on US equity markets and global markets more broadly - Dow rose +457-points or +1.18% to a fresh record closing high of 39,069.11, pushing above >39,000 for the first time. Salesforce Inc (up +3.56%), Visa Inc (+2.53%), International Business Machines Corp (+2.51%) and Microsoft Corp (+2.35%) all climbed over >2%, with just seven stocks closing in the red in the 30-stock index.

Thursday, 22 November 2024: US equity markets settled mostly firmer, paring losses in the final hour of trading

Wed, 21 Feb 2024 23:25:02 +0000

US equity markets settled mostly firmer, paring losses in the final hour of trading as investors digested minutes from the Federal Reserve’s late-January monetary policy meeting and awaited technology titan Nvidia Corp’s fourth quarter result - Dow edged +48-points or +0.13% higher.

Wednesday, 21 February 2024: US equity markets resumed trading following the Presidents’ Day holiday on the backfoot

Tue, 20 Feb 2024 22:55:41 +0000

US equity markets resumed trading following the Presidents’ Day holiday on the backfoot - Dow slipped -64-points or -0.17%. Caterpillar Inc fell -2.54% to be the worst performer in the 30-stock index.

Tuesday, 20 February 2024: European Commission antitrust regulators are preparing to impose an ~ €500M fine against Apple

Mon, 19 Feb 2024 22:40:33 +0000

The Financial Times (FT) and Bloomberg News reported Sunday (18 February) that European Commission antitrust regulators are preparing to impose an ~ €500M fine against Apple, after finding that it created an anticompetitive environment by failing to inform iPhone users that cheaper, alternative music-streaming apps were available outside its App Store. The investigation was sparked by a complaint that Spotify SA filed in 2019. The FT reported the fine is expected to be announced in early March.

Monday, 19 February 2024: US equity markets retreated on Friday (16 February) after another hotter-than-expected inflation reading

Sun, 18 Feb 2024 22:55:48 +0000

US equity markets retreated on Friday (16 February) after another hotter-than-expected inflation reading undermined the case for interest rate cuts - Dow fell -145-points or -0.37%. Nike Inc fell -2.4% after the company announced 1,700 job cuts as part of a plan to cut costs.

Friday, 16 February 2024: US equity markets climbed, with investors looking past some mixed economic data

Thu, 15 Feb 2024 22:57:11 +0000

US equity markets climbed, with investors looking past some mixed economic data - Dow rallied +349-points or +0.91%. Chevron Corp rallied +3.4% to be the leading component in the 30-stock index, with a filing with the Securities and Exchange Commission (SEC) revealing that Berkshire Hathaway lifted its stake in the oil giant to more than >US$18B.

Thursday, 15 February 2024: US equity markets rebounded, recovering from sharp declines recorded in the previous session

Wed, 14 Feb 2024 23:06:23 +0000

US equity markets rebounded, recovering from sharp declines recorded in the previous session following a hotter-than-expected consumer price inflation figures - Dow rallied +151-points or +0.40%, with Salesforce Inc (up +2.85%) and Intel Corp (+2.39%) leading the upside.

Wednesday, 14 February 2024: A hotter-than-expected consumer price inflation (CPI) print weighed heavily on US equity markets

Tue, 13 Feb 2024 23:05:34 +0000

A hotter-than-expected consumer price inflation (CPI) print weighed heavily on US equity markets - Dow fell -525-points or -1.35%, slightly paring an earlier decline of as much as 758-points or almost -2%. It marked the worst session for the 30-stock index since March 2023. Walgreen Boots Alliance (down -4.77%) and Goldman Sachs Group Inc (-3.54%) were the worst index performers overnight. Boeing Co fell -% after Chief Financial Officer (CFO) Brian West discussed 737 production at the Cowen Aerospace Conference and reportedly said Boeing 737 MAX production would be below 38 a month for the first half of the year and trend back to 38 by the end of 2024.

Tuesday, 13 February 2024: US equity markets mixed ahead of the latest consumer price inflation figures tonight AEST

Mon, 12 Feb 2024 22:50:16 +0000

US equity markets mixed ahead of the latest consumer price inflation figures tonight AEST - Dow gained +126-points or +0.33% to a fresh record closing high of 38,797.38, the 30-stock indices 12th of 2024.

Monday, 12 February 2024: US equity markets advanced on Friday (9 February)

Sun, 11 Feb 2024 23:03:00 +0000

US equity markets advanced on Friday (9 February), with a fresh march higher for mega-capitalisation technology stocks seeing the S&P 500 settling above the 5,000 for the first time - Dow eased -55-points or -0.14%. Chevron Corp fell -1.96% amid reports Venezuela had built up its military presence along its border with Guyana. Chevron last year announced a US$53B acquisition of Hess () in part to take ownership of Hess’s assets in the newly oil-rich country. Cisco Systems Inc added +0.36% after Reuters reported that the networking giant is planning thousands of job cuts as it restructures its business to focus more on high-growth markets. Intel Corp rose +1.91% after the White House said it would invest $5 billion in a new public-private consortium for the research and development of advanced semiconductors. International Business Machines (IBM) Corp rose +1.07% and Microsoft Corp +1.56%.

Friday, 9 February 2024: US equity markets advanced as a narrow group of companies lifted the S&P500 above the 5,000 level

Thu, 08 Feb 2024 23:42:26 +0000

US equity markets advanced as a narrow group of companies lifted the S&P500 above the 5,000 level for the first time late in the session - Dow added +49-points or +0.13% to log yet another record closing high of 38,726.33. Walt Disney Co jumped +11.50% after reporting better than expected fiscal first-quarter earnings and guidance for fiscal 2024 that was well ahead of Wall Street estimates after the close of the previous session.

Thursday, 8 February 2024: US equity markets rallied, with the S&P 500 climbing to within touching distance of the 5,000 mark

Wed, 07 Feb 2024 23:01:10 +0000

US equity markets rallied, with the S&P 500 climbing to within touching distance of the 5,000 mark as investors parsed through another slate of quarterly results - Dow climbed +156-points or +0.40% to a record close of 38,677.36.

Tuesday, 6 February 2024: US markets retreated as Fed Reserve Chair Jerome Powell pushed back against the prospect of near-term rate cuts

Mon, 05 Feb 2024 23:33:23 +0000

Monday, 5 February 2024: US equity markets rallied as strong earnings and a blowout January employment report boosted confidence

Sun, 04 Feb 2024 22:44:00 +0000

US equity markets rallied on Friday (2 January) as strong earnings and a blowout January employment report boosted confidence in the economy, even while lowering the likelihood that the Federal Reserve will cut interest rates any time soon – Dow gained +135-points or +0.35% to a record closing high of 38,654.42.

Friday, 2 February 2024: US equity markets rebounded after logging their worst two-day decline since October

Thu, 01 Feb 2024 23:06:32 +0000

US equity markets rebounded after logging their worst two-day decline since October, with gains accelerating in the final hour of the session as investors eyed results from three (3) of the so-called ‘Magnificent Seven” large capitalisation technology stocks after the closing bell - Dow rallied +370-points or +0.97%.

Thursday, 1 February 2024: US equity markets logged their worst single session performance of 2024 to close out January

Wed, 31 Jan 2024 23:33:58 +0000

US equity markets logged their worst single session performance of 2024 to close out January as investors digested the latest monetary policy pronouncements from the Federal Reserve and served up a lacklustre response to some solid earnings from some technology mega-caps - Dow lost -317-points or -0.82%, the 30-stock index’s biggest one-day point decline since December. Microsoft Corp (down -2.69%). Cisco Systems Inc (-3.94%), International Business Machines (IBM) Corp (-2.24%), Nike Inc (-2.54%) and Salesforce Inc (-2.31%) also declined over >2%.

Wednesday, 31 January 2024: US equity markets mixed after consumer-confidence numbers and job-opening data pointed to a sturdy U.S. economy

Tue, 30 Jan 2024 23:42:31 +0000

US equity markets mixed after consumer-confidence numbers and job-opening data pointed to a sturdy U.S. economy, and with investors eyeing some major earnings releases after the closing bell and the Federal Reserve’s latest interest rate decision tomorrow morning AEST - Dow rose +134-points or +0.35% to 38,467.31, sealing its seventh record closing high of 2024. Walmart Inc rose ~1% in extended trading (after rising +0.33% in the regular session) after the retail giant announced a three-for-one stock split, with the stock sitting just below all-time highs.

Tuesday, 30 January 2024: US equity markets advanced, extending gains in the afternoon session after a Treasury Department funding update

Mon, 29 Jan 2024 22:50:48 +0000

US equity markets advanced, extending gains in the afternoon session after a Treasury Department funding update underpinned a rally on bond markets that spread to stocks - Dow rose +224-points or +0.59% to 38,333.45, logging its sixth record close of 2024.

Monday, 29 January 2024: US equity markets logged modest declines on Friday to close out the week

Sun, 28 Jan 2024 23:23:01 +0000

US equity markets logged modest declines on Friday (26 January) to close out the opening week of the fourth quarter earnings season with solid gains, with both the S&P 500 and Nasdaq snapping six-day winning streaks as investors weighed the latest inflation data and quarterly earnings releases - Dow added +60-points or +0.16% to a fresh all-time closing high of 38,109.43.

Thursday, 25 January 2024: US equity markets settled with modest gains as investors digested another busy earnings calendar

Wed, 24 Jan 2024 22:58:28 +0000

US equity markets settled with modest gains as investors digested another busy earnings calendar and eyed tonight’s AEST fourth quarter gross domestic product (GDP) - Dow eased -99-points or -0.26%, having climbed as much as +159-points earlier in the session. Verizon Communications (down -2.25%) and 3M Co (-2.98%) were key drags a day after both companies posted quarterly results.

Wednesday, 24 January 2024: US equity markets mixed as investors digested a busy corporate earnings calendar

Tue, 23 Jan 2024 22:50:37 +0000

US equity markets mixed as investors digested a busy corporate earnings calendar that included quarterly results from a number of major companies - Dow eased -96-points or -0.25% to 37,905.45, a day after climbing above >38,000 for the first time.

Tuesday, 23 January 2024: US equity markets extended their recent rally, with both the Dow and S&P500 recording fresh record highs

Mon, 22 Jan 2024 23:00:21 +0000

US equity markets extended their recent rally, with both the Dow and S&P500 recording fresh record highs - Dow added +138-points or +0.36% to 38,001.81, settling above >38K for the first time. Including the overnight session, it has been 25 trading days since the last 1,000-point milestone for the Dow, which is the shortest time between milestones since the period between 33,000 and 34,000, according to Dow Jones Market Data.

Monday, 22 January 2024: US equity markets rallied, buoyed by fresh gains for heavyweight technology stocks

Sun, 21 Jan 2024 22:40:36 +0000

US equity markets rallied, buoyed by fresh gains for heavyweight technology stocks and a strong University of Michigan Consumer Sentiment survey - Dow climbed +395-points or +1.05% to 37, 863.80, logging its second record closing high of 2024.

Friday, 19 January 2024: US equity markets advanced, with the benchmark indices booking their best session in almost two weeks

Thu, 18 Jan 2024 23:01:15 +0000

US equity markets advanced, with the benchmark indices booking their best session in almost two weeks despite a fresh rise in Treasury yields - Dow gained +202-points or +0.54%, recovering from an earlier slide of over >140-points. Boeing Co rallied +4.21% top be the leading performer in the stock index overnight. India’s newest airline, Akasa Air, has ordered 150 Boeing 737 MAX planes.

Thursday, 18 January 2024: US equity markets retreated as traders continued to wind back hopes for interest rate cuts

Wed, 17 Jan 2024 22:38:30 +0000

US equity markets retreated as traders continued to wind back hopes for interest rate cuts, echoing markets in Europe following comments from various central bankers - Dow eased -94-points or -0.25%, with Walgreens Boots Alliance Inc (down -3.06%) and Caterpillar Inc (-2.99%) both falling ~3% to be the worst performers in the 30-stock index.

Wednesday, 17 January 2024: US equity markets resumed trading following the holiday long weekend on the back foot

Tue, 16 Jan 2024 22:45:53 +0000

US equity markets resumed trading following the holiday (Martin Luther King Day) long weekend on the back foot, with investors weighing the latest fourth quarter corporate earnings releases and comments from Federal Reserve official Christopher Waller - Dow dropped -232-points or -0.62%. Boeing Co (down -7.89%) was the worst performer in the 30-stock index.

Tuesday, 16 January 2024: Benchmark oil prices weaker, with traders watching out for supply disruption risk in the Middle East

Mon, 15 Jan 2024 22:42:52 +0000

Benchmark oil prices weaker, with traders watching out for supply disruption risk in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea - WTI lost -US$0.32c or -04% to US$72.36/barrel. Brent fell -US$0.34c or -0.4% to US$77.98/barrel.

European bourses the pan-European Stoxx 600 index (which includes UK equities) -0.54%. Germany's DAX lost -0.49%. France's CAC shed -0.72%. Atos tumbled -% after the French information technology group said free cash flow would come in around €100M below target, but reaffirmed it would meet its other financial benchmarks amid growing concerns about its liquidity.

Friday, 12 January 2024: US equity markets settled little changed following the latest inflation figures

Thu, 11 Jan 2024 23:06:38 +0000

US equity markets settled little changed following the latest inflation figures - Dow edged +15-points or +0.04% higher, recovering from an earlier -271-point fall. Boeing Co fell -2.27% after the Federal Aviation Administration said it formally launched an investigation into whether the aerospace giant failed to complete safety tests on the certain products.

Thursday, 11 January 2024: US equity markets climbed ahead of key December inflation figures tonight AEST

Wed, 10 Jan 2024 22:44:28 +0000

US equity markets climbed ahead of key December inflation figures tonight AEST - Dow gained +171-points or +0.45%, with Home Depot Inc (up +3.06%) the leading performer in the 30-stock index. Analysts at Wedbush upgraded their recommendation on the home improvement retail giant to ‘Outperform’ from ‘Neutral’, with the firm saying that weak home-improvement retail demand from last year was “bottoming or reversing, which should translate to stronger demand in 2024.

Wednesday, 10 January 2024: US equity markets settled with modest declines as investors continue to eye inflation figures

Tue, 09 Jan 2024 22:58:58 +0000

US equity markets settled with modest declines as investors continue to eye inflation figures and fourth quarter earnings releases later in the week - Dow fell -158-points or -0.42%, snapping a three session winning streak. Boeing Co continued to slide, falling -1.41% after dropping -8.03% after the Federal Aviation Administration (FAA) on Saturday (6 January) ordered the immediate grounding of 737-9 Max jetliners after an Alaska Airlines plane suffered a blowout that left a gaping hole in the side of the fuselage. Alaska Air Group Inc (-1.32%) and United Airlines Holdings Inc (up +1.44%) said they had discovered loose parts on 737 MAX 9 jets that they inspected.

Tuesday, 9 January 2024: US equity markets rallied, with gains accelerating into the close following a strong session

Mon, 08 Jan 2024 22:49:23 +0000

US equity markets rallied, with gains accelerating into the close following a strong session for the technology sector - Dow gained +217-points or +0.58%, recovering from an earlier decline of over >200-points. Boeing Co dropped -8.03% after the Federal Aviation Administration (FAA) on Saturday (6 January) ordered the immediate grounding of 737-9 Max jetliners after an Alaska Airlines plane suffered a blowout that left a gaping hole in the side of the fuselage.

Monday, 8 January 2024: US equity markets ended a choppy Friday (5 January) session with modest gains

Sun, 07 Jan 2024 23:05:24 +0000

US equity markets ended a choppy Friday (5 January) session with modest gains, with the S&P500 and Nasdaq posting their first positive session of 2024 as investors digested the latest jobs data and eyed the beginning of the fourth quarter earnings season - Dow added +26-points or +0.07%. Walgreens Boots Alliance rebounded +3.09% a day after the release of its first quarter result that saw the after the pharmacy chain nearly halve its quarterly dividend and provide a downbeat outlook on consumer spending.

Friday, 22 December 2023: US equity markets advanced, extending their rally in the final hour of the session

Thu, 21 Dec 2023 22:39:01 +0000

US equity markets advanced, extending their rally in the final hour of the session ahead of the release of key inflation figures tonight AEST - Dow gained +322-points or +0.87%. Intel Corp gained +2.88%, leaving the chipmaker on track to record its best quarterly performance since the third quarter of 2003, according to Dow Jones Market Data.

Thursday, 21 December 2023: US equity markets retreated despite fresh falls for bond yields as the so-called ‘Santa rally’ paused

Wed, 20 Dec 2023 23:06:23 +0000

US equity markets retreated despite fresh falls for bond yields as the so-called ‘Santa rally’ paused - Dow fell -476-points or -1.27%, snapping a nine session winning streak that saw the 30-stock index book five consecutive record closing highs. Walt Disney Co (down -2.83%) and American Express Co (-2.75%) both fell over >2.5% to be worst performing Dow components overnight.

Wednesday, 20 December 2023: US equity markets advanced as investors continued to bank of interest rate cuts in the new year

Tue, 19 Dec 2023 22:51:02 +0000

US equity markets advanced as investors continued to bank of interest rate cuts in the new year - Dow climbed +252-points or +0.68% to 37,557.92, rallying for a ninth straight session – the longest such streak since July – and logging a fifth straight record close. Walgreens Boots Alliance Inc (up +4.2%) was the leading performer in the 30-stock index overnight, while Caterpillar Inc (+2.54%) and Intel Corp (+2.12%) gained over >2%.

Tuesday, 19 December 2023: US equity markets advanced to kick of the final full week of trading for 2023

Mon, 18 Dec 2023 22:48:00 +0000

US equity markets advanced to kick of the final full week of trading for 2023 - Dow inched +0.86 of a point higher to a fresh record closing high of 37,306.02, logging its eighth consecutive positive session.

Monday, 18 December 2023: US equity markets settled with modest gains

Sun, 17 Dec 2023 22:41:40 +0000

US equity markets settled with modest gains, with comments from New York Fed President John Williams tempering hopes of imminent interest rate cuts - Dow added +57-points or +0.15% to log its third consecutive record closing high of 37,305.16. Boeing Co gained +3.13% and logged its seventh consecutive weekly gain (up +8%) – the aircraft manufacturer’s longest weekly winning streak since late 2005.

Friday, 15 December 2023: The three main US equity benchmarks advanced for a sixth consecutive session as Treasury yields continued to slide

Thu, 14 Dec 2023 22:52:46 +0000

The three main US equity benchmarks advanced for a sixth consecutive session as Treasury yields continued to slide - Dow climbed +158-points or +0.43% to 37,248.35, scoring back-to-back record closing highs and hitting a record intra-day peak of 37,287.50. Caterpillar Inc (up +6.42%) and Goldman Sachs Group Inc (+5.72%) were the leading performers in the 30-stock index.

Thursday, 14 December 2023: All three benchmark US equity indices hit fresh 52-week highs

Wed, 13 Dec 2023 22:48:10 +0000

All three benchmark US equity indices hit fresh 52-week highs as investors processed the latest dovish monetary pronouncements from Federal Reserve policymakers - Dow rallied +512-points or +1.40% to 37,090.24, logging its first record closing high since January 2022 and eclipsing >37,000 for the first time. It has been 531 trading days since the Dow’s last 1,000-point milestone, the longest time between milestones since 14,000 to 15,000. Walgreens Boots Alliance Inc (up +7.41%) was the leading performer in the 30-stock index overnight, while Amgen (up +2.78%), Dow Inc (+2.97%), Goldman Sachs Group Inc (+2.87%), Home Depot Inc (+3.06%), and Merck & Co (+2.68%) all gained over >2.5%.

Wednesday, 13 December 2023: US equity markets advanced, with all three benchmark indices hitting fresh intra-day 52-week highs

Tue, 12 Dec 2023 23:05:37 +0000

US equity markets advanced, with all three benchmark indices hitting fresh intra-day 52-week highs despite data highlighting stubborn inflationary pressures and with investors eyeing the latest interest rate decision and monetary policy pronouncements from the Federal Reserve tomorrow morning AEST (14 December) - Dow gained +173-points or +0.48% to 36,577.94, with the 30-stock index touching its highest intra-day level (36,596.11) since January 2022 and logging its third highest close in history. The Dow is closing in on its record high of 36,799.65 set on 4 January, 2022.

Tuesday, 12 December 2023: The benchmark US equity indices climbed to settle at fresh 52-week highs

Mon, 11 Dec 2023 23:02:25 +0000

The benchmark US equity indices climbed to settle at fresh 52-week highs overnight ahead of tonight’s AEST inflation figures and a host of global central bank monetary policy meetings later in the week - Dow rallied +157-points or +0.43% to 36,404.93, the 30-stock index’s highest close since 5 January, 2022. Chipmaker Intel Corp (up +4.31%) was the leading Dow component overnight. Nike Inc rallied +2.33% after Citi upgraded the athletic apparel brand to ‘Buy’ from Neutral and increased their price target to US$135 from US$110, citing optimism around Nike’s 2024 product lineup for the Paris Olympics and the company’s position in China, along with the positive impact of a decline in freight costs, lower promotions, and direct to consumer strength on gross margins. Citi’s upgrade comes 10 days before the company reports second-quarter financial results.

Monday, 11 December 2023: US equity markets closed out the first full trading week of December on a positive footing

Sun, 10 Dec 2023 22:51:49 +0000

US equity markets closed out the first full trading week of December on a positive footing as investors assessed the latest jobs data - Dow rallied +130-points or +0.36% to 36,247.87, the 30-stock index’s highest close since 12 January, 2022. Boeing Co (up +3.11% to US$244.70) was the leading performer, hitting a fresh closing high for the year.

Friday, 8 December 2023: US equity markets advanced, with the both the Dow and S&P 500 snapping a three session losing streak

Thu, 07 Dec 2023 23:02:50 +0000

US equity markets advanced, with the both the Dow and S&P 500 snapping a three session losing streak ahead of tonight’s AEST latest non-farm payrolls report - Dow rose +63-points or +0.17% to 36,117.38, lifting the 30-stock index to within 2% of its record closing high of 36,799.65 set on 4 January, 2022.

Thursday, 7 December 2023: US equity markets retreated, the Dow and S&P 500 logging their first three-session losing streak since October

Wed, 06 Dec 2023 23:12:01 +0000

US equity markets retreated, with the Dow and S&P 500 logging their first three-session losing streak since October - Dow slipped -70-points or -0.19%, unwinding an earlier rally of as much as +170-points. American Express Co (down -1.86%) and Intel Corp (-1.55%) both fell over >1.5% to be the worst index performers.

Wednesday, 6 December 2023: US equity markets settled with modest declines

Tue, 05 Dec 2023 22:57:00 +0000

US equity markets settled with modest declines although mega-capitalisation technology stocks resumed their outperformance amid fresh falls for Treasury yields - Dow fell -80-points or -0.22%, logging back-to-back losses for the first time in nearly a month American Express Co fell -1.48% after Chief Executive Officer (CEO) Stephen Squeri addressed the Goldman Sachs financial services conference in New York and said October trends had softened. “If you just go back in the second quarter, we had about 8% overall billings growth. Third quarter, it came down to 7%. And in October, everybody got a little bit skittish, and I think other people have said the same thing that growth wasn’t as strong in October. And we didn’t see growth in October like it was in the third quarter.”

Tuesday, 5 December 2023: US equity markets retreated amid rising Treasury yields

Mon, 04 Dec 2023 22:52:54 +0000

US equity markets retreated amid rising Treasury yields, although a ‘catch-up’ rally for small capitalisation stocks extended into a fourth day - Dow slipped -41-points or -0.11%, snapping a four session winning streak that had lifted the 30-stock index above >36,000 for the first time since 13 January, 2022.

Monday, 4 December 2023: US equity markets opened December on a positive footing

Sun, 03 Dec 2023 22:50:11 +0000

US equity markets opened December on a positive footing on Friday (1 December), with investors shrugging off the latest tough talk on inflation by Federal Reserve Chair Jerome Powell - Dow rallied +295-points or +0.82% to 36,245.50, climbing above >36,000 for the first time since 13 January, 2022 and settling ~1.5% below its record close of 36,799.65 set on 4 January, 2022. Salesforce Inc (up +3.22%) extended its gains into a sixth straight session, and climbing over >12.5% since posting a strong fiscal third quarter result after the close of last Wednesday’s (29 November) session).

Friday, 1 December 2023: US equity markets rallied to cap a strong November performance as investors pondered the latest inflation figures

Thu, 30 Nov 2023 22:59:03 +0000

US equity markets rallied to cap a strong November performance as investors pondered the latest inflation figures - Dow rallied +520-points or +1.47% to 35,950.89, logging a fresh 2023 high and highest close since 13 January, 2022. Salesforce Inc jumped +9.36% following the company’s better-than-expected fiscal third quarter result after the close of the previous session. Walt Disney Co (up +0.21%) declared its first dividend since early 2020 as the company faces fresh activist pressure from investor Nelson Peltz, announcing a cash dividend of US$0.30c per share.

Thursday, 30 November 2023: US equity markets settled with modest declines, running out of steam in the final half hour of trading

Wed, 29 Nov 2023 23:11:31 +0000

US equity markets settled with modest declines, running out of steam in the final half hour of trading as investors eye tonight’s AEST inflation data - Dow inched +13-points or +0.04% higher and is on course to record its best monthly gain since October 2022, up +7.19% so far in November.

Wednesday, 29 November 2023: US equity markets edged higher and remained on track to post solid monthly gains...

Tue, 28 Nov 2023 23:10:19 +0000

US equity markets edged higher and remained on track to post solid monthly gains as bond yields retreated, with investors eyeing Thursday night’s AEST (31 November) inflation data - Dow added +84-points or +0.24%. Boeing Co gained +1.4%, buoyed by an upgrade to ‘Outperform’ from ‘Sector Perform’ by RBC Capital (who also lifted their target price on the airplane manufacturer to US$275 from US$200). “After another year of supply-chain disruptions and lowered expectations, we believe the set-up into 2024 is favourable,” the analysts said in a research note.

Tuesday, 28 November 2023: US equity markets settled with modest declines

Mon, 27 Nov 2023 23:07:58 +0000

US equity markets settled with modest declines following a muted session absent any major leads to open the week - Dow fell -57-points or -0.16%.
The broader S&P500 eased -0.20%. Health Care (down -0.64%) and Industrials (-0.58%) fell over >0.50% to lead seven of the eleven primary sectors lower. Real Estate (up +0.38%) sat atop the primary sector leaderboard.
The Nasdaq dipped -0.07%.
The small capitalisation Russell 2000 lost -0.35%.

Monday, 27 November 2023:US equity markets settled little changed following an abbreviated, low volume post-Thanksgiving Holiday session

Sun, 26 Nov 2023 22:56:16 +0000

US equity markets settled little changed following an abbreviated, low volume post-Thanksgiving Holiday session on Friday (24 November), although both the Dow and S&P 500 logged their highest closes since 1 August - Dow rose +117-points or +0.33% to 35,390.15, with 27 of the 30 index components advancing.

Friday, 24 November 2023: European bourses recorded another round of modest gains, with the Oil and Gas sector advancing

Thu, 23 Nov 2023 22:55:23 +0000

European bourses recorded another round of modest gains, with the Oil and Gas sector (up +1.4%) advancing despite fresh falls on crude markets and lifting the pan-European Stoxx 600 index (which includes UK equities) +0.30%. The Travel and Leisure sector fell -1.0%. Germany's DAX edged +0.23% higher. France's CAC rose +0.24%.

Thursday, 23 November 2023: US equity markets advanced as investors digested durable goods orders and consumer sentiment data

Wed, 22 Nov 2023 23:23:46 +0000

US equity markets advanced as investors digested durable goods orders and consumer sentiment data ahead of the Thanksgiving holiday - Dow rallied +185-points or +0.53% to 35,273.03, the highest level since 14 August.

Wednesday, 22 November 2023: US equity markets eased as investors digested the latest monetary policy meeting minutes from the FED

Tue, 21 Nov 2023 23:23:10 +0000

US equity markets eased as investors digested the latest monetary policy meeting minutes from the Federal Reserve and eyed the release of mega-capitalisation chipmaker Nvidia Corp’s third quarter result after the close - Dow eased -63-points or -0.18%, with Intel Corp (down -2.46%) snapping a five-session winning streak that saw the stock rally over >16%.

Tuesday, 21 November 2023: US equity markets advanced, with the S&P 500 and Nasdaq extending gains into a fifth consecutive session

Mon, 20 Nov 2023 22:46:18 +0000

US equity markets advanced, with the S&P 500 and Nasdaq extending gains into a fifth consecutive session - Dow rose +204-points or +0.58%, with Boeing Co (up +4.65% to US$217.71) the leading performer in the 30-stock index, buoyed by an upgrade at Deutsche Bank (who raised their target price to US$270 from US$204). Microsoft Corp climbed +2.05% to a record closing high of US$377.44 after Chief Executive Officer (CEO) Satya Nadella said former OpenAI CEO Sam Altman will be joining the technology giant to lead a new artificial intelligence (AI) research team. The news of Mr Altman’s hiring at Microsoft came after fraught efforts to restore him at OpenAI faltered late Sunday (19 November), with the ChatGPT developer’s board refusing to agree to the proposed terms of his reinstatement. Microsoft has a 49% stake in OpenAI but couldn’t overcome resistance to Altman’s return from the board that fired him last week.

Monday, 20 November 2023: US equity markets edged higher on Friday (17 November) to record a third straight week of gains

Sun, 19 Nov 2023 23:05:04 +0000

US equity markets edged higher on Friday (17 November) to record a third straight week of gains - Dow settled flat. The broader S&P500 edged +0.13% higher, with Energy (up 2.12%) returning to the top of the primary sector leaderboard on Friday (17 November) and leading six of the eleven primary sectors higher. Citigroup Inc is poised to announce the first big round of lay-offs tonight AEST in a sweeping restructuring that will eventually result in thousands of positions being eliminated, according to various media reports. The Gap Inc soared +30.58% after the retailer posted a better-than-expected third quarter result after the close of the previous session.

Friday, 17 November 2023: US equity markets mixed as investors digested the latest round of earnings releases from various retailers

Thu, 16 Nov 2023 23:05:35 +0000

US equity markets mixed as investors digested the latest round of earnings releases from various retailers - Dow eased -46-points or -0.13%, snapping a four session winning streak. Cisco Systems Inc dropped -9.83% after the company slashed its full year revenue forecast (to US$53.8B to US$55B, down from a previous forecast of US$57B to US$58B, and implying a revenue decline of almost 5%) after the close of the previous session. Intel Corp (up +6.75%) was the best performing Dow component.

Thursday, 16 November 2023: US equity markets logged modest gains, building on the strong rally of the previous session

Wed, 15 Nov 2023 23:09:36 +0000

US equity markets logged modest gains, building on the strong rally of the previous session as investors weighed another round of subdued inflation data - Dow rose +164-points or +0.47% to 34,991.24, extending gains into a fourth straight session and logging its highest close since 14 August.

Wednesday, 15 November 2023: A cooler-than-expected inflation report for October fueled strong gains on US equity markets

Tue, 14 Nov 2023 22:48:15 +0000

A cooler-than-expected inflation report for October fuelled strong gains on US equity markets, and saw Treasury yields drop sharply - Dow gained +490-points or +1.43%.

Tuesday, 14 November 2023: US equity markets mixed ahead of the latest consumer price index (CPI) report tonight AEST

Mon, 13 Nov 2023 22:56:55 +0000

US equity markets mixed ahead of the latest consumer price index (CPI) report tonight AEST - Dow added +55-points or +0.16% 34,337.87, its highest close since 20 September. Boeing Co gained +4.01% following a Bloomberg report that the Chinese government was considering lifting a commercial freeze for the plane maker’s 737 MAX jet later this week when President Joe Biden and China’s President Xi Jinping meet during the APEC Summit in San Francisco. Also boosting the stock was an announcement from Emirates at the Dubai Airshow that it would buy US$52B of Boeing aircraft, while SunExpress, a joint venture of Turkish Airlines and Lufthansa, announced it would buy 90 737 MAX jets.

Monday, 13 November 2023: US equity markets logged strong gains on Friday, boosted by heavyweight technology and growth stocks

Sun, 12 Nov 2023 23:02:11 +0000

US equity markets logged strong gains on Friday (10 November), boosted by heavyweight technology and growth stocks as Treasury yields calmed, while investors looked ahead to a this week's reports on inflation - Dow rallied +391-points or +1.15% to 34,283.10, marking the 30-stock index’s highest close since 20 September. Intel Corp (up +2.80%) was the leading Dow component on Friday (10 November).

Friday, 10 November 2023: US equity markets retreated, sliding in the closing hour of the session following a poor Treasury auction

Thu, 09 Nov 2023 23:02:03 +0000

US equity markets retreated, sliding in the closing hour of the session following a poor Treasury auction and after Federal Reserve Chaine Jerome Powell indicated more work may need to be done to bring down inflation - Dow fell -220-points or -0.65%, with Amgen Inc (down -3.37%), Home Depot Inc (-2.72%) and Walgreens Boots Alliance (-2.62%) all declining over >2.5%. Bloomberg reported that Walgreens is to engage in another round of layoffs representing ~5% of the company’s total corporate workforce. However, Walt Disney Co jumped +6.91% after posting a stronger-than-expected third quarter result after the close of the previous session that included better-than-expected subscriber growth for its Disney+ streaming service.

Thursday, 9 November 2023: US equity markets climbed, extending the S&P 500 and Nasdaq’s longest winning streaks in two years

Wed, 08 Nov 2023 22:56:37 +0000

US equity markets climbed, extending the S&P 500 and Nasdaq’s longest winning streaks in two years - Dow slipped -40-points or -0.12%, snapping a seven-session winning streak (its longest since 26 July).

Wednesday, 8 November 2023: US equity markets advanced, logging their longest winning streak in two years

Tue, 07 Nov 2023 23:44:43 +0000

US equity markets advanced, logging their longest winning streak in two years as longer dated Treasury yields retreated for a fifth time in the past six sessions - Dow added +57-points or +0.17%, extending gains into a seventh consecutive session to mark its longest winning streak since 26 July (when the 30-stock index rose for 13 straight days). Intel Corp (up +2.16%) and Salesforce Inc (+2.13%) both climbed over >2%.

Tuesday, 7 November 2023: A late rally lifted the benchmark US equity indices and saw them notch up some of their longest winning streaks

Mon, 06 Nov 2023 23:02:02 +0000

A late rally lifted the benchmark US equity indices and saw them notch up some of their longest winning streaks this year - Dow +35-points or +0.10%, with Apple Inc (up +1.46%) the leading performer in the 30-stock index. Intel Corp rose over >% in extended trading (after slipping -0.17% in the regular session) following a report the chip maker is the front-runner to land billions of dollars in funding for secure facilities producing microchips for U.S. military and intelligence applications. The as-yet unannounced facilities are intended to reduce the U.S. military’s reliance on chips imported from East Asia, particularly Taiwan, which some say is vulnerable to Chinese invasion, according to a Wall Street Journal report, citing people familiar with the matter.

Monday, 6 November 2023: US equity markets rallied on Friday (3 November) to cap their best weekly performance of the year

Sun, 05 Nov 2023 23:01:13 +0000

US equity markets rallied on Friday (3 November) to cap their best weekly performance of the year after a softer-than-expected October jobs report pushed Treasury yields further lower - Dow climbed +222-points or +0.66%, with Goldman Sachs Group Inc (up +4.42%) the leading performer in the 30-stock index.

Friday, 3 November 2023: US equity markets rallied and bond yields fell a day after the Federal Reserve’s latest monetary policy meeting

Thu, 02 Nov 2023 23:11:01 +0000

US equity markets rallied and bond yields fell a day after the Federal Reserve’s latest monetary policy meeting - Dow gained +565-points or +1.70%, with American Express Co (up +3.0%), Caterpillar Inc (+3.14%), Chevron Corp (+3.32%), and Nike Inc (+4.16%) all rising 3%+.

Thursday, 2 November 2023: US equity markets advanced and Treasury yields retreated

Wed, 01 Nov 2023 23:18:43 +0000

US equity markets advanced and Treasury yields retreated as investors digested the latest monetary policy pronouncements from the Federal Reserve along with the latest corporate earnings releases - Dow rose +222-points or +0.67% to record its best three day advance (up +2.63%) since April.

Wednesday, 1 November 2023: US equity markets advanced ahead of the latest monetary policy pronouncements from the Federal Reserve

Tue, 31 Oct 2023 23:07:58 +0000

US equity markets advanced ahead of the latest monetary policy pronouncements from the Federal Reserve tomorrow morning AEST, still logged a third straight month of declines - Dow rose +124-points or +0.38%, with Boeing Co (up +2.45%) and Intel Corp (+2.27) both gaining over >2%.

Tuesday, 31 October 2023: US equity markets rallied, with the Dow and S&P 500 snapping three session losing streaks

Mon, 30 Oct 2023 23:03:07 +0000

US equity markets rallied, with the Dow and S&P 500 snapping three session losing streaks - Dow rallied +511-points or +1.58%, logging its best single session advance since 2 June. Nike Inc (up +3.9%), Goldman Sachs Group Inc (+3.77%), Verizon Communications (+3.53%) and Travelers Companies Inc (+3.01%) all rallied over >3%.

Monday, 30 October 2023: US equity markets retreated, with the S&P 500 index joining the Nasdaq in official correctio

Sun, 29 Oct 2023 23:03:41 +0000

US equity markets retreated on Friday (27 October), with the S&P 500 index joining the Nasdaq in official correction territory - Dow dropped -367-points or -1.12% to 32,417.59, logging its lowest settlement since 28 March.

Friday, 27 October 2023: US equity markets recorded a second straight session of sharp declines

Thu, 26 Oct 2023 23:01:11 +0000

US equity markets recorded a second straight session of sharp declines, with technology majors again leading the downside - Dow fell -252points or -0.76%, with Microsoft Corp (down -3.75%) and Nike Inc (-3.40%) both down over >3%.

Thursday, 26 October 2023: US equity markets fell sharply as investors digested the quarterly earnings

Wed, 25 Oct 2023 23:04:49 +0000

US equity markets fell sharply as investors digested the quarterly earnings from mega-capitalisation technology stocks and as bond yields resumed their march higher - Dow fell -105-points or -0.32%, and has dropped for five of the past six sessions.

Wednesday, 25 October 2023: US equity markets rebounded as investors digested a flood of corporate earnings releases

Tue, 24 Oct 2023 23:40:48 +0000

US equity markets rebounded as investors digested a flood of corporate earnings releases from Dow components and technology heavyweights - Dow gained +205-points or +0.62%, snapping a four-day losing streak.

Tuesday, 24 October 2023: US equity markets settled mostly lower, with the Dow and S&P500 recording their lowest closing levels since 31 May

Mon, 23 Oct 2023 23:02:34 +0000

US equity markets settled mostly lower, with the Dow and S&P500 recording their lowest closing levels since 31 May - Dow fell -191-points or -0.58%, settling lower for a fourth straight session. However, Walgreens Boots Alliance (WBA) Inc rallied +3.29% to US$21.96 after JPMorgan turned bullish on the healthcare-services and pharmacy chain, citing a “new era” for the company under Chief Executive Officer (CEO) Tim Wentworth. WBA hit a 25-year intra-session low of US$20.48 last Friday (20 October).

Monday, 23 October 2023: US equity markets retreated on Friday as Middle East tensions steered the benchmark indices

Mon, 23 Oct 2023 02:28:52 +0000

US equity markets retreated on Friday (20 October) as Middle East tensions and elevated US bond yields steered the benchmark indices to their largest weekly percentage declines since the week ending 22 September - Dow fell -287-points or -0.86%, logging a third straight session decline of more than >250-points and dipping into negative territory for the year. Intel Corp (down -2.10%) and Salesforce.com Inc (-2.20%) both fell over >2%. However, Merck & Co Inc rallied +2.23% after it signed a US$5.5B deal with Daiichi Sankyo for the rights to jointly develop and commercialise three of the Japanese company's candidate cancer drugs.

Friday, 20 October 2023: US equity markets retreated and long-dated Treasury yields continued to climb

Thu, 19 Oct 2023 23:23:06 +0000

Thursday, 19 October 2023: US equity markets retreated as long bond yields continued to march higher

Thu, 19 Oct 2023 00:14:50 +0000

US equity markets retreated as long bond yields continued to march higher and investors continued to cast a wary eye on the Middle East - Dow declined -333-points or -0.98%, snapping a three session winning streak. The Dow Jones Transportation Average dropped -3.44%, logging its worst single session decline since 26 April.

Wednesday, 18 October 2023: US equity markets settled little changed after a subdued session

Tue, 17 Oct 2023 23:04:36 +0000

US equity markets settled little changed after a subdued session as investors digested stronger-than-expected retail sales data that fuelled concerns over tighter monetary policy - Dow edged +13-points higher . According to reports earlier this morning AEST, Chevron Corp (up +1.32%) has ended a dispute on pay and working conditions with labour unions at its liquefied natural gas (LNG) facilities in Australia. The agreement by workers to accept the terms effectively resolves a dispute that triggered strikes last month at Chevron’s Gorgon and Wheatstone facilities, which accounted for ~7% of global LNG supply last year.

Tuesday, 17 October 2023: US equity markets advanced, retracing sharp moves at the end of last week

Mon, 16 Oct 2023 23:10:40 +0000

US equity markets advanced, retracing sharp moves at the end of last week as investors looked ahead to a flurry of economic data and US corporate earnings - Dow rose +314-points or +0.93%, market the 30-stock indices sixth advance in the past seven sessions and best single session gain since September. Nike Inc (up +2.13%) and Travelers Companies Inc (+2.09%) both climbed over >2% to be the leading Dow components overnight.

Monday, 16 October 2023: US equity markets weaker on Friday (13 October) as investors digested consumer sentiment data

Sun, 15 Oct 2023 23:12:09 +0000

US equity markets weaker on Friday (13 October) as investors digested consumer sentiment data and kept a wary eye on the unfolding conflict in the Middle East – Dow added +39-points or +0.12% despite Boeing Co (down -3.34%) and Walgreens Boots Alliance Inc (-3.89%) dropping over >3%. UnitedHealth Group Inc gained +2.64% after the healthcare-services and insurance giant posted better-than-expected third quarter adjusted EPS (US$6.56 versus consensus US$6.33) and revenue (US$92.361B, up from US$80.894B a year earlier and versus consensus US$91.414B), and again raised its full year adjusted EPS guidance (to US$24.85-to-US$25.00 versus current consensus US$24.83). On a call with analysts, UnitedHealth faced several questions about coverage of popular diabetes and weight-loss drugs such as Ozempic and Wegovy. “We’re struggling, and frankly our clients are struggling, with the list prices which have been demanded on these products in the U.S.,” CEO Andrew Witty said on the call. Regarding whether customers are seeking increased coverage of the drugs, CEO of the company’s UnitedHealthcare unit Brian Thompson said “it’s a mixed bag”, noting that “Some are seeking coverage, albeit dissatisfied with the price point. Some are backing off, given the cost.” Clients see the cost of the drugs as an “open-ended financial risk,” Mr Witty added on the call. “We’re trying to put forward to manufacturers a variety of options, but we need the manufacturers to move. It’s as simple as that.”

Friday, 13 October 2023: US equity markets retreated, and bond prices fell following the latest monthly inflation figures

Thu, 12 Oct 2023 22:57:53 +0000

US equity markets retreated, and bond prices fell following the latest monthly inflation figures from the Bureau of Labor Statistics, and with investors eyeing the beginning of the third quarter earnings season - Dow fell -174-points or -0.51%, with Boeing Co dropping -2.43%.

Thursday, 12 October 2023: US equity markets extended their advance into a fourth straight session

Wed, 11 Oct 2023 22:55:42 +0000

US equity markets extended their advance into a fourth straight session as investors digested the minutes from the Federal Reserve’s September monetary policy meeting and September wholesale price inflation figures - Dow added +66-points or +0.19%, with Amgen Inc jumping +4.55% following an analyst upgrade that cited an expanding earnings multiple and pipeline news flow as catalysts.

Wednesday, 11 October 2023: US equity markets extended gains into a third consecutive session as oil prices and bond yields retreated

Tue, 10 Oct 2023 22:54:57 +0000

US equity markets extended gains into a third consecutive session as oil prices and bond yields retreated, and with investors seemingly not concerned about the Middle East conflict widening - Dow rose +135-points or +0.40%, with Boeing Co (up +2.67%) and Coca-Cola Co (+2.17%) gaining over >2%.

Tuesday, 10 October 2023: US equity markets advanced, recovering from opening losses

Mon, 09 Oct 2023 23:01:24 +0000

US equity markets advanced, recovering from opening losses as investors continued to digest terrorist group Hamas’ barbaric attacks in Israel and the scope for the conflict to broaden - Dow up +197-points or +0.59%, with energy giant Chevron Corp (up +2.77% the leading index performer. Walt Disney Co gained +2.12% after The Wall Street Journal reported, citing sources, that activist investor Nelson Peltz’s Trian Fund Management has lifted its stake in a bid to get several more seats on the company’s board.

Monday, 9 October 2023: US equity markets climbed on Friday (6 October), reversing earlier session declines

Sun, 08 Oct 2023 23:03:15 +0000

US equity markets climbed on Friday (6 October), reversing earlier session declines as investors digested the latest non-farm payrolls data - Dow gained +288-points or +0.87%, recovering from an earlier decline of as much as -272-points but settling of its best levels of the session that saw the 30-stock index up more than >400-points. Caterpillar Inc (up +2.01%), Honeywell International (+2.58%), Microsoft Corp (+2.47%), Salesforce.com Inc (+2.65%) and Walt Disney Co (+2.64%) all gained over >2%.

Friday, 6 October 2023: US equity markets settled little changed ahead of the release of key jobs data tonight AEST

Thu, 05 Oct 2023 22:59:13 +0000

US equity markets settled little changed ahead of the release of key jobs data tonight AEST - Dow dipped -10-points or -0.03%. Coca Cola Co dropped -4.83%, logging its steepest one-day decline since 18 May, 2022 to be the worst Dow component overnight.

Thursday, 5 October 2023: US equity markets advanced as US Treasury yields pulled back from multi-year highs

Wed, 04 Oct 2023 22:54:51 +0000

US equity markets advanced as US Treasury yields pulled back from multi-year highs following weaker-than-expected labour market data - Dow added +127-points or +0.39%, snapping a three session losing streak. Microsoft Corp (up +1.78%) was the leading Dow component overnight.

Wednesday, 4 October 2023: US equity markets fell sharply, with the Dow cementing its sharpest single session decline since March

Tue, 03 Oct 2023 23:20:20 +0000

US equity markets fell sharply, with the Dow cementing its sharpest single session decline since the March banking crisis as the bond market came under renewed selling pressure following the latest stronger-than-expected labour market data - Dow fell -431-points or -1.29% to 33,002.38, marking the 30-stock index’s lowest close since 31 May. Goldman Sachs Group Inc (down -3.89%) and American Express Co (-2.96%) were the worst performing Dow components overnight. The latest fall also pulled the index into negative territory for the year (down -0.44%).

Tuesday, 3 October 2023: The broader S&P500 eked out a +0.01% rise

Mon, 02 Oct 2023 22:45:37 +0000

The broader S&P500 eked out a +0.01% rise, with Communications Services (up +1.47%) and Information Technology (+1.33%) leading a narrow advance that saw just three of the eleven primary sectors settle in positive territory. Utilities (down -4.72%) was the worst performing primary sector overnight, while Energy (-1.91%) and Real Estate (-1.75%) both declined over >1.5%. Tesla Inc added +0.55%, recovering from a loss of as much as 3% despite the electric vehicle (EV) manufacturer reporting third quarter deliveries that were well below already-lowered expectations. Tesla said it produced 430,488 vehicles during the third quarter (up +17.6% year-on-year) and delivered 435,059 vehicles (up 26.5% year-on-year, and versus consensus 461K). Analysts had been lowering their expectations amid concerns over slowing demand in China, and as the lower-priced Model 3 was getting a refresh in some regions.

Monday, 2 October 2023: US equity markets were mostly weaker on Friday (29 September)

Mon, 02 Oct 2023 21:33:51 +0000

US equity markets were mostly weaker on Friday (29 September), with all three benchmark indices booking monthly and quarterly declines as investors the latest inflation figures - Dow fell -159-points or -0.47%, unwinding an earlier rally of as much as +227-points with Travelers Companies Inc falling -2.57%. However, Nike Inc rallied +6.68% after posting stronger than expected fiscal first quarter earnings per share (EPS) after the close of the previous session.

Friday, 29 September 2023: The Dow and S&P500 booked their largest daily percentage gains since 14 September

Thu, 28 Sep 2023 23:38:24 +0000

The Dow and S&P500 booked their largest daily percentage gains since 14 September as Treasury yields and oil prices pulled back ahead of key inflation figures tonight AEST - Dow rose +116-points or +0.35%, with chipmaker Intel Corp (up +1.65%), investment banks Goldman Sachs Group Inc (+1.01%) and JPMorgan Chase & Co (+1.24%) and Caterpillar Inc (+1.29%) among the notable performers.

Thursday, 28 September 2023: US equity markets settled little changed after a volatile session once again headlined by rising oil prices

Wed, 27 Sep 2023 23:36:58 +0000

US equity markets settled little changed after a volatile session once again headlined by rising oil prices and Treasury yields - Dow eased -69-points or -0.20%, having been up as much as +113-points earlier in the session. Caterpillar Inc (up +3.19%) and Chevron Corp (+3.24%) were the leading performers in the 30-stock index, both gaining over >3%.

Wednesday, 27 September 2023: US equity markets retreated amid a fresh rise in longer dated Treasury yields

Tue, 26 Sep 2023 23:38:02 +0000

US equity markets retreated amid a fresh rise in longer dated Treasury yields, and as investors digested the lates home sales and consumer confidence data - Dow fell -388-points or -1.14%, logging its largest one day point and percentage decline since 22 March. The 30 stock index also fell below its 200-day moving average, with the index last breaking that support level on 25 May.

Tuesday, 26 September 2023: The benchmark US equity indices logged their first advance in five sessions

Mon, 25 Sep 2023 23:09:41 +0000

The benchmark US equity indices logged their first advance in five sessions, rebounding from their lowest settlements since early June last Friday (22 September) and shaking off fresh multi-year highs for longer dated Treasury yields - Dow added +-43 points or +0.13%, underpinned by gains for Dow Inc (up +1.67%) and energy majors Chevron Corp (+1.46%) and Honeywell International (+1.10%).

Monday, 25 September 2023: US equity markets logged modest declines, capping a week in which equities were dragged down

Mon, 25 Sep 2023 00:05:18 +0000

US equity markets logged modest declines, capping a week in which equities were dragged down by the effects of rising oil prices and growing expectations that interest rates will stay higher for longer - Dow fell -107-points or -0.31%, with Walgreens Boots Alliance (down -1.54%) and Walt Disney Co (-1.79) both falling over >1.5%.

Friday, 22 September 2023: US equity markets fell sharply, with the S&P 500 and Nasdaq posting their lowest settlements since June

Fri, 22 Sep 2023 00:09:47 +0000

US equity markets fell sharply, with the S&P 500 and Nasdaq posting their lowest settlements since June as Treasury yields continued to climb in the wake of the hawkish pronouncements at the conclusion of Federal Reserve’s latest monetary policy meeting. Losses intensified following news that House Republican leaders sent the chamber into recess overnight, bolstering fears that federal lawmakers won’t pass a bill to avert a government shutdown. Market participants are concerned that a shutdown would hurt fourth-quarter GDP. Dow fell -370-points or -1.08% to 34,070.42, the lowest close for the 30-stock index since 10 July.

Thursday, 21 September 2023: US equity markets retreated as investors digested the latest interest rate decision

Thu, 21 Sep 2023 00:09:55 +0000

US equity markets retreated as investors digested the latest interest rate decision and monetary policy pronouncements from the Federal Reserve that saw short dated Treasury yields hit fresh 17-year highs - Dow eased -77-points or -0.22%. Intel Corp (down -4.54%) was the worst performing Dow component for a second straight session after the company’s new artificial-intelligence (AI) chips unveiled overnight on the opening day of the company’s developer conference were overshadowed by management’s tempered expectations for gross margin improvement. Chief Financial Officer (CFO) David Zinsner told the conference that he thinks “year over year, we’ll see gross margin expansion. It may not be hundreds and hundreds of basis points next year. It may be more modest for the reasons I talked about from a headwind perspective. But we do expect margin expansion next year.” Current consensus expectations are for a 550-basis-point improvement in gross margins for calendar 2024.

Wednesday, 20 September 2023: US equity markets retreated, logging their lowest close September to date

Tue, 19 Sep 2023 23:37:44 +0000

US equity markets retreated, logging their lowest close September to date as Treasury yields climbed ahead of the conclusion of the Federal Reserve’s two-day monetary policy meeting - Dow fell -107-points or -0.31%. Walt Disney Co fell -3.62% after announcing plans to nearly double its investment in its cruise and parks business.

Tuesday, 19 September 2023: US equity markets eked out slight gains in volatile trade as investors eyed the latest advance in crude prices

Mon, 18 Sep 2023 23:58:49 +0000

US equity markets eked out slight gains in volatile trade as investors eyed the latest advance in crude prices and looked ahead to a busy week of central bank meetings including interest-rate decisions from the Federal Reserve, Bank of England and Bank of Japan - Dow eked out a +6-points gain.

Monday, 18 September 2023: US equity markets retreated on Friday (15 September), with technology stocks under pressure

Sun, 17 Sep 2023 23:38:44 +0000

US equity markets retreated on Friday (15 September), with technology stocks under pressure - Dow fell -289-points or -0.83%. Cisco Systems Inc (down -0.59%) announced another round of job cuts, with the networking company announcing that it will lay off 350 employees in Silicon Valley next month. Last year, Cisco announced it would slash ~5% of its workforce, roughly 4,000 jobs, and laid off nearly 700 more Silicon Valley employees in March, according to state filings.

Friday, 15 September 2023: US equity markets rallied as investors digested strong wholesale prices and retail sales

Thu, 14 Sep 2023 23:59:59 +0000

US equity markets rallied as investors digested strong wholesale prices and retail sales data - Dow gained +332-points or +0.96%, booking its largest daily point and percentage gain since 7 August.

The broader S&P500 rose +0.84%, with all of Real Estate (up +1.71%), Utilities (+1.17%), Materials (+1.40%), Energy (+1.26%) and Communication Services (+1.18%) rising over >1% to lead all eleven primary sectors higher. The Nasdaq climbed +0.81%. The small capitalisation Russell 2000 lost -0.49%. Tonight’s AEST expiration is set to be the sixth-largest monthly expiration on record, in addition to being the largest September.

Thursday, 14 September 2023: US equity markets edged higher and Treasury yields declined

Wed, 13 Sep 2023 23:56:00 +0000

US equity markets edged higher and Treasury yields declined as investors digested the latest inflation figures - Dow eased -70-points or -0.20%, The broader S&P500 +0.12%, with Utilities (up +1.21%) and Consumer Discretionary (+0.90%) leading seven of the eleven primary sectors higher. Real Estate (down -1.03%) and Energy (-0.76%) sat at the foot of the primary sector leaderboard overnight. Citigroup Inc. gained +1.66% after the major bank said it would reorganize into a flatter structure, with the heads of its five major business units reporting directly to Chief Executive Jane Fraser. American Airlines Group Inc dropped -5.67% after cutting its third-quarter earnings outlook, citing higher fuel prices and costs associated with a new labour agreement. The company said it now expects adjusted earnings per share of ~US$0.20c to US$0.30c, down from previous guidance of ~US$0.85c to US$0.95c and versus current consensus of US$0.69c. Delta Air Lines Inc fell -2.80% and United Airlines Holdings Inc -3.80%.

Wednesday, 13 September 2023: US equity markets declined and oil prices hit fresh 2023 highs

Tue, 12 Sep 2023 23:49:48 +0000

US equity markets declined and oil prices hit fresh 2023 highs ahead of the release of the latest monthly inflation figures tonight AEST - Dow dipped -18points or -0.05%, The broader S&P500 eased -0.57%, with Information Technology (down -1.75%) and Communication Services (-1.06%) falling over >1% to lead eight of the eleven primary sectors lower. Energy (up +2.31%) was the clear outperformer overnight. Oracle Corp tumbled -13.50% to be the worst performing S&P500 component after the business software giant posted weaker-than-expected second quarter earnings and revenue guidance after the close of the previous session.

Tuesday, 12 September 2023: S&P500 and Nasdaq booking their biggest daily percentage gains since 29 August

Mon, 11 Sep 2023 23:27:14 +0000

US equity markets advanced, with both the S&P500 and Nasdaq booking their biggest daily percentage gains since 29 August ahead of US inflation and retail sales figures later in the week - Dow up +87-points or +0.25%. Walt Disney Company rose +1.15% after CNBC reported that the media and entertainment giant has come to an agreement with cable giant Charter Communications Inc (+3.18%) to restore popular channels such as ESPN to the cable operator’s nearly 15M subscribers following an 11-day long channel blackout.

Monday, 11 September 2023: US equity markets advanced on Friday (8 Sep) but settled off their session highs...

Sun, 10 Sep 2023 23:51:33 +0000

US equity markets advanced on Friday (8 September) but settled off their session highs as investors eyed inflation data later this week - Dow up +76-points or +0.22%, Goldman Sachs Group Inc settled +1.11% higher on the news that the investment banking giant would cut underperformers as soon as October - a regular practice that it had paused in during the pandemic - according to the Financial Times.

Thursday, 31 August 2023: US equity markets logged modest gains

Sun, 10 Sep 2023 23:31:18 +0000

US equity markets logged modest gains, advancing for a fourth consecutive session and further curtailing August’s losses as investors weighed signs of cooling in the labour market and revised data on economic growth in the second quarter - Dow edged +38-points or +0.11% higher, with Apple Inc gaining +1.92% a day after confirming 12 September as the date for its latest product event where the company is expected to debut its latest smartphone line-up.

Friday, 8 September 2023: US equity markets retreated, continuing the sluggish start to September as fresh rises in Treasury yields

Thu, 07 Sep 2023 23:36:55 +0000

US equity markets retreated, continuing the sluggish start to September as fresh rises in Treasury yields weighed on risk assets - Dow fell -199-points or -0.57%, with Apple Inc (down -3.58%), Amgen Inc (-1.97%) and Boeing Co (-2.08%).

Thursday, 7 September 2023: •US equity markets retreated, continuing the sluggish start to September as fresh rises in Treasury yields

Thu, 07 Sep 2023 00:32:55 +0000

Wednesday, 6 September 2023: US equity markets resumed trading following the Labor Day long weekend

Wed, 06 Sep 2023 01:42:37 +0000

US equity markets resumed trading following the Labor Day long weekend, with value stocks under particular pressure as investors digested some disappointing manufacturing orders data - Dow fell -196-points or -0.6%, The broader S&P500 -0.42%, with Materials (down -1.81%), Industrials (-1.69%) and Utilities (-1.54%) all declining over >1.5% to lead eight of the eleven primary sectors lower. Energy (up +0.49%) and Information Technology (+0.39%) sat atop the primary sector leaderboard. The Nasdaq dipped -0.08%. The small capitalisation Russell 2000 lost -2.10% as rising Treasury yields added pressure.

Monday, 4 September 2023: US equity markets closed out a strong week on firmer footing after many felt the latest jobs data affor

Mon, 04 Sep 2023 01:01:16 +0000

Wednesday, 30 August 2023: US equity markets and bonds rallied following data that showed signs of a cooling labour market

Tue, 29 Aug 2023 23:59:10 +0000

US equity markets and bonds rallied following data that showed signs of a cooling labour market that could further ease pressure on the Federal Reserve to raise interest rates - Dow up +293-points or +0.85%. The broader S&P500 rallied +1.45% to log its best day since June, with Communication Services (up +2.46%) and Consumer Discretionary (2.35%) rallying over >2% to lead all eleven primary sectors higher. Tesla Inc jumped +7.69% to a near three week high of US$257.18, logging its largest one-day percentage increase since 21 March. Analysts at Oppenheimer reported that the electric vehicle maker launched a US$300M AI Computing cluster, saying the supercomputer “will employ 10,000 Nvidia H100 GPUs and is more powerful than the world’s third highest-performing supercomputer.”

Tuesday, 29 August 2023: US equity markets advanced to kick off the final trading week of August

Mon, 28 Aug 2023 23:28:05 +0000

US equity markets advanced to kick off the final trading week of August, picking up from where they left off last Friday (25 August) following Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium. A number of analysts felt that the central bank chief had set a high bar for further interest rate hikes, whilst eyeing key inflation and employment data at the back end of the week - Dow gained +213-points or +0.62%. 3M Co gained +5.22% after The Wall Street Journal reported that the multinational conglomerate was nearing an agreement on an ~US$5.5B plan to settle more than 300,000 lawsuits over defective military earplugs.

Monday 28 August 2023: US equity markets advanced after searching for direction earlier in last Friday’s (25 August) session as investors

Sun, 27 Aug 2023 23:51:57 +0000

Friday, 25 August 2023: US equity markets logged their biggest drop in three weeks, with losses accelerating into the close

Thu, 24 Aug 2023 23:58:44 +0000

US equity markets logged their biggest drop in three weeks, with losses accelerating into the close as rising Treasury yields and a stronger U.S. dollar weighed on the benchmark indices - Dow dropped -374-points or -1.08%, Boeing Co fell -4.93% after the company warned of potential delivery delays of its 737 MAX jets.

Thursday, 24 August 2023: US equity markets advanced as investors eyed the release of chipmaker Nvidia Corp’s latest quarterly result

Wed, 23 Aug 2023 23:55:09 +0000

US equity markets advanced as investors eyed the release of chipmaker Nvidia Corp’s latest quarterly result after the close and the beginning of the Jackson Hole Economic Symposium tonight AEST - Dow gained +184-points or +0.54%, Nike Inc (down -2.67%) fell for a tenth consecutive session, its longest slide on record. The broader S&P500 rose +1.10%, snapping a streak of 36 consecutive sessions without a gain of 1% or more in the process - longest such streak since the 42 trading day streak from 26 July, 2021 to 22 September, 2021, according to Dow Jones Market Data. It also marked the index’s best one day gain since 30 June. Information Technology (up +1.92%), Communication Services (+1.90%) and Real Estate (+1.46%) all gained over >1% to lead all primary sectors higher with the exception of Energy (down -0.30%).The Nasdaq rallied +1.59%, marking the technology-centric index’s largest one-day point and percentage gain since 28 July. The small capitalisation Russell 2000 rose +1.04%.

Wednesday, 23 August 2023: The Dow and S&P500 logged modest losses as a fresh ratings agency downgrade weighed

Tue, 22 Aug 2023 23:59:58 +0000

The Dow and S&P500 logged modest losses as a fresh ratings agency downgrade weighed on the financial sector - Dow fell -175-points or -0.51%. Nike Inc fell -1.36% to log its ninth consecutive session decline, with the latest decline coming following a disappointing quarterly update from Dick’s Sporting Goods.

Tuesday, 22 August 2023: US equity markets advanced, led by technology stocks despite longer dated Treasury yields climbing

Mon, 21 Aug 2023 23:10:07 +0000

US equity markets advanced, led by technology stocks despite longer dated Treasury yields climbing to levels not seen in over a decade - Dow eased -37-points or -0.11%, paring an earlier slide of as much as -252-points. Johnson & Johnson (down -2.98%) and Nike Inc (-1.86%) were the worst performing Dow components overnight. The broader S&P500 rose +0.69%, with Information Technology (up +2.26%) leading five of the eleven primary sectors higher. The more defensive Real Estate (down -0.88%) and Consumer Staples (-0.64%) sat at the foot of the primary sector leaderboard overnight. Tesla Inc jumped +7.33% buoyed by an upbeat research note from analysts at Baird that highlighted some positive developments ahead of the electric vehicle maker in the second half of the year, including the launch of the Cybertruck and “a wider-scale adoption of [Full Self Driving, Tesla’s suite of advanced driver assistance systems to navigate city streets], continued growth in the energy business, expanding into new markets, and a possible AI [Artificial Intelligence] Day.” Palo Alto Networks Inc soared +14.84% after the cybersecurity firm’s fiscal fourth quarter result released after the close of last Friday’s (18 August) session topped consensus analysts forecasts, as did forecasts for profit and billings.

Monday, 21 August 2023: US equity markets little changed on Friday (18 August) as gains for more defensive sectors

Sun, 20 Aug 2023 23:56:39 +0000

US equity markets little changed on Friday (18 August) as gains for more defensive sectors and Energy offset fresh weakness among megacap technology names - Dow edged +26-points or +0.07% higher, snapping a three-session losing streak. The broader S&P500 dipped -0.01%, with Communication Services (down -0.98%) leading five of the eleven primary sectors lower. Energy (up +0.94%) sat atop the primary sector leaderboard, with Devon Energy up +1.90%, Marathon Oil +1.49% and Occidental Petroleum +1.44%. The Nasdaq slipped -0.20%, with Alphabet Inc (-1.80%), Amazon.com Inc (-0.57%), Meta Platforms Inc (down -0.65%) and Microsoft Corp (-0.13%) all weaker. The small capitalisation Russell 2000 rose +0.51%.

Friday, 18 August 2023: US equity markets retreated, once again selling off late in the session as longer dated Treasury yields climbed

Thu, 17 Aug 2023 23:54:52 +0000

US equity markets retreated, once again selling off late in the session as longer dated Treasury yields continued to climb - Dow fell -291-points or -0.84% to 34,474.83, closing below its 50-day moving average for the first time since 1 July. The broader S&P500 dropped -0.77%, with Consumer Discretionary (down -1.27%) and Consumer Staples (-1.01%) leading ten of the eleven primary sectors lower overnight. Energy (up +1.11%) was the only primary sector to advance. The Nasdaq shed -1.17%, with Alphabet Inc (up +0.95%) the only member of the so-called ‘Magnificent Seven’ of technology megacaps to advance. Meta Platforms Inc (down -3.13% at US$285.09) joined Apple Inc (-1.46%), Microsoft Corp (-1.10%) and Nvidia Corp (-0.33%) in official correction territory, down at least 10% from its most recent peak (US$325.48 set on 28 July). Tesla Inc (down -2.83%) is in official bear market territory, down more than >20% from its most recent peak. Only Alphabet and Amazon.com Inc (down -0.81%) remain in bull market territory. Meta Platforms still remains the second best performer in the S&P500 year-to-date, up +136.9%. The small capitalisation Russell 2000 lost -1.15%.

Thursday, 17 August 2023

Thu, 17 Aug 2023 00:06:52 +0000

Wednesday, 16 February 2023: US equity markets retreated to five week lows

Tue, 15 Aug 2023 23:40:35 +0000

US equity markets retreated to five week lows and longer term Treasury yields hit their highest levels since October last year as strong retail sales figures stirred concerns that US interest rates could remain higher for longer - Dow fell -361-points or -1.02%, snapping a three session winning streak. The broader S&P500 fell -1.16% to 4,437.86, sliding below its 50-day moving average for the first time since 28 March (snapping a 96-day streak of closes above the 50-day, the index’s longest since a 102-session streak ended on 17 September, 2020) and logging its lowest close since 11 July. Energy (down -2.44%) led all eleven primary sectors lower. Financials (-1.91%), Utilities (-1.69%), and Materials (-1.65%) all fell over >1.5%. The technology-centric Nasdaq lost -1.14%. The small capitalisation Russell 2000 lost -1.29%.

Tuesday, 15 August 2023: US equity markets recovered from earlier session losses, buoyed by a rebound for some megacap technology names

Tue, 15 Aug 2023 00:20:02 +0000

US equity markets recovered from earlier session losses, buoyed by a rebound for some megacap technology names and with investors eying earnings reports from some major retailers and along with the latest retail sales figures that could shed some light on the health of the US consumer - Dow edged +26-points or +0.07% higher, The broader S&P500 rose +0.58%, with Information Technology (up +1.85%) and Communication Services (+1.04%) rising over >1% and leading six of the eleven primary sectors higher. The more defensive Utilities (down -0.83%), Real Estate (-0.54%) and Consumer Staples (-0.52%) sat at the foot of the primary sector leaderboard. Tesla Inc fell -1.19% after the electric-vehicle maker cut the cost of two versions of its Model Y SUVs by ~US$1,900 in China. In early August, Tesla reported China deliveries slumped -31% in July to their lowest point of the year.

Monday, 14 August 2023: The S&P500 and NASDAQ fell on Friday and posted their second straight weekly losses

Sun, 13 Aug 2023 23:58:50 +0000

The S&P500 and Nasdaq fell on Friday (11 August) and posted their second straight weekly losses, as hotter-than-expected U.S. producer prices data pushed Treasury yields higher and pressured rate-sensitive megacap growth stocks – Dow rose +105-points or +0.30%, with energy giant Chevron Corp (up +2.06%) and pharmaceutical major Merck & Co (+1.77%) The broader S&P500 slipped -0.11% to 4,464.05, with Information Technology (down -0.88%) leading four of the eleven primary sectors lower. Energy (up +1.56%) sat atop the primary sector leaderboard. Tesla Inc fell -1.10% a day after a pair of exchange-traded funds (ETF) managed by Cathie Wood’s ARK Investment sold more shares in the electric vehicle manufacturer. Through Friday’s (11 August) close, the S&P500 index is still up nearly 25% from its bear-market closing low of 3,577.03 hit on 12 October. The Nasdaq fell -0.68%, with semiconductor stocks particularly weak including Advanced Micro Devices Inc -2.41%, Nvidia Corp -3.62% and Micron Technology Inc -1.64%. Foxconn Technology Group (also know as Hon Hai Technology Group), the company responsible for manufacturing Apple Inc’s (up +0.03%) iPhone in China, reports its second quarter result today. The small capitalisation Russell 2000 edged +0.13% higher.

Friday, 11 August 2023: US equity markets settled little changed, with all three benchmark indices relinquishing earlier gains

Thu, 10 Aug 2023 23:54:08 +0000

US equity markets settled little changed, with all three benchmark indices relinquishing earlier gains of over >1% as investors balanced softer inflation figures against a weaker-than-expected 30-year bond auction - Dow eked out a +3-point gain to 35,126.12, paring an earlier rally of as much as +450-points. Walt Disney Co rallied +4.88% despite a mixed fiscal third quarter result released after the close of the previous session, with the company announcing an upcoming price hike for ad-free Disney+ subscriptions. The broader S&P500 inched +0.03% higher, with gains for Communication Services (up +0.43%) and Consumer Discretionary (+0.28%) largely offset by declines for Utilities (down -0.32%) and Real Estate (-0.31%). The technology-centric Nasdaq edged +0.08% higher. Among the so-called “Magnificent Seven” stocks credited with being the biggest contributors to this year’s rally, Apple Inc (down -0.12%), Nvidia Corp (-0.39%), Microsoft Corp (up +0.22%) and Tesla Inc (+1.30%) all closed below their 50-day averages this week. The small capitalisation Russell 2000 lost -0.42%.

Thursday, 10 August 2023: US equity markets retreated as investors’ attention turned to tonight’s AEST inflation figures

Wed, 09 Aug 2023 23:46:21 +0000

US equity markets retreated as investors’ attention turned to tonight’s AEST inflation figures - Dow fell -191-points or -0.54%, with Salesforce.com Inc (down -2.70%) and Intel Corp (-2.11%), while Goldman Sachs Group Inc (-1.60%) and JPMorgan Chase & Co (-1.34%) were also notable underperformers. The broader S&P500 lost -0.70%, with Information Technology (down -1.51%), Communication Services (-1.24%) and Consumer Discretionary (-1.20%) all down over >1% to lead seven of the eleven primary sectors lower. Energy (up +1.22%) sat atop the primary sector leaderboard. The technology-centric Nasdaq shed -1.17%, with Apple Inc falling -0.90% and Amazon.com Inc -1.49%. Nvidia Corp -4.72% amid concerns the chipmaker is facing supply constraints for popular graphics chips. Super Micro Computer Inc (down -23.39%) Chief Executive Charles Liang told analysts on the company’s earnings call that the company is seeing supply constraints for the graphics chips coming from Nvidia that are designed for artificial intelligence (AI) applications.. The small capitalisation Russell 2000 lost -0.86%.

Wednesday, 9 August 2023: US equity markets retreated following the release of weak China international trade data

Tue, 08 Aug 2023 23:54:09 +0000

US equity markets retreated following the release of weak China international trade data for July that heightened concerns about a slowing global economy, while Moody’s Investors Service downgraded the credit ratings of 10 banks and placed six banking giants on review for potential downgrades - Dow fell -159-points or -0.45%, paring an earlier decline of as much as -465-points. Goldman Sachs Group Inc fell -2.05%. The broader S&P500 lost -0.42%, with Materials (down -1.05%) leading eight of the eleven primary sectors lower. Healthcare (up +0.78%), Utilities (+0.49%) and Energy (+0.49) were the only primary sectors to advance overnight. The Nasdaq declined -0.79%. Both the S&P500 and Nasdaq were down over >1% at their session lows and have declined for five of the past six sessions. The small capitalisation Russell 2000 lost -0.59%.

Tuesday, 8 August 2023: US equity markets rebounded, with the Dow recording its best session since mid-June

Mon, 07 Aug 2023 23:30:47 +0000

US equity markets rebounded, with the Dow recording its best session since mid-June, while the S&P500 and Nasdaq arrested a four session slide - Dow rallied +408-points or +1.16%, logging its largest one-day point and percentage gain since 15 June. The broader S&P500 rose +0.90% in a broad-based rally that saw ten of the eleven primary sectors advance, led by Communication Services (up +1.88%). Utilities (down -0.02%) was the only primary sector to settle in the red. Tesla Inc lost -0.95% after the electric vehicle maker announced the immediate departure of its Chief Financial Officer (CFO) Zachary Kirkhorn after four years in the role and thirteen years with the company more broadly. Mr Kirkhorn was replaced by Vaibhav Taneja, previously Tesla’s chief accounting officer. The Nasdaq +0.61%. The small capitalisation Russell 2000 lost -0.49%. Berkshire Hathaway Inc class B shares closed at a record high (up +3.60% at US$362.58) following the release of the conglomerate’s second quarter result on Saturday (5 August).

Monday, 7 August 2023: US equity markets retreated on Friday (4 August) as the dust settled on some major technology results

Sun, 06 Aug 2023 23:47:18 +0000

US equity markets retreated on Friday (4 August) as the dust settled on some major technology results and investors digested the latest non-farm payrolls report - Dow fell -150-points or -0.43%, with The broader S&P500 lost -0.53%, with Information Technology (down -1.4%), Utilities (-1.21%) and Consumer Staples (-1.02%) falling over >1% to lead nine of the eleven primary sectors lower. Consumer Discretionary (up +1.91%) and Energy (+0.03%) were the only primary sectors to advance on Friday (4 August). It’s been 113 trading sessions since the S&P 500 has seen a daily drop of 2% or more, the longest such stretch since 21 February, 2020, according to Dow Jones Market Data. When measured by the total number of 2% swings in either direction, last year was the most volatile for U.S. stocks since 2009. The S&P 500 recorded 46 daily swings of 2% or more in either direction last year, compared with 55 in 2009, according to Dow Jones Market Data. Of those, roughly half were down days.

Friday, 4 August 2023: US equity markets retreated as longer dated Treasury yields climbed to nine month highs

Thu, 03 Aug 2023 23:51:42 +0000

US equity markets retreated as longer dated Treasury yields climbed to nine month highs - Dow slipped -67-points or -0.19%, The broader S&P500 eased -0.25%, with Utilities (down -2.29%) and Real Estate (-1.35%) leading nine of the eleven primary sectors lower and dragging the index lower for a third straight session. PayPal Holdings Inc tumbled -12.32% Energy (up +0.95%) and Consumer Discretionary (+0.34%) were the only primary sectors to advance. The Nasdaq dipped -0.10%. Qualcomm Inc shed -8.18% The small capitalisation Russell 2000 eased -0.28%.

Thursday, 3 August 2023: US equity markets retreated a day after Fitch Ratings lowered its U.S. debt ratings to AA+ from top AAA category

Wed, 02 Aug 2023 23:48:23 +0000

US equity markets retreated a day after Fitch Ratings lowered its U.S. debt ratings to AA+ from the top AAA category, pointing to its growing debt burden and “erosion of governance” over the past two decades - Dow fell -348-points or -0.98%, with Intel Corp down -3.94% and Walt Disney Co -3.07%. The broader S&P500 dropped -1.38%, booking its biggest daily percentage decline since 25 April. The technology-centric Nasdaq shed -2.17%. Advanced Micro Devices Inc dropped -7.02% despite the chipmaker posting better-than-expected second quarter adjusted earnings per share and revenue after the close of the previous session. Amazon.com Inc (-2.64%) and Apple Inc (-1.55%) declined ahead of the release of their quarterly results tonight AEST, while Alphabet Inc (down -2.41%), Microsoft Corp (-2.63%) and Nvidia Corp (-4.81%) all fell over >2%. The small capitalisation Russell 2000 lost -1.37%. Chinese tech names JD.com Inc (down -4.47%) and Baidu Inc (-4.24%) fell more than >4% after China proposed limits on smartphone use for minors.

Wednesday, 2 August 2023: A mixed session for US equity markets to open August

Wed, 02 Aug 2023 00:17:57 +0000

A mixed session for US equity markets to open August as investors continued to assess a raft of quarterly earnings releases and eyed Friday night’s AEST (4 August) key non-farm payrolls report - Dow added +71-points or +0.20%, touching its highest intra-session level since February 2022 earlier in the session. The broader S&P500 eased -0.27%, pulling back from a 16-month high. Utilities (down -1.26%) and Consumer Discretionary (-1.15%) both declined over >1% to lead nine of eleven primary sectors lower overnight. Tesla Inc fell -2.38% following reports that almost 300K Tesla Model 3s and Model Ys are the subject of a fresh investigation by the National Highway Traffic Safety Administration into their steering after a dozen complaints alleging loss of steering control. Industrials (up +0.32%) and Information Technology (+0.09%) were the only primary sectors to advance. The Nasdaq -0.43%. Apple Inc (down -0.43%) and Amazon.com Inc (-1.49%) The small capitalisation Russell 2000 lost -0.45%.

Tuesday, 1 August 2023: US equity markets logged modest gains to close out July amid optimism over corporate earnings

Mon, 31 Jul 2023 23:54:49 +0000

US equity markets logged modest gains to close out July amid optimism over corporate earnings and a resilient economy, and ahead of a busy week in terms of quarterly results and economic releases - Dow up +100-points or +0.28% at 35,559.53, the 30-stock index’s highest settlement since 9 February, 2022. The broader S&P500 edged +0.15% to 4,588.96, logging its highest close since 30 March, 2022 and settling ~4.3% below its record closing high of set on 3 January, 2022. Energy rallied +2.0% to lead eight of the eleven primary sectors higher. Health Care (down -0.79%) and Consumer Staples (-0.46%) sat at the foot of the primary sector leaderboard overnight The Nasdaq added +0.21%. The small capitalisation Russell 2000 rallied +1.09%.

Monday, 31 July 2023: Investors buoyed by upbeat corporate earnings releases and cooling inflation data

Sun, 30 Jul 2023 23:46:30 +0000

US equity markets closed out the week on positive note on Friday (28 July), with investors buoyed by upbeat corporate earnings releases and cooling inflation data - Dow rose +177-points or +0.5%, Intel Corp rallied +6.60% after the chipmaker’s second-quarter earnings released after the close of last Thursday’s (27 July) session recorded a return to profitability after two straight quarters of losses, accompanied by stronger-than-expected third quarter forecast The broader S&P500 gained +0.99% to 4,582.23, logging its highest close since 4 April, 2022. Communication Services (up +2.30%) sat atop the primary sector leaderboard on Friday (28 July) for a third straight session, while Consumer Discretionary (+1.85%) and Information Technology (+1.48%) gained over >1%. The more defensive Real Estate and Utilities sectors both declined -0.26% and were the only primary sectors to settle in the red. The Nasdaq rallied +1.90%, with Alphabet Inc rising +2.46% to log its highest close in more than a year (US$132.58), and extending its weekly gain to +10.56% following their strong second quarter result earlier in the week. The small capitalisation Russell 2000 gained +1.36%. Roku Inc soared +31.41% ) after the streaming company’s second quarter results released after the close of the previous session topped consensus estimates at the top and bottom line.

Friday, 28 July 2023: US equity markets retreated, with the Dow Jones Industrial Average snapping it longest winning streak since 1987

Thu, 27 Jul 2023 23:58:44 +0000

US equity markets retreated, with the Dow Jones Industrial Average snapping it longest winning streak since 20 January, 1987 as Treasury yields climbed following stronger-than-expected second quarter economic growth figures - Dow lost -237-points or -0.67% after rising for thirteen consecutive session. The broader S&P500 fell -0.64%, with Real Estate (down -2.12%), Utilities (-1.73%) and Financials (-1.29%) all falling over >1% to lead ten of the eleven primary sectors lower. Communication Services (up +0.85%) was the only primary sector to settle in positive territory. The Nasdaq eased -0.55%. Meta Platforms Inc rallied +4.40% The small capitalisation Russell 2000 lost -1.29%.

Thursday, 27 July 2023: US equity markets settled little changed after a choppy session that saw investors digest host of quarterly results

Thu, 27 Jul 2023 00:13:59 +0000

US equity markets settled little changed after a choppy session that saw investors digest a host of quarterly results and the latest interest rate decision and monetary policy pronouncements from the Federal Reserve - Dow added -82-points or +0.23%, marking the 30-stock index’s 13th consecutive gain and longest winning streak since 20 January, 1987. One more day in the green and the blue-chip gauge will be able to claim its longest winning streak in more than 125 years (noting that the Dow was created in May 1896). The broader S&P500 dipped -0.02%, with Information Technology (down -1.30%) leading six of the eleven primary sectors lower. Communication Services sat atop the primary sector leaderboard with a +2.65% rally, underpinned by a strong gain for Alphabet Inc (up +5.78%) after the search giant reported better-than-expected second quarter earnings per share and revenue after the close of the previous session. The Nasdaq slipped -0.10%. Microsoft Corp fell -3.76% as investors continued to digest the company’s latest quarterly result released after the close of the previous session. The small capitalisation Russell 2000 gained +0.72%.

Wednesday, 26 July 2023: US equity markets drifted higher ahead of the release of second quarter results

Wed, 26 Jul 2023 00:02:46 +0000

US equity markets drifted higher ahead of the release of second quarter results from major technology companies after the closing bell - Dow edged +27-points or +0.08% higher to 35,438.07, extending its rally into a 12th consecutive session to and recording its highest close since February, 2022. The broader S&P500 added +0.28%, with Materials (up +1.76%) and Information Technology (+1.19%) rising over >1% and leaving five of the eleven primary sectors higher overnight. Financials (down -0.83%) sat at the foot of the primary sector leaderboard. The Nasdaq rose +0.61%. The small capitalisation Russell 2000 eked out a +0.02% gain.

Tuesday, 25 July 2023: US equity markets advanced to kick off a busy week of key quarterly earnings releases

Mon, 24 Jul 2023 23:40:44 +0000

US equity markets advanced to kick off a busy week of key quarterly earnings releases, central bank meetings and inflation data - Dow rose for an eleventh straight session, up +184-points or +0.52% to 35,411.24. The 30-stock index logged its highest close since 9 February, 2022 and secured its longest winning streak since the 12-day trading period that ended on 27 February, 2017. The broader S&P500 gained +0.40% to 4,554.64, settling ~5% shy of it record closing high of 4,796.56 set on 3 January, 2022. Energy (up +1.66%) led nine of the eleven primary sectors higher, while the more defensive Utilities (down -0.28%) and Health Care (-0.23%) sectors sat at the foot of the primary sector leaderboard. Chevron Corp gained +1.97% after releasing a second-quarter performance update on Sunday (23 July) that was better than expected ahead of the oil major’s earnings announcement this Friday night AEST (28 July). Adjusted earnings per share (EPS) of US$3.08 (down ~47% year-on-year) topped consensus forecasts for US$2.97. The Nasdaq edged +0.19% higher, with investors eyeing second quarter earnings from a number of technology heavyweights this week including Alphabet Inc (up +1.26%), Meta Platforms Inc (down -0.90%) and Microsoft Corp (+0.39%). The small capitalisation Russell 2000 added +0.28%.

Monday, 24 July 2023: US equity markets little changed on Friday (21 July) after a choppy trading session

Sun, 23 Jul 2023 23:48:10 +0000

US equity markets little changed on Friday (21 July) after a choppy trading session that saw the monthly expiration of US$2.3 trillion of listed stock options (the largest on record), and with investors preparing for a major rebalancing of the Nasdaq-100 after the closing bell (designed to diminish the concentration risk) - Dow eked out a +2.5-point or +0.01%, securing its tenth consecutive session advance and longest winning streak since 7 August, 2017. The broader S&P500 inched +0.03% higher. The Nasdaq slipped -0.22%. Nvidia Corp (down -2.66%) and Microsoft Corp (-0.89%) are the two companies most affected by the Nasdaq rebalancing. The small capitalisation Russell 2000 lost -0.35%.

Friday, 21 July 2023: US equity markets weaker, with the Nasdaq recording its biggest one-day drop in more than four months as investors r

Fri, 21 Jul 2023 00:30:48 +0000

US equity markets weaker, with the Nasdaq recording its biggest one-day drop in more than four months as investors reacted to second quarter results - Dow rose +164-points or +0.47%, recording its first 9-day rally since 2017.

The broader S&P500 fell -0.68%, with Consumer Discretionary (down -3.40%), Communication Services (-2.48%) and Information Technology (-2.04%) all falling over >2% to lead four of the eleven primary sectors lower. The more defensive Utilities (up +1.85%) and Health Care (+1.85%) sat atop the primary sector leaderboard after underperforming earlier in the week. Twenty stocks in the S&P 500 touched 52-week highs overnight (including three homebuilders and investment bank JPMorgan Chase & Co up +1.23%), and 11 of them also reached all-time highs. Tesla Inc tumbled -9.74% after the electric vehicle manufacturer released its second quarter result after the close of the previous session and profit margins that lagged expectations. Chief Executive Officer (CEO) Elon Musk and other executives said on the company’s earnings call that vehicle production would slow during the third quarter due to shutdowns for factory improvements.

Thursday, 20 July 2023: US equity markets settled modestly firmer as investors continued to digest second quarter results

Wed, 19 Jul 2023 23:53:18 +0000

US equity markets settled modestly firmer as investors continued to digest second quarter results, including some heavyweight names after the closing bell - Dow up +109-points or +0.31% to 35,061.21, extending its rally into a eighth consecutive session (its longest winning streak in 4-years) and marking the first time that the 30-stock index has settled above 35,000 since 20 April, 2020. The broader S&P500 added +0.24%, with Real Estate (up +1.12%) and Utilities (+1.02%) rising over >1% and leading eight of the eleven primary sectors higher. Materials (down -0.52%) and Information Technology (-0.27%) sat at the foot of the primary sector leaderboard overnight. The Nasdaq inched +0.02% higher. Apple Inc closed 0.71% higher, rising as much as 2.3% earlier in the session after a media report said it was building generative artificial intelligence tools, which could challenge products such as OpenAI’s ChatGPT. Microsoft Corp fell -1.23% to snap a six session winning streak. The small capitalisation Russell 2000 added +0.45%.

Wednesday, 19 July 2023: US equity markets continued to climb, with all 3 benchmark indices settling at 15-month highs

Wed, 19 Jul 2023 06:24:30 +0000

Tuesday, 18 July 2023: The S&P 500 and Nasdaq Composite closed at 15-month highs

Mon, 17 Jul 2023 23:47:21 +0000

The S&P 500 and Nasdaq Composite closed at 15-month highs, while the Dow Jones Industrial Average notched a sixth straight session of gains as investors shrugged off the latest round of soft China economic data and braced for a wave of second quarter results later this week - Dow added +76-points or +0.22% to 34,585.35, marking the highest close since 30 November, 2022.

Monday, 17 July 2023: A mixed session on Friday (14 July) to close out a strong week for US equity markets

Sun, 16 Jul 2023 23:33:37 +0000

A mixed session on Friday (14 July) to close out a strong week for US equity markets as investors digested second quarter results from some of America’s largest financial institutions - Dow rose +114-points or +0.33%, The broader S&P500 slipped -0.10%, snapping a four session winning streak. The index settled above the >4,500 level for the first time since 5 April, 2022 last Thursday (13 July), and hit a record close of 4,796.56 in January last year. The Energy sector (down -2.45%) led eight of the eleven primary sectors lower. Health Care (up +1.50%) sat atop the primary sector leaderboard. The Nasdaq eased -0.18%. The small capitalisation Russell 2000 lost -0.49%.

Friday, 14 July 2023: US equity markets climbed for a fourth consecutive session as wholesale inflation cooled further

Thu, 13 Jul 2023 23:49:51 +0000

US equity markets climbed for a fourth consecutive session as wholesale inflation cooled further, and ahead of the release of second quarter results from some of the US’ biggest banks tonight AEST - Dow added +47-points or +0.10%. Walt Disney Co added +0.35% after the company’s board extended Chief Executive Bob Iger’s contract for two more years, through December 2026. The broader S&P500 +0.85% to 4,510.04, settling above the >4,500 level for the first time since 5 April, 2022. Communication Services rallied +2.32% to lead nine of the elven primary sectors higher. Energy (down -0.45%) sat at the foot of the primary sector leaderboard. The Nasdaq +1.58%. Amazon.com Inc rallied +2.68% after the company said the first day of its Prime Day shopping event drove its best sales performance yet. The small capitalisation Russell 2000 gained +0.91%.

Thursday, 13 July 2023: US equity markets extended their rebound into a third consecutive session

Wed, 12 Jul 2023 23:39:19 +0000

US equity markets extended their rebound into a third consecutive session as investors digested a cooler-than-expected inflation report - Dow added +86-points or +0.25%. The broader S&P500 climbed +0.74% to 4,472.16, recording its highest settlement since 8 April, 2022. Domino's Pizza Inc jumped +11.09% after the pizza chain said it entered into a new global agreement with Uber Technologies Inc (+0.36%) that allows U.S. customers to order Domino’s products through Uber Eats and Postmates apps. Domino’s will still be making the deliveries. The technology-centric Nasdaq outperformed, rallying +1.15% to 13,914.48 and logging its highest close since 5 April, 2022. Nvidia Corp (up +3.53%) and Intel Corp (+2.04%), with the Financial Times reporting that UK chip designer Arm is in talks to bring both US semiconductor companies onboard as anchor investors as the SoftBank-owned company presses ahead with plans for a New York listing as soon as September. Nvidia, the world’s most valuable semiconductor company, was forced last year to abandon its planned US$66B acquisition of Arm after the deal was challenged by regulators. The small capitalisation Russell 2000 rose +1.05%.

Wednesday, 12 July 2023: US equity markets logged back-to-back session gains following a late rally

Tue, 11 Jul 2023 23:58:53 +0000

US equity markets logged back-to-back session gains following a late rally ahead of key inflation figures tonight AEST - Dow rallied +317-points or +0.93%, marking its biggest daily percentage gain since 15 June. Salesforce.com Inc logged its biggest one day advance in four months (up +3.93%) after the client relationship software management group announced it was raising prices for some of its products, the first increase in seven years. The San Francisco-based company said that it would raise list prices in August by an average of 9% across its suite of products, which include Sales Cloud and Tableau. Boeing Co gained +2.55% after the commercial aerospace giant delivered more jets (136 commercial airliners, including 60 jets in June) than expected in the second quarter. The broader S&P500 gained +0.67%, with Energy (up +2.20%) leading all eleven primary sectors higher. The Nasdaq rose +0.55%.

Tuesday, 11 July 2023: US equity markets logged their first advance in four session overnight

Mon, 10 Jul 2023 23:17:03 +0000

US equity markets logged their first advance in four session overnight as investors eye key US inflation figures and the start of the US second quarter earnings season later this week - Dow rose +210-points or +0.62%, The broader S&P500 added +0.24%, with Industrials (up +1.39%) leading seven of the eleven primary sectors higher. Communication Services sat at the foot of the primary sector leaderboard with a -0.92% decline. The Nasdaq edged +0.18% higher. The small capitalisation Russell 2000 outperformed with a +1.64% rally.

Monday, 10 July 2023: Stocks fell on Friday, as Wall Street struggled to shake fears that the Federal Reserve may start hiking rates again

Sun, 09 Jul 2023 23:31:19 +0000

Stocks fell on Friday, and finished lower for the week, as Wall Street struggled to shake off fears that the Federal Reserve may start hiking rates again later this month. The S&P 500 lost -0.29%, the Nasdaq dipped -0.13% while the Dow dropped 187 points, or -0.55%. Energy went from worst to best sector gaining +2.06%, while materials gained +0.88%. Consumer staples fell -1.34% and health care lost -1.16%.

Friday, 7 July 2023: U.S. stocks ended off session lows but suffered broad losses

Thu, 06 Jul 2023 23:59:48 +0000

U.S. stocks ended off session lows but suffered broad losses Thursday after data showed the private sector created nearly half a million new jobs in June, sending Treasury yields higher as investors recalibrated interest-rate expectations.

Thursday, 6 July 2023: US equity markets slid on Wednesday as Wall Street resumed a holiday-shortened week

Wed, 05 Jul 2023 23:48:37 +0000

US equity markets slid on Wednesday as Wall Street resumed a holiday-shortened week and digested the latest Federal Reserve meeting minutes for insights into the state of monetary policy. The Dow Jones lost 129.83 points, or 0.38%, to finish at 34,288.64. The S&P 500 fell 0.20% to end at 4,446.82, and the Nasdaq Composite slipped 0.18% to 13,791.65. The small capitalisation Russell 2000 lost -23.87 or -1.26%.

Wednesday, 5 July 2023: European bourses closed mixed on Tuesday, with investors in a cautious mood ahead of data releases

Tue, 04 Jul 2023 23:53:09 +0000

European bourses closed mixed on Tuesday, with investors in a cautious mood ahead of data releases and the start of second-quarter earnings season. The pan-European Stoxx 600 ended +0.32 points of 0.07% higher after a day of muted trade. Health-care and tech stocks led gains, up 0.5%, as banking stocks dropped 0.6%. Germany's DAX was down +0.42% and France's CAC was down 0.17%.

Tuesday, 4 July 2023: US equity markets rose slightly Monday in a shortened session

Mon, 03 Jul 2023 23:56:28 +0000

US equity markets rose slightly Monday in a shortened session that kicked off the second half of what’s already been a stellar year on Wall Street. The Dow Jones added 10.87 points, or 0.03%, to finish at 34,418.47. The S&P 500 climbed 0.12% to end at 4,455.59, while the Nasdaq Composite advanced 0.21% to 13,816.77. The small capitalisation Russell 2000 added +8.05 or +0.43%.

Monday, 3 July 2023: US equity markets rose Friday and technology names continued their staggering run

Sun, 02 Jul 2023 23:44:48 +0000

US equity markets rose Friday and technology names continued their staggering run to cap off a strong start to the year, and the best first half for the Nasdaq Composite since 1983 US equity markets – The Dow up +285.18 points or +0.84% . The broader S&P500 edged 53.94 points or +1.23%. The Nasdaq +1.45% to finish at 13,787.92. The small capitalisation Russell 2000 was up 0.38%.

Friday, 30 June 2023: US equity markets rose overnight, led by the major banks after passing the Federal Reserve’s annual stress test

Thu, 29 Jun 2023 23:37:27 +0000

US equity markets rose overnight, led by the major banks after passing the Federal Reserve’s annual stress test - Dow rose +269.76-points or +0.80%.

Thursday, 29 June 2023: Federal Reserve Chairman Jerome Powell said he won’t rule out back-to-back rate increases

Wed, 28 Jun 2023 23:49:31 +0000

US equity markets were little changed, after Federal Reserve Chairman Jerome Powell said he won’t rule out back-to-back rate increases, in a meeting with other global central bankers - Dow shed -72-points or -0.2%. The broader S&P500 edged -0.04% lower. Energy (+1.02%) and Communications Services (0.80%) leading four of eleven sectors in the green. Apple shares added +0.6% to record highs, edging its way to a US$3 trillion valuation, whilst Google parent Alphabet rose +1.74%. The Nasdaq gained +0.03%, on track for its best start to a year in 40 years. Shares of NVIDIA ended -1.81% down after reports of a potential new export restrictions on sales to China. Tesla shares jumped +2.4%, ahead of the company’s second-quarter deliveries expected this week. Netflix gained +3.06% after broker upgrades. The small capitalisation Russell 2000 was up +0.47%.

Wednesday, 28 June 2023: US equity markets rose on Tuesday, as technology shares climbed, and housing data pointed to continued resilience

Tue, 27 Jun 2023 23:24:27 +0000

US equity markets rose on Tuesday, as technology shares climbed, and housing data pointed to continued resilience in the US economy. Dow up +211 points or +0.6%. Walgreens shed -9.3% after slashing its full-year profit guidance and reporting weaker-than-expected earnings. The broader S&P500 edged +1.1%, posting its best daily percentage gain since June 15. Information technology (+2%) and Consumer Discretionary (+2%) led 10 of the 11 sectors higher. Delta Air Lines surged +6.8% after they boosted its financial guidance, signalling a continued post-pandemic travel boom. This lifted competitors United Airlines (+5.08%) and American Airlines (+5.54%). The technology centric Nasdaq rose +1.7%, NVIDIA (+3.06%), Meta (+3.08%) and Microsoft (+1.82%) contributing to the index gains. Friday marks the end of the second quarter and first half of 2023. The Nasdaq has gained 10.9% since April and 29.5% this year. It’s on pace for its best first half in 40 years. The S&P and Dow are on track to finish the quarter up +6.6% and +2% respectively. The small capitalisation Russell 2000 rose +1.46%.

Tuesday, 27 June 2023: US equity markets closed lower overnight, as investors enter the final trading week of the first half of the year

Mon, 26 Jun 2023 23:16:33 +0000

US equity markets closed lower overnight, as investors enter the final trading week of the first half of the year. The Dow dipped -12.72 points or -0.04%. The broader S&P500 lost -0.45%. Gains in Energy (+1.71%) and Real Estate (+2.21) were outweighed by declines in Communication Services (-1.88%) and Technology (-1.25%). Cruise operator Carnival led the way lower, dropping -7.7% after reporting a second-quarter loss and higher costs. The sell-off spilled over into shares of Norwegian Cruise Line, which fell -4.5%. The daily losses notwithstanding, both stocks (Carnival & Norwegian) have performed solidly in June. The Nasdaq shed -1.2% after a pullback in technology giants Nvidia (-3.74%), Alphabet (-3.93%), Meta (3.55%), while Tesla (-6.06%) fell as Goldman Sachs downgraded the electric car maker, citing pricing headwinds.

Monday, 26 June 2023: US equity markets slid on Friday to end the week on the red

Mon, 26 Jun 2023 00:03:28 +0000

US equity markets slid on Friday to end the week on the red. Dow fell -219.28 points or -0.65% . The broader S&P500 slid -0.77%. The Nasdaq closed down -1.01%. The small capitalisation Russell 2000 ended -1.44% lower. The pullback was broad-based with all 11 sectors of the S&P500 closing in the red. Chip stocks underperformed after surging this year on investor enthusiasm over artificial intelligence. Nvidia, the best-performing stock in the S&P 500 this year, fell -1.9% on Friday, while Advanced Micro Devices fell -0.6%. Goldman Sachs shares declined -1.5% after CNBC reported the investment bank likely faces a large write down for its 2021 acquisition of fintech firm GreenSky. In contrast, CarMax shares jumped +10% after the used car retailer exceeded first quarter expectations. Other notable declines were US-based resource companies, Anglo-American down -3.56%, Glencore down -2.99%, Freeport McMoran -3.4%.

Friday, 23 June 2023: US equity markets finished mostly higher with both the Nasdaq and S&P 500 bringing a three-day losing streak to an end

Thu, 22 Jun 2023 22:49:39 +0000

US equity markets finished mostly higher on Thursday, with both the Nasdaq and S&P 500 bringing a three-day losing streak to an end as investors digested fresh commentary from Federal Reserve Chairman Jerome Powell and a raft of interest-rate hikes from global central banks - Dow fell -4-points or -0.01% with Boeing Company leading the losses down -3.05% after Spirit AeroSystems (-9.43%) said that its unionized workers have voted for a strike, which is causing Spirit to suspend factory operations. Boeing Company has now fallen -6.5% for the week.

Thursday, 22 June 2023: US equity markets closed lower on Wednesday, for a third session in a row

Wed, 21 Jun 2023 23:18:13 +0000

US equity markets closed lower on Wednesday, for a third session in a row, retreating after recently touching their highest levels in more than a year - Dow fell -102-points or -0.30% to 33,951 with Intel suffering a further 6% fall after the company gave investors an update on the company’s turnaround plan to become a chip manufacturing company competing with Taiwan Semiconductor Manufacturing Company.

Wednesday, 21 June 2023: US equity markets closed lower on Tuesday, after the S&P 500 on Friday booked a fifth straight week of gains

Tue, 20 Jun 2023 23:48:14 +0000

US equity markets closed lower on Tuesday, after the S&P 500 on Friday booked a fifth straight week of gains with some stocks touching their highest level in more than a year - Dow fell -245-points or -0.72%. Intel, Nike and Boeing, each down by more than 3%. The broader S&P500 shed 18 points or +0.47%, as investors await testimony from Federal Reserve chair Jerome Powell to Congress this week. Energy (-2.29%) and Materials (-1.26%) were the biggest laggards that saw ten of the eleven primary sectors close lower overnight. Consumer discretionary rose. PayPal Holdings (PYPL) shares gained 3.7% after the digital payment platform announced a deal in which KKR - managed funds and accounts will purchase up to €40 billion of buy now, pay later loan receivables originated in Europe. The technology-centric Nasdaq fell +0.18%. Intel (INTC) declined -3.8%. The Israeli government said the chip maker was investing $25 billion to manufacture semiconductors in the country, just days after Intel announced a new facility in Poland. Electric vehicle maker Rivian Automotive (RIVN) climbed 5.5% after the company announced it would adopt Tesla’s (TSLA) charging plug and technology. Tesla shares also finished 5.3% higher after the announcement. US depositary Alibaba (BABA) fell 4.5% after the Chinese e-commerce giant said Daniel Zhang will be stepping down as chairman and chief executive. He will remain as leader of the company’s cloud intelligence group, which the company announced last month would be spun off. The small capitalisation Russell 2000 lost -0.34%.

Tuesday, 20 June 2023: European bourses started the week in the red amid caution

Tue, 20 Jun 2023 00:08:11 +0000

European bourses started the week in the red amid caution following the previous weeks big gains and regarding China’s growth prospects. The pan-European Stoxx 600 index (which includes UK equities) fell -1.02% to 462.04 with basic resources leading the losses (-2.2%), while Germany’s DAX fell by 0.96% at 16,201.20. France's CAC meanwhile slipped +1.01%.

Monday, 19 June 2023: US equity markets retreated ahead of the holiday long weekend

Sun, 18 Jun 2023 23:40:39 +0000

US equity markets retreated ahead of the holiday long weekend, taking a breather following a six-session winning streak that had lifted the S&P500 and Nasdaq to 14-month highs - Dow fell -109-points or -0.32%, The broader S&P500 -0.37%, with Communication Services (down -1.00%) and Information Technology (-0.83%) leading eight of the eleven primary sectors lower. Utilities outperformed on Friday (16 June) with a +0.53% gain. The Nasdaq -0.68%. Apple Inc (down -0.59%) and Microsoft Corp (-1.66%) retreated from record highs. The small capitalisation Russell 2000 lost -0.73%.

Friday, 16 June 2023: US equity markets rallied, with both the S&P500 and Nasdaq climbing to fresh 14-month highs

Fri, 16 Jun 2023 00:25:14 +0000

US equity markets rallied, with both the S&P500 and Nasdaq climbing to fresh 14-month highs as economic data showed signs of the labour market softening and consumer spending moderating, potentially lessening the need for further interest rate rises from the Federal Reserve - Dow gained +429-points or +1.26% to 34,408.06 and a fresh 2023 high. The broader S&P500 +1.22% to 4,425.84, recording a sixth consecutive session of gains and lifting the index above the >4,400 level a week after the large capitalisation benchmark exited its the longest bear market since 1948. It also marked the longest stretch of straight gains since November 8, 2021, according to Dow Jones Market Data. Health Care (up +1.55%), Communication Services (+1.54%) and Industrials (+1.51%) all gained over >1.5% to lad all eleven primary sectors higher. The Nasdaq climbed +1.15% to 13,782.82, marking the highest settlement for the technology centric index since 7 April, 2022. Microsoft Corp gained +3.19% to US$348.10, extending gains into a sixth consecutive session and booking a record closing high as investors seemingly focused more on the tech giant’s artificial-intelligence (AI) roadmap instead of the stalled US$69B acquisition of videogame publisher Activision Blizzard Inc (+0.27%). The small capitalisation Russell 2000 rose +0.81%. The US-listed shares of Alibaba Group Holding Ltd gained +3.18% after announcing that it will expand one of its key China e-commerce sites, Tmall, into Europe. The announcement comes just over two months after Alibaba, China’s biggest e-commerce firm, announced plans to split its business into six units, a move designed to give each unit more autonomy and faster decision-making powers.

Thursday, 15 June 2023: US equity markets mixed after a volatile trading session

Wed, 14 Jun 2023 23:41:06 +0000

US equity markets mixed after a volatile trading session that saw both the S&P500 and Nasdaq log their highest intra-session peaks since April 2022 - Dow fell -233-points or -0.68%, UnitedHealth Group Inc shed -6.40% after executives addressed a Goldman Sachs investor conference and said that seniors had begun to catch up on pandemic-delayed surgeries for hips and knees, meaning rising costs for health insurers. The broader S&P500 inched +0.08% higher, logging its fifth consecutive advance and longest winning streak since November 2021. Information Technology (up +1.14%) led a narrow advance that saw four of the eleven primary sectors close higher overnight. Health Care and Energy both declined -1.12%. Tesla Inc eased -0.74%, snapping a record 13 session winning streak that had lifted the electric vehicle manufacturer’s share price. However, Delta Air Lines Inc (up +1.52%) extended its rally into a 14th straight session. The technology-centric Nasdaq added +0.39%. Nvidia Corp rallied +4.81% a day after the chipmaker officially became just the seventh public US company to close with a market capitalisation above >US$1 trillion. Oracle Corp gained +4.79% to US$122.24, logging a fresh record closing high for a fifth straight day and eighth time this month. The enterprise software company posted a better-than-expected fiscal fourth quarter result earlier this week. The small capitalisation Russell 2000 lost -1.17%.

Wednesday, 14 June 2023: US equity markets advanced to fresh 14-month highs after the pace of inflation eased

Tue, 13 Jun 2023 23:27:14 +0000

US equity markets advanced to fresh 14-month highs after the pace of inflation eased to its lowest level in more than two years, bolstering investors’ view that the Federal Reserve will not raise interest rates when their latest two day monetary policy meeting concludes tomorrow morning AEST - Dow rose +146-points or +0.43%, Home Depot Inc (down -0.26%) hosted an Investor Conference overnight The broader S&P500 gained +0.69%, with Materials (up +2.33%) leading ten of the eleven primary sectors higher. Utilities (down -0.06%) was the only primary sector to settle in the red overnight. Tesla Inc extended its rally into a record thirteenth consecutive session, rallying +3.55% to US$258.71 and its highest close since 30 September. The electric vehicle manufacturer’s was also the most actively traded stock in both the S&P500 and Nasdaq 100 overnight. The Nasdaq rallied +0.83%. Nvidia Corp gained +3.90% to US$410.22, officially becoming just the seventh public US company to close with a market capitalisation above >US$1 trillion after previously flirting with that milestone on an intra-day basis. The chipmaker is up ~181% year-to-date. Only Apple Inc (down -0.26%), Amazon.com Inc (up +0.07%), Google parent Alphabet Inc (+0.15%), Tesla, Meta Platforms Inc (+0.10%) and Microsoft Corp (+0.74%) previously crossed the US$1 trillion threshold at the close of a trading day, according to Dow Jones Market Data. Tesla and Meta have since dropped out of the US$1 trillion club. Advanced Micro Devices shed -3.61% after officially unveiling several products at its Data Centre & AI Technology Premiere event in San Francisco overnight meant to take on Nvidia Corp and Intel Corp (up +2.54%) The small capitalisation Russell 2000 climbed +1.23%.

Tuesday, 13 June 2023: US equity markets built on the modest gains of last Friday’s (9 June) quiet session

Mon, 12 Jun 2023 23:47:44 +0000

US equity markets built on the modest gains of last Friday’s (9 June) quiet session as investors turn their attention to this week’s May US inflation data and some key central bank monetary policy decisions (including from the Federal Reserve, European Central Bank and Bank of Japan) - Dow gained +189-points or +0.56%, extending gains into a fifth consecutive session. It marks the longest stretch of gains for the 30-stock index since the six-day trading period that ended 27 January. The broader S&P500 rose +0.93% to 4,338.93, the highest close since 21 April, 2022. Information Technology sat atop the primary sector leaderboard for a second consecutive session with a +2.07% gain, leading eight of the eleven primary sectors higher. Energy (down -0.97%) was the worst performing primary sector. Tesla Inc rallied +2.22% to US$244.40, extending gains into a record 12th consecutive session and recording its highest close since 30 September, 2022. The Nasdaq rallied +1.53% 13,461.92, the technology centric index’s highest close since 19 April, 2022. Apple Inc gained +1.56% to US$183.79, extending its rally into a third straight session and logging a fresh record closing high a week after the company’s Worldwide Developer Conference. Apple is up +41.45% year-to-date. Netflix Inc gained +0.94% after data analytics company Antenna late last week reported that the streaming company’s password-sharing crackdown already appears to be working in the US. Netflix saw a huge spike in subscribers (up +73K, or a +102% over the previous 60-day average) in the four days after it notified users about its paid sharing policies on 23 May, and also added +100K subscribers on both 26 May and 27 May. That’s more subscribers than Netflix raked in once the COVID-related lockdowns went into effect in March and April 2020, according to Antenna. The small capitalisation Russell 2000 added +0.40%.

Friday, 9 June 2023: US equity markets advanced, with the S&P500 entering bull market territory

Mon, 12 Jun 2023 23:46:33 +0000

Thursday, 8 June 2023: US equity markets settled mostly lower after the Bank of Canada joined RBA a day earlier in raising interest rate

Wed, 07 Jun 2023 23:37:05 +0000

US equity markets settled mostly lower after the Bank of Canada joined the Reserve Bank of Australia (RBA) a day earlier in raising interest rates - Dow rose +92-points or +0.27%, The broader S&P500 eased -0.38% a day after logging its highest close since 16 August, 2022. Communication Services (down -1.87%) and Information Technology (-1.62%) led five of the eleven primary sectors lower. The Energy sector sat atop the primary sector leaderboard overnight with a +2.65% rally. Tesla Inc rose +1.47% after the electric vehicle maker posted an update on its website that showed new Model 3 and Model Y cars are eligible for a US$7,500 tax credit from the Inflation Reduction Act. The Nasdaq shed -1.29% a day after the technology-centric index recorded its highest close since 20 April, 2022. The small capitalisation Russell 2000 advanced +1.78%, extending a recent rally that that lifted it to the highest close since 9 March. The index is outperforming the Nasdaq Composite by 5.04% so far this month, its largest outperformance in the first five trading days of a month since October 2020, according to Dow Jones Market Data.

Wednesday, 7 June 2023: US equity markets advanced despite a dearth of fresh catalysts, with small capitalisation stocks outperforming

Tue, 06 Jun 2023 23:38:24 +0000

US equity markets advanced despite a dearth of fresh catalysts, with small capitalisation stocks outperforming - Dow eked out a +10-point or +0.03% rise, with losses for Merck & Co Inc (down -2.74%) and UnitedHealth Group Inc (-2.13%) capping gains. Boeing Co lost -0.71% after the aerospace and defence company said it found new problems with its 787 Dreamliner jets. The defect, which is not a flight safety concern, is connected with a stabilizer fitting, and will lead the company to inspect every plane in inventory before delivery, the company said, adding that “at this time we do not expect that this issue will change our full-year guidance regarding 787 deliveries.” The broader S&P500 added +0.24% to 4,283.85, marking its highest close since 16 August, 2022 but falling just short of entering a technical bull market. A close above 4,292.48 for the S&P500 would mark a 20% rally off the bear-market closing low of 3,577.03 set on 12 October, 2022, meeting the widely accepted definition of the end of a bear market. Financials (up +1.25%) and Consumer Discretionary (+0.99%) led seven of the eleven primary sectors higher overnight. Regional bank stocks traded strongly as did bellwethers like Goldman Sachs Group Inc (up +1.55%) and Morgan Stanley (+2.53). More defensive Health Care (down -0.88%) and Consumer Staples (-0.47%) underperformed. The Nasdaq rose +0.35% to 13,276.42, the highest settlement for the technology-centric index since 20 April, 2022. Apple Inc slipped -0.% a day after the company debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference. The small capitalisation Russell 2000 rallied +2.69% to 1,855.40, logging its highest close since 9 March. The Russell 2000 has gained +5.4% so far in 2023, compared with an +11.6% gain for the large-capitalisation benchmark S&P 500 and a +26.8% jump for the Nasdaq. Coinbase Global Inc dropped -12.09% after the Securities and Exchange Commission (SEC) sued the cryptocurrency exchange, alleging it has been operating an unregistered securities exchange.

Tuesday, 6 June 2023: US equity markets eased, trimming earlier session gains

Mon, 05 Jun 2023 23:51:01 +0000

US equity markets eased, trimming earlier session gains - Dow fell -200-points or -0.59%, The broader S&P500 slipped -0.20% to 4,273.79, reversing earlier gains that briefly lifted the index into technical bull market territory. The index touched an intra-session high of 4,299.28, which is 20.19% above the near two-year closing low of 3,577.03 set on 12 October last year. Declines for the Industrials (down -0.71%) and Financials (-0.65%) sectors offset gains for the Communication Services (up +0.58%) and Utilities (+0.45%) sectors. The Nasdaq dipped -0.09%. Apple Inc settled –0.76% lower at US$179.58 after briefly touching a fresh record intra-day high (US$184.95). The iPhone maker unveiled its highly anticipated virtual reality headset (Vision Pro) and a slew of software updates at its annual Worldwide Developers Conference overnight. Intel Corp shed -4.63% as Apple said an upcoming Mac Pro computer will include a new homemade chip (M2 Ultra), representing the completion of the company’s effort to bring its own processors to its entire PC line-up. The small capitalisation Russell 2000 lost -1.32%, handing back some of last Friday’s (2 June) +3.56% rally.

Monday, 5 June 2023: US equity markets rallied, starting Friday’s (2 June)on the front-foot

Sun, 04 Jun 2023 23:43:54 +0000

US equity markets rallied, starting Friday’s (2 June)on the front-foot after the US Senate on Thursday (1 June) approved a deal between the White House and congressional Republicans to lift the debt ceiling for two years in exchange for cuts to government spending, and then further buoyed by a robust May jobs report - Dow jumped +701-points or +2.12%, logging its biggest daily points gain since the end of November last year and largest percentage rise since 6 January. The broader S&P500 rallied +1.45% to 4,282.37, and on the cusp of exiting its longest bear market run since 1948. It marked the highest close for the S&P500 since 18 August, 2022 after the index touched its highest intra-day level (4,290.67) since April 2022. Palo Alto Networks Inc gained +5.38% in extended trading (after adding +0.21% in the regular session) after it was confirmed that the cybersecurity platform company would replace Dish network Inc (+16.24%) in the S&P500 as part of the quarterly rebalancing of the index when it takes effect on 20 June. The Nasdaq gained +1.07%. Apple Inc added +0.48% to US$180.95, recording its second highest close on record ahead of its Worldwide Developer Conference tonight AEST at which it’s expected to unveil new product and operating system releases. The small capitalisation Russell 2000 jumped +3.56%, logging its best daily performance since November 10, 2022 and rising above its 200-day moving average for the first time since 8 March, just before Silicon Valley Bank collapsed. The Russell has gained +3.96% year-to-date, well behind the S&P 500′s advance of +11.53%.

Friday, 2 June 2023: US equity markets opened the new month on the front foot as concerns around a US debt default faded

Thu, 01 Jun 2023 23:43:26 +0000

US equity markets opened the new month on the front foot as concerns around a US debt default faded, with the S&P500 and Nasdaq logging their highest closes since August 2022 - Dow rose +153-points or +0.47%, The broader S&P500 rose +0.99% to 4,221.02, with Information Technology (up +1.33%) resuming its place at the top of the primary sector leaderboard and leading nine of the eleven primary sectors higher. Utilities (down -0.78%) and Consumer Staples (-0.09%) were the only two primary sectors to settle in the red. The Nasdaq rallied +1.28% to 13,100.98. The small capitalisation Russell 2000 climbed +1.05%.

Thursday, 1 June 2023: US equity markets retreated but settled off their worst levels of the session

Wed, 31 May 2023 23:40:38 +0000

US equity markets retreated but settled off their worst levels of the session ahead of a House vote on the federal debt-ceiling deal this morning AEST to prevent a potential default - Dow fell -135-points or -0.41%, The broader S&P500 lost -0.61%, with Energy (down -1.88%), Industrials (-1.40%), Financials (-1.22%), Materials (-1.12%) and Information Technology (-1.09%) all falling over >1% to lead seven of the eleven primary sectors lower. More defensive sectors outperformed, including Utilities (up +0.96%), Health Care (+0.85%) and Real Estate (+0.66%) all advancing over >0.50%. The Nasdaq -0.63%. The small capitalisation Russell 2000 lost -1.00%.

Wednesday, 31 May 2023: US equity markets were mixed after resuming trading following the Memorial Day long weekend

Tue, 30 May 2023 23:53:37 +0000

US equity markets were mixed after resuming trading following the Memorial Day long weekend fell on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling - Dow fell -51-points or -0.15%, The broader S&P500 unchanged, with gains for the Consumer Discretionary (up +0.76%) and Information Technology (+0.63%) sectors offsetting declines for the Consumer Staples (down -1.08%) and Energy (-0.94%) sectors. Tesla Inc rallied +4.14% as excitement built around Chief Executive Elon Musk’s first visit to China in about three years. Mr Musk is expected to spend time meeting key officials in Beijing, which may even include Premier Li Qiang. The Nasdaq added +0.32% to 13,017.43, paring an earlier rally of as much as +1.4% but still marking the technology-centric index’s highest close since August, 2022. The small capitalisation Russell 2000 lost -0.32%.

Tuesday, 30 May 2023: European bourses settled with modest losses, with the Technology sector down

Mon, 29 May 2023 23:32:29 +0000

European bourses settled with modest losses, with the Technology sector (down -0.7%) handing back some of last Friday’s (26 May) +3% gain and leaving the pan-European Stoxx 600 index (which includes UK equities) -0.12% lower. The Oil and Gas sector added +0.2%. Germany's DAX slipped -0.20%. France's CAC eased -0.21%. In broader stock moves, Swedish property group SBB SE rose +2.62% after announcing it was exploring strategic options including a sale of the company or of specific assets and segments. Shares of the company have sunk ~80% over the last year as it struggles with the higher interest rate environment. Elsewhere, President Tayyip Erdogan secured victory in a presidential election in Turkey on Sunday (28 May), extending his increasingly authoritarian rule into a third decade. In economic data, a final reading of eurozone Consumer Confidence for May, and Consumer Inflation Expectations for May are released tonight AEST.

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Monday 29 May 2023: US equity markets rallied ahead of the Memorial Day long weekend

Mon, 29 May 2023 03:23:14 +0000

US equity markets rallied ahead of the Memorial Day long weekend - Dow rose +329-points or +1.00% to snap a five-session losing streak, with Intel Corp (up +5.84%) and American Express (+4.08%) notable performers. The broader S&P500 gained +1.30% to its highest level since mid-August, with the Information Technology (up +2.68%) and Consumer Discretionary (+2.38%) popping over >2% to lead eight of the eleven primary sectors higher. Energy (down -0.37%) was the worst performing primary sector on Friday (26 May). Broadcom jumped +11.52% to a record closing high of US$812.73 - touching a record intra-day high of US$814.98 – to be the leading S&P500 performer on Friday (26 May) ahead of the chipmaker’s second quarter result later this week. Ford Motor Co rallied +6.24% after Chief Executive Jim Farley and Tesla Inc (+4.72%) Chief Executive Elon Musk held a Twitter Spaces livestream to reveal an agreement which would allow Ford owners to access Tesla Superchargers in the U.S. and Canada starting early next year, in addition to Ford’s own charging network. Ford electric vehicles (EVs) would use an adapter at first, but in a couple of years the EVs would have built-in connectors and no adapters would be needed. The Nasdaq rallied +2.19%. Marvell Technology Inc surged +32.4% after the chip company posted a solid quarterly result after the close last Thursday (25 May) and said it expected revenue from artificial intelligence (AI) to at least double this fiscal year. The Philadelphia Semiconductor index has added ~40% since the start of the year, driven by the booming AI industry. The small capitalisation Russell 2000 gained +1.05%.

Friday, 26 May 2023: US equity markets advanced, led by fresh solid gains for the technology sector

Thu, 25 May 2023 23:50:39 +0000

US equity markets advanced, led by fresh solid gains for the technology sector - Dow slipped -35-points or -0.11%, extending declines into a fifth consecutive session. The broader S&P500 rose +0.88%, with Information Technology (up +4.45%) comfortably the leading primary sector performer and leading five of the eleven primary sectors higher. The Nasdaq jumped +1.71%, posting its best daily percentage gain since 5 May as the artificial intelligence (AI) thematic continued to power gains. Advanced Micro Devices Inc rallied +11.16% and Palo Alto Networks Inc +1.80%. The small capitalisation Russell 2000 lost -0.70%.

Thursday, 25 May 2023: US equity markets retreated as concern about the impasse in the debt-ceiling talks continued to grow

Wed, 24 May 2023 23:38:07 +0000

US equity markets retreated as concern about the impasse in the debt-ceiling talks continued to grow - Dow fell -256-points or -0.77%. The broader S&P500 lost -0.73%, with Real Estate (down -2.21%) leading ten of the eleven primary sectors lower. Financials (down -1.31%), Financials (-1.31%) and Industrials (-1.27%) all fell over >1%. Energy (up +1.04%) was the sole primary sector to advance for a second straight session. The Nasdaq eased -0.61%. The small capitalisation Russell 2000 lost -1.16%.

Wednesday, 24 May 2023: US equity markets retreated after a volatile session as the drawn out debt ceiling negotiations continued

Wed, 24 May 2023 00:12:57 +0000

US equity markets retreated after a volatile session as the drawn out debt ceiling negotiations continued to weigh on sentiment, with losses accelerating in afternoon trading - Dow fell -231-points or -0.69%, The broader S&P500 -1.12%, with Materials (down -1.54%) and Information Technology (-1.50%) falling ~1.5% to lead ten of the eleven primary sectors lower. Energy (up +1.04%) was the sole primary sector to advance overnight. The Nasdaq -1.26%. Apple Inc lost -1.52% after announcing a multibillion-dollar chip production deal with Broadcom Inc (up +1.20%). Apple said the partnership, which centres on 5G radio frequency components and builds on its existing relationship with Broadcom, was part of its 2021 commitment to spend US$430B with US suppliers and manufacturers over five years. The small capitalisation Russell 2000 lost -0.43%. The American Depository Receipts (ADRs) of Alibaba Group Holdings Ltd fell -3.74% after a strong session a day earlier, with reports that the company’s cloud and artificial intelligence (AI) arm has begun cutting 7% of staff (source: Barron’s). The move is a bid to optimise business operations on strategic areas - like AI - in the midst of a historic restructuring, and not representative of a wider downsizing, a person familiar with the matter and cited in the report said. Alibaba announced earlier this year the biggest restructuring in its history, a bid to unlock value by splitting into six units and to foster market competitiveness, a nod to regulators who have hammered the Chinese tech sector since late 2020.

Tuesday, 23 May 2023: US equity markets mixed in what was a muted session as investors continued to eye developments around the debt ceiling

Mon, 22 May 2023 23:58:50 +0000

US equity markets mixed in what was a muted session as investors continued to eye developments around the debt ceiling negotiations, although the Nasdaq scaled a nine month high - Dow fell -140-points or -0.42%. JPMorgan Chase & Co (down -0.83%) hosted an investor day and said it is planning an “unmatched” spending spree on new initiatives this year of more than $15B, which would include hiring, marketing and investment in technology. JPMorgan also lifted its outlook for how much it expects to earn this year from its lending business following the recent purchase of First Republic. The investment bank raised its 2023 target for net interest income, excluding its trading division, to ~US$84B from $81B previously. The broader S&P500 eked out a +0.02% gain, recording its second highest settlement (4,192.63) this year. Communication Services rose +1.17% to lead seven of the eleven primary sectors higher. Consumer Staples sat at the foot of the primary sector leaderboard with a -1.47% decline. Chevron Corp fell -1.80% after announcing an agreement to buy Colorado-based oil and gas producer PDC Energy Inc (up +7.22%) in an all-stock deal valued at US$6.3B. Exxon Mobil Corp lost -1.21%, with The Wall Street Journal reporting that the company spent ~US$100M buying land from an exploration company called Galvanic Energy, a firm created for development of lithium from the brine-rich Smackover Formation of Southern Arkansas. The technology-centric Nasdaq gained +0.50% to 12,720.78, logging its highest close since 18 August last year. Meta Platforms Inc settled+1.09% higher, shaking off pre-market weakness seen after the social-media giant was fined €1.2B by Ireland’s Data Protection Commission over allegations it violated European Commission rules on data protection. Micron Technology Inc fell -2.85% following a weekend report that China’s government told users of computer equipment deemed sensitive to stop buying products from the biggest U.S. memory chipmaker. The small capitalisation Russell 2000 rallied +1.22%.

Monday, 22 May 2023: US equity markets retreated as policymakers paused negotiations over the debt ceiling deal

Sun, 21 May 2023 23:39:51 +0000

US equity markets retreated as policymakers paused negotiations over the debt ceiling deal and nerves over the health of the US regional banking sector resurfaced - Dow fell -109-points or -0.33%, The broader S&P500 slipped -0.14%, with Consumer Discretionary (down -0.84%) leading seven of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard on Friday (19 May) with a +0.73% gain. The Nasdaq eased -0.24%. The small capitalisation Russell 2000 lost -0.62%.

Friday, 19 May 2023: US equity markets rallied, with the S&P500 and Nasdaq logging their highest closes since August last year

Thu, 18 May 2023 23:37:34 +0000

US equity markets rallied, with the S&P500 and Nasdaq logging their highest closes since August last year amid reports of further progress in resolving the debt-ceiling debate in Congress - Dow rose +115-points or +0.34%, The broader S&P500 gained +0.94%, with Information Technology (up +2.06%) leading seven of the eleven primary sectors higher. The Nasdaq rallied +1.51%. Apple Inc (+1.37%) and Google-parent Alphabet Inc (+1.68%) advanced to log their highest settlements since April last year. Nvidia Corp gained +4.97% to US$316.78, marking the chipmaker’s highest close since 8 December, 2021 and ~5% below its all-time closing high of US$333.76 set on 29 November, 2021. The latest rally – which sees the stock up ~116.76% year-to-date - came after the company announced a slew of high-performance gaming cards aimed at budget shoppers. The small capitalisation Russell 2000 added +0.58%.

Thursday, 18 May 2023: US equity markets rallied as optimism emerged from Republican congressional leadership over averting a default

Wed, 17 May 2023 23:53:06 +0000

US equity markets rallied as optimism emerged from Republican congressional leadership over averting a default on the debt ceiling - Dow rebounded +409-points or +1.24%, The broader S&P500 rose +1.19%, with Energy (up +2.07%), Consumer Discretionary (+2.04%) and Financials (+2.0%) all gaining 2%+ to lead nine of the eleven primary sectors higher. Utilities (down -0.36%) and Consumer Staples (-0.10%) were the only primary sectors to settle in the red. The Nasdaq rallied +1.27%. The small capitalisation Russell 2000 outperformed with a +2.21% gain after the lagging the other indices recently.

Wednesday, 17 May 2023: US equity markets retreated as investors focussed on debt ceiling talks

Tue, 16 May 2023 23:38:56 +0000

US equity markets retreated as investors focussed on debt ceiling talks between President Joe Biden and House Speaker Kevin McCarthy, which concluded shortly before market close - Dow fell -336-points or -1.01%, falling back into negative territory for the year-to-date for the first time since 4 May and closing below its 50-day average for the first time since 30 March. The broader S&P500 lost -0.64%, with Real Estate (down -2.61%), Energy (-2.54%) and Utilities (-2.30%) all dropping over >2% to lead nine of the eleven primary sectors lower. Communication Services (up +0.59%) and Information Technology (+0.16%) were the only primary sectors to advance. The technology-centric Nasdaq slipped -0.18%. The small capitalisation Russell 2000 shed -1.44%.

Tuesday, 16 May 2023: US equity markets edged higher in subdued trading as investors awaited news about debt ceiling negotiations

Mon, 15 May 2023 23:34:50 +0000

US equity markets edged higher in subdued trading as investors awaited news about debt ceiling negotiations and assessed fresh data pointing to a cooling economy - Dow added +48-points or +0.14%, snapping a five session losing streak. The broader S&P500 rose +0.30%, with Materials (up +0.85%) and Financials (+0.82%) both rose over >0.8% to lead six of the eleven primary sectors higher. Utilities sat at the foot of the primary sector leaderboard with a -1.24% decline. The Nasdaq advanced +0.66%, with chipmaker NVIDIA Corp rallying +2.16%. Apple Inc (down -0.29%) saw its market capitalisation (~US$2.7 trillion) surpass that of the entire small capitalisation Russell 2000 on 27 April and has retained this premium for two weeks. The Russell 2000 gained +1.19%.

Monday, 15 May 2023: US equity markets drifted lower on Friday (12 May), forfeiting earlier gains in late morning trade

Sun, 14 May 2023 23:47:32 +0000

US equity markets drifted lower on Friday (12 May), forfeiting earlier gains in late morning trade after consumer sentiment data from the University of Michigan recorded a notable increase in consumer inflation expectations - Dow dipped -9-points or -0.03%, The broader S&P500 reversed earlier gains to settle -0.16% lower, Consumer Discretionary (down -0.89%) leading four of the eleven primary sectors lower on Friday (12 May). The more defensive Utilities (up +0.44%) and Consumer Staples (+0.36%) sectors outperformed. The Nasdaq fell -0.35%, with Apple Inc down -0.54% and Meta Platforms Inc -0.84%. The small capitalisation Russell 2000 lost -0.22%. Small cap stocks have struggled since turmoil in U.S. regional banks erupted in early March, with the Russell 2000 down ~7% since 8 March.

Friday, 12 May 2023: US equity markets slipped amid fresh concerns around regional banks and weaker commodity prices

Thu, 11 May 2023 23:46:25 +0000

US equity markets slipped amid fresh concerns around regional banks and weaker commodity prices - Dow fell -222-points or -0.66%, extending declines into a fourth straight session. The Walt Disney Company dropped -8.73% after the media giant released its fiscal second-quarter results after the close of the previous session and recorded a decline in subscribers to its streaming business, Disney+. The broader S&P500 slipped -0.17%, with Energy (down -1.24%), Utilities (-1.14%) and Real Estate (-1.02%) all falling over >1% to lead eight of the eleven primary sectors lower. Communication Services (up +1.65%) sat atop the primary sector leaderboard. The technology-centric Nasdaq edged +0.18% higher. Google-parent Alphabet Inc rallied +4.31% to its highest level since August on the heels of its I/O developer conference that saw the company unveil new gadgets and software, with a particular focus on artificial intelligence. The small capitalisation Russell 2000 lost -0.84%. Livent Corp.

Thursday, 11 May 2023: US equity markets advanced and treasuries rallied as the latest headline inflation data printed

Wed, 10 May 2023 23:50:18 +0000

US equity markets advanced and treasuries rallied as the latest headline inflation data printed slightly weaker-than-expected, with value stocks lagging growth names following a choppy session - Dow slipped -30-points or -0.09%, with American Express Co (down -3.06%) and Nike Inc (-1.27%) notable drags. The broader S&P500 +0.45%, with Communication Services (up +1.69%) and Information Technology (up +1.22%) leading seven of the eleven primary sectors higher. Energy and Financials sat at the foot of the primary sector leaderboard, down -1.15% and -0.67% respectively. The technology-centric Nasdaq +1.04%, logging its highest settlement since June. Alphabet Inc rose +4.10% as Google kicked off its I/O developer conference and unveiled new gadgets and software, with a particular focus on artificial intelligence. The small capitalisation Russell 2000 rose +0.56%.

Wednesday, 10 May 2023: US equity markets logged modest losses following a muted session as investors eye tonight’s AEST inflation figures

Tue, 09 May 2023 23:41:47 +0000

US equity markets logged modest losses following a muted session as investors eye tonight’s AEST inflation figures - Dow eased -57-points or -0.17%. Boeing Co rose +2.34%, with confirmation that the company had struck a deal with Ryanair Plc that will see the Irish low-cost carrier buy up to 300 Boeing aircraft. The deal comes after discussions collapsed more than 18 months ago over a disagreement on price. The aircraft will be delivered between 2027 and 2033. The broader S&P500 fell -0.46%, with Materials (down -0.93%) and Information Technology (-0.86%) leading eight of the eleven primary sectors lower. The Nasdaq lost -0.63%. The small capitalisation Russell 2000 lost -0.27%.

Tuesday, 9 May 2023: US equity markets settled narrowly mixed as an early rally in regional banking stocks faded

Mon, 08 May 2023 23:42:31 +0000

US equity markets settled narrowly mixed as an early rally in regional banking stocks faded, and with investors eyeing pivotal inflation figures later in the week - Dow eased -56-points or -0.17%, The broader S&P500 inched +0.05% higher, with Communication Services (up +1.27%) leading four of the eleven primary sectors higher thanks to solid gains from Google parent Alphabet Inc (+1.91%) and Walt Disney Co (+2.44%). The Nasdaq eked out a +0.18% gain to 12,256.91, its highest close since 12 September and enough to lift the technology centric index out of official bear market territory once again (up +20.01% from its 28 December closing low of 10,213.29). The last such exit from a bear market for the Nasdaq was 10 August last year and proved short-lived, with the index peaking just a few trading days later on 15 August before slumping back into a bear market - dropping 20% from that high - by 11 October. The small capitalisation Russell 2000 lost -0.31%. Amcor Plc fell over >2% in extended trading (after adding +0.38% in the regular session) after announcing it had signed a deal to buy Moda Systems, a maker of automated protein packaging machines. The packaging major did not disclose the size of the deal.

Monday, 8 May 2023: US equity markets rallied on Friday (5 May) to snap a four session losing streak

Sun, 07 May 2023 23:44:41 +0000

US equity markets rallied on Friday (5 May) to snap a four session losing streak, with regional bank shares rebounding from steep losses, and as investors digested the latest monthly jobs figures - Dow rallied +547-points or +1.65%, The broader S&P500 +1.85%, with Energy (up +2.75%), Information Technology (+2.71%), Financials (+2.44%) and Consumer Discretionary (+2.5%) gaining 2%+ to lead all elven primary sectors higher. The Nasdaq +2.25%. Apple Inc jumped +4.69% after posting better-than-expected first quarter numbers after the close of the previous session. Advanced Micro Devices (AMD) Inc gained +3.73% capping a two rebound of +9.84% that saw the chipmaker recoup a fall of over >9% last Wednesday (3 May) after better-than-expected first quarter headline numbers were overshadowed by an underwhelming outlook. The rebound came following a report that AMD was partnering with Microsoft Corp (+1.72%) to develop an in-house chip to handle artificial intelligence (AI) workloads. Microsoft has relied mostly on AMD’s larger rival Nvidia Corp (+4.06%) for its data-centre needs. The small capitalisation Russell 2000 rose +2.39%. Atlassian Corp fell -9.54% after the collaboration- and productivity-software company said late last Thursday (4 May) it expected business to get worse as companies keep cutting jobs. The company forecast revenue of US$900M to US$920M for the fiscal fourth quarter versus analysts’ consensus estimates for US$919.4M, stating in its letter to shareholders that cloud revenue faced “increasing macroeconomic impacts on paid seat [a paid user of Atlassian software] expansion from existing customers and new customer conversions, as well as headwinds in areas [where] we have yet to see significant impact.”

Friday, 5 May 2023: US equity markets retreated, with the benchmark indices extending losses into a fourth straight session

Thu, 04 May 2023 23:31:40 +0000

US equity markets retreated, with the benchmark indices extending losses into a fourth straight session - Dow dropped -287-points or -0.86%, dipping into the red for the year. The broader S&P500 fell -0.72%, with Financials (down -1.29%), Communication Services (-1.26%), Energy (-1.11%) and Industrials (-1.09%) all falling over >1% to lead nine of the eleven primary sectors lower. Real Estate (up +0.92%) and Utilities (+0.73%) were the only primary sectors to advance overnight. The Nasdaq lost -0.49%. Qualcomm Inc shed -5.54% after the chipmaker’s fiscal third quarter outlook released after the close of the previous session fell short of Wall Street estimates. Advanced Micro Devices Inc rallied +6.11% following a Bloomberg report that indicated the chip maker was working with Microsoft Corp (+0.33%) as it expands into processors for artificial intelligence. The small capitalisation Russell 2000 lost -1.18%.

Thursday, 4 May 2023: US equity markets settled lower after a volatile session as investors digested the latest interest rate decision

Wed, 03 May 2023 23:41:34 +0000

US equity markets settled lower after a volatile session as investors digested the latest interest rate decision and monetary policy pronouncements from the Federal Reserve - Dow fell -270-points or -0.80%, The broader S&P500 lost -0.70%, with Energy (down -1.92%), Financials (-1.27%) and Materials (-1.11%) all fell over >1% to lead all eleven primary sectors lower. The Nasdaq eased -0.45%. Advanced Micro Devices Inc dropped -9.22% The small capitalisation Russell 2000 rose +0.41%.

Wednesday, 3 May 2023: US equity markets declined under the weight of fresh falls for regional banks and the energy sector

Tue, 02 May 2023 23:28:12 +0000

US equity markets declined under the weight of fresh falls for regional banks and the energy sector - Dow down -367-points or -1.08%, The broader S&P500 lost -1.16%, with Energy (down -4.28%) and Financials (-2.30%) leading ten of the eleven primary sectors lower. Consumer Discretionary (+0.16%) was the only primary sector to settle in positive territory. The technology-centric Nasdaq fell -1.09%. The small capitalisation Russell 2000 dropped -2.10%.

Tuesday, 2 May 2023: US equity markets slipped in muted trading, giving up modest early gains

Mon, 01 May 2023 23:25:52 +0000

US equity markets slipped in muted trading, giving up modest early gains as investors pondered the news that JPMorgan Chase & Co (up +2.14%) had agreed to buy the bulk of embattled of Californian lender First Republic Bank - Dow eased -46-points or -0.14%, unwinding an earlier rally of as much as +160-points. The broader S&P500 dipped -0.04%, with Energy (down -1.26%) and Consumer Discretionary (-1.06%) leading seven of the eleven primary sectors lower. Healthcare (up +0.59%) and Industrials (+0.55%) were the leading primary sector performers overnight. The Nasdaq slipped -0.11% to 12,212.60, with Amazon.com Inc down -3.22% and extending its two day slide to over >7% since the release of the e-commerce and cloud-computing giant’s first quarter result. However, chipmaker Nvidia Corp gained +4.18%. The technology-centric index has been in a bear market for 138 trading days, and needed to close above >12,255.95 to exit bear-market territory, according to Dow Jones Market Data. The small capitalisation Russell 2000 eked out a +0.01% gain.

Monday, 1 May 2023: US equity markets advanced on Friday (28 April) despite another crushing session for First Republic Bank

Sun, 30 Apr 2023 23:34:37 +0000

US equity markets advanced on Friday (28 April) despite another crushing session for First Republic Bank, with investors continuing to digest corporate earnings and the latest inflation reports - Dow rose +272-points or +0.80%, The broader S&P500 gained +0.83%, with Energy (up +1.47%), Financials (+1.19%), Real Estate (+1.15%), Materials (+1.13%) and Information Technology (+1.07%) rising over >1% to lead nine of the eleven primary sectors higher. Utilities (down -0.19%) and Consumer Discretionary (-0.04%) were the only primary sectors to settle in the red. Both the Dow and S&P500 logged their best single session advance since 6 January. The Nasdaq added +0.69% to settle at 12,226.58, logging its best single session gain since 16 March and marking the highest close for the technology-centric index since 12 September, 2022. Intel Corp rallied +4.02% as the once dominant chipmaker posted first quarter numbers after the closing bell of last Thursday’s (27 April) session that were a touch a head of consensus analyst forecasts. However, Amazon.com Inc fell -3.98% after the e-commerce and cloud-computing giant’s first quarter headline numbers released after the close of the previous session comfortably surpassed consensus estimates, but with analysts concerned about revenue growth in the Cloud unit. The small capitalisation Russell 2000 lost -0.49%.

Friday, 28 April 2023: Strong first quarter earnings from technology majors fuelled the best rally for US equity markets since January

Thu, 27 Apr 2023 23:52:45 +0000

Strong first quarter earnings from technology majors fuelled the best rally for US equity markets since January - Dow gained +524-points or +1.57%, The broader S&P500 rallied +1.96% to log its best single session gain since 6 January, with Communications Services (up +5.53%) the clear outperformer and underpinned by Meta Platforms Inc soaring +13.93% after Facebook’s parent company reported better-than-expected earnings per share (EPS) of US$2.20 for the first quarter after the close of the previous session and provided a revenue forecast that suggested reinvigorated sales growth. Consumer Discretionary (+2.77%), Real Estate (+2.43%) and Information Technology (+2.17%) all gained over >2% amid a broad-based rally that saw all eleven primary sectors advance. The Nasdaq jumped +2.43%, with Microsoft Corp up +3.20% and Alphabet Inc +3.75%. The small capitalisation Russell 2000 gained +1.20%.

Thursday, 27 April 2023: US equity markets mixed as strong earnings from some technology heavyweights competed

Thu, 27 Apr 2023 00:04:04 +0000

US equity markets mixed as strong earnings from some technology heavyweights competed with persistent concerns around the banking sector - Dow fell -229-points or -0.68%, unwinding an earlier gain of over >100-points. Home Depot Inc (down -2.79%), Honeywell International (-2.58%) and Merck & Co Inc (-2.66%) all declined over >2.5%. The broader S&P500 eased -0.38%, with Utilities (down -2.37%) leading ten of the eleven primary sectors lower. Information Technology was the sole standout performer with a +1.78% gain. The Nasdaq rose +0.47%, paring an earlier rally of ~1.4%. Microsoft Corp rallied +7.24% after the software giant released first quarter earnings per share (EPS) and revenue after the close of the previous session that topped Wall Street’s estimates, underpinned by strong Cloud demand. The company ell narrowly short of topping its daily record for market-capitalisation gains, adding +US$148.34B in market cap overnight – just shy of the company’s record one-day market-cap haul of US$150.37B achieved 13 March, 2020. It also marked the seventh-largest daily increase in market value for a U.S. company, according to Dow Jones Market Data. Microsoft also shrugged off news that the U.K.’s Competition and Markets Authority would prohibit the company from merging with Activision Blizzard Inc (down -11.45%), a decision Microsoft plans to appeal. Google parent Alphabet Inc slipped -0.15% after trading in positive territory for most of the session despite the Google parent posting better-than-expected first quarter EPS after the close of the previous session. The small capitalisation Russell 2000 lost -0.89%.

Wednesday, 26 April 2023: US equity markets retreated amid a flood of corporate earnings releases

Wed, 26 Apr 2023 01:25:30 +0000

US equity markets retreated amid a flood of corporate earnings releases and with investors eying results from some technology majors after the closing bell - Dow fell -344-points or -1.02%, The broader S&P500 lost -1.58%, with Materials (down -2.15%), Information Technology (-2.09%) and Consumer Discretionary (-2.05%) down over >2% and leading all eleven primary sectors lower. The Nasdaq dropped -1.98% to 11,799.16, marking the technology-centric indice’s lowest settlement since 28 March. The small capitalisation Russell 2000 slumped -2.40%.

Monday, 24 April 2023: US equity markets edged higher in what was another muted session to conclude the week

Sun, 23 Apr 2023 23:35:37 +0000

US equity markets edged higher in what was another muted session to conclude the week as investors assessed mixed earnings from corporate America and political negotiations over the country’s debt ceiling - Dow added +22-points or +0.07%, The broader S&P500 edged +0.09% higher, with the Consumer Discretionary (up +1.20%) leading six of the eleven primary sectors higher. The Materials (down -0.90%) and Energy (-0.59%) sectors sat at the foot of the primary sector leaderboard on Friday (21 April). The Nasdaq +0.11%. Meta Platforms Inc dipped -0.08% after Chief Executive Officer (CEO) Mark Zuckerberg reportedly said the company may not be through laying off workers, as its latest round of 4,000 landed this week and another batch looms for Ma. The small capitalisation Russell 2000 +0.10%.

Friday, 21 April 2023: US equity markets retreated following some mixed corporate earnings releases

Thu, 20 Apr 2023 23:43:12 +0000

US equity markets retreated following some mixed corporate earnings releases - Dow fell -110-points or -0.33%. The broader S&P500 -0.60%, with Consumer Discretionary (down -1.48%), Real Estate (-1.19%) and Energy (-0.89%) lead ten of the eleven primary sectors lower. Consumer Staples (up +0.06%) was the only primary sector to eke out a gain. Tesla Inc dropped -9.75% as Chief Executive Officer (CEO) Elon Musk made clear he was willing to sacrifice margins in a push for market share in statements made following the release of the electric vehicle manufacturer’s first quarter result released after the close of the previous session. The Nasdaq lost -0.80%. Meta Platforms Inc fell -1.22% but still overtook Tesla Inc in market capitalisation terms for the first time since 20 December 2021. Meta is now the seventh largest public US company by market capitalisation at US$552.4B, pushing Tesla back to eighth spot (US$515.7B). The small capitalisation Russell 2000 lost -0.54%.

Thursday, 20 April 2023: US equity markets little changed for a second consecutive session

Wed, 19 Apr 2023 23:38:28 +0000

US equity markets little changed for a second consecutive session as investors assessed the latest round of quarterly earnings releases, including from a couple of Dow components - Dow fell -80-points or -0.23%. Walt Disney Co fell -2.16% after Bloomberg reported that the media and entertainment giant was planning to lay off thousands of employees next week, including ~15% of the entertainment division’s workforce. The broader S&P500 dipped -0.01%, with Communication Services (down -0.72%) leading six of the eleven primary sectors lower. The more defensive sectors outperformed overnight, with Utilities (up +0.78%) and Real Estate (+0.55%) sitting at the top of the primary sector leaderboard. United Airlines Holdings Inc rallied +7.50% after the carrier projected stronger-than-expected second quarter and full year earnings after the close of the previous session. The Nasdaq eked out a +0.03% rise. Netflix Inc fell -3.17% after the streaming giant provided a disappointing second quarter outlook after the close of the previous session. The small capitalisation Russell 2000 added +0.22%.

Wednesday, 19 April 2023: US equity markets settled little changed overnight, struggling for direction

Tue, 18 Apr 2023 23:32:20 +0000

US equity markets settled little changed overnight, struggling for direction as the first quarter corporate earnings season ramps up - Dow dipped -11-points or -0.03%, The broader S&P500 inched +0.09% higher, with Industrials (up +0.46%), Energy (+0.45%), Information Technology (+0.41%) and Materials (+0.40%) all up 0.4%+ and leading seven of the eleven primary sectors higher. The Nasdaq -0.04%. Meta Platforms Inc fell -0.44%, with Vox reporting that the company is expected to cut a further 4K jobs on Wednesday (19 April) in the latest round of layoffs. Meta Chief Executive Mark Zuckerberg has announced Meta’s intention to eliminate 10,000 jobs this northern hemisphere spring The small capitalisation Russell 2000 lost -0.40%.

Tuesday, 18 April 2023: US equity markets shook off a mixed opening to the first session of the week to push higher

Mon, 17 Apr 2023 23:38:32 +0000

US equity markets shook off a mixed opening to the first session of the week to push higher in the final hour of trading and settle with modest gains ahead of the first quarter earnings season shifting fully into gear this week - Dow rose +101-points or +0.30%, The broader S&P500 added +0.33%, with Real Estate (up +2.23%) and Financials (+1.04%) leading eight of the eleven primary sectors higher. Communication Services and Energy were the worst performing primary sectors overnight, both declining -1.27%. The Nasdaq +0.28%. Google parent Alphabet Inc fell -2.66% after The New York Times reported that Samsung is weighing making Bing its default search engine. The small capitalisation Russell 2000 rallied +1.22%.

Monday, 17 April 2023: US equity markets retreated on Friday (14 April) as investors assessed a weak retail sales report

Sun, 16 Apr 2023 23:36:44 +0000

US equity markets retreated on Friday (14 April) as investors assessed a weak retail sales report and some hawkish comments from Federal Reserve Governor Christopher Waller that dented enthusiasm around a stronger-than-expected start to the first quarter corporate earnings season - Dow fell -143-points or -0.42%, Boeing Co dropped -5.56% after the company warned after the close of the previous session that a manufacturing hang-up could cause problems for production and delivery of “a significant number” of 737 Max planes. The broader S&P500 eased -0.21%, with the more defensive sectors leading the declines. Real Estate (down -1.68%), Utilities (-1.11%) and Health Care (-0.79%) were the worst performing sectors on Friday (14 April), leading seven of the eleven primary sectors lower. Financials (up +1.05%) sat atop the primary sector leaderboard. The Nasdaq fell -0.35%. The small capitalisation Russell 2000 lost -0.86%.

Thursday, 13 April 2023: US equity markets erased earlier gains following the release of the Federal Reserve’s March monetary policy meeting

Wed, 12 Apr 2023 23:40:34 +0000

US equity markets erased earlier gains in the final hour of trading following the release of the Federal Reserve’s March monetary policy meeting minutes, and as investors digested the latest inflation figures.- Dow slipped -38-points or -0.11%, snapping a four session winning streak after unwinding an earlier rally of over >200-points. International Business Machines (IBM) Corp (down -1.44%) is considering selling its weather operation, the Wall Street Journal (WSJ) reported after the market close. Any sale would come as IBM tries to become a leaner company trained on artificial intelligence (AI) and cloud infrastructure, the WSJ noted. The broader S&P500 eased -0.41% albeit recording its biggest intraday move in approximately three weeks, with the index swinging nearly 50 points from its intraday high to low. Consumer Discretionary (down -1.54%) led seven of the eleven primary sectors lower. Industrials (up +0.3%) sat atop the primary sector leaderboard overnight. American Airlines Group Inc dropped -9.22% after the carrier released weaker-than-expected updated guidance for the first quarter. The company now projects adjusted earnings per share (EPS) of US$0.01c to US$0.05c for the quarter, above prior guidance of breakeven, but below the average analyst projection for US$0.05c. United Airlines Holdings Inc shed -6.50%. The technology-centric Nasdaq lost -0.85%. The small capitalisation Russell 2000 fell -0.72%.

Wednesday, 12 April 2023: US equity markets mixed ahead of the release of the latest monthly inflation figures tonight AEST

Tue, 11 Apr 2023 23:41:31 +0000

US equity markets mixed ahead of the release of the latest monthly inflation figures tonight AEST - Dow rose +98-points or +0.29%, extending the 30-stock index’s gain into a fourth straight session. The broader S&P500 settled flat, with every sector in positive territory except Information Technology (down -1.03%) and Communication Services (-0.43%). Energy (+0.89%) sat atop the primary sector leaderboard overnight. Moderna Inc shed 3.06% after the biotech firm hosted a virtual investor conference and said it’s delaying its ‘flu vaccine. The Nasdaq eased -0.43%, with Microsoft Corp (down -2.27%) and Amazon.com Inc (-2.20%) both declining over >2%. The small capitalisation Russell 2000 climbed +0.80%.

Tuesday, 11 April 2023: US equity markets resumed trading after the Good Friday long weekend with modest gain

Mon, 10 Apr 2023 23:55:01 +0000

US equity markets resumed trading after the Good Friday long weekend with modest gains, climbing in the final hour of the session as investors digested last Friday’s (7 April) non-farm payrolls report and eyed the latest inflation figures and the start of the first quarter earnings season later this week – Dow rose +101-points or +0.30%. The Wall Street Journal (WSJ) reported Friday (7 April) that Exxon Mobil Corp (down -0.44%) has held informal talks with Pioneer Natural Resources Co (up +5.79%) about a possible acquisition. If a deal happens, it likely won’t come until later this year or next year, the WSJ report said. The broader S&P500 edged +0.10% higher, with Industrials (up +0.90%) and Energy (+0.65%) leading six of the eleven primary sectors higher overnight. Tesla Inc lost -0.30% after the company announced another round of price cuts on some vehicles in an attempt to spur demand. The electric vehicle maker also confirmed plans to build a megapack battery factory in Shanghai capable of assembling 10,000 giant batteries annually. The Nasdaq dipped -0.04% after dropping as much as -1.40% earlier in the session, with Apple Inc down -1.60% after market intelligence provider International Data Corp reported that global personal-computer shipments sank 29% from a year ago on weak demand, excess inventory and a worsening economic environment. Google parent Alphabet Inc lost -1.83%. Micron Technology Inc rallied +8.04% after its rival Samsung Electronics announced that it plans to cut memory chip production in the near term. A number of Wall Street analysts said the move could accelerate a return to supply-demand balance and potential rebound in the chipmaking sector. The small capitalisation Russell 2000 edged 0.13% higher. Tupperware Brands Corp sank -48.76% after the food-storage products maker issued a going-concern warning late Friday (7 April), saying it had hired financial advisers to help steer it through near-term challenges.

Thursday, 6 April 2023: US equity markets weaker following a pair of soft economic reports

Wed, 05 Apr 2023 23:28:51 +0000

US equity markets weaker following a pair of soft economic reports - Dow added +80-points or +0.24%. The broader S&P500 slipped -0.25%, with Consumer Discretionary (down -2.04%) leading seven of the eleven primary sectors lower. The more defensive Utilities (up +2.57%) and Health Care (+1.73%) sectors sat at top of the primary sector leaderboard, while the Energy sector rose +1.42%. FedEx Corp rose +1.52% after the logistics giant announced plans to consolidate its operating companies into one organisation as part of an initiative called ‘Drive’, with the transition expected to be fully implemented in June 2024. The company expects the overall initiative to drive US$4B in permanent cost reductions in fiscal 2025. FedEx also plans to boost its annual dividend by +10% to US$0.44c per share. Costco Wholesale Corp fell over >2% in extended trading (after slipping -0.12% in the regular session) after the membership warehouse retailer reported its first monthly same-store sales (SSS) drop (down -1.1%) in nearly three years in March. The Nasdaq lost -1.07%, extending the technology centric indice’s decline into a third straight session. The small capitalisation Russell 2000 lost -0.99%.

Wednesday, 5 April 2023: US equity markets retreated as investors weighed fresh declines in factory orders

Tue, 04 Apr 2023 23:35:22 +0000

US equity markets retreated as investors weighed fresh declines in factory orders, and data hinting at a softening labour market ahead of Friday’s (7 April) March jobs report - Dow fell -199-points or -0.59%. Walmart Inc slipped -~0.9% in extended trading (after falling -0.98% in regular trading) after the world’s largest retailer reiterated its guidance for the first three months of the 2023 and the full year at its investor day. In February, the Walmart forecast consolidated net sales in the first quarter to be 4.5% to 5% higher than a year ago, and adjusted earnings per share (EPS) of US$1.25-US$1.30. Johnson and Johnson rose over >2.5% in extended trading (extending a +1.05% rise in the regular session) after said it will pay US$8.9B over the next 25 years to settle allegations that the company’s baby powder and other talc products caused cancer. The company proposed the settlement in a securities filing. J&J’s subsidiary LTL Management also refiled for Chapter 11 bankruptcy protection after its first attempt was thwarted, the filing said. The broader S&P500 -0.58%, with Industrials (down -2.25%) and Energy (-1.72%) leading seven of the eleven primary sector lower. Ford Motor Co (up +0.32%) reported a +10.1% bump in U.S. vehicle sales during the first quarter as it sold 475,906 units. The Nasdaq -0.52%. The small capitalisation Russell 2000 lost -1.81%.

Tuesday, 4 April 2023: Both the Dow and S&P500 extended their rally into a fourth consecutive session

Mon, 03 Apr 2023 23:21:25 +0000

Both the Dow and S&P500 extended their rally into a fourth consecutive session as investors digested news of surprise crude production cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and their key producing allies (a group known as OPEC+) that saw oil prices soar and potentially muddy the inflation picture - Dow gained +327-points or +0.98%. Health insurance giant UnitedHealth Group Inc was the leading index performer, rallying +4.57% after the Center for Medicare & Medicaid Services on Friday (31 March) announced updated payment rates. The agency said that Medicare Advantage plans would see an increase in revenue of more than 3% from 2023 to 2024. The advance notice of the payment scale had pegged the increase at just over 1%. Separately, Chevron Corp gained +416%, tracking strong crude prices. Walmart Inc (+0.84%) convenes a two-day investor meeting beginning tonight AEST . The broader S&P500 added +0.37%, with Energy (up +4.91%) the clear outperformer and leading seven of the eleven primary sectors higher. Marathon Oil Corp jumped +9.93% and Conocophillips +9.26%. Tesla Inc fell -6.12% after reporting on Sunday (2 April) that it delivered 422,875 vehicles in the first quarter, just shy of the 432K units projected by analysts. The technology centric Nasdaq eased -0.27%. The small capitalisation Russell 2000 dipped -0.01%.

Monday, 3 April 2023: US equity markets staged a broad-based rally on Friday (31 March) to close out a volatile March

Sun, 02 Apr 2023 23:58:17 +0000

US equity markets staged a broad-based rally on Friday (31 March) to close out a volatile March with monthly and quarterly gains - Dow gained +415-points or +1.26%. McDonald’s Corp (+up 0.66%) is temporarily closing its U.S. offices this week as it prepares to inform corporate employees about its layoffs as part of a broader company restructuring, The Wall Street Journal reported on Sunday (2 April).The broader S&P500 rose +1.44%, with Consumer Discretionary (up +2.62%), Real Estate (+2.18%) and Communications Services (+2.08%) all gaining over >2% to lead all eleven primary sectors higher. Tesla Inc (up +6.24%) reported on Sunday (2 April) that it delivered 422,875 vehicles in the first quarter, just shy of the 432K units projected by economists. The electric vehicle manufacturer also reported production of 440,808 units for the quarter. Tesla is due to report first-quarter earnings after the close of trading on 19 April. The technology-centric Nasdaq rallied +1.74%. The small capitalisation Russell 2000 climbed +1.93%. US equity and bond markets are CLOSED on Friday night AEST (7 April) for Good Friday.

Friday, 31 March 2023: US equity markets logged back-to- back gains ahead of the release of key inflation figures tonight AEST

Thu, 30 Mar 2023 22:57:34 +0000

US equity markets logged back-to- back gains ahead of the release of key inflation figures tonight AEST - Dow rose +141-points or +0.43%. Boeing Co rose +1.48%, with Reuters reporting that the company’s CEO of commercial airplanes Stan Deal said that the 737 MAX production rate would go higher “soon.” The broader S&P500 climbed +0.57%, with Real Estate (up +1.22%) and Information Technology (+1.14%) leading ten of the eleven primary sectors higher. Financials (down -0.37%) was the only primary sector to settle in the red. The Nasdaq rallied +0.72% to 12,013.47, touching its highest intra-session level since 15 February (12,044.79). The technology-centric index is up +17.6% from its most recent low hit on 28 December. The level needed to enter a new bull market is 12,255.95, according to Dow Jones Market Data. Chip stocks continued to perform strongly. The more concentrated Nasdaq-100 index (up +0.91%) which tracks the top 100 non-financial companies listed on the Nasdaq exchange, exited a bear market on Wednesday (29 March), and is currently up +21.4% from its 28 December 28 closing low, according to Dow Jones Market Data. Advanced Micro Devices Inc rose +1.86%, Intel Corp +1.81% and NVIDIA Corp +1.48%. The small capitalisation Russell 2000 eased -0.18%.

Thursday, 30 March 2023: US equity markets rallied, with the S&P500 climbing back above the >4,000 level

Wed, 29 Mar 2023 22:43:05 +0000

US equity markets rallied, with the S&P500 climbing back above the >4,000 level - Dow gained +323-points or +1.00%. Intel Corp jumped +7.61% following an investor presentation that provided more detail about the company’s plans to reverse a slide in manufacturing and market share of data-centre chips. The broader S&P500 climbed +1.42% to 4,027.81, marking the indice’s highest settlement since 6 March (which was only days before the collapse of Silicon Valley Bank (SVB) put a spotlight on risks in the U.S. banking system after the Federal Reserve’s yearlong stretch of quick rate hikes). Real Estate (up +2.31%) and Information Technology (+2.09%) both gained over >2% to lead all eleven primary sectors higher. Tesla Inc rose +2.48% and has added more than US$200B to its market capitalisation in the first three months of the year alongside what’s likely to be the best start to a year for the stock in its history. The electric-vehicle manufacturer as soared +54% so far in 2023, putting it on track to log its largest quarterly percentage gain since the fourth quarter of 2020, according to Dow Jones Market Data. The Nasdaq rallied +1.79%. Amazon.com Inc rose +3.10%, Meta Platforms Inc (+2.33%) and Netflix Inc (+2.63%) both rose over >2%. Apple Inc (up +1.98%) announced that its annual Worldwide Developers Conference (WWDC) will begin on 5 June and run through 9 June. WWDC is Apple’s biggest conference of the year and typically sees the company unveil new products and features, and provide a preview of where the company is heading. The small capitalisation Russell 2000 gained +1.08%.

Wednesday, 29 March 2023: US equity markets logged modest declines, with a fresh rise in Treasury yields weighing on technology stocks

Tue, 28 Mar 2023 22:55:22 +0000

US equity markets logged modest declines, with a fresh rise in Treasury yields weighing on technology stocks - Dow slipped -38-points or -0.12%, The broader S&P500 eased -0.16%, with Communication Services (down -1.02%) leading six of the eleven primary sectors lower. Energy (up +1.45%) sat atop the primary sector leaderboard for a second consecutive session. The Nasdaq lost -0.45%. Apple Inc fell -0.40% and Google parent Alphabet Inc -1.65%. The small capitalisation Russell 2000 dipped -0.06%.

Tuesday, 28 March 2023: US equity markets mostly advanced as investors welcomed waning signs of banking sector stress

Mon, 27 Mar 2023 22:51:51 +0000

US equity markets mostly advanced as investors welcomed waning signs of banking sector stress - Dow rose +195-points or +0.60%, with International Business Machines (IBM) Corp (up +3.21%) and JPMorgan Chase & Co (+2.87%) among the notable positive contributors. The broader S&P500 added +0.20%, with the Energy (up +2.10%) leading eight of the eleven primary sectors higher. Communication Services (down -1.08%) and Information technology (-0.85%) sat at the bottom of the primary sector leaderboard. The Nasdaq settled -0.47% lower. Apple Inc fell -1.23%, with a filing with the Securities and Exchange Commission (SEC) revealing that Chief Operating Officer (COO) Jeff Williams sold US$30M in stock last week. Mr Williams sale of 187,730 shares at an average price of US$159.76 was made in conjunction with a 10b5-1 trading plan, which lets executives and other company insiders arrange for stock sales to take place under certain conditions like timing and pricing. The small capitalisation Russell 2000 rose +1.08%.

Monday, 27 March 2023: US equity markets advanced after another volatile session

Sun, 26 Mar 2023 23:08:47 +0000

US equity markets advanced after another volatile session as investors tried to shake off latest bank fears - Dow up +132-points or +0.41%. The broader S&P500 rose +0.56%, with more defensive sectors outperformed. Utilities (up +3.12%) and Real Estate (+2.57%) both rose over >2.5% to lead nine of the eleven primary sectors higher. Consumer Discretionary (down -0.35%) and Financials (-0.06%) were the only primary sectors to settle in the red. The Nasdaq added +0.31%. The small capitalisation Russell 2000 gained +0.85%. Block Inc fell -1.94%, extending the previous session’s -14.82% tumble after short seller Hindenburg Research announced that the payment company was its latest short position, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.

Friday, 24 March 2023: US equity markets advanced following another volatile session

Thu, 23 Mar 2023 23:38:17 +0000

Thursday, 23 March 2023: The Federal Reserve delivered their second consecutive +25 basis point interest rate hike

Wed, 22 Mar 2023 22:54:24 +0000

US equity markets - Dow fell -530-points or -1.63%, unwinding an earlier rally of ~200-points. The broader S&P500 -1.65%, having been up as much as +0.90% at its session peak. Real Estate (down -3.64%), Financials (-2.44%), Consumer Discretionary (-2.20%) and Energy (-2.11%) all fell over >2% to lead all eleven primary sectors lower. The Nasdaq -1.60%, having traded as +1.3% higher earlier in the session. The small capitalisation Russell 2000 lost -2.83%. Coinbase Global Inc fell over >13% in extended trading (extending an -8.16% decline recorded in regular trading) after the Securities and Exchange Commission (SEC) issued the cryptocurrency exchange a Wells notice, warning that it identified potential violations of U.S. securities law.

Wednesday, 22 March 2023: US equity markets rallied as investors welcomed a renewed sense of calm

Tue, 21 Mar 2023 22:39:46 +0000

US equity markets rallied as investors welcomed a renewed sense of calm following recent unrest in the banking sector - Dow rose +316-points or +0.98%. The broader S&P500 reclaimed the 4,000 mark, settling +1.30% higher at 4,002.87. It marked the indice’s first close above >4,000 since 6 March. Energy (up +3.45%) led eight of the eleven primary sectors higher, with Consumer Discretionary (+2.71%), Financials (+2.47%) and Communication Services (+2.45%) all rising over >2%. The more defensive sectors underperformed, with Utilities down -2.06%, Real Estate -0.66% and Consumer Staples -0.12%. Tesla Inc popped +7.82% after Moody’s upgraded Tesla to Baa3 rating from its junk-rated credit. Moody’s called the electric-vehicle maker the “foremost manufacturers of battery electric vehicles” and said the upgrade reflects Tesla’s prudent financial policy and management’s operational track record. The Nasdaq gained +1.58%. Nvidia Corp (up +1.15%) hosted its annual GTC developer conference overnight, with the chipmaker’s Chief Executive Officer (CEO) Jensen Huang announcing a wide-ranging set of partnerships and products that enable the latest wave of artificial intelligence (AI) services. Mr Huang said Nvidia’s “biggest collaboration” is its partnership with Google Cloud Platform. The small capitalisation Russell 2000 gained +1.88%.

Tuesday, 21 March 2023: US equity markets rebounded amid optimism that the banking sector crisis may be easing

Mon, 20 Mar 2023 22:54:35 +0000

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%.

Monday, 20 March 2023: US equity markets retreated as concerns re-emerged around the stability of the banking sector

Sun, 19 Mar 2023 23:11:13 +0000

US equity markets retreated as concerns re-emerged around the stability of the banking sector - Dow fell -385-points or -1.19%, The broader S&P500 -1.10%, with Financials (down -3.29%) leading all eleven primary sectors lower on Friday 17 March). FedEx Corporation rallied +7.97% after the economic bellwether posted fiscal third quarter earnings after the close of the last Thursday’s (16 March) session that comfortably topped Wall Street estimates. The Nasdaq lost -0.74%. The small capitalisation Russell 2000 lost -2.56%.

Friday, 17 March 2023: An agreement by a group of big banks to deposit US$30B with troubled lender First Republic Bank helped soothe fears

Thu, 16 Mar 2023 22:56:06 +0000

US equity markets rallied as an agreement by a group of big banks to deposit US$30B with troubled lender First Republic Bank helped soothe fears of a rolling banking crisis - Dow gained +372-points or +1.2%, The broader S&P500 rose +1.80%, with Information Technology (up +2.82%) and Communication Services (+2.77%) rallying over >2.5% to lead nine of the eleven primary sectors higher. Consumer Staples (down -0.07%) and Real Estate (-0.06%) were the only primary sectors not to advance. Charles Schwab Corp fell -2.8% despite executives disclosing that they had bought nearly US$7M worth of the financial-services giant’s beaten-down stock. The Nasdaq continued to outperform, rallying +2.50%. The technology-centric index is up +5.19% thus far this week and is on track to log its best week of the calendar year-to-date. Adobe Inc gained +5.90% after the software company topped Wall Street expectations for the first quarter after the close of the previous session. Intel Corp climbed +6.23% after analysts at Susquehanna unwound their bearish call on the chip maker, writing that “things are moving enough in the right direction.” Nvidia Corp rallied +5.42%. The small capitalisation Russell 2000 lost -0.49.

Thursday, 16 March 2023: US equity markets retreated as concerns around a banking crisis spread to Europe

Wed, 15 Mar 2023 22:43:24 +0000

US equity markets retreated as concerns around a banking crisis spread to Europe - Dow fell -281-points or -0.87%, paring an earlier decline of as much as 725-points. The broader S&P500 lost -0.70%, with the Energy sector (down -5.42%) under fresh pressure and leading six of the eleven primary sectors lower. Materials (down -3.28), Financials (-2.91%) and Industrials (-2.51%) all fell over >2.5%. Communication Services (up +1.50%) and Utilities (+1.34%) rose over >1% to sit atop the primary sector leaderboard. The technology-centric Nasdaq eked out a +0.05% rise and continued its recent outperformance as hawkish interest rate expectations recede. Apple Inc rose +0.26% and Microsoft Corp +1.78%. Meta Platforms Inc gained +1.92% after the Facebook parent company announced another round of job cuts and further reduced its expense targets earlier this week The small capitalisation Russell 2000 lost -1.74%.

Wednesday, 15 March 2023: US equity markets climbed and bonds retreated as some semblance of calm returned

Tue, 14 Mar 2023 23:01:10 +0000

US equity markets climbed and bonds retreated as some semblance of calm returned in the wake of the collapse of Silicon Valley Bank (SVB) late last week, and as investors parsed the latest monthly inflation figures - Dow gained +336-points or +1.06%, snapping a five session losing streak. The broader S&P500 +1.68%, with Communication Services (up +2.75%), Information Technology (+2.29%) and Financials (+2.12%) all advancing over to >2% to lead all eleven primary sectors higher. The technology centric Nasdaq rallied +2.14%. The small capitalisation Russell 2000 rose +1.87%.

Tuesday, 14 March 2023: US equity markets weaker as the collapse of SVB Financial Group‘s Silicon Valley Bank (SVB) continued to reverberate

Mon, 13 Mar 2023 22:52:13 +0000

US equity markets weaker as the collapse of SVB Financial Group ‘s Silicon Valley Bank (SVB) continued to reverberate, and with investors eyeing tonight’s AEST inflation figures - Dow fell -91-points or -0.28%, extending declines into a fifth straight session but paring an earlier decline of ~284-points. Boeing Co added +0.15%, with the Wall Street Journal reporting that the aircraft manufacturer is close to a deal under which two airlines in Saudi Arabia - Saudia, along with Riyadh Air - would buy nearly 80 wide-body 787 Dreamliners, with options for around 40 additional aircraft between the carriers. The broader S&P500 slipped -0.15%, with the Financials sector (down -3.85%) leading four of the eleven primary sectors lower. Energy (down -1.96%) and Materials (-1.09%) both fell over >1%. More defensive sectors sat atop the primary sector leaderboard, with Real Estate up +1.60%, Utilities +1.54% and Health Care +0.92%. The Nasdaq +0.45%. Apple Inc rose +1.33%. The small capitalisation Russell 2000 lost -0.49%.

Monday, 13 March 2023: US equity markets as regulators closed SVB Financial Group ‘s Silicon Valley Bank (SVB)

Sun, 12 Mar 2023 23:12:00 +0000

US equity markets as regulators closed SVB Financial Group ‘s Silicon Valley Bank (SVB) and the Federal Deposit Insurance Corp took control on Friday (10 March), marking the largest demise of a U.S. bank since the 2008 financial crisis. The news somewhat overshadowed the latest monthly jobs report - Dow fell -345-points or -1.07%, its fourth straight day of declines to record its longest losing streak since December. Boeing Co (up +0.91%) was one of the few stocks to advance after U.S. aviation regulators cleared the aerospace and defence company to resume deliveries of its 787 Dreamliner jets. “The FAA may resume issuing airworthiness certificates next week,” a Federal Aviation Administration spokesperson said. The broader S&P500 lost -1.45%, with all eleven primary sectors settling in the red for a second consecutive session. Real Estate (down -3.25%) and Materials (-2.15%) were the worst performing sectors on Friday (10 March). Financials fell -1.76%, extending declines for the sector over the past two sessions to almost 6%. Goldman Sachs Group Inc shed -4.22% (extending the previous session’s -2.06% decline). Oracle Corp fell -3.22% after the software company reported fiscal third quarter revenue after the close of the previous session that fell a touch short of analysts’ expectations. The Nasdaq -1.76%. The small capitalisation Russell 2000 dropped -2.95%.

Friday, 10 March 2023: US equity markets declined as investors turned their attention to tonight’s AEST latest official jobs figures

Thu, 09 Mar 2023 23:45:20 +0000

US equity markets declined as investors turned their attention to tonight’s AEST latest official jobs figures - Dow fell -544-points or -1.66% to 32,255, closing below its 200-day moving average for the first time since 9 November last year The broader S&P500 -1.85%, Financials (down -4.17%) led all eleven primary sectors lower, with the sector posting its worst single-session decline since June 2020. All of the Materials (-2.54%), Consumer Discretionary (2.36%), Real Estate (-2.29%), and Communication Services (-2.22%) fell over >2%. The Nasdaq shed -2.05%. The small capitalisation Russell 2000 lost -2.81%.

Thursday, 9 March 2023: US equity markets settled modestly higher as markets digested further remarks from Federal Reserve

Wed, 08 Mar 2023 23:05:07 +0000

US equity markets settled modestly higher as markets digested further remarks from Federal Reserve chair Jerome Powell on the pace and duration of higher interest rate rises to fight inflation.- Dow eased -58-points or -0.18%, with Merck & Co Inc (down -2.68%) and Travelers Companies Inc (-1.44%) The broader S&P500 edged +0.14% higher, with Real Estate (up +1.32%) and Information Technology (+0.84%) offsetting falls for the Energy sector (down -1.02%). Tesla Inc fell -3.04% with the U.S. National Highway Traffic Safety Administration began investigating two complaints of steering wheels coming off 2023 Model Y vehicles while vehicle was in motion. Occidental Petroleum Inc gained +2.14% after a new regulatory filing showed Warren Buffett’s Berkshire Hathaway added to its already large stake in the company. The Omaha-based conglomerate bought nearly 5.8M shares of the oil company in recent sessions, bumping Berkshire’s ownership to 22.2%. Eli Lily and Co fell ~0.45% in extended trading (after rising +0.61% in the regular session) after the Wall Street Journal reported that the company’s drug aimed at preventing Alzheimer’s disease before symptoms start, solanezumab, had failed to slow down cognitive decline in healthy older adults at risk of developing the disease. The Nasdaq added +0.40%. The small capitalisation Russell 2000 inched +0.04% higher. Uber Technologies Inc rose +2.15% after Bloomberg reported that the company is weighing a potential spinoff of its freight logistics unit.

Tuesday, 7 March 2023: US equity markets mixed, relinquishing earlier session gains as investors eyed a busy week

Mon, 06 Mar 2023 22:40:56 +0000

US equity markets mixed, relinquishing earlier session gains as investors eyed a busy week on the economic calendar - Dow added +40-points or +0.12%, paring an earlier gain of as much as +181-points. Merck & Co Inc rallied +3.95% after the Food and Drug Administration (FDA) approved the addition of the intramuscular (IM) route of administration for the company’s MMRV (Measles, Mumps, and Rubella Virus) family of vaccines. Merck also announced results from multiple studies The broader S&P500 settled +0.07% higher, having been up as much as 1% earlier in the session. Materials (down -1.65%) led six of the eleven primary sectors lower. Information Technology (up +0.53%) was the leading primary sector performer overnight. Apple Inc – which accounts for ~7% of the S&P500 - rose +1.85% to US$153.83, with a new analyst at Goldman Sachs initiating coverage on the technology giant with a ‘Buy’ rating and US$199 target price. The investment bank believes the market should be paying more attention to the company’s installed user base and recurring revenue growth from services, or as Goldman analysts put it, the “Apple-as-a-Service” opportunity. The Nasdaq slipped -0.11%, unwinding an earlier rally of as much as +1.2%. The small capitalisation Russell 2000 fell -1.48%.

Monday, 6 March 2023: US equity markets rallied, recording their biggest one-day gains in at least a month on Friday (3 March)

Sun, 05 Mar 2023 22:56:54 +0000

US equity markets rallied, recording their biggest one-day gains in at least a month on Friday (3 March) after Treasury yields retreated from recent highs ahead of a week that sees the US labour market take centra stage - Dow gained +387-points or +1.17%, The broader S&P500 rose +1.61%, with Information Technology (up +2.14%), Consumer Discretionary (+2.12%) and Communication Services (+2.10%) gaining over >2% to lead all eleven primary sectors higher. The Nasdaq rallied+1.97%. The small capitalisation Russell 2000 gained +1.35%.

Friday, 3 March 2023: US equity markets climbed despite economic data exacerbating concerns that interest rates are set to stay higher

Thu, 02 Mar 2023 22:55:39 +0000

US equity markets climbed despite economic data exacerbating concerns that interest rates are set to stay higher for longer than previously forecast - Dow gained +342-points or +1.05% to 33,003.57. Salesforce Inc jumped +11.50% after the cloud client relationship management software group comfortably exceeded fourth quarter earnings per share (EPS) and revenue forecasts after the close of the previous session and provided very strong full year guidance. The broader S&P500 rose +0.76%, with Utilities (up +1.82%) leading nine of the eleven primary sectors higher and with six sectors climbing over >1%. Tesla Inc dropped -5.85% after the company failed to unveil details of any next-generation vehicles during its much-anticipated investor day on Wednesday (2 March). The Nasdaq climbed +0.73%. Advanced Micro Devices Inc gained +2.75% following a CNBC report that activist hedge fund Third Point had taken a passive stake in the chipmaker. The small capitalisation Russell 2000 added edged +0.21% higher.

Thursday, 2 March 2023: A mixed start to March for US equity markets

Wed, 01 Mar 2023 23:07:57 +0000

A mixed start to March for US equity markets - Dow inched +5-points higher. 3M Co gained +2.29%, rebounding from a five month low after the maker of consumer, industrial and healthcare products said the U.S. Department of Defence’s records show that the “vast majority” of the 175,000 claimants in litigation over the company’s Combat Arms earplugs have “no hearing impairment” under American Medical Association standards. Some analysts had estimated potential liabilities from the litigation at ~US$14B. Caterpillar Inc rallied +3.81% after the construction- and mining-equipment maker said it reached a six-year “tentative labour agreement” with the United Autoworkers (UAW) union. The broader S&P500 eased -0.47%, with Utilities (down -1.72%), Real Estate (-1.49%), and Consumer Discretionary (-1.28%) all down over >1% and leading eight of the eleven primary sectors lower. Energy (up +1.94%) sat atop the primary sector leaderboard. Tesla Inc fell over >2.5% in extended trading (extending a -1.43% decline in the regular session) as the electric vehicle manufacturer’s Investor Day got underway. The Nasdaq lost -0.66%. The small capitalisation Russell 2000 eked out a +0.07% gain.

Wednesday, 1 March 2023: The benchmark US indices retreated to round out a tough month for equity markets

Tue, 28 Feb 2023 23:13:14 +0000

The benchmark US indices retreated to round out a tough month for equity markets - Dow fell -232-points or -0.71% to 32,656.70, settling at its lowest level of 2023 to date (and logging its lowest close since 9 November). Goldman Sachs Group Inc fell -3.80% after hosting their 2023 investor day, with Chief Executive David Solomon acknowledging mistakes in an ill-fated foray into consumer banking and raising the prospect of selling parts of the business The broader S&P500 -0.30%, with Utilities (down -1.72%) and Energy (-1.44%) leading eight of the eleven primary sectors lower. Materials (up +0.45%) was the leading primary sector performer overnight. Tesla Inc eased -0.92% ahead of their Investor Day tonight AEST. The Nasdaq -0.10%. Applied Materials Inc outperformed its chipmaking peers, rising +3.64% after unveiling its Centura Sculpta patterning system that promises a lower cost way of etching the transistors into the silicon wafers used to make semiconductors. Intel Corp edged +0.12% higher, while Nvidia Corp fell -1.21%. The small capitalisation Russell 2000 inched +0.04% higher. Paramount Global dropped -2.7% after The Wall Street Journal reported that the media and entertainment company had turned down a bid from former executive David Nevins to buy its Showtime streaming service for more than >US$3B.

Tuesday, 28 February 2023: US equity markets settled with modest gains after the benchmark indices recorded worst weekly performance of 2023

Mon, 27 Feb 2023 22:44:03 +0000

US equity markets settled with modest gains after the benchmark indices recorded their worst weekly performance of 2023 last week - Dow added +72-points or +0.22%, The broader S&P500 gained +0.31%, with Consumer Discretionary (up +1.18%) and Industrials (+0.83%) leading seven of the eleven primary sectors higher overnight. More defensive sectors underperformed, with Utilities (down -0.77%), Health Care (0.31%) and Consumer Staples (-0.18%). Railroad operator Union Pacific Corp rallied +10.09% after the company announced that Chief Executive Officer (CEO) would step down in 2023, prompting an upgrade from Bank of America. Tesla Inc rose +5.46% following a Reuters report that the company’s Brandenburg plant in Germany hit a production rate of 4,000 vehicles per week ahead of schedule, quadrupling from May. The electric vehicle manufacturer hosts an Investor Day on Wednesday night AEST (1 March) Albemarle Corp rose +3.01% after Wells Fargo named the specialty chemicals company a signature pick, noting: “ALB remains our preferred growth name in chemicals, given its position as one of the world’s largest low-cost lithium suppliers.” The Nasdaq rose +0.63%. The small capitalisation Russell 2000 settled +0.31% higher.

Monday, 27 February 2023: US equity markets fell on Friday to wrap up their worst weekly performance of 2023

Sun, 26 Feb 2023 22:45:22 +0000

US equity markets fell on Friday (24 February) to wrap up their worst weekly performance of 2023 as the latest economic data was seen cementing expectations the Federal Reserve will continue lifting its key interest rate above >5% in its effort to bring down inflation - Dow down -337-points or -1.02%, dropping over >500-points at its session lows on Friday (24 February). Boeing Co fell -4.8% following confirmation after the close of the previous session that the airplane maker had temporarily halted deliveries of the 787 Dreamliner to conduct additional analysis on a fuselage component. Home Depot Inc (down -0.89%) and Microsoft Corp (-2.18%) were other notable index drags. The broader S&P500 fell -1.05%, with Real Estate (down -1.82%), Information Technology (-1.77%) and Consumer Discretionary (-1.56%) all down over >1.5% to lead nine of the eleven primary sectors lower. Materials (up +0.65%) and Financials (+0.10%) were the only primary sectors to advance. Adobe Inc fell -7.63% after a Bloomberg report, citing people familiar with the matter, said the U.S. Justice Department is preparing a lawsuit to block the company’s $20B acquisition of start-up Figma. The Nasdaq shed -1.69%. Nvidia Corp lost -1.60% Goldman Sachs upgraded the chipmaker on the back of its fourth-quarter results. The small capitalisation Russell 2000 lost -0.92%.

Friday, 24 February 2023: US equity markets advanced, with the S&P500 snapping a four session losing streak

Thu, 23 Feb 2023 22:48:03 +0000

US equity markets advanced, with the S&P500 snapping a four session losing streak after a choppy session as investors continued to weight the path of Federal Reserve interest rate hikes - Dow up +109-points or +0.33%, Boeing Co fell over >2.5% in extended trading (after a +1.15% gain in the regular session) after the company and the Federal Aviation Administration reported a temporary halt to deliveries of its 787 Dreamliners so it can do additional analysis on a fuselage component. The broader S&P500 rose +0.53%, with Information Technology (+1.63%) and Energy (+1.3%) leading seven of the eleven primary sectors higher. The Nasdaq rose +0.72%. Nvidia Corp soared +14.02% - extending the year-to-date rally to +59% - as investors continued to cheer the chipmaker’s fiscal fourth quarter released after the close of the previous session and the growth opportunities presented by artificial intelligence (AI). The small capitalisation Russell 2000 gained +0.71%.

Thursday, 23 February 2023: US equity markets weaker as investors digested the minutes of the FED’s most recent monetary policy meeting

Wed, 22 Feb 2023 23:09:20 +0000

US equity markets modesty weaker as investors digested the minutes of the Federal Reserve’s most recent monetary policy meeting - Dow eased -85-points or -0.26%, The broader S&P500 slipped -0.16% to extend losses into a fourth straight session, with Real Estate (down -1.02%) and Energy (-0.77%) leading nine of the eleven primary sectors lower. Materials (up +0.68%) and Consumer Discretionary (+0.52%) were the only primary sectors to advance. The Nasdaq added +0.13%. Intel Corp fell -2.26% after the struggling chipmaker cut its dividend by more than >60% to US$0.125c per share. The small capitalisation Russell 2000 gained +0.34%.

Wednesday, 22 February 2023: US equity markets booked their worst single session declines since 15 December 2022

Tue, 21 Feb 2023 22:55:53 +0000

US equity markets resumed trading following the Presidents Day holiday and booked their worst single session declines since 15 December last year as a fresh rise in Treasury yields continued to pressure market sentiment - Dow fell -697-points or -2.06%, The broader S&P500 -2.00% to 3,997.34, falling for a third consecutive session and erasing all of February’s gains. The index also cut its 2023 gain in half (to +4.11%), falling more than >4.7% from its 2 February intra-session peak (4,195.44). Consumer Discretionary (down -3.34), Information Technology (-2.40%), Industrials (-2.29%), Communication Services (-2.29%) and Financials (-2.01%) all declined over >2% to lead all elven primary sectors lower. The Nasdaq shed -2.50%. Microsoft Corp (down -2.09%) said it will bring its Xbox PC games to Nvidia Corp’s cloud gaming service, after the chipmaker had reportedly expressed opposition to a major Microsoft gaming deal. Nvidia lost -3.43% ahead of the release of its quarterly result tonight. The small capitalisation Russell 2000 dropped -2.99%.

Tuesday, 21 February 2023: On the geopolitical front, tensions between the US and China were ratcheted up

Mon, 20 Feb 2023 22:38:10 +0000

US equity and bond markets were CLOSED overnight in observance of the Presidents Day holiday.

On the geopolitical front, tensions between the US and China were ratcheted up as US Secretary of State Antony Blinken warned top Chinese diplomat Wang Yi of consequences should Beijing provide material support to Russia's invasion of Ukraine after the men met on the sidelines of the Munich Security Conference.

London's FTSE 100 edged +0.12% higher, with the major miners enjoying a solid session. Anglo American Plc rose +3.99%, Glencore Plc +1.96% and Rio Tinto Plc +2.97%. Antofagasta Plc (up +1.70%), HSBC Group Holdings Plc (-0.06%), Intercontinental Hotel Group Plc (unchanged) and Smith & Nephew Plc (up +0.56%) release full year results tonight AEST (21 February), while Virgin Money UK hosts its Annual General Meeting (AGM). In UK economic data, flash readings of the S&P Global/CIPS Manufacturing Services PMIs for February are released tonight AEST.

Monday, 20 February 2023: Robust economic data and hawkish commentary from Federal Reserve officials continued to fan investor fears

Sun, 19 Feb 2023 22:52:50 +0000

US equity markets mostly weaker on Friday (17 February) as robust economic data and hawkish commentary from Federal Reserve officials continued to fan investor fears that the Federal Reserve will need to apply a brake to the US economy for longer than anticipated just last month - Dow rose +130-points or +0.39%, with biotechnology company Amgen Inc (up +2.69%) and diversified health care company UnitedHealth Group Inc (+2.41%) among the leading index performers. The broader S&P500 eased -0.28%, with Energy (down -3.65%) the major drag. The more defensive Consumer Staples (+up +1.29%) and Utilities (+1.00%) outperformed. Tesla Inc rose +3.10%, with Bloomberg reporting after the close that the electric vehicle manufacturer is considering buying Canadian miner Sigma Lithium Corp (down -2.64%). Tesla has been talking with advisers about a potential bid, and Sigma Lithium is one of “multiple mining options” being explored, the report said. The Nasdaq fell -0.58%. Meta Platforms Inc (up +0.26%) announced a new paid verification subscription service called Meta Verified over the weekend. For US$11.99 per month on the web and US$14.99 per month on iOS, users on Meta’s Instagram and Facebook platforms will be able to submit their government ID and get a blue verification badge. The service will be introduced in Australia and New Zealand this week, and more countries will follow, CEO Mark Zuckerberg said. The small capitalisation Russell 2000 added +0.21%.

Friday, 17 February 2023: US equity markets retreated amid fresh evidence of stubborn inflation

Thu, 16 Feb 2023 23:49:27 +0000

US equity markets retreated amid fresh evidence of stubborn inflation, and following some hawkish commentary from Federal Reserve speakers - Dow fell -431-points or -1.3%, Microsoft Corp and Walt Disney Co contributed the most to the Dow’s decline, down -2.66% and -3.12% respectively. The broader S&P500 shed -1.4%, with Consumer Discretionary (down -2.16%), Information Technology (-1.75%) and Communication Services (-1.55%) all down over >1.5% to lead all eleven primary sectors lower. Bank of America Corp (down -0.79%) is planning to cut jobs in its investment bank, according to a Bloomberg News report, albeit the cuts could affect less than 200 banking globally according to people familiar with the matter. Tesla Inc fell -5.69% after the company issued a voluntary recall notice for 362,758 vehicles in the US equipped with the company’s experimental driver-assistance software, which is marketed as Full Self-Driving Beta or FSD Beta. The electric vehicle manufacturer will deliver an over-the-air software update to cars to address the issues. The FSD Beta system may cause crashes by allowing the affected vehicles to: “Act unsafe around intersections, such as traveling straight through an intersection while in a turn-only lane, entering a stop sign-controlled intersection without coming to a complete stop, or proceeding into an intersection during a steady yellow traffic signal without due caution,” according to a safety recall report on the website of the National Highway Traffic Safety Administration. The Nasdaq dropped -1.78%. Cisco Systems Inc rallied +5.24% after reported better-than-expected fourth quarter earnings per share (US0.88c versus consensus estimates for US$0.86c) and revenue (US$13.59B versus consensus US$13.43B) after the close a day earlier. Roku Inc soared +11.15% after the streaming service reported a narrower-than-expected fourth quarter loss per share (-US$1.70 versus consensus US$1.73), and better-than-expected revenue after the close of the previous session. The small capitalisation Russell 2000 lost -0.96%.

Thursday, 16 February 2023: US equity markets advanced as investors digested stronger-than-expected retail sales figures for January

Wed, 15 Feb 2023 23:18:15 +0000

US equity markets advanced as investors digested stronger-than-expected retail sales figures for January, the latest in a string of economic data that has fuelled investor bets that the Federal Reserve will have to raise interest rates further to curb inflation - Dow edged +39-points or +0.11%, rallying more than >250-points from its intrasession low. The broader S&P500 +0.28%, with Communication Services (+1.017%) and Consumer Discretionary (+1.16%) both rising over >1% to lift nine of the eleven primary sectors. Energy (down -1.78%) and Health Care (-0.51%) settled in the red. The Nasdaq +0.92%. Airbnb Inc jumped +13.35% after reporting record fourth-quarter revenue and profit after the close of the previous session to achieve its first profitable year. The small capitalisation Russell 2000 rose +1.09%.

Wednesday, 15 February 2023: US equity markets settled modestly weaker as investors parsed the latest inflation figures

Tue, 14 Feb 2023 22:48:53 +0000

US equity markets settled modestly weaker as investors parsed the latest inflation figures - Dow fell -157-points or -0.46%, Boeing Co (up +1.30%) The broader S&P500 dipped -0.03%, with Real Estate (down -1.04%) and Consumer Staples (-0.93%) leading seven of the eleven primary sectors lower. Consumer Discretionary (up +1.18%) sat atop the primary sector leaderboard. Ford Motor Co (down -0.92%) flagged plans to cut 3,800 jobs in Europe over the next three years as it looks to lower costs and improve profitability while shifting production toward electric vehicles. The company also temporarily halted production and delivery of its electric pickup truck due to a battery problem. Occidental Petroleum Corp rose +2.44% after Warren Buffett’s Berkshire Hathaway Inc (up +2.44%) disclosed that it increased its stake in the oil and gas company to 28.0% from 21.4%. Berkshire Hathaway also increased its stake in Apple Inc (down -0.42%) during the fourth quarter to 5.8%, according to the latest filing with the Securities and Exchange Commission (SEC) The Nasdaq added +0.57%, recouping earlier session declines. Tesla Inc rallied +7.51% and chipmaker Nvidia Corp +5.43%. The small capitalisation Russell 2000 slipped -0.06%.

Tuesday, 14 February 2023: US equity markets advanced as investors’ attention turned to tonight’s AEST January inflation figures

Mon, 13 Feb 2023 22:48:53 +0000

US equity markets advanced as investors’ attention turned to tonight’s AEST January inflation figures - Dow rose +377-points or +1.11%, underpinned by solid gains for Microsoft Corp (up +3.12%), Nike Inc (+2.39%), Salesforce (+2.42%) and Intel Corp (+2.70%). The broader S&P500 climbed +1.14%, with Information Technology (up +1.77%), Consumer Discretionary (+1.46%), Consumer Staples (+1.17%), Financials (+1.10%) and Communication Services (+1.10%) all rising over >1% and leading ten of the eleven primary sectors higher. Energy (down -0.61%) was the only primary sector not to advance overnight. Tesla Inc lost -1.14%. Even those losses combined with those from shorting Coinbase Global Inc (down -1.21%), Microsoft Corp and Lucid Group Inc (up +1.69%) still don’t reach the losses incurred by Tesla shorts. Data compiled by S3 partners shows hedge funds have lost US$7.56B shorting the electric vehicle manufacturer on a mark-to-market basis over the last 30 days. That’s more than double the losses incurred by the second-least profitable short on the list, Apple Inc (up +1.88%), at US$2.6B. The Nasdaq rallied +1.48%. Meta Platforms Inc rose +3.03% following a Financial Times report saying further job cuts could be in the pipeline. In November, the Facebook parent announced it was laying off around 11K employees, which equates to 13% of its staff. The small capitalisation Russell 2000 rose +1.07%.

Monday, 13 February 2023: US equity markets retreated on Friday (10 February) as investors digested mixed corporate earnings

Sun, 12 Feb 2023 22:42:39 +0000

US equity markets retreated on Friday (10 February) as investors digested mixed corporate earnings and eyed the latest inflation figures later this week - Dow rose +169-points or +0.50%, The broader S&P500 added +0.22%, with Energy (up +3.92%) leading eight of the eleven primary sectors higher. ConocoPhillips rallied +4.67% and ExxonMobil Corp +4.22%. The Nasdaq eased -0.61%. The small capitalisation Russell 2000 added +0.18%.

Friday, 10 February 2023: US equity markets retreated, reversing earlier session gains

Thu, 09 Feb 2023 23:15:49 +0000

US equity markets retreated, reversing earlier session gains - Dow fell -249-points or -0.73%, unwinding an earlier rally of over >300-points. Walt Disney Co fell -1.27% after the entertainment giant topped fiscal first-quarter expectations, and Chief Executive Bob Iger announced significant restructuring plans after the close of the previous session. Activist investor Nelson Peltz also called time on his proxy fight against Disney. Salesforce Inc rose +2.38% following news after the close of the previous session that a fifth activist investor, Third Point LLC, had acquired a stake in the company. The broader S&P500 -0.88%, giving up an earlier ~0.9% gain. Communication Services (down -2.80%) was the worst performing sector for a second straight session and led all eleven primary sectors lower. Tesla Inc (up +3.00%) extended its rally into an eighth straight session and has more than doubled since touching a 52-week low. Elon Musk said the electric vehicle maker’s Master Plan 3 would be unveiled at the company’s annual meeting and investor event on 1 March. The Nasdaq -1.02%, having been ~1.4% higher earlier in the session. Google parent Alphabet Inc fell -0.69% (following a -7.68% drop in the previous session) a day after the company held an event to show off its new artificial intelligence (AI) chatbot called Bard, and as investors grew concerned around rising competition in the artificial intelligence (AI) space. Microsoft Corp (-1.17%) held an event to show off its own AI technologies in its competing search engine earlier in the week. The small capitalisation Russell 2000 lost -1.33%.

Thursday, 9 February 2023: US equity markets retreated as investors continued to ponder the latest observations from Federal Reserve

Wed, 08 Feb 2023 22:56:07 +0000

US equity markets retreated as investors continued to ponder the latest observations from Federal Reserve Chair Jerome Powell delivered a day earlier, and comments from a parade of central bank officials overnight - Dow fell -208-points or -0.61%. Salesforce Inc rose ~0.8% in extending trading (after falling -0.96% in regular trading) following reports a fifth activist investor, Third Point LLC, had acquired a stake in the company. Salesforce has also been reportedly targeted by ValueAct Capital Partners LP, Elliott Investment Management LP, Starboard Value LP and Inclusive Capital amid slowing growth. The broader S&P500 shed -1.11%, with Communication Services (down -4.13%) leading all eleven primary sectors lower as Alphabet Inc shed -7.68% after the company held an event to show off its new artificial intelligence (AI) chatbot called Bard, one day after competitor Microsoft Corp (-0.31%) held an event to show off AI technologies in its competing search engine. Tesla Inc rose +% The Nasdaq dropped -1.68%. The small capitalisation Russell 2000 lost -1.52%. Traders noted there may be more clarity on the Federal Reserve’s next interest rate move with the publication of consumer price index, retail and inflation data next week.

Wednesday, 8 February 2023: US equity markets advanced after a volatile session

Tue, 07 Feb 2023 23:27:02 +0000

US equity markets advanced after a volatile session as investors digested the latest observations from Federal Reserve Chair Jerome Powell - Dow gained +266-points or +0.78%, The broader S&P500 +1.29%, with Energy (up +3.08%), Communication Services (+2.48%) and Information Technology (+2.46%) climbing over >2.5% to lead eight of the eleven primary sectors higher. The more defensive Consumer Staples (down -0.36%), Real Estate (-0.31%) and Utilities (-0.08%) settled in the red. More companies announcing job cuts, with eBay Inc (up +0.38%) flagging plans to cut 500 jobs or ~4% of its workforce, according to a filing with the Securities and Exchange Commission (SEC). Zoom Video Communications Inc jumped +9.85% after the company announced plans to cut about 1,300 employees, or ~15% of its workforce. Chief Executive Officer (CEO) Eric Yuan wrote in a blog post shared to the company’s website that as the world continues to adjust to life after the pandemic, the company needs to adapt to the “uncertainty of the global economy” as well as “its effect on our customers.” The Nasdaq outperformed with +1.90% rally. The small capitalisation Russell 2000 +0.76%.

Tuesday, 7 February 2023: US equity markets retreated as investors eyed a fresh rise in Treasury yields

Mon, 06 Feb 2023 22:52:45 +0000

US equity markets retreated as investors eyed a fresh rise in Treasury yields following last Friday’s (3 February) jobs report, and a speech from Federal Reserve Chair Jerome Powell tonight AEST - Dow slipped -35-points or -0.10%, paring an earlier decline of over >240-points. The broader S&P500 fell -0.61%, with Communication Services (down -1.31%), Information Technology (-1.22%) and Materials (-1.08%) all declining over >1% to lead nine of the eleven primary sectors lower. The more defensive Utilities (up +0.87%) and Consumer Staples (+0.02%) were the only primary sectors to advance. The Nasdaq lost -1.00%. Dell Technologies Inc fell -3.03% after joining the ranks of other technology companies slashing jobs, confirming in a regulatory filing that it will be reducing its workforce by 5%. The small capitalisation Russell 2000 declined -1.40%. After Bed Bath & Beyond BBBY more than doubled regular trading (before settling +92.13% higher), the company revealed plans to sell convertible preferred stock as well as warrants to purchase common shares and convertible preferred stock. The stock tumbled over >30% in after hours trading.

Monday, 6 February 2023 : US equity markets retreated on Friday as investors digested the latest jobs report

Mon, 06 Feb 2023 22:44:51 +0000

US equity markets retreated on Friday (3 February) as investors digested the latest jobs report and any monetary policy implications - Dow fell -128-points or -0.38% despite Apple Inc (up +2.44%) bucking the weaker trend following the release of their fourth quarter result after the closing bell of last Thursday’s (2 February) session that saw revenue, profit, and sales fall short of consensus forecasts for many of its lines of business. Apple recorded its first revenue decline (down -5% year-on-year to US$117.15B versus consensus US$121.10B) since 2016. The stock reversed earlier session decline of ~2%

Friday, 3 February 2023: US equity markets climbed as investors seized on signs that interest rates are close to peaking

Thu, 02 Feb 2023 22:56:49 +0000

US equity markets climbed as investors seized on signs that interest rates are close to peaking on both sides of the Atlantic - Dow slipped -39-points or -0.11%, The broader S&P500 gained +1.47%, with Communication Services (up +6.74%) leading seven of the eleven primary sectors higher. Consumer Discretionary (+3.08%) and Information Technology (+2.78%) both climbed over >2.5%, while Energy sat at the foot of the primary sector leaderboard for a second straight session with a -2.52% decline. FedEx Corp rose +% buoyed by upgrades from Bank of America and Citi. The technology-centric Nasdaq outperformed for a third consecutive session, rallying +3.25% and remaining on track to log its fifth consecutive weekly gain. The index is ~19.5% above its recent low in late December and on the cusp of entering a bull market. Meta Platforms Inc soared +23.28% after providing better-than-expected first quarter revenue guidance after the close of the previous session. The small capitalisation Russell 2000 rose +2.06%.

Thursday, 2 February 2023: US equity markets staged a late, sharp rebound as investors digested the latest observations from Federal Reserve

Wed, 01 Feb 2023 22:49:26 +0000

US equity markets staged a late, sharp rebound as investors digested the latest observations from Federal Reserve Chair Jerome Powell following the conclusion of the central bank’s latest two day monetary policy meeting - Dow settled +7-points or +0.02% higher after sliding over >500-points earlier in the session. The broader S&P500 rose +1.05% to 4,119.21, reversing an earlier decline of almost 1% and settling at it highest level since August last year. Information Technology (up +2.29%) and Consumer Discretionary (+1.89%) rallied over >1.5% to lead ten of the eleven primary sectors higher. Energy (down -1.89%) was the only primary sector to settle in the red. Both the Dow and S&P 500 recorded their biggest intraday recovery from session lows since 13 October last year, according to Dow Jones Market Data. The Nasdaq rallied +2.00% to 11,816.32 and its highest level since mid-September last year, boosted by gains for chipmakers. Advanced Micro Devices Inc soared +12.63% after reporting a better-than-expected fourth quarter result after the close of the previous session. The small capitalisation Russell 2000 gained +1.49%.

Wednesday, 1 February 2023: solid corporate earnings releases & encouraging inflation data pushed the S&P 500 to its best January since 2019

Wed, 01 Feb 2023 00:28:52 +0000

US equity markets rallied as solid corporate earnings releases and encouraging inflation data pushed the S&P 500 to its best January since 2019 - Dow rose +369-points or +1.09%, The broader S&P500 gained +1.46%, with Materials and Consumer Discretionary both gaining +2.22% to lead all eleven primary sectors higher. PayPal Holdings Inc rose +2.32% following reports that Chief Executive Officer (CEO) Dan Schulman had sent an email to staff announcing plans to lay off ~2K employees or ~7% of the company’s workforce. PayPal said in August last year that it was targeting at least US$1.3B in cost savings during 2023. The technology-centric Nasdaq climbed +1.67%, cementing its best January performance since 2001 amid a broad-based rally in equities that saw some of 2022’s worst performers take the lead. The small capitalisation Russell 2000 gained +2.45%.

Tuesday, 31 January 2023: US equity markets retreated ahead of a week full of high-profile risk events

Mon, 30 Jan 2023 22:43:56 +0000

US equity markets retreated ahead of a week full of high-profile risk events, including key central bank interest rate decisions and economic data, and major US corporate earnings releases - Dow fell -261-points or -0.77%. The broader S&P500 dropped -1.30%, with Energy (down -2.29%), Information Technology (-1.94%), Communication Services (-1.80%) and Consumer Discretionary (-1.71%) all falling over >1.5% to lead ten of the eleven primary sectors lower. Consumer Staples (up +0.07%) was the only primary sector to advance. Johnson & Johnson (J&J) fell -3.70% after The Wall Street Journal (WSJ) reported that a federal appeals court rejected the consumer products and pharmaceutical company’s move to place its liabilities for tens of thousands of claims linking talc-based products to cancer into bankruptcy. The WSJ report said the talc bankruptcy case was dismissed, because the appeals court said J&J’s talc unit, LTL Management LLC, wasn’t in financial distress. J&J faced about 38,000 lawsuits, over links to the company’s Baby Powder to ovarian cancer, asbestos poisoning and other illnesses. The Nasdaq shed -1.96%. Three of the four largest U.S. companies by market value - Alphabet Inc (down -2.45%), Amazon.com Inc (-1.65%) and Apple Inc (-2.01%) - all fell ahead of release of their latest quarterly results after the market close on Thursday night AEST (2 February). The small capitalisation Russell 2000 lost -1.35%.

Monday, 30 January 2023: US equity markets rallied to cap a strong week that saw investors weigh a host of key corporate earnings releases

Sun, 29 Jan 2023 23:00:43 +0000

US equity markets rallied to cap a strong week that saw investors weigh a host of key corporate earnings releases and key economic data, and as investors eye another busy week ahead on the earnings calendar along with some key global central bank interest rate decisions – Dow edged +29-points or +0.08% higher to book a sixth consecutive session of gains and longest winning streak since late October last year. The broader S&P500 rose +0.25% to 4,070.56, recording its highest settlement since 2 December last year. The Consumer Discretionary sector gained +2.27% to be the leading primary sector performer on Friday (27 January) underpinned by the latest double-digit percentage rally for Tesla Inc (up +11.00%). Electric vehicle (EV) manufacturer Lucid Group Inc spiked +43.00% amid rumours that Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, intended to take the company private. Energy (down -1.99%) was the worst performing primary sector but still sits +4.2% higher year-to-date. With 30% of the Energy sector's 23 companies having reported quarterly results so far, fourth-quarter earnings are expected to have climbed +60% from a year earlier, and +155% for full-year 2022, according to Refintiv IBES. But earnings for the Energy sector are expected to decline -15% this year, the biggest drop among the 11 S&P 500 sectors. Hasbro Inc tumbled -8.11% after the toymaker warned of weak holiday quarter results and said it would cut 1,000 jobs (equating to ~15% of its workforce). The Nasdaq gained +0.95% to 11,621.71, the technology centric indice’s highest close since 14 September last year. Intel Corp dropped -6.41% after the chipmaker’s fourth quarter result released after the closing bell of the previous session fell short of consensus analyst expectations, as did the accompanying outlook. The small capitalisation Russell 2000 rose +0.44% (to be up almost 7% month-to-date).

Friday, 27 January 2023: US equity markets rallied as investors continued to comb through the latest batch of corporate earnings releases

Thu, 26 Jan 2023 22:52:06 +0000

US equity markets rallied as investors continued to comb through the latest batch of corporate earnings releases, and after a stronger-than-expected fourth quarter gross domestic product (GDP) print - Dow rose +206-points or +0.61%, The broader S&P500 advanced +1.10% to 4,060.43 and a near two month high, with the Energy sector (up +3.32%), Consumer Discretionary (+2.03%), Communication Services (+1.65%) and Information Technology (+1.61%) all climbing over >1.5% and leading ten of the eleven primary sectors higher. More defensive sectors underperformed, with Consumer Staples (down -0.28%) the only primary sector to settle in the red. Tesla Inc jumped +10.97% after reporting a reported a mixed fourth quarter result after the close of the previous session. Chevron Corp rose +4.86% after announcing a US$75B stock buyback programme and a dividend hike (to US$1.51 per share from US$1.42) after the closing bell of Wednesday’s (25 January) session. The Nasdaq rallied +1.76%. The small capitalisation Russell 2000 gained +0.57%.

Wednesday, 25 January 2023: US equity markets mixed as investors continued to digest the latest batch of corporate earnings releases

Tue, 24 Jan 2023 22:54:26 +0000

US equity markets mixed as investors continued to digest the latest batch of corporate earnings releases - Dow rose +104-points or +0.31%, booking a third straight session of gains. The broader S&P500 dipped -0.07%, with Communication Services (-0.69%) and Health Care (-0.65%) both down over >0.5% and leading five of the eleven primary sectors lower. Industrials sat atop the primary sector leaderboard with a +0.65% rise. The Nasdaq slipped -0.27%. The small capitalisation Russell 2000 lost -0.27%.

Tuesday, 24 January 2023: US equity markets both the S&P500 and Nasdaq posting their highest settlements since 2 December last year

Mon, 23 Jan 2023 22:34:06 +0000

US equity markets continued their strong start to 2023, with both the S&P500 and Nasdaq posting their highest settlements since 2 December last year - Dow gained +254-points or +0.76%. Salesforce Inc rose +3.05% following reports that activist investor Elliott Management Corp has made a multibillion-dollar investment in the software company. The broader S&P500 rose +1.19% to 4,019.81 with Information Technology (up +2.28%), Communication Services (+1.78%) and Consumer Discretionary (1.57%) all rising over >1.5% to lead ten of the eleven primary sectors higher. Energy (down -0.20%) was the only primary sector to settle in the red. According to Bespoke Investment Group, the S&P500 closed more than >1% above its 200-day moving average for the first time since April last year and the more than year long downtrend has been broken. The Nasdaq rallied +2.01% to 11,364.41, with Apple Inc up +2.35% after Morgan Stanley nominated the stock among their top picks, saying the China re-opening has “important implications” for demand as well as supply. Spotify Technology SA rose +2.07%, paring an earlier rally of as much as 6.4% after the music streamer said it would axe ~6% of its workforce - the latest in a series of large cuts announced by high-flying technology groups. Chipmakers Advanced Micro Devices Inc (up +9.22%), Nvidia Inc (+7.59%) and Qualcomm Inc (+6.62%) also traded particularly strongly. The small capitalisation Russell 2000 rose +1.25%.

Monday, 23 January 2023: US equity markets advanced to cap a choppy trading week

Sun, 22 Jan 2023 22:45:57 +0000

US equity markets advanced to cap a choppy trading week, with investors eyeing a big fortnight on the corporate earnings calendar - Dow gained +331-points or +1.00%. Goldman Sachs Group Inc fell -2.54% after the Wall Street Journal (WSJ) reported that the Federal Reserve is investigating the investment bank’s consumer business. The regulator is looking into whether Goldman had the right safeguards in place to protect consumers when it increased lending in its Marcus division, according to the WSJ report, citing sources familiar with the matter. The broader S&P500 rose +1.89% to log its best daily percentage gain since 6 January. Communication Services (up +3.96%) and Information Technology (+2.72%) both rose over >2.5% to lead all eleven primary sectors higher. Costco Wholesale Corp rose +2.26% after announcing late Thursday (19 January) that its board reauthorised a stock buyback program of up to US$4B. The Nasdaq rallied +2.66%. Netflix Inc jumped +8.46% after the streaming giant posted stronger-than-expected paid subscriber numbers for the fourth quarter (7.66M versus consensus 4.57M) after the close of last Thursday’s (19 January) session, while the company also disclosed that co-Chief Executive Officer (CEO) Reed Hastings would be stepping down from his position and transitioning to the post of executive chairman. Google parent Alphabet Inc gained +5.34% after becoming the latest technology company to announce job cuts, with plans to cut 12K jobs across various areas, roles and regions within the company (equating to over 6% of its global workforce). All of Amazon.com Inc (up +3.81%), Meta Platforms Inc (+2.37%), Microsoft Corp (+3.57%) and Twitter Inc have slashed their head counts recently. Eli Lilly and Co fell -1.43% after the U.S. Food and Drug Administration (FDA) rejected the pharmaceutical company’s experimental Alzheimer’s disease treatment as it had not provided enough trial data. The small capitalisation Russell 2000 rose +1.69%.

Friday, 20 January 2023: Oil prices strengthened hitting 2 month highs

Thu, 19 Jan 2023 23:09:28 +0000

US equity markets - Dow fell -252.40 points or -0.76% to 33,044.556, The broader S&P500 -30.01 points -0.76% to 3,898.85. The Nasdaq -104.74 points or -0.96% to 10,852.27. The small capitalisation Russell 2000 -18.02 points or -0.97% to 1,836.35.

Thursday, 19 January 2023: US equity markets accelerated falls into the close following lower than expected retail sales data

Wed, 18 Jan 2023 22:54:50 +0000

US equity markets accelerated falls into the close following lower than expected retail sales data - Dow fell -613.89 points or -1.81% to 33,296.96, The broader S&P500 -62.11 points -1.56% to 3,928.86, The Nasdaq -138.10 points or -1.24% to 10,957.01. The small capitalisation Russell 2000 -27.82 points or -1.48% to 1,856.47. Microsoft confirmed it will layoff 10,000 or approximately 5% of staff taking recent tech layoffs to over 60k.

Wednesday, 18 January 2023: US equity markets were mixed as 7 of the 11 sectors dropped lead by Materials and Communication Services

Tue, 17 Jan 2023 22:55:17 +0000

US equity markets were mixed as 7 of the 11 sectors dropped lead by Materials and Communication Services - Dow fell -391.76 points or 1.14% to 33,910.85, The broader S&P500 8.12 points or -0.20% to 3,990.97, The Nasdaq bounced on the back of Tesla, 15.96 points or 0.14% to 11,095.11. The small capitalisation Russell 2000 fell 2.95 points or 0.16% to 1,884.08.

Tuesday, 17 January 2023: European bourses lifted on lower energy prices (Natural Gas futures falling 15% over night) and Chinese re-opening

Mon, 16 Jan 2023 22:56:01 +0000

European bourses lifted on lower energy prices (Natural Gas futures falling 15% over night) and Chinese re-opening, Janet Yellen is scheduled to meet the Chinese Finance Minister in Zurich this week. The pan-European Stoxx 600 index (which includes UK equities) +0.46%.to . Germany's DAX up +0.3% and France's CAC rose +0.28%. In economic data, German Wholesale prices climbed 12.8%. German economic sentiment will be released later tonight.

Monday, 16 January 2023: US equity markets climbed as investors weighed a flurry of bank earnings results

Sun, 15 Jan 2023 22:47:47 +0000

US equity markets climbed as investors weighed a flurry of bank earnings results for the fourth quarter and fresh data on consumer sentiment and inflation expectations - Dow rose +113-points or +0.33%, Caterpillar Inc rose +1.33% to US$258.46, logging a fourth consecutive record closing high after Bank of America analysts turned bullish on the company in the belief that the construction- and mining-equipment maker will weather a 2023 recession better than many might expect. Bank of America upgraded their rating on Caterpillar to ‘Buy’ from ‘neutral’, and lifted their target price by +36% to US$295. The broader S&P500 added +0.40%, with Consumer Discretionary (up +0.97%) sitting atop the primary sector leaderboard on Friday (13 January) and leading eight of the eleven primary sectors higher. The more defensive Real Estate (down -0.61%) and Utilities (-0.44%) underperformed. Tesla Inc fell -0.94% after the electric vehicle cut prices in the U.S. and Europe again, according to listings on the company’s website last Thursday night AEST (12 January). The Nasdaq gained +0.71%. The small capitalisation Russell 2000 added +0.58%.

Friday, 13 January 2023: US equity markets advanced as investors digested the latest inflation report

Thu, 12 Jan 2023 23:04:49 +0000

US equity markets advanced as investors digested the latest inflation report that saw the cost of living cool for the first time on a monthly basis since the onset of the COVID pandemic in 2020, while the annual rate of inflation fell for the sixth month in a row - Dow rose +217-points or +0.64%. Walt Disney Co rose +3.61% after the company announced Mark Parker, the executive chairman of Nike Inc (down-0.04%), as its new chairman. In addition, the company opposed Nelson Peltz of Trian as he pushes for a seat on the board, igniting a proxy battle. The broader S&P500 added +0.34%, with Energy (up +1.87%) and Real Estate (+1.09%) gaining over >1% to lead eight of the eleven primary sectors higher. The more defensive sectors underperformed overnight, with Consumer Staples (down -0.79%), Utilities (-0.64%) and Health Care (-0.39%) all settling in the red. It marked the first time the S&P 500 has risen three days in a row since early November. American Airlines Group Inc jumped +9.71% after the carrier boosted its revenue and profit estimates for the fourth quarter. The airline, which reports earnings 26 January, cited strong demand and high fares for the hike in estimates. Tesla Inc edged +0.28% higher. Retail traders unloaded US$746 million worth of stock in the electric vehicle maker over the past week, bringing the total outflow over the last three weeks to US$2.1B, according to data from JPMorgan. The selling came even as investors piled back into stocks, buying US$1.2B worth of equities in the past week. That buying included US$157M of Amazon.com Inc (up +0.19%) and US$102M of Apple Inc (down -0.06%). The Nasdaq climbed +0.65%, extending its gains into a fifth consecutive session and marking the longest winning streak for the technology-centric index since 8 June last year. The small capitalisation Russell 2000 +1.74%.

Thursday, 12 January 2023: US equity markets rallied ahead of the release of the latest monthly consumer inflation figures

Wed, 11 Jan 2023 22:44:45 +0000

US equity markets rallied ahead of the release of the latest monthly consumer inflation figures tonight AEST - Dow gained +269-points or +0.80%, The broader S&P500 +1.28%, with Real Estate (up +3.60%) and Consumer Discretionary (+2.68%) climbing over >2.5% to lead all eleven primary sectors higher. Ford Motor Co (up +2.96%) extended its rally into a ninth straight session and logged its highest settlement since 14 December. The Nasdaq rallied +1.76%, with the technology-centric index logging its first four-day rally since September. The small capitalisation Russell 2000 gained +1.05%. Carvana Co jumped +24.43% to US$5.50 on heavy volume and had rebounded ~47.8% since closing at a record low of US$3.72 on 27 December. The rally came despite no stock specific news (the company hasn’t issued a press released or a filing with the Securities and Exchange Commission yet this year) although there was an analyst note published saying data sources indicated wholesale used vehicle prices showed signs of normalisation through the last couple months of the fourth quarter, and the average daily sales conversion rate improved in December from November.

Wednesday, 11 January 2023: US equity markets climbed as investors continue to eye inflation figures

Tue, 10 Jan 2023 22:50:28 +0000

US equity markets climbed as investors continue to eye inflation figures and fourth quarter corporate earnings later in the week - Dow rose +186-points or +0.56%, Boeing Co (down -0.90%) reported that it had delivered 69 planes in December and 152 planes in the 2022 fourth quarter overall, marking its best month of deliveries in four years and the highest quarterly delivery figure since the fourth quarter of 2018, when the planemaker delivered 238 planes. Deliveries dropped off in 2019 after the 737 MAX was grounded worldwide that March, with that plane not flying commercially again until late 2020. After the MAX’s issues came COVID-19, which hurt demand for air travel and airline profits and saw deliveries bottom out at 20 planes in the second quarter of 2020. For the full year, Boeing delivered 480 jets in 2022, up from 340 delivered in 2021. Boeing delivered 806 jets in 2018, the year before any impact from the 737 MAX’s grounding or the COVID-19 pandemic. The broader S&P500 gained +0.70%, with Communication Services (up +1.29%), Consumer Discretionary (+1.26%) and Materials (+1.02%) all rising over >1% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.16%) was the only sector to decline overnight. The technology-centric Nasdaq rallied +1.01%, securing its first three day winning streak since November. The small capitalisation Russell 2000 outperformed with a +1.49% advance.

Tuesday, 10 January 2023: US equity markets retreated, fumbling solid gains logged earlier in the session

Mon, 09 Jan 2023 22:54:40 +0000

US equity markets retreated, fumbling solid gains logged earlier in the session - Dow fell -113-points or -0.34%, relinquishing an earlier rally of over >300-points. Goldman Sachs Group Inc rose +1.41% following reports the investment banking giant will begin cutting up to 3,200 jobs within days. The cut represents ~6.5% of Goldman’s 49K workforce but is below the worst-case scenario of 3,900 jobs chief executive David Solomon and his management team had discussed late last year. The broader S&P500 dipped -0.08%, with Health Care (down -1.66%) and Consumer Staples (-1.03%) both falling over >1% to be the worst performing primary sectors overnight. Information Technology (up +1.09%) was the leading sector performer. Tesla Inc gained +5.93% continuing a rebound that saw the stock reverse an intraday loss last Friday (6 January) of ~8% to close up +2.5%. The initial dip came after Tesla said it has slashed prices in China for the second time in three months. However, the technology centric Nasdaq rose +0.63%. The small capitalisation Russell 2000 added +0.17%.

Monday, 9 January 2023: US equity markets rallied sharply on Friday after the latest jobs report recorded a cooling in wages growth

Sun, 08 Jan 2023 22:57:51 +0000

US equity markets rallied sharply on Friday (6 January) after the latest jobs report recorded a cooling in wages growth, ending the first week of 2023 higher - Dow rallied +701-points or +2.13% to 33,630.61, with all 30 index constituents advancing. The index also climbed back above its 50-day moving average (33,346.77).The broader S&P500 gained +2.28%, with Materials (up +3.4%), Information Technology (+2.99%), Real Estate (+2.86%), Consumer Staples (+2.71%) and Industrials (+2.69%) all climbing over >2.5% to lead all eleven primary sectors higher. Tesla Inc rose +2.5% despite news that the electric vehicle (EV) maker has slashed prices in China for the second time in three months. Prices for the Model 3 sedan and Model Y SUV were cut by more than >10%, according to Tesla’s website, with the Model 3 falling to ¥229,900 (~US$33,415) from ¥265,900 (~US$38,647), and the Model Y dropping to ¥259,900 (~US$37,775) from ¥288,900 (~US$41,990). Tesla generated 24% of its total third-quarter revenue from China, and the company’s Shanghai factory produces more than half of the EVs sold worldwide. Costco Wholesale Corp jumped +7.26% following a strong December sales update after the close of the previous session. Southwest Airlines Co settled +4.62% higher despite the carrier warning Friday (6 January) that it expects to report a surprise net loss for the fourth quarter after cancelling thousands of flights over the holidays. It was the best day for the Dow and S&P 500 since 30 November and the best for the Nasdaq since 29 December. The Nasdaq jumped +2.56%. The small capitalisation Russell 2000 rallied +2.26%.

Friday, 23 December 2022: US equity markets’ pre-Christmas rally spluttered overnight following another round of upbeat economic data

Thu, 22 Dec 2022 22:59:41 +0000

US equity markets’ pre-Christmas rally spluttered overnight following another round of upbeat economic data reinforced expectations the Federal Reserve and other central banks will continue monetary policy tightening into 2023 - Dow fell -349-points or -1.05%, paring an earlier decline of over >800-points. The broader S&P500 lost -1.45%, with Consumer Discretionary (down 2.59%), Information Technology (-2.54%) and Energy (-2.31%) all down over >2% and leading all eleven primary sectors lower. Tesla Inc dropped -8.88% after the company offered a US$7,500 discount on its Model 3 and Model Y vehicles delivered in the United States by year-end, as well as 10,000 miles of free supercharging for those vehicles. Separately, the National Highway Traffic Safety Administration has initiated two more special crash investigations into incidents that involved Tesla electric vehicles, and where the company’s advanced driver assistance systems are thought to have been a factor in the crash. Tesla is the biggest decliner during the December market sell-off, down -36% this month (and down more than >64% in 2022). The Nasdaq dropped -2.18%, with semiconductor companies under particular pressure following memory chip specialist Micron Technology Inc (down -3.44%) underwhelming fiscal first quarter result released after the close of the previous session. Advanced Micro Devices Inc fell -5.64%, Nvidia Corp -7.04% and Lam Research Corp -8.65%. The small capitalisation Russell 2000 lost -1.29%.

Thursday, 22 December 2022: US equity markets rallied for a second session following upbeat earnings releases

Wed, 21 Dec 2022 22:37:54 +0000

US equity markets rallied for a second session following upbeat earnings releases after the close of the previous session from FedEx Corp (up +3.43%) and Nike Inc (+12.18%), and strong consumer confidence data - Dow gained +527-points or +1.60%, The broader S&P500 rallied +1.49%, with Energy (up +1.89%) the leading sector performer for a second session running and lifting all eleven primary sectors (with eight logging gains of over >1%). Nike’s result boosted other athletic apparel and footwear makers, with Under Armour Inc up +5.21, Skechers USA Inc +4.16% and Lululemon Athletica Inc +3.13%. Tesla Inc slipped -0.17%, with Elektrek reporting that the electric vehicle maker is planning another round of layoffs for the first quarter and is instituting a hiring freeze. The Nasdaq climbed +1.54%. The small capitalisation Russell 2000 rose +1.62%.

Wednesday, 21 December 2022: US equity markets advanced, recovering from some initial weakness

Tue, 20 Dec 2022 23:17:06 +0000

US equity markets advanced, recovering from some initial weakness after the Bank of Japan (BoJ) surprised the market with a policy shift - Dow added +92-points or +0.28%, Boeing Co rose +1.41% after the 4,155 page omnibus spending package included an extension for the aircraft maker's 27 December deadline for 737 MAX 7 and 10 certification. The measure in the omnibus bill will require some safety improvements, but short of what current law would demand on all 737 MAX jets to be manufactured under certification rules by safety officials. Boeing has said it would be forced to scrap the MAX 7 and the MAX 10 if it had to meet a deadline of 27 December to get approval for new cockpit-alerting systems for pilots. The broader S&P500 edged +0.10% higher, with Energy (up +1.52%) comfortably the leading performer and lifting seven of the eleven primary sectors into positive territory. Consumer Discretionary (down -1.13%) was the wort performing primary sector overnight. Tesla Inc continued to slide, dropping a further -8.05% to US$137.80. Sources told CNBC that Chief Executive Officer (CEO) Elon Musk is searching for a new chief executive of Twitter. Mr Musk wrote on Sunday (18 December) that “The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive.” The latest drop pushed Tesla’s market capitalisation below Exxon Mobil Corp (up +1.45%) and left it as ninth most valuable equity by market capitalisation in the S&P 500 index after previously ranking as high as No. 5 on that list. The Nasdaq eked out a +0.01% rise. The small capitalisation Russell 2000 rose +0.54%.

Tuesday, 20 December 2022: US equity markets settled in the red for a fourth consecutive session

Mon, 19 Dec 2022 22:51:05 +0000

US equity markets settled in the red for a fourth consecutive session, extending a drop last week sparked by a new round of interest rate rises and hawkish comments from central bankers - Dow fell -163-points or -0.49%, with Walt Disney Co (down -4.79%) and Nike Inc (-2.79%) among the biggest drags. A $1 move in any of the Dow's 30 components results in a 6.59-point swing. The broader S&P500 shed -0.90%, with Communication Services (down -2.19%) and Consumer Discretionary (-1.66%) both declining over >1.5% to lead ten of the eleven primary sectors lower. Energy was the only primary sector to advance overnight, edging +0.13% higher. Tesla Inc fell -0.24% to US$149.87, settling below

Monday, 19 December 2022: The S&P500 and Nasdaq extended losses into a third consecutive session on Friday

Sun, 18 Dec 2022 22:50:16 +0000

The S&P500 and Nasdaq extended losses into a third consecutive session on Friday (16 December) amid a volatile ‘Quadruple Witching’ session that saw the simultaneous expiration of stock index futures, stock index options, stock options and single-stock futures worth ~US$4 trillion (including US$2.4 trillion tied to S&P 500 index futures) - Dow fell -282-points or -0.85%, paring an earlier session decline of ~548-points. Goldman Sachs Group Inc lost -0.99% following reports that the US investment bank is preparing to lay off as many as 3,900 employees starting in January as chief executive David Solomon seeks to boost profitability amid economic headwinds. The plans are still being drawn up, and it is possible that the current target for a cull of “up to 8 per cent” of its 49,000 global workforce will be slimmed down if the business outlook improves, according to three people familiar with the discussions. The broader S&P500 lost -1.11%, with Real Estate (down -2.96%), Consumer Discretionary (-1.74%) and Utilities (-1.66%) all down over >1.5% and leading all eleven primary sectors lower. Tesla Inc dropped -4.72% to cap the worst weekly performance (down -16.1%) for the electric vehicle maker’s shares since 2020 and fourth-worst week in history for the shares after a series of three weeks in late February and early March 2020, when investors sold stocks in fear of the COVID-19 pandemic’s effects. Tesla ended the week with a market capitalisation of less than US$3.5B in Tesla stock late last Wednesday (14 December), after performing the trades over the three previous trading sessions, when the price declined a cumulative 12.4%. In total, the Tesla CEO has sold US$39.3B worth of Tesla stock in the past 13 months. The Nasdaq shed-0.97%. However, Meta Platforms Inc rose +2.82%, buoyed by an upgrade to ‘overweight’ from ‘neutral’ by JPMorgan. The small capitalisation Russell 2000 lost -0.63%.

Friday, 16 December 2022: US equity markets tumbled as investors digested a wave of interest rate rises

Thu, 15 Dec 2022 22:49:07 +0000

US equity markets tumbled as investors digested a wave of interest rate rises and hawkish commentary from global central banks - Dow fell -764-points or -2.25%, The broader S&P500 dropped -2.49%, with Communication Services (down -3.84%), Information Technology (-3.78%) and Materials (-3.02%) all down over >3% and leading all eleven primary sectors lower. Shoe Carnival Inc over >3.2% in after-hours trading after the shoe retailer said its board of directors approved a new US$50M share buyback program. The Nasdaq slumped -3.23%. Netflix Inc dropped -8.63% following a report in Digiday citing five agency executives that the streaming giant is falling short of ad-supported viewership guarantees made to advertisers and allowing advertisers to take their money back for ads that have yet to run. The small capitalisation Russell 2000 lost -2.52%.

Thursday, 15 December 2022: US equity markets settled lower as investors digested the latest Federal Reserve interest rate decision

Wed, 14 Dec 2022 22:47:22 +0000

US equity markets settled lower as investors digested the latest Federal Reserve interest rate decision and monetary policy pronouncements - Dow fell -142-points or -0.42%, The broader S&P500 lost -0.61%, with Financials (down -1.29%), Materials (-1.11%) and Real Estate (-1.01%) all declining over >1% to lead ten of the eleven primary sector lower. Health Care (up +0.14%) was the only primary sector to advance. The S&P 500 is on track for its biggest three-month gain since the second quarter of 2020, having risen by ~11.3% since the start of October. Delta Air Lines Inc rose +2.79% after the carrier raised its earnings guidance and highlighted robust demand for air travel as the industry recovers from the widespread disruption caused by the COVID-19 pandemic. The airline raised its 2022 adjusted earnings per share (EPS) guidance to US$3.07 to US$3.12 versus current consensus forecasts for US$2.88. For 2023, Delta forecast a near doubling of adjusted earnings to US$5 to US$6 per share, and revenue growth at 15% to 20% compared with 2022 and said it is on track to meet its 2024 earnings target of more than >US$7 a share. However, Tesla Inc (down -2.58%) continued to trade around two year lows. Chief executive Elon Musk tweeted that he “will make sure Tesla shareholders benefit from Twitter long-term”. The technology-centric Nasdaq fell -0.76%. The small capitalisation Russell 2000 lost -0.65%.

Wednesday, 14 December 2022: US equity markets tallied a second consecutive session of gains

Tue, 13 Dec 2022 22:38:13 +0000

US equity markets tallied a second consecutive session of gains albeit settled well off their session highs as investors digested the latest monthly inflation report and eyed key central bank meetings later in the week - Dow added +104-points or +0.30%, paring an earlier rally of over >700-points. Chevron Corp (up +2.23%) was the leading Dow performer. Boeing Co added +0.46% after United Airlines Holdings Inc (down -6.94%) announced it had agreed to buy 100 787 Dreamliner planes, with the option to purchase 100 more, and also committing to buying 100 737 Max jets. Boeing said the order was the largest 787 Dreamliner order in the company’s history. The broader S&P500 rose +0.73%, having climbed as much as +2.77% earlier in the session. Real Estate (up +2.04%) lead ten of the eleven primary sectors higher, with Consumer Staples (down -0.17%) the only primary sector to settle in the red. Tesla Inc (down -4.09%) continued to slide, logging its sixth session decline in the past seven The Nasdaq gained +1.01%, settling well off session highs that the saw the technology-centric index up as much as +3.84% earlier in the session. The small capitalisation Russell 2000 advanced +0.97%.

Tuesday, 13 December 2022: US equity markets rallied, clawing back some of last week’s steep losses

Mon, 12 Dec 2022 22:50:11 +0000

US equity markets rallied, clawing back some of last week’s steep losses as investors eye key inflation figures tonight AEST and a brace of key central bank meetings later in the week - Dow gained +529-points or +1.58%. Boeing Co rose +3.75% amid reports that Air India is close to signing an order with the planemaker to acquire up to 150 737 Max jets. The broader S&P500 rose +1.43%, with Energy (up +2.49%), Utilities (+2.27%) and Information Technology (+2.17%) all advancing over >2% to lead all eleven primary sectors higher. Tesla Inc (down -6.27% at US$167.82) settled at its lowest level since 20 November, 2020 and a fresh 52-week low. Investors remain concerned about Tesla’s production, particularly in China, even though the company has denied earlier reports that suggested production cuts in the world’s biggest auto market. The Nasdaq climbed +1.26%. The small capitalisation Russell 2000 gained +1.22%.

Monday, 12 December 2022: US equity markets retreated on Friday

Sun, 11 Dec 2022 22:51:08 +0000

US equity markets retreated on Friday (9 December) as investors assessed the latest wholesale-inflation and consumer-sentiment data ahead of the Federal Reserve’s monetary policy meeting next week - Dow fell -305-points or 0.90%. Walt Disney Co rose +0.9% after the company made its ad-supported streaming subscription available in the U.S. The broader S&P500 lost -0.73%, with Energy (down -2.33%) once again leading the downside and with ten of the eleven primary sectors closing lower. Communication Services (up +0.02%) was the only primary sector to advance. The Nasdaq fell -0.70%. Microsoft Corp fell -0.80% after the company announced in a Friday morning (9 December) blog post that it had acquired Lumenisity Limited, which makes hollow core fibre solutions, as its battle with the FTC over the Activision Blizzard Inc (up +0.54%) deal deepens. The small capitalisation Russell 2000 lost -1.19%.

Friday, 9 December 2022: US equity markets rebounded

Thu, 08 Dec 2022 22:50:30 +0000

US equity markets rebounded - Dow gained +184-points or +0.55%, The broader S&P500 added +0.75%, arresting a five session losing streak (which marked the longest losing streak since the six sessions of consecutive losses ended 12 October). Information Technology (up +1.59%) and Consumer Discretionary (+1.05%) rose over >1% to lead nine of the eleven sectors higher. Energy (down -0.46%) and Communication Services (-0.50%) were the only primary sectors not to advance. The Nasdaq rose +1.13%, with Nvidia Corp and Amazon.com Inc adding +6.51% and 2.14%, respectively. The small capitalisation Russell 2000 gained +0.63%.

Thursday, 8 December 2022: US equity markets retreated as an easing of some of China’s COVID curbs failed to lift broader sentiment

Wed, 07 Dec 2022 22:59:04 +0000

US equity markets retreated as an easing of some of China’s COVID curbs failed to lift broader sentiment - Dow settled flat. The broader S&P500 slipped -0.19%, extending losses into a fifth consecutive session and marking the indices longest losing streak since the six sessions of consecutive losses ended 12 October. Communication Services (down -0.93%) and Information Technology (-0.51%) fell over >0.5% to lead eight of the eleven primary sectors lower. The more defensive Health Care (up +0.85%), Consumer Staples (+0.38%) and Real Estate (+0.26%) were the only primary sectors to advance. The technology-centric Nasdaq fell -0.51%. Apple Inc fell -1.38%,with mobile industry bellwether Murata Manufacturing Co expecting the company to reduce production plans further for the iPhone 14 in the coming months because of weak demand. Murata expects this year’s drop in smart phone sales to keep going well into 2023. The small capitalisation Russell 2000 lost -0.31%.

Wednesday, 7 December 2022: US equity markets retreated amid fresh concerns around a recession

Tue, 06 Dec 2022 22:51:09 +0000

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%.

Monday, 6 December 2022: US equity markets fell following a hotter-than-expected services sector activity report

Mon, 05 Dec 2022 22:51:35 +0000

US equity markets fell following a hotter-than-expected services sector activity report - Dow fell -483-points or -1.40%. Salesforce Inc dropped -7.35%, touching its lowest level in more than 2-years intra-day (US$133.36) after the company confirmed a report in The Wall Street Journal that Slack co-founder and chief executive Stewart Butterfield was leaving the company and that Lidiane Jones, who is part of the Salesforce executive team, would take over for him. The broader S&P500 shed -1.79%, with Consumer Discretionary (down -2.95%), Energy (-2.94%) and Financials (-2.50%) all falling 2.5%+ to lead all elven primary sectors lower. The Nasdaq lost -1.93%. The small capitalisation Russell 2000 dropped -2.78%.

Monday, 5 December 2022: A mixed session to end the week for US equity markets as investors digested the latest monthly jobs report

Sun, 04 Dec 2022 22:54:51 +0000

A mixed session to end the week for US equity markets as investors digested the latest monthly jobs report, although all three benchmark indices booked a second straight week of gains - Dow added +35-points or +0.10%, The broader S&P500 slipped -0.12%, with Energy (down -0.60%) and Information Technology (-0.55%) both falling over >0.5% to lead six of the eleven primary sectors lower. Materials (up +1.10%) was the leading primary sector performer on Friday (2 December). The Nasdaq lost -0.18%, paring an earlier decline of as much as -1.6% The small capitalisation Russell 2000 rose +0.59%.

Friday, 2 December 2022: US equity markets eased following the powerful rally recorded in the final hour

Thu, 01 Dec 2022 22:51:49 +0000

US equity markets eased following the powerful rally recorded in the final hour pf the previous session, with investors eyeing tonight’s AEST key jobs data - Dow fell -195-points or -0.56%. Salesforce Inc fell -8.27% after the business software provider released its quarterly result after the closing bell of the previous session and announced that co-chief executive officer (CEO) Bret Taylor is stepping down. The broader S&P500 dipped -0.09%, with Financials (down -0.71%) leading eight of the eleven primary sectors lower. Communication Services (+0.29%), Health Care (+0.24%) and Information Technology (+0.07%) were the sectors to advance. Costco Wholesale Corp dropped -6.56% after the pace of November sales slowed to a 5.7% gain from the prior year. In October, sales climbed 7.7% from a year ago. The wholesale retailer also reported a -10.1% decline in e-commerce sales during the period. The Nasdaq edged +0.13% higher. The small capitalisation Russell 2000 eased -0.26%.

Thursday, 1 December 2022: US equity markets rallied strongly in the final hour of the session

Wed, 30 Nov 2022 22:41:13 +0000

US equity markets rallied strongly in the final hour of the session following Federal Reserve Chair Jerome Powell’s speech at the Hutchins Centre on Fiscal and Monetary Policy at The Brookings Institution in which he confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign - Dow rallied +737 points or +2.18%. The broader S&P500 climbed +3.09%, snapping a three session losing streak. Information Technology (up +5.03%) and Communication Services (+4.91%) both rallied ~5% to lead all eleven primary sectors higher. Energy (+0.54%) was the relative laggard. The Nasdaq jumped +4.41%. The small capitalisation Russell 2000 rose +2.72%. The U.S.-listed shares of China-based e-commerce giant Alibaba Group Holding Ltd capped a strong month, rallying +9.64% and posting its second-best monthly performance (+37.72%) since it went public in September 2019 and the best since the record monthly rally of +42.2% in October 2015.

Wednesday, 30 November 2022: The S&P500 and Nasdaq extended losses into a third straight session

Tue, 29 Nov 2022 22:49:59 +0000

The S&P500 and Nasdaq extended losses into a third straight session as investors look ahead to some key economic releases and Federal Reserve Chair Jerome Powell’s scheduled speech at the Hutchins Centre on Fiscal and Monetary Policy at The Brookings Institution tonight AEST - Dow eked out a +0.01% gain. The broader S&P500 slipped -0.16%, with Information Technology (down -0.98%) leading six of the eleven primary sectors lower. Real Estate (up +1.71%) and Energy (+1.28%) both climbed over >1%.The Nasdaq -0.59%. The small capitalisation Russell 2000 added +0.31%.

Tuesday, 29 November 2022: US equity markets posted their steepest single session losses since 9 November

Mon, 28 Nov 2022 22:39:45 +0000

US equity markets posted their steepest single session losses since 9 November – the first session after the US midterm elections - as social unrest from China’s prolonged COVID restrictions and some hawkish commentary from Federal Reserve speakers weighed on sentiment - Dow fell -498-points or -1.45%. UnitedHealth Group Inc edged ~0.5% lower in the extended session (after a -1.0% decline in the regular session) after the health-care and insurance company issued guidance ahead of its investor day tonight AEST, with some elements falling short of analysts’ expectations. The broader S&P500 -1.54%, with Real Estate (down -2.80%), Energy (-2.74%, with Exxon Mobil down -3.00%, Chevron Corp -2.91%, and Occidental Petroleum Corp -2.92%), Materials (-2.20%) and Information Technology (-2.13%) all fell over >2% to lead all eleven primary sectors lower. The Nasdaq -1.58%. Turmoil at Apple Inc’s (down -2.63%) key manufacturing hub of Zhengzhou is likely to result in a production shortfall of close to 6M iPhone Pro units this year, according to a person familiar with assembly operations, according to a Bloomberg report citing a person familiar with assembly operations. The small capitalisation Russell 2000 dropped -2.05%.

Monday, 28 November 2022: US equity markets mixed following a muted, shortened Black Friday trading session

Sun, 27 Nov 2022 22:50:47 +0000

US equity markets mixed following a muted, shortened Black Friday trading session - Dow gained +153-points or +0.45% to 34,347.03, the highest close for the 30-stock index since 21 April. The broader S&P500 dipped -0.03%, The Nasdaq fell -0.52%. Apple Inc fell -1.96% after Wedbush Securities said that iPhone shortages have gotten worse in the past week as protests continue at Foxconn, which builds the smart phones for Apple. Microsoft Corp dipped -0.04%, with Politico reporting the Federal Trade Commission is likely to sue to block the company’s US$69B acquisition of video game company Activision Blizzard Inc (down -4.07%) The small capitalisation Russell 2000 rose +0.30%.

Friday, 25 November 2022: European bourses extended their recent rally in thin volume trade

Thu, 24 Nov 2022 22:49:23 +0000

European bourses extended their recent rally in thin volume trade, with the Chemicals sector (up +1.1%) leading all major sectors into positive territory and lifting the pan-European Stoxx 600 index (which includes UK equities) +0.46%. Germany's DAX gained +0.78%. France's CAC added +0.42%. Remy Cointreau dipped -0.06% despite reporting a stronger-than-expected +27.2% organic jump in first-half operating profit, driven by strong demand for its premium cognac in China and the US and cost controls. In broader stock moves, Credit Suisse Group AG (down -1.91%) confirmed the final terms of its 4B Swiss franc (~US$4.2B) capital raise, making 889M shares available to existing investors at 2.52 Swiss francs. Switzerland’s second largest bank also confirmed it has issued 462M new shares to qualified investors via a placement, with Saudi National Bank the largest investor (buying 307M new shares to afford it a 9.9% stake). In economic data, The German Ifo Business Climate index rose to 86.3 in November from a revised reading of 84.5 in October, better than economists’ forecast for a reading of 85.0. The index of the current situation fell to 93.1 in November from 94.2 in October, while the gauge assessing companies’ expectations rose to 80.0 from 75.9.

Thursday, 24 November 2022: US equity markets climbed amid a choppy session

Wed, 23 Nov 2022 22:46:32 +0000

US equity markets climbed amid a choppy session, gaining ground after minutes of the Federal Reserve's early November policy meeting reinforced expectations that policy makers will shift to smaller rate increases at their December meeting - Dow rose +96-points or +0.28%, The broader S&P500 +0.59%, with Consumer Discretionary (up +1.33%), Communication Services (+1.21%) and Utilities (+1.04%) all rising over >1% to lead ten of the eleven primary sectors higher. Energy (down -1.16%) was the only primary sector to settle in the red. Tesla Inc rebounded +7.82%, buoyed an upgrade from Citi to ‘neutral’ from ‘sell’. The Nasdaq +0.99%. The small capitalisation Russell 2000 added +0.17%.

Wednesday, 23 November 2022: US equity markets rallied as investors looked past a fresh tightening of COVID-19 policies

Tue, 22 Nov 2022 22:55:15 +0000

US equity markets rallied as investors looked past a fresh tightening of COVID policies in China and the latest downgraded economic growth forecasts from the Organisation of Economic Development (OECD), and focussed on some upbeat quarterly results from a number of retailers - Dow rose +398-points or +1.18%, The broader S&P500 climbed +1.36% to 4,003.58, settling above 4,000 for the first time since September. Energy (up +3.18%) and Materials (+2.23) both rallied over >2% to lead all eleven primary sectors higher. The Nasdaq +1.36%. The small capitalisation Russell 2000 +1.16%.

Tuesday, 22 November 2022: US equity markets after a choppy session to open the holiday-shortened trading week

Mon, 21 Nov 2022 22:45:32 +0000

US equity markets after a choppy session to open the holiday-shortened trading week - Dow fell -45-points or -0.13%, Walt Disney Co rose +6.30% after announcing that Chief Executive Officer (CEO) Bob Chapek is stepping down from the post and will be replaced by his predecessor, Robert Iger. Mr Iger served as Disney’s CEO from 2005-2020, and has served as executive chairman and chairman of the board since 2021. The broader S&P500 -0.39%, with Consumer Discretionary (down -1.41%), Energy (-1.39%) and Information Technology (-1.13%) all falling over >1% and leading four of the eleven primary sectors lower. More defensive sectors outperformed for a second straight session, with Consumer Staples up +0.98%, Real Estate +0.72% and Utilities +0.50%. Tesla Inc fell -6.84%, with the electric vehicle company’s shares touching their lowest level since July 2020. The Nasdaq -1.09%. The small capitalisation Russell 2000 lost -0.57%.

Monday, 21 November 2022: US equity markets ticked higher in the after afternoon session

Sun, 20 Nov 2022 22:52:00 +0000

US equity markets ticked higher in the after afternoon session last Friday (November) to end the week on an upbeat note - Dow up +199-points or +0.59%. The broader S&P500 +0.48%, with the more defensive Utilities (up +2.00%), Real Estate (+1.29%), Health Care (+1.20%) and Consumer Staples (+1.04%) leading nine of the elven primary sectors higher. Energy (down -0.90%) and Communication Services (-0.35%) were the only primary sectors to settle in the red. The Nasdaq settled flat. The small capitalisation Russell 2000 rose +0.58%.

Friday, 18 November 2022: US equity markets logged their first back-to-back losses in two weeks

Thu, 17 Nov 2022 23:06:47 +0000

US equity markets logged their first back-to-back losses in two weeks following some hawkish commentary from Federal Reserve officials - Dow dipped -8-points, The broader S&P500 -0.31%, with Utilities (down -1.79%) and Consumer Discretionary (-1.27%) leading eight of the eleven primary sectors lower. Information Technology sat atop the primary sector leaderboard with a +0.21% rise. General Motors (up +0.17%) hosted its annual investor day and raised its full year guidance, noting it expects its electric vehicle (EV) portfolio in North American to be profitable in a couple of years as it ramps up EV capacity in the region to more than 1>M EVs per year. The automaker projected full year adjusted earnings before interest and tax (EBIT) will be in a range between US$13.5B and US$14.5B compared to a prior guidance of US$13B and US$15B. The Nasdaq -0.35%. Cisco Systems Inc gained +4.96% after the networking-technology company delivered better-than-expected numbers on the top and bottom line, accompanied by encouraging guidance after the close of the previous session. The small capitalisation Russell 2000 lost -0.76%.

Thursday, 17 November 2022: US equity markets retreated after a choppy session

Wed, 16 Nov 2022 22:40:58 +0000

US equity markets retreated after a choppy session, with investors parsing the latest earnings results from retailers - Dow slipped -39-points or -0.12%, The broader S&P500 fell -0.83%, with Energy (down -2.15%), Consumer Discretionary (-1.46%) and Information Technology (-1.45%) all fell over >1.5% to lead nine of the eleven primary sectors lower. The more defensive Utilities (up +0.87%) and Consumer Staples (+0.46%) were the only primary sectors to advance. The Nasdaq -1.52%. The small capitalisation Russell 2000 lost -0.49%.

Wednesday, 16 November 2022: US equity markets advanced, climbing late in the session

Tue, 15 Nov 2022 23:20:50 +0000

US equity markets advanced, climbing late in the session as investors pondered a cooler-than-expected wholesale inflation report and some upbeat earnings from major retailers - Dow added +56-points or +0.17%, The broader S&P500 rose +0.87%, with seven of the eleven primary sectors recording gains of over >1%. Only two primary sectors – Materials (down -0.11%) and Health Care (-0.07%) – settle in the red. The technology-centric Nasdaq rallied +1.45%. The small capitalisation Russell 2000 gained +1.50%.

Tuesday, 15 November 2022: US equity markets retreated, with losses accelerating in the final hour of trading

Mon, 14 Nov 2022 22:49:14 +0000

US equity markets retreated, with losses accelerating in the final hour of trading - Dow fell -211-points or -0.63%, The broader S&P500 -0.89%, with Real Estate (down -2.65%), Consumer Discretionary (-1.71%) and Financials (-1.54%) leading ten of the eleven primary sectors lower. Health Care eked out a +0.03% gain to be the only primary sector to advance. The Nasdaq lost -1.13%. Amazon.com Inc (down -2.28%) is reportedly the latest big tech name poised to announce employee layoffs. The company is expected to announce it is cutting ~10K employees as soon as this week – which would be the largest in the company’s history – and primarily affect Amazon’s devices organization, retail division and human resources, according to The New York Times. The small capitalisation Russell 2000 lost -1.14%.

Monday, 14 November 2022: US equity markets extended their rally to cap a strong week

Sun, 13 Nov 2022 22:51:09 +0000

US equity markets extended their rally to cap a strong week that saw a cooler-than-expected October inflation print fuel speculation that the Federal Reserve may slow the pace of monetary policy tightening - Dow edged +32-points or +0.10% higher. Walgreens Boots Alliance Inc jumped +7.2% after Deutsche Bank upgraded the stock to ‘buy’ from ‘hold’. Walt Disney Co (up +5.03%) plans to institute a targeted hiring freeze as well as some job cuts, according to an internal memo sent to executives on Friday (11 November). The news comes after Chief Financial Officer Christine McCarthy said during Disney’s earnings call last Tuesday (8 November) that the company was looking for ways to trim costs. The broader S&P500 rose +0.92% to 3,992.93, with Energy (up +3.06%), Communication Services (+2.47%) and Consumer Discretionary (+2.46%) all rising over >2% to lead six of the eleven primary sector higher. The more defensive Health Care (down -1.28%) and Utilities (-1.15%) sectors were the key laggards. The Nasdaq gained +1.88%, with Amazon.com Inc gaining +4.31% and Google parent Alphabet Inc +2.72%. The small capitalisation Russell 2000 added +0.79%.

Friday, 11 November 2022: US equity markets soared

Thu, 10 Nov 2022 22:46:35 +0000

US equity markets soared, logging their single session gains since stocks were emerging from the depths of the pandemic bear market 2020 following a cooler-than-expected October inflation report - Dow soared +1,201.43-points or +3.70%, with Salesforce Inc (up +10.02%) and Apple Inc (+8.90%) combining for an ~171-point bump for the bluechip index. The broader S&P500 +5.54%, recording its biggest one-day rally since April 2020. Information Technology (up +8.33%), Real Estate (+7.74%) and Consumer Discretionary (+7.70%) all climbed over >7% to lead all eleven primary sectors solidly higher. The Nasdaq +7.35%. 54 S&P 500 index constituents settled with gains of 10%+. The small capitalisation Russell 2000 jumped +6.11%.

Thursday, 10 November 2022: US equity markets retreated ahead of the key inflation figures

Wed, 09 Nov 2022 22:52:25 +0000

Regards US equity markets retreated ahead of the key inflation figures for October tonight AEST, and as the midterm elections provided no clear answers and with control of Congress still hanging in the balance - Dow fell -647-points or -1.95%, Walt Disney Co slumped -13.15% after the entertainment giant posted lower-than-expected earnings per share (US$0.30c versus consensus US$0.55c) and revenue (US$20.15B versus consensus US$21.24B) for the fiscal fourth quarter after the closing bell of the previous session. The broader S&P500 dropped -2.08%, with Energy (down -4.88%), Consumer Discretionary (-3.12%) and Information Technology (-2.65%) leading all eleven primary sectors lower. Tesla Inc fell -7.17% following news that Chief Executive Elon Musk sold ~US$3.95B worth of shares a week after closing his ~US44B acquisition of Twitter Inc. The Nasdaq shed -2.46%. Meta Platforms Inc rose +5.22% after the technology giant confirmed it was planning to lay off over >11,000 employees, or ~13% of the company’s workforce. Chief Executive Mark Zuckerberg observed that “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” adding “I got this wrong, and I take responsibility for that.” In addition to the layoffs, Meta confirmed its forecast for fourth-quarter revenue of US$30B to US $32.5B. Meta said the outlook for 2022 expenses it provided on the call to discuss its latest earnings already contemplated the newly announced cuts, and remains unchanged at US$85B to US$87B. However, the company also said it now sees 2023 expenses of US$94B to US$100B, which compares with a previous forecast of $96 billion to $101 billion, reflecting reduced hiring plans for next year. The small capitalisation Russell 2000 lost -2.34%.

Wednesday, 9 November 2022: US equity markets climbed on as Americans headed to the polling booths for the midterm elections

Tue, 08 Nov 2022 22:58:08 +0000

US equity markets climbed on as Americans headed to the polling booths for the midterm elections, shrugging off a mid-afternoon dip - Dow rallied +334-points or +1.02%, The broader S&P500 rose +0.56%, with Materials (up +1.68%) leading ten of the eleven primary sectors higher. Consumer Discretionary (down -0.30%) was the only primary sector to settle in the red. The Nasdaq settled +0.49% higher. The small capitalisation Russell 2000 added +0.19%.

Tuesday, 8 November 2022: US equity markets advanced as US voters head to the polling booths tonight AEST

Mon, 07 Nov 2022 22:50:17 +0000

US equity markets advanced as US voters head to the polling booths tonight AEST for the midterm elections, and with investors eyeing inflation data later in the week - Dow +423-points or +1.31%. Walgreens Boots Alliance Inc gained +4.10% following reports that No. 2 U.S. pharmacy chain would invest ~US$3.5B to support the primary care provider VillageMD’s acquisition of urgent care provider Summit Health in a deal valued at nearly US$9B. Boeing Co (up +3.06%) was another notable Dow performer. The broader S&P500 +0.96%. The Nasdaq rose +0.85%. Apple Inc added +0.39% despite the tech company said iPhone production has been temporarily reduced because of COVID-19 restrictions in China. Meta Platforms Inc gained +6.53% a day after the Wall Street Journal report that said the company could start layoffs as soon as Wednesday (9 November). The small capitalisation Russell 2000 rose 0.64%. Carvana Co (down -15.64%) continued to tumble, with trading in the stock briefly halted after the on-line used car retailer reported disappointing third-quarter results after the closing bell of last Thursday’s (3 November) session.

Monday, 7 November 2022: US equity markets closed out a tough week

Sun, 06 Nov 2022 22:51:30 +0000

US equity markets closed out a tough week on a positive note as investors parsed the latest monthly jobs report - Dow gained +402-points or +1.26%, The broader S&P500 climbed +1.36%, PayPal Holdings Inc fell -1.79% after the company trimmed their revenue full year guidance results after the closing bell of last Thursday’s (3 November) session, with Chief Executive Dan Schulman noting that PayPal was “seeing a pullback in discretionary goods that are being spent on by consumers.” The Nasdaq rose +1.28%. Meta Platforms Inc (up +2.11%) is planning to begin large-scale layoffs this week according to a report in The Wall Street Journal. The small capitalisation Russell 2000 +1.13%. BioNTech SE rose +6.24% after China approved the biotechnology company's mRNA COVID-19 vaccine for use among the expatriate population in the People's Republic of China. During German Chancellor Olaf Scholz's visit to Beijing, he and Chinese leader, Xi Jinping, also broached the subject of a pathway for approval of the vaccine for use among the wider Chinese population, The Wall Street Journal reported. Separately, BioNTech and partner Pfizer Inc (up +1.40%) said new data from a Phase 2/3 trial showed that the booster for companies' omicron BA.4/BA.5-adapted bivalent COVID-19 vaccine demonstrated a "robust neutralizing immune response" after one month. The companies said immune responses for those getting the booster were "substantially higher" than for those who only received the original COVID-19 vaccine, with similar safety and tolerability profiles. Carvana Co tumbled -38.95% to post its worst single session performance on record after the on-line used car retailer reported disappointing third-quarter results after the closing bell of last Thursday’s (3 November) session that prompted Morgan Stanley to pull their rating and price target on the company, citing deterioration in the used car market and a volatile funding environment. Friday also saw the expiration of weekly and daily options tied to single stocks, stock indexes and exchange-traded funds (ETFs).

Friday, 4 November 2022: The S&P500 and Nasdaq extended declines into a fourth day

Thu, 03 Nov 2022 22:48:43 +0000

The S&P500 and Nasdaq extended declines into a fourth day following a choppy session ahead of tonight’s AEST October jobs figures, with Treasury yields continuing to march higher - Dow down -147-points or -0.46%, The broader S&P500 lost -1.06%, with Information Technology (-3.00%) and Communication Services (-2.83%) again among the worst performing primary sectors. Energy sat atop the primary sector leaderboard with a +2.04% gain. The Nasdaq shed -1.73%. Qualcomm Inc dropped -7.66% after the chip maker released its third quarter result after the closing bell of the previous session and cut its full year earnings per share (EPS) outlook citing weakening handset sales. The small capitalisation Russell 2000 lost -0.53%.

Thursday, 3 November 2022: US equity markets fell sharply late in the session

Wed, 02 Nov 2022 22:58:29 +0000

US equity markets fell sharply late in the session, relinquishing earlier gains as investors digested the latest Federal Reserve monetary policy decision and a more-hawkish-than-expected tone from central bank Chair Jerome Powell - Dow fell -505-points or -1.44%, Boeing Co gained +2.90% after the planemaker’s Chief Executive Officer (CEO) said the company could generate US$10B in cash annually by mid-decade and expects to return cash to shareholders and will not need equity to get there after 2026. The broader S&P500 shed -2.50%, with Consumer Discretionary (-3.79%), Information Technology (-3.47%), and Communication Services (-3.04%) all declining over >3% to lead all eleven primary sectors lower. The Nasdaq tumbled -3.36%, with Amazon.com Inc (down -4.82%), Netflix Inc (-4.80%) and Meta Platforms Inc (-4.89%) all down almost 5%. The small capitalisation Russell 2000 dropped -3.36%.

Wednesday, 2 November 2022: US equity markets logged back-to-back losses ahead of the Federal Reserve’s latest interest rate decision

Tue, 01 Nov 2022 22:49:02 +0000

US equity markets logged back-to-back losses ahead of the Federal Reserve’s latest interest rate decision and monetary policy pronouncements tomorrow morning AEST (3 November) - Dow eased -80-points or -0.24%, The broader S&P500 -0.41%, with Communication Services (down -1.81%) and Consumer Discretionary (-1.35%) both down over >1% to lead six of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard with a +0.99% gain. The Nasdaq -0.89%. The small capitalisation Russell 2000 added +0.25%.

Tuesday, 1 November 2022: US equity markets retreated on the final trading day of the month

Mon, 31 Oct 2022 22:39:56 +0000

US equity markets retreated on the final trading day of the month, however the Dow Jones Industrial Average still recorded its largest monthly percentage gain since January 1976 - Dow eased -129-points or -0.39%, The broader S&P500 -0.75%, with Communication Services (down -1.68%) and Information Technology (-1.34%) both losing over >1% to lead ten of the eleven primary sectors higher. Energy (up +0.60%) was the only primary sector to advance overnight. The Nasdaq fell -1.02%, with Big Tech under fresh pressure. Meta Platforms Inc fell -6.09% to hit a fresh 52-week low, Alphabet Inc -1.85% and Microsoft Corp -1.59%. The small capitalisation Russell 2000 lost -0.49%.

Monday, 31 October 2022: US equity markets rallied on Friday (28 October)

Sun, 30 Oct 2022 23:04:16 +0000

US equity markets rallied on Friday (28 October), extending their weekly gain despite a tough week on the earnings front for major technology names, with investors also digesting the latest inflation figures and eyeing the Federal Reserve’s monetary policy meeting later in the week - Dow gained +829-points or +2.59%, The broader S&P500 rallied +2.46%, with Information Technology (up +4.52%), Communication Services (+2.98%) and Utilities (+2.85%) leading ten of the eleven primary sectors higher. Consumer Discretionary (down -0.30%) was the only primary sector not to advance on Friday (28 October). The technology-centric Nasdaq rebounded +2.85%. Apple Inc (up +7.56%) logged its biggest one-day gain in more than two years after posting better-than-expected. However, Amazon.com Inc tumbled -6.80% after warning after the closing bell last Thursday (27 October) that consumer spending was in “uncharted waters”. The company said it expected revenues to come in between US$140B-US$148B in the fourth quarter - as much as US$15B less than the figure forecast by analysts. The small capitalisation Russell 2000 +2.25%.

Friday, 28 October 2022: US equity markets ended mostly lower on Thursday as tech suffered a further selloff

Thu, 27 Oct 2022 23:36:25 +0000

US equity markets ended mostly lower on Thursday as tech suffered a further selloff. The Dow rose +194-points or +0.61%, logging its fifth consecutive positive session. The broader S&P500 -0.61%, with Communication Services (down -4.12%) and Information Technology (-1.25%) leading the downside for a second consecutive session. The Nasdaq shed 1.63%. The small capitalisation Russell 2000 lost -0.43%.

Thursday, 27 October 2022: The Nasdaq Composite and S&P 500 snapped three session winning streaks

Wed, 26 Oct 2022 23:28:38 +0000

The Nasdaq Composite and S&P 500 snapped three session winning streaks as investors assessed disappointing earnings from major technology names - Dow eked out a +2-points or +0.01% gain, paring an earlier rally of as much as +300-points. The broader S&P500 eased -0.74%, with Communication Services (down -4.75%) and Information Technology (-2.23%) leading five of the eleven primary sectors lower. Energy (up +1.36%) and Health Care (+1.12%) both rose over >2% to be the leading primary sectors overnight. Tesla Inc rose +1.00% despite a Reuters report suggesting that the electric vehicle manufacturer is facing a criminal investigation conducted by the Department of Justice into claims the company made around the self-driving capabilities of its vehicles. While federal and California safety regulators have looked into Tesla's Autopilot comments, Reuters noted that the "potentially represents a more serious level of scrutiny because of the possibility of criminal charges against the company or individual executives." However, the story also notes that any case could be complicated by the fact that Tesla has also offered some warnings about Autopilot system. The Nasdaq dropped -2.04%. Google-parent Alphabet Inc dropped -.5% after reporting lower-than-expected earnings per share (EPS) and revenue for the third quarter after the close of the previous session. Microsoft Corp shed -% after the software maker disclosed lower-than-expected cloud revenue for the fiscal first quarter and softer-than-expected guidance after the closing bell of Tuesday’s (25 October) session. The small capitalisation Russell 2000 added +0.46%.

Wednesday, 26 October 2022: US equity markets extended their rally into a third session as Treasury yields retreated

Tue, 25 Oct 2022 23:01:38 +0000

US equity markets extended their rally into a third session as Treasury yields retreated and as investors eyed another very busy US corporate earnings calendar - Dow climbed +337-points or +1.07%. The broader S&P500 +1.63%, with Real Estate (up +3.94%) and Materials (+2.53%) leading ten of the eleven primary sectors higher. Energy (down -0.04%) was the only primary not to settle in positive territory. The Nasdaq rallied +2.25%. The small capitalisation Russell 2000 jumped +2.73%.

Tuesday, 25 October 2022: US equity markets rallied, consolidating last Friday’s (21 October) strong gains

Mon, 24 Oct 2022 22:51:45 +0000

US equity markets rallied, consolidating last Friday’s (21 October) strong gains as investors eye a busy two weeks ahead on the US corporate earnings calendar - Dow gained +407-points or +1.34%, The broader S&P500 rose +1.19%, with Health Care (up +1.91%) and Consumer Staples (+1.79%) advancing over >1.5% to lead nine of the eleven primary sectors higher. Materials (down -0.62%) and Real Estate (-0.09%) were the only primary sectors to settle in the red. The Nasdaq climbed +0.84%. The small capitalisation Russell 2000 added +0.35%.

Monday, 24 October 2022: US equity markets closed sharply higher on Friday

Sun, 23 Oct 2022 22:58:02 +0000

US equity markets closed sharply higher on Friday (21 October) as investors weighed a story from the Wall Street Journal and comments from Federal Reserve officials suggesting that the central bank might shift to smaller interest-rate rises after its 1-2 November monetary policy meeting - Dow rallied -749-points or +2.47%, with Goldman Sachs Group Inc (up +4.6%) and JPMorgan Chase & Co (+5.3%) notable performers. The broader S&P500 +2.37%, with Materials (up +3.46%) leading all eleven primary sectors higher, of which six logged gains of over >2.5%. Exxon Mobil Corp (up +1.30% at US$107.66) touched fresh all-time highs (US$108.04). The Nasdaq +2.31%. Twitter Inc fell -4.86% following a report that the U.S. could subject Elon Musk’s pending acquisition of the micro-blogging site to a national security review. Snap Inc tumbled -28.1% after the developer of camera and messaging app Snapchat revealed after the closing bell of last Thursday’s session (20 October) that revenue growth had slowed and losses had ballooned in the third quarter. The small capitalisation Russell 2000 +2.22%.

Friday, 21 October 2022: US equity markets retreated after another choppy trading session

Thu, 20 Oct 2022 22:45:58 +0000

US equity markets retreated after another choppy trading session as Treasury yields climbed to their highest levels in more than 14 years - Dow fell -90.22-points or -0.30%, unwinding an earlier rally of almost +400-points. International Business Machines (IBM) Corp rose +4.73% after reporting a stronger-than-expected third quarter result after the close of the previous session. Walmart Inc U.S. Chief Executive Officer (CEO) John Furner said in an interview on NBC’s “Today” show that the retail giant “certainly are watching the market very closely, but what we see from customers is that spending is still strong. There’s a lot of demand in the United States and we think that’s going to continue.” Mr Furner declined to predict whether we’d see a recession but said that Walmart was working to “take unnecessary costs out of any part of our business” so that the company “can reflect better retail values for customers.” Walmart is slated to release their quarterly result on 15 November. The broader S&P500 lost -0.80%, with Utilities (down -2.51%) leading eight of the eleven primary sectors lower. Communication Services (up +0.36%), Energy (+0.18%) and Information Technology (+0.07%) all settled with modest gains. Tesla Inc dropped -6.65% after the electric vehicle maker recorded better-than-expected adjusted EPS (US$1.05 versus consensus US$1.00), but revenue (US$21.45B) fell short of forecasts (US$21.98B) despite delivering a record number of cars in the third quarter. The Washington Post reported that CEO Elon Musk intends to slash 75% of Twitter Inc's (up +1.18%) 7,500 workers in the coming months, chopping the company's head count to just over 2,000. Elsewhere, The Oregonian reported that Intel Corp (up +0.31%) is planning on announcing “targeted” layoffs in November. The Nasdaq fell -0.61%. The small capitalisation Russell 2000 lost -1.24%.

Thursday, 20 October 2022: US equity markets settled with modest losses after a choppy session

Wed, 19 Oct 2022 23:04:39 +0000

US equity markets settled with modest losses after a choppy session, struggling to extend the recent rebound as Treasury yields resumed their march higher - Dow fell -100-points or -0.33%, The broader S&P500 lost -0.67%, with Real Estate (down -2.56%) leading ten of the eleven primary sectors lower. Energy (up +2.94%) was the only primary sector to advance. The Nasdaq fell -0.83%. Netflix Inc jumped +13.09% after the streaming giant posted a stronger-than-expected result at the top and bottom lines after the close of the previous session. The small capitalisation Russell 2000 lost -1.72%.

Wednesday, 19 October 2022: Some further encouraging corporate earnings releases lifted US equity markets

Tue, 18 Oct 2022 22:48:10 +0000

Some further encouraging corporate earnings releases lifted US equity markets for a second session - Dow gained +338-points or +1.12%, Salesforce Inc jumped 4.31% after CNBC reported that activist investor Starboard Value LP had taken a “significant” stake in the software company and reportedly urged management to lift margins. The broader S&P500 +1.14%, with Industrials (up +2.36%), Materials (+1.91%), Utilities (+1.79%) and Financials (+1.64%) all up over >1.5% to lead all eleven primary sectors higher. The Nasdaq rallied +1.48%. Apple Inc rose +0.94% despite a report from tech news site The Information saying that the company has cut production of the iPhone 14 Plus, one of four new models the company introduced in early September. The article said that at least one component supplier in China has been told to immediately halt production of parts for the Plus. Microsoft Corp added +0.41% amid reports from both Axios and Business Insider that the technology giant is laying off nearly 1,000 workers across multiple divisions. Microsoft is scheduled to release quarterly earnings on 25 October. The small capitalisation Russell 2000 gained +1.16%.

Tuesday, 18 October 2022: US equity markets rallied as investors digested the latest corporate earnings releases

Mon, 17 Oct 2022 23:13:00 +0000

US equity markets rallied as investors digested the latest corporate earnings releases and news of the latest walk back on the tax proposals - Dow gained -551-points or +1.86%, Goldman Sachs Group Inc rose +2.24% following a Wall Street Journal report that the investment bank plans to fold its biggest businesses into three divisions, combining its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, according to people familiar with the matter. A third division will reportedly house transaction banking, the bank’s portfolio of financial-technology platforms, specialty lender GreenSky, and its ventures with Apple Inc and General Motors Co. The broader S&P500 +2.65%, with Consumer Discretionary (up 4.23%), Real Estate (+3.89%), Communication Services (+3.34%) and Information Technology (+3.09%) all climbing over >3% to lead all eleven primary sectors higher. The Nasdaq soared +3.43%. The small capitalisation Russell 2000 +3.17%.

Monday, 17 October 2022: US equity markets erased early gains to steel sharply lower on Friday

Sun, 16 Oct 2022 22:52:15 +0000

US equity markets erased early gains to steel sharply lower on Friday (14 October), failing to build on the previous session’s strong rally after the latest University of Michigan monthly survey of US consumers recording a worsening of inflation expectations - Dow fell -404-points or -1.34%, The broader S&P500 lost -2.37%, notched its seventh negative close in eight days. Consumer Discretionary (down -3.88%), Energy (-3.71%) and Information Technology (-3.41%) all falling over >3% to lead all eleven primary sectors lower. The Nasdaq dropped -3.08% to end at 10,321.39, its lowest settlement since 2 July, 2020. Tesla Inc declined 7.55% and Lucid Motors -8.61%. The small capitalisation Russell 2000 lost -2.66%.

Friday, 14 October 2022: US equity markets staged a huge intrasession rebound to settle sharply higher

Thu, 13 Oct 2022 22:57:59 +0000

US equity markets staged a huge intrasession rebound to settle sharply higher despite another hit inflation report - Dow soared +828-points or +2.83% to 30,038.72, logging the largest one day percentage gain since 9 November, 2020 after recovering from an earlier decline of as much as -550-points. It marked the first time on record that the Dow has risen at least 800 points in the same trading day that it was down at least 500 points at its low, according to Dow Jones Market Data. Goldman Sachs and JPMorgan rose +3.98% and +5.56%, respectively. The broader S&P500 +2.60%, with Financials (up +4.14%) and Energy (+4.08%) both rising over >4% to lead all eleven primary sectors higher. The index recorded its widest trading range since March 2020 and fifth largest intra-day reversal in its history. The Nasdaq +2.23%. Netflix Inc gained +5.27% after the streaming company said it will charge US$6.99 for its ad-supported subscriptions. Taiwan Semiconductor Manufacturing Co injected some much needed optimism into the chip sector after the company not only reported that net income nearly doubled from a year ago, as revenue surged nearly 50%, but also forecast a “flattish” outlook that still exceeded the Street consensus at the time. The news lifted the PHLX Semiconductor Index SPX +2.60%, with Advanced Micro Devices Inc up +1.88%, Intel Corp +4.30%, and Nvidia Corp +4.00%. The small capitalisation Russell 2000 rallied +2.41%.

Thursday, 13 October 2022 : US equity markets - Dow eased -28-points or -0.10%, The broader S&P500 lost -0.33%.

Wed, 12 Oct 2022 23:29:31 +0000

Wednesday, 12 October 2022: The S&P500 and Nasdaq extended declines into a fifth consecutive session

Tue, 11 Oct 2022 23:19:28 +0000

The S&P500 and Nasdaq extended declines into a fifth consecutive session following choppy trading, pulled lower in part by the announcement from the Bank of England (BoE) that it would end its emergency intervention in the UK bond market by Friday (14 October) - Dow added +36-points or +0.12%, paring an earlier session rally of as much as +400-points. Amgen Inc paced gains for the Dow with a +5.72% gain, with the biotechnology company buoyed by an upgrade to an “overweight” recommendation (US$279 target price) by analysts at Morgan Stanley. Walgreens Boots Alliance Inc rose +2.42% after the company said it has accelerated its plans to buy full ownership of CareCentrix, acquiring the remaining 45% stake for US$392M. The broader S&P500 fell -0.65% to 3,588.84, settling within 0.1% of its 30 September 2022 closing low of 3,585.62. Communication Services (down -1.64%) and Information Technology (-1.52%) both fell over >1.5% to lead seven of the eleven primary sectors lower. Real Estate (up +1.02%) and Consumer Staples (+0.93%) were the leading primary sector performers overnight. The Nasdaq dropped -1.10% to 10,426.19, logging its lowest close since 28 July, 2020. Meta Platforms Inc (down -3.92%) and Netflix Inc (-6.82%) were both under notable pressure, with both stocks having dropped more than >60% year to date. Chipmakers also saw fresh selling, with the PHLX Semiconductor Index dropping -2.5%. Advanced Micro Devices Inc lost -0.31%, and Nvidia Corp -0.72% The small capitalisation Russell 2000 inched +0.06% higher.

Tuesday, 11 October 2022: US equity markets logged fresh falls, with the Nasdaq falling to its lowest level in two years

Mon, 10 Oct 2022 23:01:42 +0000

Monday, 10 October 2022: US equity markets booked steep losses on Friday (7 October)

Sun, 09 Oct 2022 23:03:32 +0000

US equity markets booked steep losses on Friday (7 October), with the decline accelerating in the final hour of the session as investors digested the latest jobs report, which is anticipated to reinforce the Federal Reserve’s resolve to keep tightening monetary policy - Dow fell -630-points or -2.11% to 29,296.79, touching an intra- session low of 29,142.66. The broader S&P500 shed -2.80%, with ~94% of index constituents settling in the red. Information Technology (down -4.14%) led all eleven primary sectors lower, with Consumer Discretionary (-3.54%), Communication Services (-2.84%) and Materials (-2.54%) all falling over >2.5%. Energy (down -0.72%) was yet again the best performing sector on a relative basis. The Nasdaq tumbled -3.80%. The PHLX Semiconductor Index fell -6.06% on Friday (7 October), closing at its lowest level since early November 2020 and recording its third 6%+ one-day drop of the year after the U.S. Department of Commerce expanded its list of chip technology that requires a license to be sold to China. News of the ban came on the heels of Advanced Micro Devices Inc (down -13.87%) cutting its already conservative forecast because a drop in PC sales after two years of pandemic-driven sales appears worse than feared. Intel Corp fell 5.37%, Nvidia Corp -8.03%, and Texas Instruments Inc -4.36%. Meta Platforms Inc (down -4.04%) holds its annual ‘Connect’ event on Tuesday night AEST (11 October) showcasing new augmented and virtual reality products, including the much touted headset codenamed Project Cambria. The small capitalisation Russell 2000 lost -2.87%.

Friday, 7 October 2022: US equity markets retreated ahead of tonight’s AEST key jobs figures

Thu, 06 Oct 2022 23:09:25 +0000

US equity markets retreated ahead of tonight’s AEST key jobs figures and as Treasury yields continued to climb - Dow fell -347-points or -1.15%, The broader S&P500 -1.02%, with Utilities (down -3.30%) and Real Estate (-3.20%) both dropping over >3% to lead ten of the eleven primary sectors lower. However, the Energy sector extended its relative outperformance into a fourth straight session, up +1.82%. The Nasdaq -0.68%. The small capitalisation Russell 2000 lost -0.58%.

Thursday, 6 October 2022: US equity markets settled with modest losses

Wed, 05 Oct 2022 23:21:15 +0000

US equity markets settled with modest losses despite a big reversal in the final hour of the trading session as Treasury yields resumed their march higher - Dow slipped -42-points or -0.14%, reversing an earlier decline of as much as -430-points. The broader S&P500 eased -0.20%, with Utilities (down -2.25%) and Real Estate (-1.90%) leading eight of the eleven primary sectors lower. Energy (up +2.06%) sat atop the primary sector leaderboard for a third straight session, with Exxon Mobil Corp rallying +4.04%. The Information Technology and Health Care sectors advanced +0.36% and +0.33% respectively. Cruise line stocks retreated after getting an initial boost from news that Norwegian Cruise Line Holdings Ltd (down -0.75%) will suspend all COVID-19 testing, masking and vaccination requirements from Tuesday next week (11 October). Carnival Corp fell -4.25%. The Nasdaq settled -0.25% lower. The small capitalisation Russell 2000 lost -0.74%.

Wednesday, 5 October 2022: US equity markets extended their strong start to the month and quarter

Tue, 04 Oct 2022 23:02:37 +0000

US equity markets extended their strong start to the month and quarter - Dow rallied +825-points or +2.80%, with Boeing Co (up +5.92%) and Goldman Sachs Group Inc (+5.25%) alone contributing over >150-points in gains. The broader S&P500 jumped +3.06%, logging its best two-day gain (+5.65%) since April 2020. Energy (up +4.34%) led all eleven primary sectors higher for a second consecutive session, with Financials (+3.79%) and Consumer Discretionary (3.56%) both advancing over >3.5%. The rally comes after three straight quarters of declines for the S&P 500 - the longest quarterly losing streak since 2008. Exxon Mobil Corp estimates that changes in liquid prices will have a negative effect of between US$1.4B to US$1.8B in the third quarter compared with second-quarter results, according to a filing with the Securities and Exchange Commission (SEC). The oil and gas company also forecast a favourable effect of US$1.8B to US$2.2B on results for the recent quarter due to changes in gas prices, compared with the second quarter. Exxon Mobil is slated to release its third quarter result on 28 October. The technology-centric Nasdaq climbed +3.32%. Tesla Inc settled +2.90% higher, pulling back from an earlier session rally of as much as +6.2% following the release of a letter filed with the SEC in which the electric vehicle maker's chief executive, Elon Musk, proposed moving forward with his acquisition of Twitter Inc (up +22.24%) on the original terms (including the US$54.20 per share bid price). Amazon.com Inc (up +4.50%) is implementing a hiring freeze on the corporate side of its retail business for the rest of the year, according to a New York Times report, becoming the latest company to pause hiring plans amid growing concerns about an economic downturn. Meta Platforms Inc (up +1.20%), which owns Facebook and Instagram, is reportedly planning to reduce its own headcount amid fears over what the economy might look like in the coming months. The small capitalisation Russell 2000 outperformed with a +3.91% gain. Some traders suggested some of last week’s selling pressure may have been driven by quarter-end rebalancing, which has now abated.

Tuesday, 4 October 2022: US equity markets opened the new month and quarter firmly on the front foot

Mon, 03 Oct 2022 23:03:59 +0000

US equity markets opened the new month and quarter firmly on the front foot, with the benchmark indices rallying over >2% - Dow rallied +765-points or +2.66%, rising as much as +922 points at its session peak and recording its the biggest percentage gain since 24 June, according to Dow Jones Market Data. The broader S&P500 gained +2.59%, with Energy climbing +5.77% to lead all eleven primary sectors higher. Chevron Corp rose +5.61%, Exxon Mobil Corp +5.28%, Marathon Petroleum Corp +3.48%. The Energy Select Sector SPDR Fund, an exchange-traded fund that aims to mirror the performance of the S&P 500 energy sector, rose +5.65% to US$76.09, its biggest daily percentage-point gain since 23 November, 2020, according to Dow Jones Market Data. Tesla Inc fell -8.61% after the electric vehicle maker released third quarter delivery figures on Sunday (2 October) that fell short of consensus expectations. General Motors Co rose +2.43% after reporting that third-quarter vehicle sales increased +24% (to 555,580) compared to a year ago, when supply chain issues weighed more heavily on the company’s output. The Nasdaq rose +2.25%, with Apple Inc up +3.08% and Microsoft Corp +3.37%. The small capitalisation Russell 2000 gained +2.65%.

Monday, 03 October 2022: US equity markets resumed their slide, dragging the S&P500 to a fresh 2022 low amid a broad-based decline

Sun, 02 Oct 2022 23:00:35 +0000

Friday, 30 September 2022: US equity markets resumed their slide, dragging the S&P500 to a fresh 2022 low

Thu, 29 Sep 2022 23:44:57 +0000

US equity markets resumed their slide, dragging the S&P500 to a fresh 2022 low amid a broad-based decline - Dow fell -458-points or -1.54%, having been down as much as -686-points at its session lows. The broader S&P500 dropped -2.11% to 3,640.47, logging its lowest close since 30 November, 2020. Utilities (down -4.07%) led all eleven primary sectors lower. Energy outperformed albeit the sector settled with a -0.13% decline. Occidental Petroleum Corp rose +1.14% after a Securities and Exchange Commission (SEC) filing showed that Warren Buffett's Berkshire Hathaway Inc (down -0.98%) bought another 6M shares, paying as much as US$61.37 per share and lifting their stake in the energy company to 20.9%. The Nasdaq shed -2.81%. Apple Inc – also a Dow component – fell -4.91% to US$142.48 - after Bank of America downgraded the stock to ‘neutral’ from ‘buy’ (cutting their price target to US$160 per share from US$185), noting that demand trends could worsen heading into the new fiscal year. Meta Platforms Inc fell -3.67% following a Bloomberg report that Chief Executive Officer (CEO) Mark Zuckerberg told staff that the social media and metaverse company is freezing hiring and will take steps to restructure the business. The report follows comments from Mr Zuckerberg on the company’s June quarter earnings call in which he said it was Meta’s plan “to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas, and I wanted to give our leaders the ability to decide within their teams where to double down, where to backfill attrition, and where to restructure teams while minimizing thrash to the long term initiatives.” The small capitalisation Russell 2000 dropped -2.35%.

Thursday 29 September 2022: The Dow and S&P500 snapped a six session losing streak

Wed, 28 Sep 2022 23:44:10 +0000

The Dow and S&P500 snapped a six session losing streak, advancing for the first time since the Federal Reserve hiked interest rates again a week ago as Treasury yields retreated sharply and following a surprise intervention from the Bank of England (BoE) in the U.K. government bond market - Dow climbed +549-points or +1.88% to 29,683.74 a day after logging its lowest close since 12 November, 2020. The index settled 19.3% below its 4 January record close of 36,799.65. Apple Inc was the only Dow constituent not to advance, falling -1.27% after Bloomberg News reported that the company is dropping plans to boost production of its latest iPhones this year as a surge in demand failed to materialize. Citing sources familiar with the matter, Bloomberg said suppliers have been told to pull back from efforts to ramp up assembly of about 6M iPhone 14 units, settling on a goal of producing ~90M iPhone 14s by the end of the year, about the same as iPhone 13 production last year, and in line with an outlook that Bloomberg reported in August. Bloomberg added that sources said demand for the higher-priced iPhone Pro model was stronger than for the lower-priced models. Bloomberg had earlier reported that iPhone 14 sales were off to a sluggish start in China, down ~11% than comparable sales of the iPhone 13 last year. Home Depot Inc (up +5.02%) was the leading Dow performer, while Boeing Co (up +4.65%) and Caterpillar Inc (+3.28%) also traded strongly. The broader S&P500 gained +1.97%, snapping its longest losing streak since February 2020 and rebounding from its lowest settlement since 30 November, 2020. Energy (up +4.40%) at atop the primary sector leaderboard for a second straight session and led all eleven primary sectors higher. Chevron Corp rose +3.38% and Exxon Mobil Corp +3.64% and Occidental Petroleum Corp +4.92%. The technology-centric Nasdaq rallied +2.02%. The small capitalisation Russell 2000 jumped +3.17%.

Tuesday, 27 September 2022: US equity markets retreated, pushing the Dow into official bear market territory

Mon, 26 Sep 2022 23:56:01 +0000

US equity markets retreated, pushing the Dow into official bear market territory for the first time in more than two years amid further volatility in bond and currency markets

Monday, 26 September 2022: US equity markets continued to slide on Friday, capping a tumultuous week

Sun, 25 Sep 2022 23:45:13 +0000

US equity markets continued to slide on Friday (23 September), capping a tumultuous week dominated by hawkish central bank updates that exerted particular pressure on growth stocks - Dow fell -486-points or -1.62% to 29,590.41, carving out a fresh 2022 closing low despite paring an earlier decline of as much as -826-points, and settling at its lowest level since 20 November, 2020. It also marked the first close below 2%. Ford Motor Co fell -3.60% after The Wall Street Journal reported the company had delayed delivery of some vehicles because it didn’t have enough blue oval badges to put on them. This followed the automaker’s warning last Monday (19 September) that it would end the third quarter with more unfinished vehicles than it had previously expected. The Nasdaq declined -1.80%. Google-parent Alphabet Inc fell -1.40% after CNBC reported that Chief Executive Officer (CEO) Sundar Pichai faced heated questions from employees at an all-hands meeting last week, with staffers expressing concern about cost cuts and recent comments from Pichai regarding the need to improve productivity by 20%. The small capitalisation Russell 2000 lost -2.48%.

Friday, 23 September 2022: US equity markets retreated amid mounting concerns over the Federal Reserve’s aggressive monetary policy

Fri, 23 Sep 2022 00:01:17 +0000

US equity markets retreated amid mounting concerns that the Federal Reserve’s aggressive monetary policy will tip the economy into a recession - Dow fell -107-points or -0.35%. Salesforce Inc rose +1.71% after the customer relationship management software company hosted an Investor Day, reiterating the fiscal 2023 revenue outlook of ~US$31B, after the company cut the outlook in May (to a range of US$31.7B-to-US$31.8B from US$32.0-to-US$32.1B in March), and lowered it again in August (to US$30.9B- to-US$31.0b). Boeing Co edged ~% higher in after-hours trading (following a -3.20% decline in regular trading) after The Wall Street Journal reported that the aerospace and defence company was seen "poised" to settle a U.S. Securities and Exchange Commission (SEC) investigation into its 737 Max crashes a few years back. The settlement pertains to "allegedly misleading statements" from the company and then-Chief Executive Dennis Muilenburg about the jets that crashed in Indonesia in 2018 and Ethiopia in 2019, the newspaper said, citing people familiar with the matter. The broader S&P500 -0.84%, with the Consumer Discretionary sector (down -2.16%) leading nine of the eleven primary sectors lower. Health Care (up +0.51%) and Communication Services (+0.06%) were the only primary sectors to advance overnioght. The Nasdaq -1.37%. The small capitalisation Russell 2000 lost -2.26%.

Wednesday, 21 September 2022: US equity markets retreated as Treasury yields continued to climb

Tue, 20 Sep 2022 23:22:56 +0000

US equity markets retreated as Treasury yields continued to climb on the eve of the Federal Reserve’s latest interest rate decision - Dow down -313-points or -1.01%, falling as much as -550-points earlier in the session. The broader S&P500 fell -1.13%, with Real Estate (down -2.57%) and Materials (-1.90%) leading all eleven primary sectors lower. Ford Motor Co tumbled -12.32% to log its worst single session drop since 2011 after the automaker told investors after the close of the previous session that it saw a +US$1B increase in supply chain costs during the third quarter. General Motors Co fell -5.63%. The Nasdaq -0.95%. Apple Inc rose +1.57% after announcing price rises for the app store in a number of Asian and European countries, likely a response to the surge in the U.S. dollar. Nvidia Corp (down -1.54%) hosted their GPU Technology Conference overnight and said that the launch of its next generation of gaming cards is well positioned. The RTX 4090 Gaming chips using the company’s next-generation “Ada Lovelace” architecture, said to perform up to four times faster than its previous generation RTX 3090 Ti, will be available on 12 October for a suggested retail price of US$1,599. Following the keynote address, Chief Executive Officer (CEO) Jensen Huang told analysts that while gaming end markets are soft, they’re not so soft that Nvidia won’t be able to sell excess inventory it has in the channel. The Dow Jones Transport Average, viewed as a barometer of economic health, dropped -2.27% to a near 19-month low, with all 20 components retreating. The small capitalisation Russell 2000 lost -1.40%.

Tuesday, 20 September 2022: US equity markets logged modest gains ahead of the latest Federal Reserve monetary policy meeting tonight

Mon, 19 Sep 2022 23:39:47 +0000

US equity markets logged modest gains ahead of the Federal Reserve kicking off their latest two day monetary policy meeting tonight AEST - Dow up +197-points or +0.64%, recovering from an earlier session decline of as much as -263-points. The broader S&P500 added +0.69%, with Materials (up +1.63%), Consumer Discretionary (+1.34%), Industrials (+1.33%), Utilities (+1.32%) and Financials (+1.12%) all rebounded over >1% to lead nine of the eleven primary sectors higher. Healthcare (down -0.54%) and Real Estate (-0.21%) were the only primary sectors to close in the red. Vaccine manufacturers Pfizer Inc (-1.28%), Moderna Inc (down -7.14%), BioNTech SE (-8.60%) and Novavax Inc (-6.51%) all declined a day after President Joe Biden said in a CBS interview that "the pandemic is over". Ford Motor Co fell over >4% in extended trading after the automaker told investors it saw a +US$1B increase in supply chain costs during the third quarter. Ford reiterated its full-year guidance for adjusted earnings before interest and taxes (EBIT) of between US$11.5B and US$12.5B. The company is slated to release its third quarter result on 26 October. The Nasdaq rose +0.76%. Chipmaker Nvidia Corp (up +1.39%) hosts a GTC Financial Analyst Q&A tonight AEST. The small capitalisation Russell 2000 gained +0.81%.

Monday, 19 September 2022: US equity markets retreated to two-month lows on Friday (16 September) to cap a tough week for stocks

Sun, 18 Sep 2022 23:57:27 +0000

US equity markets retreated to two-month lows on Friday (16 September) to cap a tough week for stocks amid ongoing inflation concerns, looming further interest rate hikes and some fresh warning signs about economic growth - Dow fell -139-points or -0.45%, paring an earlier decline of as much as -412 points. Goldman Sachs Group Inc's fell -1.63%, with Bloomberg Law reporting that the company’s consumer banking unit is being reviewed by the Federal Reserve, citing people familiar with the matter. Goldman's management has been subjected to questions and follow-ups from the central bank's officials for several weeks, the report said, adding that the process was still ongoing. The broader S&P500 -0.72%, with Energy (down -2.17%) and Industrials (-2.06%) leading all eleven primary sectors lower. FedEx Corp tumbled -21.4% the shipments company and economic bellwether withdrew its full year financial forecast after the close of last Thursday’s (15 September) session, blaming an acceleration in a global demand slowdown. The company also said it will implement cost-cutting initiatives to contend with soft global shipment volumes as “macroeconomic trends significantly worsened.” FedEx Chief Executive Officer (CEO) Raj Subramaniam told CNBC late Thursday (15 September) that the global economy was likely headed for a recession. United Parcel Service Inc fell -4.48%. Home Depot Inc’s (up +1.63%) CEO Ted Decker told CNBC on Friday (16 September) that “Our consumer, our customer, pro and DIY have been resilient,” responding to questioning about whether he has seen the same signs of recession that FedEx CEO Raj Subramaniam had warned of a day earlier. Mr Decker further observed that “Our customer tends to have strong income. They tend to be homeowners. And guess what, they’re spending more time in that home, and that home’s aging,” adding that “We couldn’t be more bullish.” General Electric Co fell -3.7% after the company’s chief financial officer (CFO) Carolina Happe said at a Morgan Stanley investor conference that persistent supply-chain pressures were putting the conglomerate’s cash flow under pressure. The Nasdaq fell -0.90%. The small capitalisation Russell 2000 lost -1.48%. The Dow Jones Transport Average, viewed as a barometer of economic health, dropped -5.07%.

Friday, 16 September 2022: US equity markets retreated, extending losses in the afternoon session

Fri, 16 Sep 2022 00:02:42 +0000

US equity markets retreated, extending losses in the afternoon session as a slew of economic data failed to alter expectations for further aggressive monetary policy tightening - Dow fell -173-points or -0.56%, The broader S&P500 lost -1.13% but held just above >3,900, with Energy (down -2.54%), Utilities (-2.53%), Information Technology (-2.37%) and Real Estate (-2.24%) all declining over >2% to lead nine of the eleven primary sectors lower. The Biden administration helped broker a tentative deal with unions to avert a strike, thereby avoiding a rail shutdown which would add to supply-chain pressures at the core of hot inflation. Union Pacific Corp added +0.19%. The Nasdaq shed -1.42%, with Amazon.com Inc (down -1.77%), Apple Inc (-1.89%), and Microsoft Corp (-2.71%) notable drags on the technology centric index. The small capitalisation Russell 2000 lost -0.72%.

Thursday, 15 September 2022: US equity markets settled with modest gains after a choppy session

Wed, 14 Sep 2022 23:37:49 +0000

US equity markets settled with modest gains after a choppy session, steadying after a hotter-than-expected August consumer price inflation (CPI) saw the benchmark indices record their worst single session declines since Jun 2020 in the previous session - Dow edged +30-points or +0.10% higher, recovering from an earlier slide of as much as 200-points. The broader S&P500 added +0.34%, with Energy (up +2.85%) leading six of the eleven primary sectors higher. Real Estate (down -1.39%) and Materials (-1.23%) both declined over >1% to sit at the foot of the primary sector leaderboard. Lithium miner Albemarle Corp (up +3.01%), spun off from Ethyl Corp. in 1994, touched an all-time high (US$308.24). Verizon Communications Inc (down -1.13%) signalled another weak quarter in terms of new subscribers, due in part to price hikes earlier this year. Chief Executive Officer (CEO) Hans Vestberg, speaking at Goldman Sachs Group Inc.’s media and telecom conference, said that the price increases have caused a “churn bubble” in the current quarter. Intel Corp (down -0.38%) and Walgreens Boots Alliance Inc (+0.09%) were among stocks hitting 52-week lows. Railroad operators Union Pacific Corp (down -3.69%) and CSX Corp (-1.05%) declined amid concern about a potential national railroad strike The Nasdaq gained +0.74%. The small capitalisation Russell 2000 rose +0.38%.

Wednesday, 14 September 2022: US equity markets tumbled, recording the worst sell-off since the early days of the COVID pandemic

Tue, 13 Sep 2022 23:55:09 +0000

US equity markets tumbled, recording the worst sell-off since the early days of the COVID pandemic as a stronger-than-expected August inflation report punctured a four day rally and brought a +100 basis point interest rate hike into play next week - Dow dropped -1,276-points or -3.94%, with all 30 index components settling in the red. The broader S&P500 shed -4.32%, with Communication Services (down -5.64%), Information Technology (-5.36%) and Consumer Discretionary (-5.22%) falling over >5% and leading all eleven primary sectors lower. The S&P500 Growth Index fell -5.19%, while the S&P500 Value Index declined a more modest -3.49%. Just six (6) stocks in the S&P 500 finished in positive territory, including Twitter Inc (up +0.80%) after shareholders voted to approve Tesla Inc (-4.04%) Chief Executive Elon Musk's US$44B bid to acquire the embattled company and take it private. Citigroup Inc (down -3.38%) Chief Financial Officer (CFO) Mark Mason warned the fees his bank collects from deal making and capital markets origination are likely to tumble -50%, in line with the broader slowdown hitting Wall Street. That mirrors earlier comments from JPMorgan Chase & Co (-3.47%), which said investment-banking fees may fall by half as clients stay on the sidelines. The five largest companies in the S&P 500 by market capitalization - Apple Inc (down -5.87%), Microsoft Corp (-5.50%), Amazon.com Inc (-7.06%), Google parent Alphabet Inc (-5.90%), and Tesla Inc - shed -US$477B in value. The Nasdaq slumped -5.16%, with Meta Platforms Inc (-9.37%) and Nvidia Corp (-9.47%) also falling sharply. All components in the Nasdaq 100 (down -5.54%) declined. The latest declines marked the biggest daily percentage fall for all three benchmark indexes since 11 June, 2020, according to Dow Jones Market Data. The small capitalisation Russell 2000 lost -3.91%.

Tuesday, 13 September 2022: The S&P500 and Nasdaq equity extended their rebound into a fourth consecutive session

Mon, 12 Sep 2022 23:46:47 +0000

The S&P500 and Nasdaq equity extended their rebound into a fourth consecutive session ahead of tonight’s AEST August inflation figures, with a number of traders pointing to a ‘short squeeze’ - Dow settled +230-points or +0.71% higher, having been up as much +352-points at its session peak. Goldman Sachs Group Inc (up +0.73%) will cut jobs as early as this month after pausing the annual practice for two years during the pandemic, according to a Reuters report. The investment bank warned in July it might slow hiring and cut expenses as the economic outlook worsens. Activist investor Dan Loeb signalled through Twitter that he is backing off his push to persuade Walt Disney Co (up +1.05%) to spin off its popular sports television network ESPN. The broader S&P500 rose +1.06%, with Energy (up +1.81%), Information Technology (+1.63%) and Consumer Discretionary (+1.35%) all advancing over >1% and leading all eleven primary sectors higher. Bristol-Myers Squibb Co jumped +3.14% after the U.S. Food and Drug Administration (FDA) approved the company’s oral treatment for plaque psoriasis known as Sotyktu. The Nasdaq gained +1.27%. The small capitalisation Russell 2000a advanced +1.23%.

Monday, 12 September 2022: US equity markets rallied on Friday to secure their first weekly advance in four weeks

Sun, 11 Sep 2022 23:56:49 +0000

US equity markets rallied on Friday (9 September) to secure their first weekly advance in four weeks, shrugging off some fresh hawkish commentary from Federal Reserve officials and with traders eyeing inflation figures later this week - Dow gained +377-points or +1.19%, The broader S&P500 rose +1.53%, with Communication Services (up +2.53%) and Energy (+2.38%) gaining over >2% to lead all eleven primary sectors higher. Warren Buffett’s investment vehicle Berkshire Hathaway boosted its stake in Occidental Petroleum (up +1.63% in extended trading after +1.75% rise in the regular session) to 26.8% (up from 20.2% as at 8 August) according to a regulatory filing late on Friday (9 September after getting the go-ahead last month from the Federal Energy Regulatory Commission to buy as much as half of the oil giant. The Nasdaq rallied +2.11%. The small capitalisation Russell 2000 gained +1.95%.

Friday, 9 September 2022: US equity markets settled with their first back-to-back gains in two weeks

Thu, 08 Sep 2022 23:37:48 +0000

US equity markets settled with their first back-to-back gains in two weeks as investors digested Federal Reserve Chair Jerome Powell’s latest remarks - Dow gained +193-points or +0.61%, The broader S&P500 rose +0.66%, with Health Care (up +1.77%) and Financials (+1.74%) rising over >1.7% to lead eight of the eleven primary sectors higher. The Nasdaq added +0.60%. Snap Inc jumped +9.34% after Verge reported its Chief Executive Officer (CEO) Evan Spiegel broke down plans to reach US$6B in revenue and 450 million users in a leaked internal memo. The small capitalisation Russell 2000 rose +0.81%.

Thursday, 8 September 2022: US equity markets rebounded, with all three benchmark indices logging daily percentage gains

Wed, 07 Sep 2022 23:56:49 +0000

US equity markets rebounded, with all three benchmark indices logging their largest daily percentage gains since 10 August despite some more hawkish pronouncements from various Federal Reserve officials - Dow gained +436-points or +1.4%, with 3M Co (up +3.39%) and Nike Inc (up +3.17%) among notable performers. A US$1 move in any one of the 30 components of the Dow equates to a 6.59-point swing. The broader S&P500 rose +1.83%, with Utilities (up +3.14%) and Consumer Discretionary (+3.08%) climbing over >3% to lead ten of the eleven primary sectors higher. Energy (down -1.15%) was the only primary sector to settle in the red, with Exxon Mobil Corp falling -0.85%, Chevron Corp -1.28% and Occidental Petroleum Corp -2.17%. United Airlines Holdings Inc rose +5.52% after the air carrier raised its third-quarter revenue growth outlook, citing continued "strong" demand exiting a "robust" summer. The company now expects revenue to be ~12% above the same period in pre-pandemic 2019, compared with previous growth guidance of ~11%. The company expects capacity to be down 10% to 11%, compared with previous expectations of down about 11%. And with costs in line with, to slightly better than expectations, but spread over greater capacity, costs per available seat miles, excluding fuel, profit sharing and nonrecurring charges, is expected to be up +16% versus previous expectations of up 16% to 17%. United raised its estimate for average fuel price per gallon to US$3.83 from US$3.81. The Nasdaq rebounded +2.12%, snapping a seven session losing streak (the technology-centric indice’s longest such streak since 4 November, 2016). Apple Inc’s (up +0.93%) hosted their launch event – titled “Far Out” – overnight, unveiling three new Apple Watches and updated AirPods Pro. The company said it did not increase the prices on its iPhone 14 line-up as a number of analysts had speculated. McCormick & Co Inc fell over >4.5% in extended trading (following a +3.41% gain in regular trading) after the spice maker and distributor said that third-quarter sales have fallen short of its expectations. Sales are expected to rise by ~3% in third quarter, while adjusted earnings per share (EPS) are forecast to be ~US$0.65c (down from US$0.80c in the year-ago period). Current consensus analyst forecasts are for McCormick to report adjusted EPS of US$0.83 cents a share when it reports quarterly earnings in early October. The small capitalisation Russell 2000 gained +2.21%. Twitter Inc gained +6.6% after The Wall Street Journal reported that a judge has ruled Elon Musk can amend his countersuit against the social-media company he agreed to buy for US$44B to include a whistleblower report but denied Mr Musk’s request to postpone the trial to November.

Wednesday, 7 September 2022: The RBA yesterday (06/09/22) lifted interest rates for a 5th consecutive month

Tue, 06 Sep 2022 23:56:34 +0000

AUD - buying ~67.32 US cents. The Reserve Bank of Australia (RBA) yesterday (6 September) lifted interest rates for a fifth consecutive month, announcing a +50 basis point hike that lifted the cash rate to 2.35% as widely expected. Morgans Chief Economist Michael Knox forecasts that the cash rate will be 3.85% by calendar year end as the RBA adjusts to manage an economy that is in a resources boom (as the baton passes from China to India). The second quarter gross domestic product (GDP) growth rate headlines today’s Australian economic calendar. The Bank of Canada (BoC) hosts its monetary policy meeting tonight AEST.

Tuesday, 6 September 2022: The Reserve Bank of Australia (RBA) announces it latest interest rate decision at 2:30pm AEST

Tue, 06 Sep 2022 00:03:01 +0000

AUD - buying ~68.12 US cents. The Reserve Bank of Australia (RBA) announces it latest interest rate decision at 2:30pm AEST, with consensus expectations for a 50 basis point interest rate hike to lift the cash rate to 2.35%. Second quarter Current Account figures and the Ai Group Services Index for August are also slated for release.

Monday, 5 September 2022: US equity markets relinquished earlier session gains to settle with sharp losses

Sun, 04 Sep 2022 23:57:21 +0000

US equity markets relinquished earlier session gains to settle with sharp losses heading into the Labor Day long weekend as investors digested an August jobs report and reports of further delays to the re-opening of the Nord Stream 1 pipeline - Dow fell -338-points or -1.07%, erasing an earlier ~370-point gain. The broader S&P500 -1.07%, with Communication Services (down -1.86%) and Real Estate (-1.68%) falling over >1.5% to lead ten of the eleven primary sectors lower. Energy was the only primary sector to advance, climbing +1.81%. The Nasdaq shed -1.31%, falling for a sixth straight day in its longest losing streak since August 2019. Large cap technology names Apple Inc (down -1.36%), Microsoft Corp (-1.67%) and Meta Platforms Inc (-3.05%) all logged solid losses. Advanced Micro Devices Inc (down -2.54%) will replace DuPont de Nemours Inc (-0.85%) in the S&P 100 index effective 19 September, S&P Dow Jones Indices announced on Friday (2 September). The small capitalisation Russell 2000 lost -0.72%.

Friday, 2 September 2022: The Dow and S&P500 snapped a four session losing streak

Thu, 01 Sep 2022 23:29:07 +0000

The Dow and S&P500 snapped a four session losing streak, recovering from sharp opening declines to open September on a firmer footing ahead of tonight’s AEST key August jobs data - Dow rose +146-points or +0.46%, with most of the gains coming in the final 10-minutws of the session. The broader S&P500 added +0.3%, with the more defensive sectors of Health Care (up +1.65%) and Utilities (+1.42%) led eight of the eleven primary sectors higher. Energy (down -2.30%) sat at the foot of the primary sector leaderboard, while Materials fell -1.38% and Information Technology -0.46%. The Nasdaq eased -0.26%. Nvidia Corp dropped -7.67% in the wake of a filing with the Securities and Exchange Commission (SEC) after the close of Wednesday’s (31 August) session that revealed the U.S. government has imposed a new licensing requirement covering exports of some of Nvidia’s chips (A100 and forthcoming H100 integrated circuits, Nvidia’s highest-performance products for servers) to China, including Hong Kong, and Russia. The filing specifically states that Nvidia’s forecast for the current quarter includes an expected US$400M in data-centre sales to China that could be affected by the move; Nvidia does not currently sell products in Russia. Advanced Micro Devices Inc (down -2.99%) said that U.S. officials have also told it to stop exporting its top AI chips to China, according to a Reuters report, but said it did not expect the restrictions to have a material effect on its business. The small capitalisation Russell 2000 lost -1.15%.

Thursday, 1 September 2022: US equity markets extended declines into a fourth session as selling accelerated

Wed, 31 Aug 2022 23:27:20 +0000

US equity markets extended declines into a fourth session as selling accelerated in the final ten minutes of the session to cap a tough month - Dow fell -280-points or -0.88%. Walt Disney Co (down -0.31%) is exploring a membership program similar to Amazon Prime, according to a report in The Wall Street Journal, with perks designed to encourage customers to spend more on streaming, resorts and merchandise. The broader S&P500 -0.78%, with Materials (down -1.21%) and Consumer Discretionary (-1.05%) falling over >1% to lead ten of the eleven primary sectors lower. Communication Services was the only sector to settle in positive territory, eking out a +0.01% gain. The Nasdaq -0.56%. Nvidia Corp fell over >6% in extended trading (following a -2.42% drop in the regular session) after the chipmaker said the U.S. government is restricting sales in China. Nvidia said the U.S. government told the company on 26 August about a new license requirement for future exports to China, including Hong Kong, to reduce the risk that the products may be used by the Chinese military. The small capitalisation Russell 2000 lost -0.62%. Snap Inc rose +8.69% following a report that said the Snapchat parent company plans to lay off 20% of its 6,400 employees in a round of layoffs that will begin immediately. Alibaba Group Holding gained +1.67% and Chinese e-commerce peer JD.com Inc +3.22%. The two companies are reportedly among a first group selected for inspection by U.S. audit authorities in the wake of a landmark bilateral deal between the U.S. and China over financial transparency for U.S.-listed Chinese stocks.

Wednesday, 31 August 2022: US equity markets extended declines into a third session as investors eyed some strong economic data

Tue, 30 Aug 2022 23:31:42 +0000

US equity markets extended declines into a third session as investors eyed some strong economic data that may provide Federal Reserve policymakers even more ammunition to continue its aggressive pace of interest-rate hikes - Dow fell -308-points or -0.96%, The broader S&P500 -1.10%, with Energy (down -3.36%) leading all eleven primary sectors lower. However, as of last night’s AEST close, energy and utilities were the only sectors up year to date and on pace to end the month with gains. The Nasdaq -1.11%, notching its third straight daily drop of at least 1%, the technology centric indice’s longest such streak since 13 June. Advanced Micro Devices Inc lost -1.75% despite the chipmaker announcing late Monday (29 August) that it would launch what it claimed is the “fastest processor in the world for gaming” in September. More broadly, Citi Group analysts penned a note predicting that “we are entering the worst semiconductor downturn in a decade given the recession and inventory build,” citing cancellations of orders from auto and industrial companies that executives from Micron Technology Inc (down -1.25%) and Analog Devices Inc (-1.59%) disclosed in recent weeks. All three U.S. benchmarks closed below their 50-day moving averages for the first time since July, according to Dow Jones Market Data. The small capitalisation Russell 2000 lost -1.45%. Twitter Inc fell -1.80% after Elon Musk sent a letter “formally notifying” the company that he was terminating the merger deal. In a letter delivered to Twitter on 29 August, Mr Musk mentions allegations known to Twitter before 8 July but undisclosed to him, that came to light after the Washington Post published a whistleblower report alleging “far-reaching misconduct” at Twitter.

Tuesday, 30 August 2022: US equity markets logged back-to-back losses as investors continued to digest Federal Reserve Chief Jerome Powell

Mon, 29 Aug 2022 23:53:31 +0000

US equity markets logged back-to-back losses as investors continued to digest Federal Reserve Chief Jerome Powell’s address at the Jackson Hole Economic Symposium last Friday (26 August) in which he signalled the central bank would keep hiking rates to tame inflation - Dow fell -184-points or -0.57%, Dow Inc dropped -1.63%, pairing a earlier decline of as much as -3.5%, after analysts at KeyBanc Capital turned bearish on the chemicals and specialty materials company (cutting their recommendation to “underweight”), citing concerns that the “meaningful” exposure to commodities and Europe skews the risk-versus-reward profile to the downside. The bearish stance comes after Dow Jones Newswires reported last week that Dow told its customers that it would temporarily reduce polyethylene (PE) operating rates by 15%. The broader S&P500 -0.67%, with Information Technology (down -1.28%) the worst performing primary sector for a second straight session and leading nine of eleven primary sectors lower. Energy (up +1.54%) and Utilities (+0.25%) were the only primary sectors to advance. Bristol-Myers Squibb Co dropped -6.24% after the pharmaceutical company reported results from a mid-stage trial of its developing stroke treatment that failed to meet the main objective of the study. The S&P 500 and Dow both briefly flipped positive earlier in the overnight session, but failed to hold those gains as losses mounted heading into the closing bell. The Nasdaq lost -1.02%. Apple Inc (down -1.37%) is holding a launch event at its headquarters in Cupertino, California, next week (7 September) and is expected to announce new iPhone models (as it has every September since 2012). This year’s event has the tagline “far out,” which could refer to features such as night-sky photography. Netflix Inc added +0.58% after Bloomberg reported that the streaming giant is considering pricing its ad-supported tier at between US$7-to-US$9 per month, with the service expected to be launched in the final quarter of the year in a handful of markets. The small capitalisation Russell 2000 lost -0.89%.

Monday, 29 August 2022: US equity markets fell sharply as investors digested Federal Reserve Chief Jerome Powell’s address

Sun, 28 Aug 2022 23:42:05 +0000

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%.

Friday, 26 August 2022: Benchmark US equity indices logged their best daily percentage gains since 12 August overnight

Thu, 25 Aug 2022 23:35:59 +0000

Benchmark US equity indices logged their best daily percentage gains since 12 August overnight following some better-than-expected economic data, and as investors eye Federal Reserve Chair Jerome Powell’s address at the Jackson Hoe Economic Symposium tonight AEST - Dow rose +323-points or +0.98%, The broader S&P500 gained +1.41%, with Materials (up +2.26%) and Communication Services (+2.06%) rising over >2% to lead al eleven primary sectors higher. The technology-centric Nasdaq rallied +1.67%, aided by a pullback in Treasury yields. Nvidia Corp The small capitalisation Russell 2000 advanced +1.52%. Equity markets have been contending with low volume trade, with Wednesday’s (24 August) session recording turnover of just 8.8B shares across the various Wall Street exchanges - the lowest volume so far this year and a decline of 26% compared with the daily average for 2022, according to Dow Jones data.

Thursday, 25 August 2022: US equity markets pushed modestly higher, with both the Dow and S&P500 snapping a three session decline

Wed, 24 Aug 2022 23:25:18 +0000

US equity markets pushed modestly higher, with both the Dow and S&P500 snapping a three session decline - Dow added +60-points or +0.18%. The broader S&P500 settled +0.29% higher, with the Energy sector (up +1.2%) sitting atop the primary leaderboard for a second straight session and leading all eleven primary sectors higher. Cruise lines were among the best-performing stocks in the broader market index, with Norwegian Cruise Line Holdings jumping +8.40%, Royal Caribbean Group +7.65%, and Carnival Corp +5.35%. Advance Auto Parts Inc (down -9.62%) was the worst performer in the S&P500 after the auto-parts retailer reported a mixed second-quarter result and lowered its full year outlook after the close of the previous session. Tesla Inc added +0.22% to US$891.29 ahead of the electric vehicle maker’s three-for-one stock split becoming effective after the close of the session. Tesla undertook a 5-for-1 share split effective 31 August, 2020, and the stock has gained ~104% since then. The Nasdaq rose +0.41%. The small capitalisation Russell 2000 gained +0.84%. Peloton Interactive Inc soared +20.36% after the fitness equipment and apparel company announced a deal to sell its products on Amazon. To date, Peloton has relied on direct-to-consumer sales through its stores and website. Bed Bath & Beyond Inc popped +15.3% after The Wall Street Journal reported the meme stock has found a financing source to shore up its liquidity.

Wednesday, 24 August 2022: The Dow and S&P500 extended declines into a third straight session

Tue, 23 Aug 2022 23:36:21 +0000

The Dow and S&P500 extended declines into a third straight session amid relatively thin trading volumes - Dow fell -154-points or -0.47%, The broader S&P500 slipped -0.22%, with the more defensive Real Estate (down -1.45%) and Health Care (-1.39%) both falling over >1% and leading seven of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard with a +3.62% gain. The Nasdaq settled flat. Twitter Inc dropped -7.32% after a whistleblower at the company filed complaints with the Securities and Exchange Commission (SEC), Federal Trade Commission (FTC) and Justice Department alleging “extreme, egregious deficiencies by Twitter” related to privacy, security and content moderation. Tesla Inc rose +2.26% ahead of the electric vehicle maker’s three-for-one stock split becoming effective after the close of tonight’s AEST session. Tesla’s three-for-one split will be its second in as many years; the company split its shares five-for-one in August 2020. The small capitalisation Russell 2000 edged +0.18% higher.

Tuesday 23 Aug 2022: US equity markets recorded their steepest declines in two months

Mon, 22 Aug 2022 23:48:33 +0000

US equity markets recorded their steepest declines in two months to open the new trading week as investors eye the Jackson Hole Economic Symposium later this week and worry that the Federal Reserve may strike a more hawkish tone - Dow fell -643-points or -1.91%, The broader S&P500 shed -2.14%, with Consumer Discretionary (-2.84%), Information Technology (down -2.78%), and Communication Services (-2.67%) all dropping over >2.5% to lead all eleven primary sectors lower. Both the Dow and S&P500 logged their steepest single session declines since 16 June. The Nasdaq dropped -2.52%, recording its largest single session fall since 28 June. Netflix Inc dropped -6.06% after analysts at CFRA downgraded the streaming giant, noting that a key catalyst for the company - introducing new ad-pay subscription plans – “may not be visible until 2023.” The small capitalisation Russell 2000 lost -0.49%.

Monday, 22 August 2022: US equity markets retreated on Friday (19 August)

Sun, 21 Aug 2022 23:46:45 +0000

US equity markets retreated on Friday (19 August), with the recent rebound faltering as interest rate hike fears resurfaced ahead of the Jackson Hole Economic Symposium that begins on Thursday night AEST (25 August) - Dow fell -292-points or -0.86%, The broader S&P500 lost -1.29%, with Consumer Discretionary (-2.10%) and Financials (2.02%) both falling over >2% to lead nine of the eleven primary sectors lower, Information Technology (-1.83%) was also a major drag. Health Care (+0.27%) and Energy (+0.02%) were the only primary sectors to advance. General Motors Co rose +2.53% after it said it would reinstate quarterly dividend payouts. Occidental Petroleum Corp jumped more +9.88% after Warren Buffett’s Berkshire Hathaway Inc received regulatory approval (after filing an application with the Federal Energy Regulatory Commission on 11 July) to buy to half of the oil company. Berkshire currently owns 188.5M shares of Occidental, equal to a 20.2% position. It surpassed a key threshold where Berkshire could record some of the oil company’s earnings with its own, potentially adding billions of dollars in profit. The Nasdaq -2.01%. The small capitalisation Russell 2000 lost -2.17%. Bed Bath & Beyond Inc tumbled -40.54% after Bloomberg reported that some suppliers are restricting or halting shipments altogether after the home-goods retailer fell behind on payments. The report came after GameStop Corp Chairman Ryan Cohen disclosed in a filing after the close of last Wednesday’s (17 August) session that he’s planning to sell his big stake in the company just months after he bought it.

Friday, 19 August 2022: US equity markets eked out modest gains, turning positive in the final hour of the session

Thu, 18 Aug 2022 23:22:58 +0000

US equity markets eked out modest gains, turning positive in the final hour of the session as investors assessed mixed signals from several Federal Reserve officials on the potential pace of interest rate increases on deck for September - Dow inched +19-points or +0.06% higher. The broader S&P500 rose +0.23%, with Energy (up +2.53%) and Information Technology (+0.49%) leading seven of the eleven primary sectors higher. The Nasdaq added +0.21%. The small capitalisation Russell 2000 rose +0.68%. Bed Bath & Beyond Inc fell -19.63% (and dropped more than >44% in extended trading) after GameStop Corp Chairman Ryan Cohen disclosed in a filing after the close of the previous session that he’s planning to sell his big stake in the company just months after he bought it.

Thursday, 18 August 2022: US equity markets retreated but settled off their worst levels of the session

Wed, 17 Aug 2022 23:19:59 +0000

US equity markets retreated but settled off their worst levels of the session as investors digested the latest central bank monetary policy meeting minutes - Dow fell -172-points or -0.50%, paring an earlier decline of as much as -324-points but snapping a five session winning streak. The broader S&P500 -0.72% at 4,274.04, with Communication Services (down -1.85%), Materials (-1.40%) and Consumer Discretionary (-1.12%) all declined over >1% to lead ten of the eleven primary sectors lower. Energy (up +0.81%) was the only primary sector to advance overnight. The index challenged its 200-day moving average (~4,326) for the first time since April. The Nasdaq dropped -1.25%. The small capitalisation Russell 2000 shed -1.64%. ‘Meme’ stock Bed Bath & Beyond Inc extended its meteoric rise, up a further +11.77% overnight. However, the retailer fell over >16% in extended trading after activist investor Ryan Cohen said in a filing he intends to sell his entire stake in the company through his firm RC Ventures.

Wednesday, 17 August 2022: US equity markets mixed as investors weighed a pair of strong corporate results from major retailers

Tue, 16 Aug 2022 23:40:17 +0000

US equity markets mixed as investors weighed a pair of strong corporate results from major retailers Walmart Inc and Home Depot Inc against the backdrop of a slowdown in the housing market - Dow gained +239-points or +0.71% to 34,152.01, reclaiming the 34,000 level for the first times since 4 May as it extended its rally into a fifth straight session. The broader S&P500 edged +0.19% higher, Royal Caribbean Cruises Ltd gained +3.99% even after the company refinanced with a new batch of junk bonds yielding more than 11%. The Nasdaq slipped -0.19%. The small capitalisation Russell 2000 dipped -0.04%. ‘Meme’ stock Bed Bath & Beyond Inc continued to soar, rising +29.01% after another wild session that saw the company’s free float turn over 6.5 times during the session.

Tuesday, 16 August 2022: US equity markets advanced, shrugging off some underwhelming economic data out of China

Mon, 15 Aug 2022 23:30:26 +0000

US equity markets advanced, shrugging off some underwhelming economic data out of China - Dow gained +151-points or +0.45%, its fourth consecutive session gain and longest winning streak since its six session strong of gains that ended 27 May. The 30-stock index also closed above its 200-day moving average for the first time since 20 April. The broader S&P500 rose +0.40%, with Consumer Staples (up +1.05%) and Utilities (+0.81%) leading nine of the eleven primary sectors higher. Energy (down -1.96%) sat at the foot of the primary sector leaderboard, with Exxon Mobil Corp down -1.79%, Chevron Corp -1.90% and Marathon Oil Corp -2.78%. Tesla Inc rose +3.1%, with Chief Executive Elon Musk tweeting that the electric-vehicle maker has produced more than >3M vehicles, with a third of them made in China. The Nasdaq climbed +0.62%. Apple Inc (up +0.63%) may expand its advertising to more of its first-party apps on the iPhone in an effort to boost revenue, according to Bloomberg. The company generates ~US$4B in annual revenue from its ad business but wants to grow the segment into the “double digits,” according to the report. The small capitalisation Russell 2000 added +0.23%. Bed Bath & Beyond Inc soared +23.55% as the Reddit crowd that made it a meme stock again embraced it. Volume of 127M shares traded was more than eight times the 65-day average of 15m shares per day. The stock has been rallying amid with no real news, but participants on Reddit’s WallStreetBets forum were celebrating the gains. The stock, which has been shorted by many large funds, is up ~200% so far this month.

Monday, 15 August 2022: US equity markets rallied into the close of Friday’s session to cap another strong week

Sun, 14 Aug 2022 23:36:08 +0000

US equity markets rallied into the close of Friday’s (12 August) session to cap another strong week - Dow gained +424-points or +1.27%, The broader S&P500 rallied +1.73% to 4,280.15. The S&P 500 crossed a closely watched technical level of 4,231 points during last Friday’s (12 August) session, meaning the benchmark index has recouped half its losses since tumbling from its all-time closing peak (4,796.56) set on 3 January. A 50% retracement for some signals a bull market. All 11 primary sectors S&P 500 advanced on Friday (12 August), with Consumer Discretionary (up +2.30%), Information Technology (+2.07%) and Communication Services (+2.02%) all rising over >2%. The Philadelphia Semiconductors Index (+2.99%) and Dow Jones Transport Average (+0.49%) also advanced. The S&P500 Growth Index (up +2.06%) outperformed the S&P500 Value Index (+1.41%). The Nasdaq climbed +2.09% to 13,047.18. The small capitalisation Russell 2000 also gained +2.09%.

Friday, 12 August 2022: US equity markets erased earlier session gains to settle with modest losses

Thu, 11 Aug 2022 23:45:16 +0000

US equity markets erased earlier session gains to settle with modest losses, running out of steam in the closing hour of trading despite another reassuring inflation report - Dow edged +27-points or +0.08% higher. Walt Disney Co gained +4.68% after the media and entertainment giant reported its second quarter result after the close of the previous session, adding more streaming subscribers than expected and announcing plans to launch an ad-supported tier while increasing prices on its current offerings before the end of the year. Investment banks Goldman Sachs Group Inc (up +1.08%) and JPMorgan Chase & Co (+1.48%) also continued to trade strongly. The broader S&P500 dipped -0.07%, with the more defensive sectors (Health Care down -0.71%, Real Estate -0.55%) among the key underperformers overnight. Energy (up +3.19%) sat atop the primary sector leaderboard following a strong session on crude markets. Heal The Nasdaq lost -0.58%. Bloomberg reported late in the session that Apple Inc (down -0.44%) is requesting that its suppliers "build at least as many" of the company's new iPhones as they did last year. The report said that Apple also continues to expect suppliers to build ~220M total iPhones for the year, which is roughly equal to last year's figure as well. Bloomberg noted that the report suggested confidence on the part of Apple executives that the company would be able to withstand economic challenges and still drive strong demand for its devices. The small capitalisation Russell 2000 rose +0.31%.

Thursday, 11 August 2022: US equity markets rallied after a softer-than-expected inflation report

Wed, 10 Aug 2022 23:28:53 +0000

US equity markets rallied after a softer-than-expected inflation report prompted investors to dial back their forecasts on the scale of further interest rate hikes in September - Dow gained +535-points or +1.63%, exiting official correction territory. The broader S&P500 +2.13% to 4,210.24, settling +14.8% above its mid-June low. Materials (up +2.88%), Consumer Discretionary (+2.87%), Information Technology (+2.77%) and Communication Services (+2.77%) all climbing over >2.5%. All eleven primary sectors advanced, with six sector logging gains of over >2%. Tesla Inc gained +3.89% despite filings on Tuesday (9 August) with the Securities and Exchange Commission (SEC) revealing that Elon Musk had sold ~7.9M shares between Friday (5 August) and Tuesday at prices ranging from US$838.57 to US$911.75 - ~US$6.88B in total. In a tweet, Mr Musk indicated he was done selling, adding: “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.” Last week, Tesla shareholders approved plans for a 3-for-1 stock split, which will take place 24 August. Trading will begin on a stock split-adjusted basis on 25 August, the company said in a regulatory filing. The Nasdaq rallied +2.85% to 12,854.80, exiting official bear market territory after 107 trading sessions. The technology-centric index is up 20.75% from its 2022 closing low of 10646.10 hit on 16 June, 2022. Meta Platforms Inc rose +5.82% after the Facebook-parent said that it had raised US$10B in its first-ever bond offering. Apple Inc (up +2.62%), Alphabet Inc (+2.63%) and Amazon.com Inc (+3.53%) all rose more than >2%. The small capitalisation Russell 2000 jumped +2.95%.

Wednesday, 10 August 2022: US equity markets weaker ahead of the release of key inflation figures tonight

Tue, 09 Aug 2022 23:54:15 +0000

US equity markets weaker ahead of the release of key inflation figures tonight, and with semiconductor stocks under fresh pressure - Dow eased -58-points or -0.18%, The broader S&P500 lost -0.42%, Consumer Discretionary (down -1.54%), Information Technology (-1.00%) and Communication Services (-0.72%) leading seven of the eleven primary sectors lower. Energy (up +1.77%) and Utilities (+1.06%) both rose over >1%. The Nasdaq fell -1.19%. Micron Technology Inc fell -3.74% the memory-chip maker cut its fourth-quarter revenue forecast and warned of a negative free cash flow in the following quarter as demand for chips used in personal computers and smartphones drop. Heavyweight peers Nvidia Corp (down -3.49%) and Advanced Micro Devices (-4.53%) shed ~4% apiece, extending sharp losses from the previous session following a revenue warning from Nvidia. The broader Philadelphia Semiconductor Index (down -4.57%) has declined ~7% in the last three sessions. Separately, President Joe Biden signed a landmark bill – the bipartisan Chips and Science Act - to provide US$52.7B in subsidies for U.S. semiconductor production and research and to boost efforts to make the United States more competitive with China's science and technology efforts. The small capitalisation Russell 2000 lost -1.46%. U.S. vaccine maker Novavax Inc slumped -29.64% after it halved its annual revenue forecast as it does not expect further sales of its COVID-19 shot this year in the US amid a global supply glut and soft demand.

Tuesday, 9 August 2022: US equity markets mixed, relinquishing earlier session gains

Mon, 08 Aug 2022 23:21:18 +0000

US equity markets mixed, relinquishing earlier session gains as investors eye a pair of inflation reports later in the week - Dow added +29-points or +0.09%, paring an earlier rally of as much as +306-points. The broader S&P500 slipped -0.12%, with Information Technology (down -0.88%) the key drag and among four of the eleven primary sectors to settle in the red. Real Estate (up +0.70%) and Materials (+0.55%) both rose over >0.5%. The Nasdaq -0.10%. Nvidia Corp dropped -6.30% after the semiconductor company disclosed that it expects to fall well short of revenue expectations for its latest quarter, largely due to gaming weakness (with revenue for this sector expected to fall -33% from a year earlier to US$2.04B and versus consensus US$3.04B). The company expects fiscal second-quarter revenue of US$6.7B, up from US$6.5B a year earlier, but short of both current consensus analyst forecasts, and the chipmaker’s own forecast for US$8.1B. The company also anticipates US$3.81B in data-centre revenue, up +1% sequentially and 61% ahead of what the company posted a year earlier, but slightly below current consensus of US$3.99B. Executives noted that while the data-centre total marked a record, it came up “somewhat short of the company’s expectations, as it was impacted by supply chain disruptions.” Nvidia is slated to report its second quarter result on 24 August. The small capitalisation Russell 2000 outperformed with a +1.01% gain. In merger and acquisition (M&A) news, Global Blood Therapeutics gained +4.32% after Pfizer Inc (+0.61%) agreed to purchase the company that has one of the few approved treatments for sickle-cell disease for US$5.4B (US$68.50 per share). The acquisition continues a string of deals for Pfizer, which is flush with cash from sales of its COVID-19 vaccine and drug and which has said wants to add US$25B in revenue from business-development moves like M&A by 2030. Signify Health Inc jumped +10.97% following a report from The Wall Street Journal that CVS Health (down -0.25%) was planning to make a bid for the healthcare platform.

Monday, 8 August 2022: US equity markets a little weaker on Friday (5 August) after a solid July jobs report

Sun, 07 Aug 2022 23:52:03 +0000

US equity markets a little weaker on Friday (5 August) after a solid July jobs report undermined recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation - Dow added +77-points or +0.23%, JPMorgan Chase & Co (up +3.03%) and Goldman Sachs Group Inc (+0.84%) The broader S&P500 slipped -0.16%, with Consumer Discretionary (down -1.66%) leading six of the eleven primary sectors lower. Energy (up +2.04%) returned to the top of primary sector leaderboard. Tesla Inc fell -6.63%, with shareholders at last Thursday’s (4 August) Annual General Meeting (AGM) approving a proposal expected to lead to a 3-for-1 stock split and sided with the company on most of the proposals up for a vote. The Nasdaq fell -0.5%. Meta Platforms Inc fell -2.03% and Amazon.com Inc -1.25%. The small capitalisation Russell 2000 rose +0.81%. Carvana Co soared +40.07% following the used car group’s second quarter result after the close of last Friday’s (5 August) session.

Friday, 5 August 2022: A mixed session on US equity markets ahead of the key monthly jobs report tonight AEST

Thu, 04 Aug 2022 23:32:30 +0000

A mixed session on US equity markets ahead of the key monthly jobs report tonight AEST - Dow eased -86-points or -0.26%, The broader S&P500 dipped -0.08%, Consumer Discretionary (up +0.54%) and Information Technology (+0.42%) leading seven of the eleven primary sectors higher. The Nasdaq added +0.41% to a fresh 3-month high of 12,720.58, with Amazon.com Inc (up +2.19%) and Advanced Micro Devices (+5.93%) notable performers. Energy (down -3.60%) was the worst performing sector for a second consecutive session. The small capitalisation Russell 2000 lost -0.49%. Coinbase Global Inc jumped +10.01% after it announced a tie-up with BlackRock (+0.79%) to provide its institutional clients access to crypto trading and custody services.

Thursday, 4 August 2022: Positive corporate earnings releases set a strong tone on US equity markets overnight

Wed, 03 Aug 2022 23:28:57 +0000

Positive corporate earnings releases set a strong tone on US equity markets overnight, lifting the benchmark indices solidly across-the-board - Dow up +416-points or +1.29% to 32,812.50, settling ~9.8% above its 52-week closing low (29,653.29) hit on 17 June. The broader S&P500 +1.56%, Information Technology (up +2.69%), Consumer Discretionary (+2.52%) rising over >2.5% to lead ten of the eleven primary sectors higher. Energy (down -2.97%) was the only primary sector to close in the red. The Nasdaq rallied +2.58%. PayPal Holdings Inc rallied +9.52% after it raised its full year earnings guidance after the close of the previous session, announced a new US$15B share-buyback authorisation, a cost-savings program, and confirmed activist investor Elliott Management had acquired an over >US$2B stake in the financial technology firm. Apple Inc (3.82%) and Amazon.com Inc (+4.01%) both climbed over >3.5%, while Facebook parent Meta Platforms Inc (+5.37%) gained over >5%. There were reports that Meta may become the latest technology company to turn to the bond markets in a bid to raise capital. The S&P 500 and the Nasdaq are now up ~13% and ~19% respectively from their mid-June lows. The small capitalisation Russell 2000 rose +1.41%.

Wednesday, 3 August 2022: US equity markets fell as investors eyed US Speaker Nancy Pelosi’s visit to Taiwan

Tue, 02 Aug 2022 23:48:57 +0000

US equity markets fell as investors eyed US Speaker Nancy Pelosi’s visit to Taiwan and the latest commentary from Federal Reserve officials - Dow fell -402-points or -1.23%, The broader S&P500 lost -0.67%, with Real Estate (down -1.30%), Financials (-1.07%), Industrials (-1.05%) and Materials (-1.01%) all falling over >1% to lead all eleven primary sectors lower. The Nasdaq slipped -0.16%. The small capitalisation Russell 2000 dipped -0.05%. Pinterest Inc jumped +11.61% as activist investor Elliott Investment Management become the largest shareholder of the digital pin-board firm.

Tuesday, 2 August 2022: US equity markets opened August with modest declines

Mon, 01 Aug 2022 23:54:40 +0000

US equity markets opened August with modest declines, with all three benchmark indices snapping a three session winning streak - Dow fell -47-points or -0.14%, Boeing Co rallied +6.13% to lead Dow gainers after the aerospace and defence giant reportedly cleared a hurdle with the Federal Aviation Administration (FAA) that could allow it to resume deliveries of its 787 airliner. The FAA said it would approve Boeing’s process for validating fixes to each 787 plane before they are delivered to customers, according to an Associated Press report. Separately, The Wall Street Journal reported that Boeing’s defence manufacturing plants will vote on Wednesday (3 August) on a labour contract proposal, which temporarily delays a strike that was scheduled to begin as soon as Monday. The broader S&P500 -0.28%, with Energy (down -2.18%) leading seven of the eleven primary sectors lower. Chevron Corp fell -2.00% and ExxonMobil Corp -2.53%. Consumer Staples sat atop the primary leaderboard with a +1.21% gain. The Nasdaq -0.18% despite a solid session for chipmakers, with Advanced Micro Devices Inc up +2.45% ahead its quarterly result tonight AEST, Intel Corp +1.79%, Micron Technology Inc +1.10% and Nvidia Corp +1.53%. Apple Inc (down -0.62%) raised US$5.5B via the issuance of four series of bonds with ratings of AAA from Moody’s Investors Service and AA+ from S&P Global. The small capitalisation Russell 2000 lost -0.10%. Automotive oil, additives and lubricant maker Valvoline Inc (down -2.70%) it has reached an agreement with Saudi Arabian Oil Co (Aramco) to sell its global products business for US$2.65B in cash.

Monday, 1 August 2022: US equity markets extended their July rebound

Sun, 31 Jul 2022 23:30:24 +0000

US equity markets extended their July rebound, with the benchmark indices logging their biggest monthly gains since 2020 - Dow rose +316-points or +0.97%, The broader S&P500 +1.42%, with Energy (up +4.51%) and Consumer Discretionary (+4.27%) rose over >4% to lead nine of the eleven primary sectors higher on Friday (29 July). Consumer Staples (down -0.72%) and Health Care (-0.35%) were the only primary sectors to settle in the red. The Nasdaq +1.88%. Amazon.com Inc jumped +10.36% after forecasting higher third quarter revenue amid higher fees from its Prime loyalty programmes after the close of the previous session. Apple Inc rose +3.28% after delivering fiscal third quarter sales and earnings per share (US$1.20 versus consensus US$1.16) after the close of last Thursday’s (28 July) session that were a touch ahead of Wall Street estimates, underpinned by strength in iPhone sales. Intel Corp dropped -8.56% after the chipmaker’s second quarter earnings undershot consensus forecasts by a wide margin and the company cut its full year outlook after the closing bell of the previous session. Listed chipmaking peer Advanced Micro Devices gained +3.05% to lift its market capitalisation (US$153B) above Intel Corp (US$148B) The small capitalisation Russell 2000 rose +0.65%.

Friday, 29 July 2022: Dow Jones Industrial Average and S&P500 booking their highest closes in nearly seven weeks

Thu, 28 Jul 2022 23:33:11 +0000

US equity markets extended their rebound, with both the Dow Jones Industrial Average and S&P500 booking their highest closes in nearly seven weeks - Dow rose +332-points or +1.03% to 32,529.63. The broader S&P500 gained +1.21% to 4,072.43, with Real Estate (up +3.7%) and Utilities (+3.53%) rallying over >3.5% to lead ten of the eleven primary sectors higher (after being relative underperformers in the preceding two sessions). Communication Services (down -0.74%) was the only primary sector to settle in the red. The Nasdaq +1.08%. Facebook parent Meta Platforms Inc fell -5.22% after the social media giant reported disappointing second-quarter results after the closing bell of the previous session accompanied by a third-quarter outlook that was markedly below Wall Street estimates. The small capitalisation Russell 2000 rose +1.34%.

Thursday, 28 July 2022: US equity markets rallied strongly as investors digested the latest monetary policy pronouncements

Wed, 27 Jul 2022 23:40:01 +0000

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.

Wednesday, 27 July 2022: US equity markets weaker on the eve of the latest monetary policy decision and pronouncements

Tue, 26 Jul 2022 23:36:26 +0000

US equity markets weaker on the eve of the latest monetary policy decision and pronouncements from the Federal Reserve, and amid a flood of corporate earnings releases - Dow fell -229-points or -0.71%, Walmart Inc fell 7.60% after the big box retailer downgraded its fiscal second quarter and full year profit guidance after the close of the previous session, citing the impacts of inflation. The broader S&P500 -1.15%, with Consumer Discretionary (down 3.31%) as Walmart’s result weighed on the sector, leading eight of the eleven primary sectors lower. Target Corp dropped -3.6%, Kohl’s Corp -9.12% and Nordstrom Inc -5.78%. Shopify Inc tumbled -14.06% after the payments provider announced it’s laying off ~10% of its global workforce, citing a pullback in online spending and saying it misjudged how long the pandemic-fueled e-commerce boom would last. The e-commerce retailer releases its quarterly result tonight AEST. More defensive sectors outperformed, with Utilities up +0.61% and Health Care +0.55%. The Nasdaq -1.87%. The small capitalisation Russell 2000 lost -0.69%

Tuesday, 26 July 2022: A mixed trading session on Wall Street left both the Dow and S&P500 nursing modest gains

Mon, 25 Jul 2022 23:31:24 +0000

A mixed trading session on Wall Street left both the Dow and S&P500 nursing modest gains and settle higher for the fourth session in the past five ahead of the busiest week of the second quarter US corporate earnings calendar - Dow added -91-points or +0.28%. Chevron Corp was the best performing index constituent overnight. Walmart Inc fell over >9.5% in extended trading (after dipping -0.14% in the regular session) after the big box retailer downgraded its fiscal second quarter and full year profit guidance, citing the impact of inflation The company now expects adjusted earnings per share (EPS) to fall between 8% and 9% for the second quarter and between 11% and 13% for the full year. Boeing Co fell -0.96%, with workers expected to go on strike on 1 August at three plants in the St. Louis area after they voted to reject a contract offer from the plane maker. The broader S&P500 edged +0.13% higher, with Energy (up +3.71%) leading eight of the eleven primary sectors higher. Consumer Discretionary (down -0.85%) and Information Technology (-0.61%) were the worst performing primary sectors overnight. Tesla Inc fell -1.40% after the electric vehicle maker disclosed in its latest first quarter filing that it received a second subpoena from the Securities and Exchange Commission (SEC) asking the company to provide information on its “governance processes around compliance with the SEC settlement” related to Chief Executive Elon Musk’s 2018 tweet about taking the company private at US$420 a share. The Nasdaq fell -0.43%, Amazon.com Inc (down -1.05%), Google-parent Alphabet Inc (0.14%) and Microsoft Corp (-0.59%) all a touch weaker ahead of their results tonight AEST. The small capitalisation Russell 2000 rose +0.60%. All of the benchmark indices remain on track for their best monthly performance calendar year-to-date.

Monday, 25 July 2022: US equity markets retreated on Friday (22 July), with a soft second quarter result from Snap Inc (down -39.08%)

Mon, 25 Jul 2022 00:14:02 +0000

US equity markets retreated on Friday (22 July), with a soft second quarter result from Snap Inc (down -39.08%) – including its weakest ever quarterly sales growth as a public company - after the close of last Thursday’s (21 July) session rattled investors in social media and advertising technology companies - Dow fell -138-points or -0.43%, The broader S&P500 lost -0.93% to 3,961.63, unwinding an earlier rally that saw the index briefly climb above >4,000 for the first time since 9 June. Communication Services (down -4.34%) and Information Technology (-1.38%) were the worst performing primary sectors and led eight of the eleven primary sectors lower, while more defensive sectors outperformed. Utilities rose +1.37%, Real Estate +0.79% and Consumer Staples +0.69%. The Nasdaq dropped -1.87% ahead of a big week of earnings for the technology sector. Meta Platforms Inc fell -7.59% and Alphabet Inc Inc -5.81%, weighed down by Snap’s result. The small capitalisation Russell 2000 lost -0.49%.

Friday, 22 July 2022: US equity markets climbed to their best levels in six weeks

Thu, 21 Jul 2022 22:57:10 +0000

US equity markets climbed to their best levels in six weeks as some solid corporate earnings releases bolstered sentiment (albeit there were some soft results after the closing bell) and investors continued to pivot back towards the technology sector. Investors also largely shrugged off news that President Biden had contracted COVID - Dow gained +162-points or +0.51%. The broader S&P500 rose +0.99%, with Consumer Discretionary (+2.25%) among the best performing primary sectors for a third straight session and leading nine of the eleven primary sectors higher. Energy (down -1.69%) was the worst performing primary sector overnight. Tesla Inc jumped +9.78%, climbing for a seventh straight session after reporting impressive second quarter earnings against the backdrop of a challenging operating environment (that included COVID-related lockdowns in China that constrained production) after the closing bell of the previous session. Ford Motor Co rose +2.2% after Bloomberg reported that the automaker plans to cut thousands of workers to give it a leg up in the race to win a bigger share of the market for electric vehicles. United Airlines Holdings Inc fell -10.17% after falling short of Wall Street estimates for the second quarter after the close of Wednesday’s (20 July) session. The Nasdaq outperformed for a third consecutive session, rising +1.36%. It marked the first time since late May that the technology-centric index has advanced by 1% or more for three consecutive sessions. Meta Platforms Inc fell over >4.5% in after hours trading (after edging +0.04% higher in regular trading) The small capitalisation Russell 2000 added +0.48%.

Thursday, 21 July 2022: US equity markets advanced, consolidating the strong gains of the previous session as “growth” sectors outperformed

Wed, 20 Jul 2022 22:58:19 +0000

US equity markets advanced, consolidating the strong gains of the previous session as “growth” sectors outperformed - Dow added +48-points or +0.15%, Walt Disney Co gained +3.75%, tracking Netflix Inc (up +7.35%) higher after the streaming giant forecast a return to customer growth during the third quarter after the close of the previous session, while posting a smaller-than-forecast -1M drop in subscribers in the second quarter. The broader S&P500 gained +0.59%, with Consumer Discretionary (+1.77%), Information Technology (+1.56%), Energy (+1.02%) and Communication Services (+1.01%) all rising over >1% to lead seven of the eleven primary sectors higher. More defensive sectors underperformed, with Utilities down -1.36% and Health Care -1.06%. Carnival Corporation fell over >8.5% in extended trading (following a +7.05% advance in the regular session) after the cruise operator announced it intends to sell at least US$1B in fresh stock, with underwriter Goldman Sachs potentially selling up to US$150M more. The company said it intends to use the proceeds for "general corporate purposes, which could include addressing 2023 debt maturities." The Nasdaq +1.56% to log its fourth positive session in five, with technology megacaps Amazon.com Inc and Microsoft Corp gaining +3.86% and +1.06% respectively. The small capitalisation Russell 2000 rose +1.59%.

Wednesday, 20 July 2022: US equity markets rallied strongly overnight following some strong corporate earnings releases

Wed, 20 Jul 2022 00:39:36 +0000

US equity markets rallied strongly overnight following some strong corporate earnings releases - Dow rallied +754-points or +2.43%, the largest single session gain since 24 June. However, International Business Machines (IBM) Corp fell -5.25% after the software giant trimmed its 2022 free cash flow guidance after the releasing its second quarter result after close of the previous session. The broader S&P500 gained +2.76%, with Communication Services (up +3.63%), Industrials (+3.58%), Energy (+3.16%), Materials (+3.11%), Consumer Discretionary (+3.09%), Information Technology (+3.08%) and Financials (+3.07%) all gaining over >3% to lead al eleven primary sectors higher. The S&P500 has rebounded ~7.4% from its 16 June closing low. The Nasdaq jumped +3.07%, with Apple Inc (+2.67%) and Google parent Alphabet Inc (+4.29%) rebounding solidly. All three major averages are above their 50-day moving averages for the first time since April. The Russell 2000 soared +3.50%, marking the strongest daily advance for the small capitalisation index since 6 January, 2021.

Tuesday, 19 July 2022: US equity markets faded in the closing couple of hours of the session

Mon, 18 Jul 2022 23:33:34 +0000

US equity markets faded in the closing couple of hours of the session, unwinding an earlier rally after Bloomberg reported that Apple Inc (down -2.06%) plans to slow hiring and spending growth in some divisions next year in anticipation of a potential economic downturn - Dow fell -216-points or -0.69%, unwinding an earlier rally of as much as +356-points. Boeing Co slipped -0.01% finished marginally despite the aerospace and defence giant confirming that Delta Air Lines Inc (up +3.49%) would order 100 of its 737-10 jets as the air carrier modernizes its single-aisle fleet. The broader S&P500 lost -0.84%, with the more defensive Health Care (down -2.15%) and Utilities (-1.40%) leading eight of the eleven primary sectors lower. Energy was the leading primary sector overnight with a +1.96% advance. Tesla Inc edged +0.2% higher after Deutsche Bank added the company to its short-term buy list, citing the potential for the electric vehicle maker to exceed Wall Street expectations when it reports quarterly earnings on Wednesday night AEST (20 July). The Nasdaq -0.84%. Google parent Alphabet Inc fell -2.46%, with the internet giant’s 20-for-1 stock split that was first announced on 1 February taking effect after the close of last Friday’s (15 July) session. The small capitalisation Russell 2000 eased -0.34%.

Monday, 18 July 2022: US equity markets rebounded strongly on Friday (15 July) to cap another tumultuous week

Sun, 17 Jul 2022 23:52:07 +0000

US equity markets rebounded strongly on Friday (15 July) to cap another tumultuous week, with both the S&P 500 and the Dow both snapping five-day losing streaks following a brace of solid economic data and corporate earnings releases - Dow rallied +658-points or +2.15%, UnitedHealth Group Inc (up 5.84%), JPMorgan Chase & Co (+4.58%) and American Express Co (+4.40%). The broader S&P500 +1.92%, with Financials (up +3.51%) leading all eleven primary sectors higher. The Nasdaq +1.79%. Meta Platforms Inc (+4.21%), Salesforce Inc (+3.94%)and Amazon.com Inc (+2.64%). The small capitalisation Russell 2000 jumped +2.16%. For the week, the Dow booked a small weekly loss of -0.16%, while the S&P 500 fell -0.93% and the Nasdaq -1.57%.

Friday, 15 July 2022: US equity markets retreated but settled well of their session lows

Thu, 14 Jul 2022 23:30:32 +0000

US equity markets retreated but settled well of their session lows, with the second quarter bank earnings season kicking off and as the stronger-than-expected consumer price inflation (CPI) report released a day earlier continued to reverberate - Dow fell -143-points or -0.46%, recovering from a steeper decline of -628-points. UnitedHealth Group Inc added +0.24% ahead of the release of the company’s quarterly result tonight AEST. The broader S&P500 -0.30%, extending losses into a fifth consecutive session. Financials (down -1.92%), Energy (-1.90%) and Materials (-1.89%) all fell ~1.9% to lead eight of the eleven primary sectors lower. Information Technology sat atop the primary sector leaderboard overnight with a +0.93% gain. The Nasdaq inched +0.03% higher after a mixed performance from the big technology names, with Apple Inc up +2.05% and chipmaker Nvidia Corp +1.37%. Meta Platforms Inc fell -3.33% and Salesforce Inc -1.50%. Both the S&P500 and Nasdaq rebounded from earlier session declines of over >2%. The small capitalisation Russell 2000 lost -1.07%.

Thursday, 14 July 2022: US equity markets retreated as investors digested the June consumer inflation report

Wed, 13 Jul 2022 23:36:48 +0000

US equity markets retreated as investors digested the June consumer inflation report, with the Dow and S&P500 extending declines into a fourth consecutive session - Dow fell -209-points or -0.67%, paring a morning session decline of over >450-points. Boeing Co (down -2.17%), Walgreens Boots Alliance Inc (-1.92%) and UnitedHealth Group (-2.56%) were among the key drags on the index. The broader S&P500 lost -0.45%, recovering from an earlier fall of over >1.5%. Industrials (down -1.20%) and Communication Services (-1.07%) both fell over >1% to lead nine of the eleven primary sectors lower. Consumer Discretionary (+0.86%) and Consumer Staples (+0.01%) were the only primary sector to settle in positive territory overnight. The Nasdaq settled -0.15% lower having fallen over >2% earlier in the session. The small capitalisation Russell 2000 slipped -0.12%.

Wednesday, 13 June 2022: US equity markets weaker ahead of tonight’s AEST June consumer price inflation figures

Tue, 12 Jul 2022 23:29:05 +0000

US equity markets weaker ahead of tonight’s AEST June consumer price inflation figures, with losses accelerating in the final hour of trading - Dow fell -193-points or -0.62%. The broader S&P500 lost -0.92%, with the Energy sector (down -2.03%) leading all eleven primary sectors lower. The Nasdaq -0.95%. The small capitalisation Russell 2000 eased -0.22%.

Tuesday, 12 July 2022: US equity markets retreated following news that China is imposing more COVID-related restrictions

Mon, 11 Jul 2022 23:28:57 +0000

US equity markets retreated following news that China is imposing more COVID-related restrictions and as second quarter corporate earnings and inflation data later this week looms large - Dow fell -164-points or -0.52% after briefly popping into positive territory in early afternoon trade. Walt Disney Co (down -2.32%) and Nike Inc (-2.61%) were at the forefront of the 30-stock indice’s decline. The broader S&P500 shed -1.15%, with the Communication Services (down -2.80%) and Consumer Discretionary (2.76%) both down over >2.5% to lead nine of the eleven primary sectors higher. The more defensive Utilities (up +0.64%) and Real Estate (+0.01%) sectors were the only primary sectors to advance. Casino operators with operations in Macau were under pressure after Macau city officials said casinos there would be shut down for a week to fight a COVID-19 surge. Wynn Resorts Ltd fell -6.46%, Las Vegas Sands Corp, and Melco Resorts & Entertainment Ltd -9.64%. The Nasdaq dropped -2.26%. Apple Inc and Tesla Inc – whose combined market capitalisation of just over >US$3 trillion accounts for over >16% of the Nasdaq’s aggregate market capitalisation – fell -1.5% and -6.6% respectively. Amazon.com Inc fell -3.28% ahead of its annual northern summer savings event Amazon Prime Day, kicking off tonight AEST. Twitter Inc tumbled -11.3% as the fallout continued from Elon Musk’s announcement after the closing bell last Friday (8 July) that he was terminating his deal to buy the social media company, citing contractual breaches. The small capitalisation Russell 2000 lost -2.11%.

Monday, 11 July 2022: Investors pondered the implications of another strong monthly jobs report

Sun, 10 Jul 2022 23:29:56 +0000

US equity markets ended the week on a mixed note as investors pondered the implications of another strong monthly jobs report - Dow slipped -46-points or -0.15%, The broader S&P500 dipped -0.08%, snapping a four session winning streak (the indice’s best winning stretch since late March), with the Materials sector (down -1.00%) leading nine of the eleven primary sectors lower. Healthcare (up +0.27%) and Information Technology (+0.07%) were the only two primary sectors to advance. The Nasdaq added +0.12%, extending the technology-centric index’s rebound into a fifth straight session, its longest winning streak since November. Tesla Inc rose +2.27% after the company shipped a record 78,906 vehicles in China in June, according to China Passenger Car Association data. Tesla’s best month before that was December 2021, when wholesale deliveries topped 70,800. Tesla shipped ~113K vehicles from its Shanghai plant in the second quarter, down ~38% from 182,174 in the first quarter and illustrating the impact COVID-19 has had on recent results. Year to date, Tesla’s share of Chinese wholesale new energy vehicles (NEV) shipments - a category that includes plug-in hybrids and battery-electric vehicles - is down to ~12% from 15% in the first half of 2021. Twitter Inc fell -5.1% (and was down a further -4.81% in extended trading) following a Washington Post report that reported that Elon Musk was planning to back out of his takeover offer for the social media company. Confirmation came after the market close in a filing reporting that the Tesla Chief Executive’s lawyers had sent a letter to Twitter terminating the deal, saying the social media company had “not complied with its contractual obligation” and asserting that it breached terms of the agreement by refusing to provide detailed information about fake accounts on the site. The small capitalisation Russell 2000 dipped -0.01%.

Friday, 8 July 2022: US equity markets advanced, with the S&P 500 index and Nasdaq Composite booking a fourth day in a row of gains

Thu, 07 Jul 2022 23:30:07 +0000

US equity markets advanced, with the S&P 500 index and Nasdaq Composite booking a fourth day in a row of gains - their longest unbroken advance since March – ahead of tonight’s June jobs report - Dow gained +347-points or +1.12%, The broader S&P500 +1.50%, with Energy (up +3.51%) returning to the top of the primary sector leaderboard. Chevron Corp rose +1.95%, Exxon Mobil Corp +3.19% and Occidental Petroleum Corp +3.99%. Consumer Discretionary (up +2.48%) and Information Technology (+2.06%) both rose over >2%, with ten of the eleven primary sectors advancing. Utilities (down -0.10%) was the only primary sector to settle in the red. The Nasdaq rallied +2.28%. Chipmaker Micron Technology Inc (up +2.58%), Advanced Micro Devices Inc (+5.24%) and Nvidia Corp (+4.81%) traded strongly, buoyed by South Korea’s Samsung Electronics Co (+3.19%) posting its best April-June profit since 2018, driven by strong memory chip sales to server customers. The small capitalisation Russell 2000 gained +2.43%.

Thursday, 7 July 2022: US equity markets settled with modest gains

Wed, 06 Jul 2022 23:36:11 +0000

US equity markets settled with modest gains as investors digested the minutes from the Federal Reserve’s mid-June monetary policy meeting that saw central bank officials reiterate their resolve to aggressively tackle inflation - Dow added +70-points or +0.23%, The broader S&P500 gained +0.36%, with Utilities (up +1.01%) and Information Technology (+0.88%) leading eight of the eleven primary sectors higher. Energy dropped -1.74% to sit at the foot of the primary sector leaderboard for a second straight session. The Nasdaq rose +0.35%. Microsoft Corp rose +1.28% despite the Associated Press reporting that its acquisition of game publisher Activision Blizzard Inc (down -0.63%) will face antitrust scrutiny in the U.K., after regulators said Wednesday (6 July) they opened an initial inquiry into the US$69B deal. The small capitalisation Russell 2000 lost -0.79%.

Wednesday, 6 July 2022: US equity markets settled mostly firmer after resuming trading following the Independence Day holiday long weekend

Tue, 05 Jul 2022 23:38:06 +0000

US equity markets settled mostly firmer after resuming trading following the Independence Day holiday long weekend, staging a sharp intra-day rebound - Dow fell -129-points or 0.42%, paring an earlier decline of more than >700-points. The broader S&P500 edged +0.16% higher, rebounding from an earlier slump of over >2%. Communication Services (up +2.66%) and Consumer Discretionary (+2.28%) both gained over >2%, while Information Technology rose +1.24% to be the only three primary sectors to advance. Energy dropped -4.01% to sit at the foot of the primary sector leaderboard, with Chevron Corp down -2%. Ford Motor Co fell -1.06% despite the automaker reporting a +31.5% year-on-year jump in second quarter sales (to 152,262 vehicles), bucking the -11% decline in overall industry sales, as Ford's U.S. market share improved to 12.9%. The Nasdaq rallied +1.75% after opening the session sharply lower, with Facebook parent Meta Platforms Inc gaining +5.10%, Amazon.com Inc +3.60% and Google-parent Alphabet Inc +4.16%. The small capitalisation Russell 2000 rose +0.79%. There were reports that the Biden administration may roll back tariffs imposed on some Chinese goods, potentially helping to crimp inflation imported into the U.S.

Tuesday, 5 July 2022: In broader energy market moves, natural gas prices in Europe surged on Monday (4 July)

Mon, 04 Jul 2022 23:32:56 +0000

Oil prices logged modest losses - WTI lost -US$0.32c or -0.3% to US$108.11/barrel. Brent eased -US$0.35c or -0.3% to US$111.28/barrel. In broader energy market moves, natural gas prices in Europe surged on Monday (4 July) to their most expensive since the early stages of Russia’s invasion of Ukraine as proposed strikes in Norway increased fears about inadequate supply. August natural gas futures on the Dutch-based TTF trading hub at one point rose more than >10% to change hands above >€160 a megawatt-hour. A year ago the product traded for €22.4. The ICE U.K. Natural Gas contract jumped +20% to 289.29 pence per British thermal unit , compared to 93.12p per British thermal unit months ago. There were reports that industrial action by workers would see six Norwegian natural gas fields shut down over the next few days, potentially cutting the major exporter’s supply by 13%. Elsewhere, the head of Germany’s regulatory agency for energy, Federal Network Agency President Klaus Mueller, called on residents Saturday (2 July) to save energy and to prepare for winter, when use increases. Mr Mueller said families should start talking now about “whether every room needs to be set at its usual temperature in the winter - or whether some rooms can be a little colder.” Separately, German Economy Minister Robert Habeck said the country should be prepared to cut further Russian gas supplies as President Vladimir Putin adopts a conscious strategy of raising prices to undermine European unity, and warned utilities are at risk of cascading failures, which may require activating a legal clause that would allow them to pass on price increases outside of contract commitments. Mr Halbeck said Germany refrained from activating the measure for now because it would lead to an “immediate price explosion” for consumers. The government is working on an alternative, he said, without elaborating.

Monday, 4 July 2022: US equity markets advanced on the first day of the third quarter ahead of the 4 July holiday long weekend

Sun, 03 Jul 2022 23:53:55 +0000

US equity markets advanced on the first day of the third quarter ahead of the 4 July holiday long weekend, with both the S&P500 and Nasdaq snapping a four-session losing streak - Dow rose +322-points or +1.05%. The broader S&P500 gained +1.06%, with Utilities (up +2.48%) leading all eleven primary sectors higher. General Motors Co rose +1.35% despite the automaker warning of a second-quarter earnings shortfall, as vehicle wholesale volumes were hurt by the timing of semiconductor shipments and other supply chain disruptions. GM expects net income for the quarter to 30 June to be between US$1.6B and US$1.9B, well below current consensus analyst forecasts of US$2.46B. However, the company affirmed its full-year outlook (for net income of US$9.6B to US$11.2B) as the supply disruptions are expected to be temporary. The Nasdaq +0.9%. Meta Platforms Inc closed down -0.76% following news that it’s cutting its hiring plans for engineers as it prepares for a potential downturn. Chief Executive Officer (CEO) Mark Zuckerberg said “one of the worst downturns we’ve seen in recent history” is ahead, according to a recording heard by Reuters. Tesla Inc (up +1.24%) disclosed on Saturday (2 July) that sales of cars and SUVs fell -18% in the second quarter to 254,695 (versus consensus expectations for 256,250), snapping a two year streak of gains and marking their lowest quarterly level since last the third quarter of 2021 as supply-chain issues and pandemic restrictions in China hobbled production of its electric vehicles. Tesla delivered 310,048 vehicles in the first quarter of 2022 and 201,250 vehicles in the second quarter of 2021. Tesla is slated to release its second quarter result on 20 July. Micron Technology Inc fell -2.95% after the chipmaker provided a weak fourth quarter outlook after the closing bell of last Thursday’s (30 June) session. The small capitalisation Russell 2000 lost -0.49%. Retailer Kohl’s Corp slumped -19.63% after confirming a CNBC report that it had ceased talks with Franchise Group, saying that the retail environment has worsened since bidding began. Kohl’s also cut its outlook for the current quarter. US equity and bond markets are CLOSED tonight AEST for the Independence Day holiday.

Friday, 1 July 2022: US equity markets weaker, with the S&P500 cementing its worst first half in more than 50 years

Thu, 30 Jun 2022 23:31:03 +0000

US equity markets weaker, with the S&P500 cementing its worst first half in more than 50 years - Dow -351-points or -1.13%, with Salesforce Inc (down -3.26%) and Walgreens Boots Alliance Inc (-7.27%) the two worst performing index components overnight. The broader S&P500 fell for a forth consecutive session, down -0.63%. Energy (down -2.05%), Communication Services (-1.56%) and Consumer Discretionary (-1.54%) all fell over >1.5% to lead eight of the eleven primary sectors lower. More defensive sectors outperformed for a second straight session, with Utilities up +1.10%. Carnival Corp fell -2.48%, a day after tumbling -14.13% after Morgan Stanley cut its price target on the stock roughly in half and said it could potentially go to zero in the face of another demand shock. Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd fell -3.08% and -3.89% respectively. American Airlines Group Inc (down -2.69%) has offered its pilots pay raises totalling nearly 17% under a new contract, according to an internal video seen by CNBC. The latest proposal to the pilots’ union, the Allied Pilots Association, comes less than a week after rival United Airlines Holdings Inc (-0.73%) and its pilots’ union reached a tentative agreement that includes more than 14% in total raises over the next 18 months. The technology-centric Nasdaq dropped -1.85%. Facebook-parent Meta Platforms Inc (down -1.64%) has warned employees to expect a tough second half of the year as the company continues to weather challenges related to its core online advertising business amid a weakening economy. Meta chief product officer Chris Cox detailed the company’s financial dilemma in an internal memo that detailed key areas where the social media giant plans to invest, a spokesperson confirmed to CNBC. The memo was previously reported by Reuters. The small capitalisation Russell 2000 lost -0.66%. High-end furniture chain RH fell -10.56% after it issued a profit warning for the full year.

Thursday, 30 June 2022: US equity markets closed narrowly mixed

Wed, 29 Jun 2022 23:29:01 +0000

US equity markets closed narrowly mixed , with the S&P500 on track to close out its worst first half of the year since 1970 - Dow added +82-points or +0.27%, The broader S&P500 slipped 0.07%, with the Energy sector (down -3.43%) the worst performing primary sector after being the leading sector for the preceding two session. More defensive sectors outperformed overnight, with Healthcare up +0.87% and Consumer Staples +0.49%. Carnival Corp tumbled -14.13% after Morgan Stanley cut its price target on the stock roughly in half and said it could potentially go to zero in the face of another demand shock. The call dragged other cruise stocks lower, with Royal Caribbean Cruises Ltd and Norwegian falling -10.26% and -9.33% respectively. The Nasdaq dipped -0.03%. Chipmakers led declines after Bank of America downgraded several chip stocks due to rising competition. Advanced Micro Devices fell -3.45%, Micron Technology Inc -3.18% and Teradyne Inc -5.23%. However, Amazon.com Inc gained +1.4% after JPMorgan reiterated its overweight rating on the stock. Meta Platforms rose +2.03%, Apple Inc +1.30% and Microsoft Corp +1.47%.The small capitalisation Russell 2000 lost -1.12%.

Wednesday, 29 June 2022: US equity markets retreated following some weak consumer confidence data

Tue, 28 Jun 2022 23:37:14 +0000

US equity markets retreated following some weak consumer confidence data, and as oil prices climbed for a third day - Dow down -491-points or -1.56%, The broader S&P500 shed -2.01%, with Consumer Discretionary (down -4.03%) and Information Technology (-3.01%) leading ten of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard for a second consecutive session with a +2.70% gain. Warren Buffett's Berkshire Hathaway Inc said it had acquired an additional 794,389 shares in Occidental Petroleum Corp (up +4.77%), lifting the conglomerate’s stake to ~16.4%. The Nasdaq dropped -2.98%. Qualcomm Inc (up +3.48%) bucked the weaker trend after a prominent analyst (Ming-Chi Kuo at TF International Securities) said Apple Inc (-2.98%) is likely to use the company’s 5G modems for its 2023 iPhones rather that relying on technology built in-house. All three benchmark indices booked their worst daily percentage declines since 16 June, according to Dow Jones Market Data. The small capitalisation Russell 2000 lost -0.49%.

Tuesday, 28 June 2022: US equity markets settled with modest losses to open the new week following a strong rebound last Friday

Mon, 27 Jun 2022 23:31:42 +0000

US equity markets settled with modest losses to open the new week following a strong rebound last Friday (24 June), shrugging off some better-than-expected economic data - Dow eased -62-points or -0.20%. Boeing Co fell 1.99% following a pair of reports appearing to question the safety of 737 MAX jets, including by Australia’s taxpayer-funded broadcaster that cited “at least six mid-air emergencies” and various other problems experienced by MAX jets since the planes were recertified to fly. The problems were pulled from publicly available databases maintained by the U.S. government. The broader S&P500 lost -0.30%, with Consumer Discretionary (down -1.09%) and Communication Services (-1.05%) leading the decline. Energy returned to the top of the primary sector leaderboard with a +2.78% rally. The S&P 500 is up more than >7% since hitting a bear-market low in mid-June, although the benchmark is down 19% from its high and 18% lower since the year began. The Nasdaq fell -0.72%. The small capitalisation Russell 2000 added +0.34%.

Monday, 27 June 2022: US equity markets rebounded strongly, with all three benchmark indices snapping three-week losing streaks

Sun, 26 Jun 2022 23:25:45 +0000

US equity markets rebounded strongly, with all three benchmark indices snapping three-week losing streaks as investors reassessed the expected path of Federal Reserve interest-rate hikes - Dow rallied +823-points or +2.68% to 31,500.68, climbing back above >31,000 and recording its largest daily percentage gain since 4 May. FedEx Corp gained +7.16% after the global delivery and logistics company reported fiscal fourth-quarter earnings that matched Wall Street’s expectations and issued guidance for the fiscal year that topped projections after the close of last Thursday’s (23 June session. The broader S&P500 gained +3.06%, logging its best daily percentage gain since 18 May, 2020. Materials (up +3.98%), Communication Services (+3.94%), Financials (+3.80%), Consumer Discretionary (+3.74%) and Information Technology (+3.57%) all rallying over >3.5% and leading all eleven primary sectors higher. Shares in the biggest U.S. banks climbed on Friday (24 June) a day after it was confirmed they had all passed the Federal Reserve's annual health check. JPMorgan Chase & Co rose +2.98%, Citigroup Inc +3.26% and Wells Fargo & Co +7.55. The Nasdaq jumped +3.34%, the technology-centric indice’s largest daily percentage gain since 13 May. The small capitalisation Russell 2000 rallied +3.16%.

Friday, 24 June 2022: US equity markets advanced after Federal Reserve Chairman concluded a second day of congressional testimony

Thu, 23 Jun 2022 23:33:01 +0000

US equity markets advanced after Federal Reserve Chairman Jerome Powell concluded a second day of congressional testimony with a vow to battle inflation, even if it risks a recession - Dow up +194-points or +0.64% and settling near its session highs at 30,677.36. The broader S&P500 +0.95%, with more defensive sectors like Utilities (up +2.35%), Health Care (+2.22%) and Real Estate (+2.01%) atop the primary sector leaderboard for a second consecutive session. Energy (down -3.74%) was the worst performing primary sector for a second day running. Occidental Petroleum Corp added +0.57% as Berkshire Hathaway Chief Executive Officer (CEO) Warren Buffett increased his firm’s stake in the oil-and-gas company by 9.6M shares or US$529M in June, according to regulatory filings cited by The Wall Street Journal, lifting the holding to ~16%. The Nasdaq +1.62%. The small capitalisation Russell 2000 rose +1.27%.

Thursday, 23 June 2022: US equity markets logged modest losses, unwinding earlier gains in the final hour of trading

Wed, 22 Jun 2022 23:31:20 +0000

US equity markets logged modest losses, unwinding earlier gains in the final hour of trading as investors digested Federal Reserve Chair Jerome Powell’s latest congressional testimony - Dow eased -47-points or 0.15%. Dow Inc sank -4.75% to US$52.34 and its lowest levels since early 2021 after analysts at Credit Suisse cut their rating on the specialty chemicals company to “Underperform” (reducing the target price to US$49), citing concerns that the business could continue to struggle as supply chains normalise. The broader S&P500 slipped -0.13%, with Energy (down (-4.19%) leading seven of the eleven primary sectors lower. Real Estate (up +1.55%) and Health Care (+1.42%) were the best performing primary sectors. The Fed release its latest bank stress test results tonight AEST. The Nasdaq -0.15%. The small capitalisation Russell 2000 lost -0.22%.

Wednesday, 22 June 2022: US equity markets resumed trading with all three benchmark indices rallying over >2%

Tue, 21 Jun 2022 23:34:50 +0000

US equity markets resumed trading following the holiday long weekend on the front foot, with all three benchmark indices rallying over >2% following a strong session for both value and growth stocks as risk assets bounced back - Dow gained +641-points or +2.15%, The broader S&P500 rose +2.45% to log its best single session advance month-to-date and after logging its worst weekly decline since 2020 last week, with the Energy sector (up +5.14%) returning to the top of the primary sector leaderboard and leading all eleven primary sectors at least +1.5% higher. Exxon Mobil Corp gained +6.22%, buoyed by an upgrade to “Outperform” from “Neutral” from Credit Suisse. Last night’s session marked the first time since May that both S&P 500 Value and S&P 500 Growth indexes gained more than >2% on the same day, and only the third time since 2020 that both indexes rallied as much. 441 stocks in the S&P500 advanced. Tesla Inc rallied +9.35% after Chief Executive Officer (CEO) Elon Musk told Bloomberg that job cuts at the company would result in a reduction of as much as 3.5% of the electric vehicle maker’s total head count. Twitter Inc rose +3.07% after Mr Musk told an audience at the Qatar Economic Forum in Doha that he would be “driving the product” at Twitter, while reiterating that he does not necessarily want to serve as CEO after he completes the acquisition of the social media company. Kellogg Co rose +1.95% after the food company announced a plan to split into three businesses - "Global Snacking Co", which will represent ~US$11.4B in sales and include international cereal and noodles, North American frozen breakfast, as well as snacks; "North America Cereal Co", which represents ~US$2.4B in sales and includes U.S., Canada, and Caribbean cereals; and "Plant Co", a business of ~US$340M anchored by the MorningStar Farms brand and focused on plant-based foods. The Nasdaq rallied +2.51%, with Goggle-parent Alphabet Inc rising +3.85%, Apple Inc +3.28% and Amazon.com Inc +2.32%. Chipmakers also traded strongly, with Advanced Micro Devices Inc climbing +2.72%. The small capitalisation Russell 2000 rose +1.70%.

Tuesday, 21 June 2022: RBA release the minutes from its June monetary policy meeting that saw the central bank hike rates +50-basis points

Mon, 20 Jun 2022 23:16:39 +0000

AUD - buying ~69.51 US cents. The Reserve Bank of Australia’s (RBA) release the minutes from its June monetary policy meeting that saw the central bank hike rates +50-basis points, while RBA Governor Philip is scheduled to deliver a speech titled “Economic Outlook and Monetary Policy”. The Bank of Japan (BoJ) release the minutes of their June monetary policy meeting that saw the central bank stand firm on its ultra-loose monetary policy prescription last Friday (17 June). Elsewhere, there were reports this morning that Qantas Airways has lifted the passenger mask mandate for non-stop, outbound flights to the US and UK.

Monday, 20 June 2022: US equity markets closed out a turbulent week on mixed note

Sun, 19 Jun 2022 23:31:29 +0000

US equity markets closed out a turbulent week on mixed note, leaving both the Dow and S&P500 nursing their worst weekly performance sine 2020 - Dow eased -38-points or -0.13% to 29,888.78 after sliding below 1%. The small capitalisation Russell 2000 gained +0.96%. Friday (17 June) was a “quadruple witching” session, the simultaneous expiration of stock index futures, single-stock futures, stock options and stock index options.

Friday, 17 June 2022: US equity markets fell sharply, more than erasing the bounce recorded the previous session

Thu, 16 Jun 2022 23:37:35 +0000

US equity markets fell sharply, more than erasing the bounce recorded the previous session following the Federal Reserve’s largest rate hike since 1994, as concerns about the economic outlook returned to centre stage - Dow dropped -741-points or -2.4% to 29,927.07, sliding below 4%, with all eleven primary sectors closing in the red. Tesla Inc fell -8.54% after the electric vehicle maker hiked prices again on all its US models as it battles rising aluminium costs and the global supply chain crisis. The Dow and S&P 500 booked their lowest settlements since December 2020. The technology-centric Nasdaq slumped -4.1% to log its lowest close since September 2020. Amazon.com Inc (-3.72%), Apple Inc (-3.97%) and Netflix Inc (-3.75%) all sank nearly 4%. Tesla Chief Executive Officer Elon Musk held a question and answer session with Twitter Inc (down -1.66%) staff, pitching a vision of a one-billion-user platform (versus the current user base of ~229M) but providing no fresh updates on his US$44B deal. The small capitalisation Russell 2000 lost -4.70%.

Thursday, 16 June 2022: A late rally saw the Dow and S&P500 snap a five session skid after a choppy session

Wed, 15 Jun 2022 23:29:28 +0000

A late rally saw the Dow and S&P500 snap a five session skid after a choppy session as investors digested the latest monetary policy pronouncements from the Federal Reserve and comments from central bank Chair Jerome Powell - Dow up +304-points or +1.00%, briefly climbing as much as +600-points. The broader S&P500 +1.46%, Consumer Discretionary (up +3.02%) led ten of the eleven primary sectors higher. Energy (down -2.12%) was the only primary sector to close in the red. The Nasdaq rebounded +2.49%. Apple Inc rose 2.01% after it announced Major League Soccer would be exclusively available on Apple TV starting in 2023, in a 10-year deal estimated to be worth US$250M. All three indexes booked their best daily percentage gain since 2 June, according to Dow Jones Market Data. The small capitalisation Russell 2000 rose +1.36%.

Wednesday, 15 June 2022: The Dow and S&P500 extended declines into a fifth straight session

Tue, 14 Jun 2022 23:22:01 +0000

The Dow and S&P500 extended declines into a fifth straight session, with stocks hitting their session lows in the closing hour of trading ahead of the conclusion of the Federal Reserve’s latest two day monetary policy meeting - Dow lost -152-points or -0.50% to 30,364.83, its lowest settlement since 1 February, 2021. The index had climbed as much as +170-points earlier in the session and dropped as much -370-points. FedEx Corp rallied +14.41% (leading the Dow Transports index over >2% higher) to log its best day since 1986 after the economic bellwether announced that it would raise its quarterly dividend by more than >50% and add three new directors to its board. The broader S&P500 eased -0.38% to 3,735.48, logging its lowest settlement since 29 January, 2021 a day after entering official bear market territory. The S&P 500 has dropped -10.2% over the past five trading days, the worst percentage decline over that time span since March 2020, when the U.S. was first confronting the coronavirus pandemic, according to Dow Jones Market Data. The broader index now sits 22.1% below its 3 January record closing high. Utilities (down -2.58%) led nine of the eleven primary sectors lower. Information Technology (up +0.62%) and Energy (+0.07%) were the only two primary sectors to advance. The Nasdaq edged +0.18% higher. Oracle Corp rallied +10.41% after the Silicon Valley giant posted a better-than-expected fiscal fourth quarter result after the closing bell of the previous session. The small capitalisation Russell 2000 lost -0.39%.

Tuesday, 14 June 2022: US equity markets logged a second consecutive session of steep losses

Mon, 13 Jun 2022 23:33:27 +0000

US equity markets logged a second consecutive session of steep losses in the wake of last Friday’s (10 June) blistering inflation report, with the benchmark indices touching their session lows in the closing 30-minutes of trading after the a Wall Street Journal report suggested the Federal Reserve would consider raising rates by +75 basis points at the conclusion of their two day monetary policy meeting later this week - Dow tumbled -876-points or -2.79%, dropping as much as -1,019 points at one point in the session. Boeing Co (down -8.77%), Salesforce Inc (-6.96%) and American Express Co (-5.26%) were among the major drags on the Dow. The broader S&P500 shed -3.88% to 3,749.63, the lowest close since March 2021. Only five index constituents closed the session in the positive territory. The index settled over >21% below the 3 January record close (3837.248) and entered official bear market territory. The last time the S&P500 was in a bear market was in March 2020 at the onset of the pandemic. Energy (down -5.13%) led all eleven primary sectors lower, with all sectors declining over >2%. Travel stocks declined despite the Biden administration announced that it will drop the COVID-19 testing requirement for inbound air travellers from abroad from Sunday (12 June), ending one of the longest-running travel restrictions of the pandemic. United Airlines Holdings Inc fell -10.06% and Delta Air Lines Inc -8.29%, while cruise operators Carnival Corporation and Norwegian Cruise Line Holdings fell -10.32% and -12.23% respectively. The Nasdaq slumped -4.68%, extending losses for the technology-centric index during this current sell-off to more than >33%. Netflix Inc (down -7.24%), Nvidia Corp (-7.82%) and Tesla Inc (-7.10%) all fell over >7%. Tesla proposed a 3-for-1 stock split in its proxy statement filed after the closing bell last Friday (10 June), saying it would provide more flexibility for its employees managing their equity and serve as a recruiting tool. The split would be Tesla’s second in as many years, with the electric vehicle maker undertaking a 5-for-1 stock split in August 2020. Tesla is slated to hold its annual shareholder meeting on 4 August. Elsewhere, Goldman Sachs downgraded Netflix last Friday (10 June) to a “Sell” from “Neutral” and cut its price target to US$186 from US$265, citing “concerns around the impact of a consumer recession as well as heightened levels of competition on demand trends”. The small capitalisation Russell 2000 slumped -4.76%.

Friday, 10 June 2022: US equity markets fell sharply ahead of tonight’s AEST consumer price inflation (CPI) figures for May

Thu, 09 Jun 2022 23:41:03 +0000

US equity markets fell sharply ahead of tonight’s AEST consumer price inflation (CPI) figures for May - Dow fell -638-points or -1.94%, The broader S&P500 shed -2.38%, with Communication Services (down -2.75%), Information Technology (-2.72%) and Financials (-2.61%) all declining over >2.5% to lead all eleven primary sectors lower. Tesla Inc fell -0.89% despite UBS upgrading the electric vehicle leader to “buy” from “neutral”, while leaving the price target of US$1,100 unchanged. The Nasdaq dropped -2.75%. All three benchmark indices booked their worst daily percentage drops since 18 May, according to FactSet data. Facebook parent Meta Platforms (down -6.43%) began trading under its new ticker, META, completing a rebranding effort. Advanced Micro Devices Inc (down -3.04%) hosted an Investor Day, with Chief Executive Lisa Su identifying Artificial Intelligence as the chipmaker’s “single highest growth opportunity” over the next few years. With the recent acquisition of Pensando, Ms Su said that AMD now has leading technology in data processing units (DPUs) chips specifically designed to process data on a large scale, adding that the company plans to be the “partner of choice in the data centre over the next three to four years.” Ms Su also released details of the company’s financial model over the next three to four years. The company is predicting annual revenue growth of ~20% annualised, free cash flow margins of more than >25%, and gross margins of more than >57%. AMD just broke 50% gross margins a few quarters ago, while Intel Corp (down -2.96%) has struggled to keep its gross margins higher than 50%. The small capitalisation Russell 2000 lost -2.12%. Nutrien Ltd rose +1.06% after the world’s largest fertiliser company said it has plans to boost its fertiliser production capability as the world grapples with shaky supply from eastern Europe. The company said it will ramp up potash production capability to 18M tonnes by 2025, representing a 40% increase compared to 2020, citing “structural changes in global energy, agriculture and fertiliser markets”.

Thursday, 9 June 2022: US equity markets retreated in muted trading, snapping a two session winning streak

Wed, 08 Jun 2022 23:43:48 +0000

US equity markets retreated in muted trading, snapping a two session winning streak as investors continued to eye Friday night’s AEST (10 June) consumer price inflation (CPI) figures for May - Dow down -269-points or -0.81%. Intel Corp fell -5.28% after management warned of weakening demand for semiconductors at an industry conference. Separately, Citi Research analysts cautioned that the company could pre-announce weaker-than-expected earnings for the second quarter. The broader S&P500 shed -1.08%, with Real Estate (down -2.43%) and Materials (-2.10%) leading ten of the eleven primary sectors lower. Energy (up +0.15%) sat atop the primary sector leaderboard for a second consecutive session and was the only primary sector to advance overnight. Exxon Mobil Corp rose +1.18% to a record closing high of US$104.59. Altria Group Inc shed -8.37% to US$49.49 after Morgan Stanley cut their recommendation the cigarette and heated tobacco seller to “Underweight” (lowering the price target to US$50 from US$54), citing inflation pressures and long-term competitive risks. Domino’s Pizza Inc slipped -0.33% to US$384.00, with analysts at CFRA downgrading the company to a “Hold” recommendation, but lifting their target price to US$410 (from US$400). The Nasdaq lost -0.73%. The small capitalisation Russell 2000 lost -1.49%. The US-listed shares of Alibaba Group Holdings jumped +14.67% as Chinese technology stocks more broadly enjoyed a strong session in Hong Kong yesterday (8 June), with sentiment buoyed a wave of videogame approvals from regulators in China. It potentially marked a sign of easing regulatory pressures for gaming stocks in particular and the Chinese technology sector at large.

Wednesday, 8 June 2022: US equity markets advanced, picking up steam late in the session and shaking off early weakness

Tue, 07 Jun 2022 23:40:43 +0000

US equity markets advanced, picking up steam late in the session and shaking off early weakness following a profit warning from retailer Target Corp before the opening bell - Dow up +264points or +0.8%, The broader S&P500 rose +0.95%, with Energy (up +3.14%) returning to the top of the primary sector leaderboard and leading ten of the eleven primary sectors higher. Exxon Mobil Corp gained +4.58% to $103.37, climbing above >US$100 per share for the first time since 2014 (buoyed by an upgrade from EvercoreISI). Consumer Discretionary (down -0.37%) was the only primary sector to close in the red. Target Corp fell -2.31% after the retailer announced a plan to reduce its excess inventory (including markdowns, cancelling orders and removing inventory, along with price hikes to offset higher fuel and transportation costs, and supply chain adjustments such as increased holding capacity near U.S. ports), and downwardly revised its operating-margin guidance. The Nasdaq +0.94%. Apple Inc rose +1.76% despite news that the company must change the connector on iPhones sold in Europe by 2024 after European Union (EU) countries and lawmakers agreed to a single charging port for mobile phones, tablets and cameras. The company introduced its new MacBook Air and MacBook Pro models a day earlier during the keynote address of its annual Worldwide Developers Conference (WWDC) and also launched Apple Pay Later, a buy-now-pay-later (BNPL) service with no interest fees, in partnership with Goldman Sachs Group. The small capitalisation Russell 2000 rallied +1.57%. In merger and acquisition (M&A) news, Kohl's Corp rallied +8.24% after news the department store chain entered exclusive talks with retail store operator Franchise Group Inc (+4.78%) over a potential sale that would value it at nearly US$8B.

Tuesday, 7 June 2022: US equity markets edged higher after a muted session as investors await key inflation figures

Mon, 06 Jun 2022 23:27:46 +0000

US equity markets edged higher after a muted session as investors await key inflation figures later in the week - Dow inched +16-points or +0.05% higher, climbing as much as +336-points earlier in the session. The broader S&P500 added +0.31%, with Consumer Discretionary (up +1.03) and Communication Services (+0.98%) rebounding to lead eight of the eleven primary sectors higher. Energy dipped -0.11% after outperforming in recent sessions. The Nasdaq +0.40%. Amazon.com Inc’s 20-for-1 stock split took effect overnight, closing +1.99% higher at US$124.79 after closing at a pre-split adjusted US$2,447 last Friday (3 June). The last time Amazon’s stock traded below the four-digit level pre-split level was October 2017 Apple Inc (up +0.52%) introduced its new MacBook Air and MacBook Pro models during the keynote address of its annual Worldwide Developers Conference (WWDC) overnight. Both of the new Apple laptops will feature the company’s newly announced M2 custom chip. Twitter Inc fell -1.49% after Tesla Inc (up +1.60%) Chief Executive Officer (CEO) Elon Musk said in a letter that he could terminate the merger deal if the social-media company continues to refuse to provide the information he has requested regarding spam and fake accounts. Twitter responded in a statement that it “has and will continue to cooperatively share information” with Mr Musk. The small capitalisation Russell 2000 rose +0.36%. In merger and acquisition (M&A) news, budget carrier Spirit Airlines Inc rallied +7.04% after its bigger rival, JetBlue Airways, sweetened its offer to buy the company to US$31.50 per share (from US$30).

Monday, 6 June 2022: US equity markets retreated on Friday (3 May) after a stronger than expected

Sun, 05 Jun 2022 23:42:08 +0000

US equity markets retreated on Friday (3 May) after a stronger than expected employment report buttressed expectations of further interest rate hikes - Dow down -349-points or -1.05%, The broader S&P500 fell -1.63%, with Consumer Discretionary (down -2.85%), Information Technology (-2.48%) and Communication Services (-2.37%) all dropping over >2% lead ten of the eleven primary sectors lower on Friday (3 May). Energy (up +1.40%) was the only primary sector to advance. Tesla Inc fell -9.22% after Reuters reported, citing an internal email, that Chief Executive Officer (CEO) Elon Musk wants to cut 10% of jobs at the electric vehicle maker. According to Reuters’ report, Mr Musk also said in the email that he has a “super bad” feeling about the economy. Mr Musk’s comments followed similarly cautious comments from JPMorgan Chief Executive Officer (CEO) CEO Jamie Dimon earlier last week warning of an economic “hurricane” caused by the Federal Reserve and the war in Ukraine is brewing. American Airlines Group Inc fell -7.10% after the air carrier raised its revenue growth outlook (now expects second-quarter revenue to be up 11% to 13% from the same period in pre-pandemic 2019, compared with previous guidance of up 6% to 8%) but trimmed its capacity guidance (now expects available seat miles to be down 7% to 8% from 2019 levels versus previous expectations of a decline of 6% to 8%) and raised its fuel-cost estimate (average fuel price per gallon estimate was raised to US$3.92 to US$3.97 from US$3.59 to US$3.64, and the outlook for cost per available seat mile (CASM) excluding fuel was raised to 10% to 11% above 2019 levels from 8% to 10%). The Nasdaq -2.47%. Apple Inc fell -3.86% following a cautious research note from Morgan Stanley that cited slowing app store growth. The company’s Worldwide Developers Conference kicks off tonight AEST, with high expectations for its next generation operating system, a new Apple Watch and possibly a glimpse at the headset for virtual and artificial reality. Google-parent Alphabet Inc and Meta Platforms Inc declined roughly -2.6% and -4.1% respectively. Amazon.com Inc fell -2.52% to US$2,447 ahead of the 20-for-1 stock split becoming effective tonight AEST, meaning the stock should trade around US$122. Amazon’s share count will jump to 10.2B from 509M. It marks the fourth time Amazon has declared a stock split since it went public in 1997, but the first in more than two decades. Alphabet Inc’s own 20-for-1 stock split takes effect in mid-July. The small capitalisation Russell 2000 lost -0.77%. In merger and acquisition (M&A) news, Turning Point Therapeutics Inc soared +118.35% after the clinical-stage oncology company agreed to be acquired by biopharmaceutical company Bristol-Myers Squibb Co (+0.13%) in an all-cash deal valuing Turning Point at ~US$3.77B.

Friday, 3 June 2022: US equity markets rallied in the final hour of the session

Thu, 02 Jun 2022 23:18:04 +0000

US equity markets rallied in the final hour of the session, with the benchmark indices booking their largest daily percentage climb since 27 May - Dow up +435-points or +1.33%, recovering from an earlier slide of over >300-points. The broader S&P500 rose +1.84%, with Consumer Discretionary rallying +3.03% to lead ten of the eleven primary sectors higher. Energy was the only primary sector to settle in the red, down -0.30%. Bloomberg reported that Citigroup Inc (up +0.08%) may record losses of at least US$50M following a London staffer’s “fat finger” trade that caused a ‘flash crash’ in European stocks last month. The Nasdaq gained +2.69%. Microsoft Corp added +0.79% despite the software giant lowering its fiscal fourth quarter earnings per share (US$2.24-to-US$2.32 from US$2.28-to-US$2.35, and versus consensus US$2.33) and revenue (US$51.94B-to-US$52.74B) guidance versus US$52.40B-to-US$53.20B) to reflect and "unfavourable" currency impact. Meta Platforms Inc rose +5.42% a day after Chief Operating Officer (COO) Sheryl Sandberg announced she was stepping down after 14-years with the company. The small capitalisation Russell 2000 rallied +2.31%.

Thursday, 2 June 2022: US equity markets opened June on the back foot

Wed, 01 Jun 2022 23:53:01 +0000

US equity markets opened June on the back foot - Dow down -177-points or -0.54%, paring an earlier decline of as much as -405-points. Salesforce Inc jumped +9.88% after the cloud-based customer-relationship-management company topped Wall Street estimates for first quarter after the closing bell of the previous session. The broader S&P500 -0.75%, with Financials (down -1.67%) leading ten of the eleven primary sectors lower. Energy (up +1.76%) was the only primary sector to advance. Delta Air Lines Inc fell -5.16% despite the carrier raising its total and unit revenue guidance for the second quarter, while the capacity outlook was lowered. Delta said it expects "strong" results for the quarter through June, and now expects revenue to be ~100% of what it was for the same period of pre-pandemic 2019, up from previous guidance of 93% to 97% of 2019 levels, while unit revenue is now expected to be 7%-8% better than previously expected. The company lowered its estimate for available seat miles (ASM) versus 2019 to 82% to 83% from approximately 84%, while raising its outlook for cost per available seat mile (CASM) excluding fuel to be up 20% to 22% from up approximately 17%. Delta's estimate for fuel price per gallon was boosted to US$3.60 to US$3.70 from $3.20 to $3.35. The Nasdaq -0.72%. Meta Platforms Inc fell -2.58% after Chief Operating Officer (COO) Sheryl Sandberg announced she was stepping down after 14-years with the company. The small capitalisation Russell 2000 lost -0.49%.

Wednesday, 1 June 2022: US equity markets closed out the month on a weaker footing

Tue, 31 May 2022 23:43:09 +0000

US equity markets closed out the month on a weaker footing - Dow down -223-points or -0.67% , snapping a six session winning streak. The broader S&P500 -0.63%. After outperforming earlier in the session, the Energy sector settled -1.65% lower to lead nine of the eleven primary sectors lower. Consumer Discretionary (up +0.76%) and Communication Services (+0.40%) were the only primary sectors to advance overnight. The Nasdaq -0.41%. Both the S&P500 and Nasdaq snapped a three session winning streak. The small capitalisation Russell 2000 lost -1.26%.

Tuesday, 31 May 2022: Discussion called by the White House on state of the American and global economy

Mon, 30 May 2022 23:25:29 +0000

Fed Governor Christopher Waller said following a speech to the Institute for Monetary and Financial Stability in Frankfurt that he is “advocating 50 (basis point hikes) on the table every meeting until we see substantial reductions in inflation. Until we get that, I don't see the point of stopping." Mr Waller's comments came ahead of a meeting tonight AEST between Federal Reserve Chair Jerome Powell and U.S. President Joe Biden for a discussion called by the White House on state of the American and global economy.

Monday, 30 May 2022: US equity markets rallied strongly ahead of the holiday weekend

Sun, 29 May 2022 23:30:07 +0000

US equity markets rallied strongly ahead of the holiday weekend, with technology stocks leading the advance - Dow up +576-points or +1.7%, logging its straight day of gains of more than >500 points and rallying for a sixth straight day in its longest winning streak since December 2021. The 30-stock index was powered by gains for Salesforce Inc (up +1.63%), Apple Inc (+4.08%), Microsoft Corp (+2.76%) and International Business Machines (IBM) Corp (+1.74%). The broader S&P500 +2.47%, with Consumer Discretionary (up +3.47%) and Information Technology (+3.44%) climbing over >3% to lead all eleven primary sectors (over >1%) higher. The Nasdaq +3.33% to 12,131.13, the technology-centric indice’s first close above >12,000 since 6 May. The small capitalisation Russell 2000 +2.70%. US equity and bond markets are CLOSED tonight AEST for the Memorial Day holiday.

Friday, 27 May 2022: US equity markets rallied, buoyed by a batch of strong earnings from the retail sector

Thu, 26 May 2022 23:40:24 +0000

US equity markets rallied, buoyed by a batch of strong earnings from the retail sector boosted market sentiment - Dow extended gains into a fifth consecutive session (its longest winning streak since 18 March), up +516-points or +1.61%. Boeing Co (up +4.65%) and Nike Inc (+4.38%) were among the leading performers. The broader S&P500 +1.99%, with Consumer Discretionary (up +4.78%) leading ten of the eleven primary sectors higher. All of Information Technology (+2.45%), Financials (+2.25%) and Communication Services (+2.078%) also climbed over >2%. Real Estate (down -0.10%) was the only primary sector to settle in the red. The Nasdaq rallied +2.68%. Apple Inc advanced +2.32% after a report said the iPhone maker plans to keep production of its flagship item flat this year due to industry challenges. Apple also said it would lift hourly pay for U.S. workers by +45% from 2018 to US$22 per hour to compete in a tight labour market and amid pushes by some employees to unionise. Nvidia Corp recovered from earlier losses to settle +5.16% higher The small capitalisation Russell 2000 rose +2.17%. In merger and acquisition (M&A) news, Broadcom Inc (up +3.58%) confirmed it had reached a deal to acquire cloud computing company VMWare Inc (+3.17% at US$124.36) in a cash and scrip deal worth ~US$61B following speculation earlier this week. Under the terms of the agreement, VMware shareholders will choose to receive either US$142.50 per share in cash or 0.2520 a common share of Broadcom for each VMware share.

Thursday, 26 May 2022: US equity markets advanced as technology stocks rebounded

Wed, 25 May 2022 23:20:45 +0000

US equity markets advanced as technology stocks rebounded and as investors digested minutes of the Federal Reserve's policy meeting in early May - Dow rose +192-points or +0.6%, booking a fourth consecutive session of gains. The broader S&P500 gained +0.95%, with Consumer Discretionary (up +2.78%) and Energy (+1.96%) leading nine of the eleven primary sectors higher. Utilities (down -0.06%) and Health Care (-0.02%) were the only primary sectors to settle in the red. The Nasdaq rebounded +1.51% a day after logging its lowest close since 3 November, 2020. Twitter Inc gained over >6% in after hours trading (after a +3.91% rise in the regular session) after a filing with the Securities and Exchange Commission (SEC) showed Tesla Inc (+4.88%) Chief Executive Elon Musk increased the amount of cash he is committing to the acquisition of the social media company by US$6.25B, with the rest funded by debt financing. The filing also stated that Mr Musk continues to negotiate with Twitter shareholders, including cofounder Jack Dorsey, in an attempt to convince them to remain as investors instead of cashing out. The small capitalisation Russell 2000 rose +1.95%. Kohl’s Corp jumped +11.89% after Reuters reported that bidders continue to circle the retailer at lower prices than earlier this year, but still well above recent trading levels of the stock.

Wednesday, 25 May 2022: Technology stocks once again weighed on US equity markets

Tue, 24 May 2022 23:49:58 +0000

Technology stocks once again weighed on US equity markets - Dow added +48-points or +0.15%. McDonald’s Corp (up +2.74%), Verizon Communications Inc (+2.03%) and International Business Machines (IBM) Corp (+2.01%) all added more than 2%.The broader S&P500 lost -0.81%, with Communication Services (down -3.70%) and Consumer Discretionary (-2.58%) leading six of the eleven primary sectors lower. More defensive sectors outperformed overnight, with Utilities up +2.01%, Consumer Staples +1.66% and Real Estate +1.21%. The Nasdaq shed -2.28% to 11,264.45, logging its lowest close since 3 November, 2020 and extending its calendar year-to-date loss to -28%. The technology-centric index sits ~30% below its record 19 November, 2021 record closing high of 16,057.44. Snap Inc tumbled -43.08% after Chief Executive Officer (CEO) Evan Spiegel warned in a note to employees that emerged after the close of Monday’s (23 May) session that the company will miss its own targets for revenue and adjusted earnings in the current quarter, and will also slow hiring through the end of the year as it looks to manage expenses. Amazon.com Inc fell -3.21% to a fresh 52-week low (us$2,082.00), while Facebook Inc lost -7.62% and Google-parent Alphabet Inc -5.14%. Twitter Inc fell -5.55% to US$35.76, below the price at which Tesla Inc chief executive Elon Musk acquired his stake. According to a 13D filing with the Securities and Exchange Commission on 5 April, Mr Musk bought his 73.12M shares or 9.1% stake in the social media company at a weighted average price of US$36.157 per share. Twitter has fallen ~31.1% from its 25 April close of US$51.70, the day the company agreed to be acquired by Mr Musk for US$54.20 per share. The small capitalisation Russell 2000 lost -1.56%. Wendy's Co jumped 17% in after-hours trading after its largest shareholder, Trian Fund Management LP, said it is looking at potential transactions to acquire control of the fast-food restaurant chain. Trian Fund Management LP owns ~19.4% of the company, according to the filings.

Tuesday, 24 May 2022: US equity markets advanced - Dow rallied +618-points

Mon, 23 May 2022 23:30:24 +0000

US equity markets advanced - Dow rallied +618-points or +1.98%, logging its best single session gain since 4 May. JPMorgan Chase & Co gained +6.19% higher after the banking giant hosted an Investor Day and raised its net interest income outlook. In addition, JPMorgan forecast that it may hit its goal of a 17% return on tangible equity this year. Goldman Sachs Group Inc rose +3.2%. The broader S&P500 rose +1.86%, with Financials (up +3.23%) leading all eleven primary sectors higher. The Nasdaq gained +1.59%. It marked the best session for both the S&P500 and Nasdaq since 17 May. The small capitalisation Russell 2000 added +1.10%. VMware Inc soared +24.78% after The Wall Street Journal reported that Broadcom Inc (down -3.10%) was offering ~US$140 per share or ~US$60B in a cash-and-stock deal to acquire the enterprise cloud-computing software company. The report came on the heels of several other media reports over the weekend speculating a deal. Snap Inc slumped ~30% in after hours trading after Chief Executive Officer (CEO) Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter. The social media company will also slow hiring through the end of the year as it looks to manage expenses, Mr Spiegel wrote. Part of the letter was filed with the Securities and Exchange Commission.

Monday, 23 May 2022: A rally in the final hour of trading left US equity markets little changed on Friday

Sun, 22 May 2022 23:37:59 +0000

A rally in the final hour of trading left US equity markets little changed on Friday (20 May) - Dow inched +9-points or +0.03% higher at 31,261.90, erasing an earlier decline of as much as -617 points. A close below 29,439.72 would put the blue-chip gauge in official bear market territory. The broader S&P500 eked out a +0.01% gain to settle at 3,901.36 after trading in official bear market territory earlier in last Friday’s (20 May) session. The index traded as low as 3,810.32 (down ~2.3%) ~20.9% the S&P500’s 3 January record closing high. Consumer Discretionary (down -1.53%) and Industrials (-1.07%) both fell over >1% to lead five of the eleven primary sectors lower. The more defensive sectors of Health Care (up +1.26%) and Real Estate (+1.19%) were the leading primary sectors last Friday (20 May), gaining over >1%. The Nasdaq slipped -0.30%. Applied Materials Inc fell -3.86% The small capitalisation Russell 2000 slipped -0.17%.

Friday, 20 May 2022: US equity markets logged back-to-back declines

Thu, 19 May 2022 23:34:10 +0000

US equity markets logged back-to-back declines - Dow down -237-points or -0.75% , unwinding an earlier rally of as much as +300-points. Cisco Systems Inc tumbled -13.73% after the technology bellwether reported third quarter revenue that fell short of consensus expectations and cut its full year forecasts after the close of the previous session. The broader S&P500 -0.58% to sit 18.6% below its record closing high set in early January and ~19% below its most recent intra-day peak. Consumer Staples (-1.98%) and Information Technology (-1.07%) both fell over >1% to lead eight of the eleven primary sectors lower. Materials sat atop the primary sector leaderboard with a +0.68% rise. The Nasdaq -0.26%. The small capitalisation Russell 2000 inched +0.08% higher. Harley-Davidson Inc tumbled 9.29% after the motorcycle maker said it would suspend all assembly and shipments for two weeks. The company said the suspension was for "an abundance of caution" following information provided by a third-party supplier regarding "a regulatory compliance matter relating to the supplier's component part." In merger and acquisition (M&A) news, Spirit Airlines Inc (%) said its board has unanimously determined that JetBlue Airways Corp.’s (%) US$30-per-share cash offer isn’t in the best interest of the airline and its shareholders, urging the latter to reject the tender launched by JetBlue earlier this week. Spirit had already reiterated earlier in May its support for the merger deal with Frontier Group Holdings Inc (%), that it had agreed before JetBlue made its offer.

Thursday, 19 May 2022: Some soft earnings updates from major retailers raised concerns

Wed, 18 May 2022 23:37:01 +0000

Some soft earnings updates from major retailers raised concerns around companies’ ability pass on higher costs and dragged US equity markets sharply lower - Dow shed -1,165-points or -3.57% to 31,490.07, logging its lowest close since 4 March. The broader S&P500 dropped -4.04% to 3,923.68, marking its lowest settlement since 25 March and with just seven index constituents advancing. All eleven primary sectors closed in the red, with Consumer Discretionary (down -6.60%) and Consumer Staples (-6.38%) both falling over >6%. The S&P 500 and the Dow recorded their worst single session performance since 11 June, 2020. Tesla Inc fell -6.80% after the E&P ESG Index dropped the electric vehicle EV maker from its widely followed index with a focus on environmental, social and governance (ESG) practices. Tesla chief executive Elon Musk responded to the news on Twitter by noting that Exxon Mobil Corp (-1.59%) is rated in the top ten in the world for ESG by S&P 500 Dow Jones Indices, adding that “ESG is a scam. It has been weaponized by phony social justice warriors.” The Nasdaq tumbled -4.74%, settling with its worst single day decline since 5 May. The small capitalisation Russell 2000 shed -3.56%.

Wednesday, 18 May 2022: US equity markets extended their rebound following strong retail sales figures

Tue, 17 May 2022 23:42:16 +0000

US equity markets extended their rebound following strong retail sales figures and comments from Federal Reserve Chair Jerome Powell sounding optimistic about a ‘soft’ economic landing - Dow gained +431-points or +1.34%. The broader S&P500 +2.02%, with all of Information Technology (up +2.91%), Materials (+2.86%), Financials (+2.69%), Consumer Discretionary (+2.68%) and Industrials (+2.28%) rallying over >2% to ten of the eleven primary sectors higher. Consumer Staples (down -1.15%) was the only primary sector to settle in the red. Citigroup Inc jumped +7.56% after a regulatory filing after the close of Monday’s (16 May) session recorded that Warren Buffett’s Berkshire Hathaway Inc took a nearly US$3B stake in the bank during the first quarter. The technology-centric Nasdaq gained +2.77%. The small capitalisation Russell 2000 jumped +3.19%.

Tuesday, 17 May 2022: US equity markets retreated after a choppy session to open the week

Mon, 16 May 2022 23:44:02 +0000

US equity markets retreated after a choppy session to open the week, with growth stocks under pressure following some downbeat activity data in China - Dow inched +27-points or +0.08% higher . McDonald’s Corp lost -0.41% after announcing plans to exit Russia that would see the fast food giant book a charge of US$1.2B-US$1.4B. Consumer Discretionary (down -2.12%) led seven of the eleven primary sectors lower. The broader S&P500 eased 0.32%, with earlier gains evaporating in the final hour of trading. The Energy sector (up +2.62%) touched its highest intra-day level since 2014, with Occidental Petroleum Corp up +5.68% and Marathon Oil Corp +3.63%. Eli Lilly and Co rose +2.66% after its drug Mounjaro was approved by the Food and Drug Administration (FDA) to treat Type 2 diabetes. The drug is also being investigated for potential use in the treatment of obesity and overweight. United Airlines Holdings Inc rose over >2.5% in after hours trading after the carrier issued an update on its second-quarter outlook, noting in a securities filing that ”the demand environment has continued to improve, resulting in a higher unit revenue outlook for the second quarter 2022.” The Nasdaq lost -1.20% to 11,662.79 and sit ~27% below its record close of 16,057.44 touched on 19 November, 2021. Twitter Inc fell -8.18% after Bloomberg reported that Elon Musk said a deal to buy the social media company at a lower price than his previously agreed US$44B was "not out of the question." Tesla Inc lost -5.88%. The small capitalisation Russell 2000 lost -0.52%. In merger and acquisition (M&A) news, Spirit Airlines Inc soared 13.49% after JetBlue Airways Corp (down -6.06%) said it launched a "fully financed" tender offer to buy all Spirit outstanding shares for US$30 each, representing a 76.7% premium to last Friday's (13 May) closing price of $16.98.

Monday, 16 May 2022: US equity markets rallied to cap another volatile week that saw the S&P500 flirt with official bear market territory

Sun, 15 May 2022 23:43:53 +0000

US equity markets rallied to cap another volatile week that saw the S&P500 flirt with official bear market territory - Dow up +466-points or +1.47%, with Nike Inc (up +4.74%) and Salesforce Inc (+4.05%) among the leading index performers. American Express (+3.58%) and Boeing Co (+3.30%) both added more than >3% each. The broader S&P500 +2.39% (to 4,023.89) to reclaim the 4,000 level. Consumer Discretionary (up +4.10%), Information Technology (+3.44%) and Energy (+3.38%) all rallied over >3% to lead all eleven primary sectors higher. The technology-centric Nasdaq rebounded +3.82%, booking its biggest daily percentage gain since 4 November, 2020, according to Dow Jones Market Data. Meta Platforms Inc and Alphabet Inc gained +3.86% and +2.96%, respectively. Twitter Inc dropped -9.7% after Elon Musk tweeted that the deal to buy the social-media company was “temporarily on hold.” Mr Musk, the chief executive of electric vehicle maker Tesla Inc (up +%) said the hold on the deal is “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” In a subsequent tweet, Mr Musk said he was “Still committed to the acquisition.” The small capitalisation Russell 2000 jumped +3.06%.

Friday, 13 May 2022: US equity markets logged modest losses, recovering their worst levels of the session

Thu, 12 May 2022 23:24:59 +0000

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

Thursday, 12 May 2022: US equity markets retreated as investors assessed the latest inflation report

Wed, 11 May 2022 23:44:17 +0000

US equity markets retreated as investors assessed the latest inflation report - Dow down -327-points or -1.02%, unwinding an earlier rally of ~423-points. Visa Inc (up +1.62%) and Merck & Co Inc (+1.57%). The index’s -6.5% decline over the past five trading session marks its biggest such decline since 15 June, 2020, according to Dow Jones Market Data. The broader S&P500 lost -1.65% to 3,935.18, touching an intra-session 52-week low (3,928.52) and is now down more than >18% from its 52-week high (and down over >17% calendar year-to-date). Consumer Discretionary (down -3.57%) and Information Technology (-3.30%) both declined over >3% to lead eight of the eleven primary sectors lower. The Energy (up +1.37%) sector helped to limit declines in the Dow and S&P500. The Nasdaq dropped -3.18%. Apple Inc shed -5.18% (dragging its market capitalisation down to ~US$2.37 trillion) and was usurped as the world’s largest company by capitalisation by oil giant Saudi Aramco (~US$2.43 trillion). Apple passed Saudi Aramco to become the world’s most valuable publicly traded company in 2020. Netflix Inc closed -6.4% lower in the wake of a New York Times report detailing plans by the streaming giant to launch an ad-supported pricing tier and crack down on password sharing. Meta Platforms Inc fell -4.51% and Microsoft Corp -3.32%. The small capitalisation Russell 2000 fell -2.48%. Coinbase Global Inc slumped -26.4% after the crypto exchange reported first-quarter revenue (US$1.17B) below expectations (US$1.48B) after the close of the previous session, impacted by lower crypto asset prices and market volatility.

Wednesday, 11 May 2022: US equity markets steadied ahead of the release of key inflation data tonight AEST

Tue, 10 May 2022 23:31:02 +0000

US equity markets steadied ahead of the release of key inflation data tonight AEST and with technology stocks regaining some composure after steep declines - Dow eased -84-points or -0.26%, booking a fourth consecutive session of losses (to be down -5.67%, its largest four-day percentage decline since the stretch ending 29 October, 2020). The index traded in an ~850-point range overnight, climbing as much as 500-points and sliding as much as -350-points. International Business Machines (IBM) (down -3.95%), Home Depot Inc (-1.98%), 3M Co (-2.14%) and JPMorgan Chase & Co (-2.44%) were among notable drags on the 30-stock index. The broader S&P500 added +0.25% to 4,001.05 after sliding below

Tuesday, 10 May 2022: US equity markets extended their recent sell-off, with technology stocks under particular pressure once again

Mon, 09 May 2022 23:33:57 +0000

US equity markets extended their recent sell-off, with technology stocks under particular pressure once again - Dow dropped -654-points or -1.99%. Walt Disney Company fell -3% to be trading more than >3% below where it was trading 5-years ago. The broader S&P500 slumped -3.2%, sliding below

Monday, 9 May 2022: US equity markets closed out a tumultuous week in the red

Sun, 08 May 2022 23:33:21 +0000

US equity markets closed out a tumultuous week in the red, clinching weekly declines for all three benchmark indices - Dow fell -99-points or -0.30% . The broader S&P500 -0.57%. The Nasdaq -1.4%. Amazon.com Inc fell -1.4%, while Microsoft Corp -0.94% and Nvidia Corp -0.90%. The small capitalisation Russell 2000 -1.69%.

Friday, 6 May 2022: US equity markets slumped as Treasury yields resumed their ascent

Fri, 06 May 2022 00:06:50 +0000

US equity markets slumped as Treasury yields resumed their ascent, with investors further picking apart the Federal Reserve’s latest monetary policy pronouncements - Dow tumbled -1,063-points or -3.12%, its worst daily percentage drop since 28 October, 2020, according to Dow Jones Market Data. The broader S&P500 shed -3.56%, recording its second worse single session decline of the year to date. Consumer Discretionary (down -5.81%), Information Technology (-4.93%) and Communication Services (-4.09%) all fell over >4% to lead all eleven primary sectors lower. Tesla Inc fell -8.3% after CNBC reported that Elon Musk intends to temporarily serve as chief executive at Twitter Inc (+2.65%) once the takeover deal closes. The Nasdaq dropped -4.99%, logging its lowest closing level since November 2020 and its worst daily percentage fall since 11 June, 2020. Facebook-parent Meta Platforms Inc fell -6.77%, Amazon.com Inc -7.56% and Apple Inc -5.57%. Etsy Inc and eBay Inc slumped -16.83% and -11.72% respectively after issuing weaker-than-expected revenue guidance. The small capitalisation Russell 2000 -4.04%.

Thursday, 5 May 2022: US equity markets soared

Thu, 05 May 2022 00:06:18 +0000

US equity markets soared after Federal Reserve Chair Jerome Powell said larger +75-basis point interest rate hikes were not in play - Dow rallied +932-points or +2.81%, booking its best daily percentage gain since 9 November, 2020, according to Dow Jones Market Data and with all 30 index constituents advancing. Stocks seen as economic bellwethers performed well, with Home Depot Inc and Caterpillar Inc rising +3.39% and +4.20%, respectively. Bank stocks also gained ground, with Goldman Sachs Group Inc up +3.0% and JPMorgan Chase & Co +3.3%. The broader S&P500 +2.99%, logging its best daily percentage climbs since 18 May, 2020. Energy (up +4.11%) sat atop the primary sector leaderboard for a second consecutive session to lead all eleven key sectors higher, with Chevron Corp rising +3.14% and Exxon Mobil Corp +3.98%. Communication Services (+3.68%), Information Technology (+3.51%), Materials (+3.24%) and Financials (+3.02%) all climbed over >3%. The Nasdaq jumped +3.19%, the technology-centric index’s best daily performance since 16 March. Apple Inc (up +4.1%) and Google-parent Alphabet Inc (+3.76%) gaining more than >3.5% each. Advanced Micro Devices (AMD) Inc rallied +9.1% after the chip maker comfortably topped US$5B in quarterly revenue for the first time and lifted their full year outlook after the close of the previous session. The small capitalisation Russell 2000 gained +2.69%. Lyft Inc tumbled -29.91% after the ridesharing company provided weak guidance for the current quarter as it expects to invest in driver supply. Rival Uber Technologies Inc dropped -4.65%.

Wednesday, 4 May 2022: US equity markets settled with modest gains

Tue, 03 May 2022 23:23:39 +0000

US equity markets settled with modest gains as investors braced for the Federal Reserve’s latest monetary policy pronouncements tomorrow morning - Dow up +67-points or +0.20% . The broader S&P500 +0.48%, with the Energy sector (up +2.87%) leading nine of the eleven primary sectors higher. Exxon Mobil Corp gained +2.%. Consumer Discretionary (down -0.29%) and Consumer Staples (-0.24%) were the only primary sectors to close in the red overnight. The Nasdaq +0.21%. The small capitalisation Russell 2000 +0.85%.

Tuesday, 3 May 2022: US equity markets rallied in the final hour of trading to start May on a positive footing

Mon, 02 May 2022 23:33:23 +0000

US equity markets rallied in the final hour of trading to start May on a positive footing – Dow settled +84-points or +0.26% higher, recovering from an earlier drop of as much as -527 points. Boeing Co (down -0.15% at US$148.61), paring an earlier decline of more than >3% that saw the stock touch its lowest intraday level (US$143.38) since 2 November, 2020. The aircraft manufacturer has logged a nine session losing streak that has seen the stock lose more than >22% following a weaker-than-expected first quarter result last week. The broader S&P500 rose +0.57% after hitting a fresh 2022 low earlier in the session. Communication Services (up +2.42%), Information Technology (+1.56%), Energy (+1.37%) and Consumer Discretionary (+1.36%) all advanced over >1% to lead six of the eleven primary sectors higher. Real Estate (down -2.55%) was the worst performing sector overnight. The Nasdaq rebounded +1.63%, clawing back some of the previous session’s -4.17% drop. Apple Inc added +0.20% despite European Union (EU) antitrust authorities telling the company that they have formed a preliminary view that it has abused its dominant position in markets for mobile wallets. The small capitalisation Russell 2000 gained +1.01%.

Monday, 2 May 2022: US equity markets recorded their steepest one day losses since 2020

Sun, 01 May 2022 23:43:40 +0000

US equity markets recorded their steepest one day losses since 2020 to close out a tough month - Dow dropped -939-points or -2.77% . The broader S&P500 slumped -3.63% to 4,131.93, , settling with its largest one-day decline since June 2020 and lowest finish since 19 May, 2021. All 11 primary sectors fell sharply on Friday (29 April), with Consumer Discretionary (-5.92%), Real Estate (-4.90%) and Information Technology (-4.14%) posting the biggest losses. The latest fall left the S&P500 in official correction territory, down -10.8% from its most recent closing peak (4,631.60) on 29 March. The S&P 500 fell back into correction just 22 trading days after leaving the previous one, its fastest re-entry since November 2008, during the turmoil of the 2007-2009 financial crisis, when the index fell back into correction only 7 trading days after leaving one. The Nasdaq tumbled -4.17%, marking the technology centric index’s largest single session decline since September 2020. Amazon.com Inc dropped -14.05% to a near 2-year low and logging its steepest one-day drop since 2006 after the e-commerce giant delivered a disappointing first quarter result and outlook after the closing bell of last Thursday’s (28 April) session. The Nasdaq Composite sits in bear market territory, 23.9% below its most recent intraday high. Both the S&P500 and Nasdaq settled at their lowest levels for 2022 to date. The small capitalisation Russell 2000 lost -2.81%.

Friday, 29 April 2022: US equity markets showed solid gains across the board last night

Thu, 28 Apr 2022 23:18:15 +0000

US equity markets showed solid gains across the board last night- Dow up +614-points or +1.85%. The broader S&P500 +2.47%. while the Nasdaq +3.06%. The small capitalisation Russell 2000 +1.80%. Information Technology (+4.04%), Communication Services (+3.88%) and Energy (+3.13%) led the gains, as all primary sectors ended in the green. The Technology sector was helped by a +17.5% rise in Meta (formally Facebook), after the company said it had added more users than expected in the first quarter. Shares were down -48% on the year heading into the results. Qualcomm gained +9.7% on the back of strong earnings, while PayPal rose +11.5% despite issuing weak guidance for the second quarter. On the contrary, Teladoc shares plunged about +40.2% after the company reported weaker-than-expected results.

Thursday, 28 April 2022: US equity markets logged modest gains after an earlier rally fizzled

Wed, 27 Apr 2022 23:31:40 +0000

US equity markets logged modest gains after an earlier rally fizzled and with investors digesting another busy night on the corporate earnings calendar - Dow up +62-points or +0.19%, paring an earlier rally of as much as . The broader S&P500 added +0.21% to 4,183.96. A close below 4,168.44 would see the index enter correction territory (defined as a pullback of at least 10% - but not more than 20% - from a most recent peak). The S&P 500 previously suffered a correction on 22 February, when it closed at 4,304.76, down -10.25% from its early January record close. Energy (up +1.48%), Materials (+1.48%) and Information Technology (+1.36%) all rose over >1% to lead five of the eleven primary sectors higher. Communication Services (down -2.62%) was the worst performing primary sector overnight. The Nasdaq dipped -0.01% to 12,488.93, settling at its lowest level of 2022 to date. The small capitalisation Russell 2000 down -0.34%.

Wednesday, 27 April 2022: US equity markets fell sharply as China's COVID-19 curbs and fears of aggressive U.S. Federal Reserve tightening

Tue, 26 Apr 2022 23:34:42 +0000

US equity markets fell sharply as China's COVID-19 curbs and fears of aggressive U.S. Federal Reserve tightening continued to damp risk appetite and lifted the dollar to new two-year highs - Dow tumbled -809-points or -2.38% . The broader S&P500 -2.81% to 4,175.2, settling slightly above its closing low this year of 4,170.70 logged on 8 March. Consumer Discretionary (down -4.99%), Information Technology (-3.71%) and Communication Services (-3.16%) leading ten of the eleven primary sectors lower. The Energy sector was the only primary sector to advance, eking out a +0.04% rise. Twitter Inc fell -3.9% to US$49.68 a day after the board agreed to sell the social-media company to Elon Musk for US$54.20 per share, or ~US$44B. The technology-centric Nasdaq slumped -3.95%, booking its largest daily percentage drop since 8 September, 2020 and its lowest close since 14 December, 2020, according to Dow Jones Market Data. The index sits ~23% below its most recent record peak. The small capitalisation Russell 2000 shed -3.26%.

Tuesday, 26 April 2022: US equity markets rebounded from steep falls last Friday albeit there was no obvious catalyst

Tue, 26 Apr 2022 00:02:34 +0000

US equity markets rebounded from steep falls last Friday (22 April) albeit there was no obvious catalyst, staging their biggest intra-session turnaround in two months - Dow settled +238-points or +0.70% higher, recovering from an earlier session decline of as much as -488-points or -1.44% top log its biggest intra-day recovery since 24 February. The broader S&P500 rose +0.57%, with Communication Services (up +1.53%) and Information Technology (+1.44%) both climbing over >1% to lead seven of the eleven primary sectors higher. Energy was the big underperformer, down -3.34%. Chevron Corp fell -2.15% and Exxon Mobil Corp -3.37%. The technology centric Nasdaq gained +1.29%, buoyed by a retreat in bond yields. The Nasdaq is now sits 19.8% from its most recent record peak. Microsoft Corp gained +2.44%, Google-parent Alphabet Inc +3.04% and Meta Platforms Inc +1.56%. Twitter Inc’s rallied +5.66% after the board agreed to sell the social-media company to Elon Musk, changing course after initially gearing to fight the takeover attempt. The social-media company disclosed that the board had unanimously accepted the Tesla Inc (down -0.66%) chief executive’s offer to buy out the company for US$54.20 per share, or ~US$44B. The takeout price is ~38% ahead of Twitter’s close on 1 April, prior to when Mr Musk disclosed he had taken an ~9% stake in the company. Netflix Inc (down -2.60%) fell for a fourth consecutive session and settled near a four year low. The streaming giant has tumbled over >42% in the past four trading sessions since reporting a deeply disappointing first quarter result. The small capitalisation Russell 2000 added +0.70%. Dow tumbled -981-points or -2.82%, the index’s biggest single day decline since 28 October, 2020. UnitedHealth Group Inc fell -3.07%, shaving more than 100 points off the Dow. Caterpillar Inc fell -6.55%, also lopping almost 100-points of the 30-stock average. The broader S&P500 -2.77%, with Materials (down -3.73%), Health Care (-3.63%), Communication Services (-3.30%) and Financials (-3.00%) all declining 3%+ and leading all eleven primary sectors lower. The Nasdaq -2.5%. The small capitalisation Russell 2000 lost -2.55%. For the week, Dow lost -1.86%, its fourth straight weekly decline. The S&P500 -2.75%. Nasdaq -3.83%

Friday, 22 April 2022: US equity markets retreated, selling off in the afternoon session

Thu, 21 Apr 2022 23:24:17 +0000

US equity markets retreated, selling off in the afternoon session after Federal Reserve Chairman Jerome Powell added his support for moving faster on raising interest rates to cool inflation, including through a potential 50 basis point hike in May - Dow down -368-points or -1.05%, recording an intra-day swing of more than >700-points. The broader S&P500 fell -1.48%, with the Energy sector (down -3.10%) leading all eleven primary sectors lower. Tesla Inc advanced +3.23% after the electric vehicle maker posted better-than-forecast earnings after the close pf the previous session, aided byprice hikes. The Nasdaq shed -2.07%, unwinding an earlier session rally of as much as +1.9%. Netflix Inc fell -3.52%, extending the previous session’s -35.12% slump after the streaming giant reported a net loss of -200K paid subscribers in the first quarter after the close of Tuesday’s (19 April) session. The small capitalisation Russell 2000 lost 2.29%. Gap Inc fell over >11% in the extended session trading after the clothing retailer said Old Navy Chief Executive Nancy Green would be leaving the company by the end of the week and that it expects a larger-than-expected sales declines for the fiscal first quarter because of “macro-economic dynamics as well as the execution challenges at the Old Navy brand.” Gap said it now expects first-quarter sales to decline in the “low to mid-teens year over year,” compared with a previously forecast decline of “mid to high single-digit year over year.”

Thursday, 21 April 2022: US equity markets mixed as investors waded through another busy day on the corporate earnings calendar

Wed, 20 Apr 2022 23:28:01 +0000

US equity markets mixed as investors waded through another busy day on the corporate earnings calendar - Dow up +250-points or +0.71%, paring an earlier rally of as much as +404-points. The broader S&P500 dipped -0.06%, with Communication Services falling -4.07% to be one of three primary sectors that settled in the red overnight. Consumer Discretionary fell -1.36% and Information Technology -0.13%. Real Estate (up +1.85%), Consumer Staples (+1.46%) and Health Care (+1.34%) all climbed over >1%. The Nasdaq fell -1.24%, with Netflix Inc tumbling -35.12% - its steepest single-day percentage decline since it fell a record 40.9% on 15 October, 2004 - on heavy volume after the streaming giant reported a net loss of -200K paid subscribers in the first quarter after the close of Tuesday’s (19 April) session, much worse than the 2.5M net additions expected by analysts. The fall saw ~US$54B shaved off Netflix’s market capitalisation. The small capitalisation Russell 2000 added +0.37%.

Wednesday, 20 April 2022: US equity markets rallied as investors navigated one of the busiest weeks of the first quarter

Tue, 19 Apr 2022 23:29:46 +0000

US equity markets rallied as investors navigated one of the busiest weeks of the first quarter corporate earnings season, with three (3) Dow constituents posting results overnight - Dow up +500-points or +1.45% . The broader S&P500 +1.61%. Consumer Discretionary (up +2.91%), Real Estate (+2.12%) and Communication Services (+2.07%) all gained over >2% to lead ten of the eleven primary sectors higher. Energy (down -0.96%) was the only primary sector to settle in the red. The Nasdaq rallied +2.15%. Twitter Inc fell -4.73% after the Wall Street Journal reported late Monday (18 April) that the social media company is expected to formally rebuff Elon Musk's US$54.20 per share offer in the coming days and that private-equity powerhouse Apollo Global Management Inc was considering whether to join in a bid. CNBC later reported that Apollo’s interest was focused on lending money to potential purchasers, not on a private-equity-style buyout. Twitter is slated to reports on 28 April. The small capitalisation Russell 2000 gained +2.04%.

Tuesday, 19 April 2022: US equity markets retreated for a second straight session as trading resumed

Mon, 18 Apr 2022 23:28:43 +0000

US equity markets retreated for a second straight session as trading resumed following the Easter break, relinquishing gains in the final hour of the session as the first quarter earnings season prepared to move into full swing - Dow eased -40-points or -0.11% . The broader S&P500 dipped -0.02% despite a +1.51% rally for the Energy sector. Healthcare (down -1.12%) and Consumer Staples (-0.81%) led six of the eleven primary sectors lower. The Nasdaq slipped -0.14%. Twitter Inc gained +7.48% to US$48.45 after Elon Musk last Thursday (15 April) offered to buy the social media company for US$54.20 a share last. Twitter adopted a limited duration shareholder rights plan, often called a “poison pill,” a day after Mr Musk’s US$43B offer. Under the new structure, if any person or group acquires beneficial ownership of at least 15% of Twitter’s outstanding common stock without the board’s approval, other shareholders will be allowed to purchase additional shares at a discount. The plan is set to expire on 14 April, 2023. The small capitalisation Russell 2000 lost -0.74%.

Thursday, 14 April 2022: US equity markets rallied and settled near their session highs

Wed, 13 Apr 2022 23:34:15 +0000

US equity markets rallied and settled near their session highs - Dow up +344-points or +1.01% . The broader S&P500 gained +1.12%, with Consumer Discretionary (up +2.51%) and Information Technology (+1.59%) leading nine of the eleven primary sectors higher. Utilities (down -0.17%) and Financials (-0.08%) were the only primary sectors to close in the red. Airlines got a boost from Delta Air Lines’ solid quarterly result, with American Airlines Group Inc up +10.62% and Southwest Airlines Co +7.54%. Costco Wholesale Corp (up +1.67%) announced after the closing bell that it had approved a quarterly payout of 90 cents a share, or US$3.60 a year, up from 79 cents a quarter, or US$3.16 a year. The Nasdaq +2.03%, with chipmakers rebounding. Nvidia Corp rose +3.25%, Advanced Micro Devices Inc +2.78% and Qualcomm Inc +3.24%. PayPal Inc dropped -2.85% following an announcement from Walmart Inc (on Tuesday (12 April) that it had hired PayPal executive John Rainey as its new chief financial officer (CFO). The small capitalisation Russell 2000 gained +1.92%. Gap Inc rose +8.23% after a report from Activist Insight speculating the clothing retailer could be a potential activist target.

Wednesday, 13 April 2022: US equity markets settled with modest gains after a choppy session

Tue, 12 Apr 2022 23:39:03 +0000

US equity markets settled with modest gains after a choppy session as investors weighed the latest inflation figures - Dow eased -88-points or -0.26% after climbing as much as +362 points earlier in the session. The broader S&P500 lost -0.34%, unwinding an earlier gain of as much as +1.30%. Financials (down -1.07%) led seven of the eleven primary sectors lower. Energy returned to the top of the primary sector leaderboard with a +1.72% gain, with Occidental Petroleum Corp up +2.11% and Chevron Corp +2.08%. The Nasdaq slipped -0.29%, having been up as much as +2.04% at its session peak. The small capitalisation Russell 2000 added +0.33%.

Tuesday, 12 April 2022: US equity markets retreated as rising Treasury yields continued to weigh on the Information Technology sector

Mon, 11 Apr 2022 23:45:18 +0000

US equity markets retreated as rising Treasury yields continued to weigh on the Information Technology sector (down -2.60%) and with investors eyeing tonight’s AEST inflation data - Dow down -413-points or -1.19%, marking the largest one-day point and percentage drop since 31 March. Goldman Sachs Group Inc (down -0.20%) has acquired Netherlands-based asset manager NN Investment Partners for €1.7B to expand its asset management footprint in Europe and increase its sustainable investment capabilities. NN Investment Partners, which has more than 900 employees, will be integrated into Goldman Sachs Asset Management (GSAM) and brings Goldman's assets under supervision to approximately US$2.8 trillion. The broader S&P500 -1.69%, the indice’s largest one-day point and percentage decline since 7 March. The Energy sector (down -3.11%) led all eleven primary sectors lower, with Occidental Petroleum Corp down -6.28% and Conocophillips -4.92%. Airline stocks bucked the broader market’s negative trend, with Delta Air Lines Inc climbing +4.00%, American Airlines Group Inc +2.29%, Southwest Airlines Co +3.35% and United Airlines Holdings Inc +1.10%. Twitter Inc added +1.69% after Chief Executive Officer (CEO) Parag Agrawal revealed that Elon Musk abandoned his plan to join the company’s board. AT&T Inc rallied +7.74% on its first trading day following the spinoff of its 71% stake in Warner Bros. Holders of AT&T received roughly a 0.242 share of Warner Brothers Discovery, as the merged media company will be known, for each AT&T share in the spinoff. The Nasdaq shed -2.18% with losses deepening in the final hour of the session. Microsoft Corp fell -3.94%, while chipmakers Nvidia Corp and Advanced Micro Devices Inc fell -5.20% and -3.59% respectively. The small capitalisation Russell 2000 lost 0.71%.

Monday, 11 April 2022: US equity markets retreated on Friday (8 April) as investors braced for tighter monetary policy

Sun, 10 Apr 2022 23:24:45 +0000

US equity markets retreated on Friday (8 April) as investors braced for tighter monetary policy - Dow up +138-points or +0.40% . The broader S&P500 eased -0.27%, with Information Technology (down -1.49%) the key index drag. Energy (up +2.76%) sat atop the primary sector leaderboard on Friday (8 April). The Nasdaq shed -1.34%. The small capitalisation Russell 2000 fell -0.76%. US equity and bond markets are closed on Friday (15 April) for the Good Friday holiday.

Friday, 8 April 2022: US equity markets staged a comeback overnight

Thu, 07 Apr 2022 23:40:03 +0000

US equity markets staged a comeback overnight as investors digested minutes from the March Federal Open Market Committee meeting, showing the central bank weighing a plan to reduce its bond holdings by $95 billion per month as it tries to stamp out surging inflation. The Dow rose +87.06 points or +0.30%. The broader S&P500 gained +0.4%, with Health Care (+1.85%), Energy (+1.36%), and Consumer Staples (+1.18%) leading the way. St. Louis Fed President James Bullard on Thursday dismissed talk of recession, saying that the U.S. expansion “is not ‘old’ and can continue for a long time.” Bullard has called for the Fed to raise interest rates swiftly to counter inflation, saying he wants to get the Fed’s benchmark interest rate above 3% this year. Shares in HP Inc. jumped +14.8% after Warren Buffett’s Berkshire Hathaway Inc. disclosed that it had taken an 11.4% (US$4.2bn) stake in the computer and printer maker. This follows a near US$20bn buying spree by Berkshire Hathaway recently. The Nasdaq also rose +0.1% helped by Tesla Inc (+1.2%) and Microsoft (+0.6%), while Twitter fell -5.4% The small capitalisation Russell 2000 was lower -0.35%.

Thursday, 7 April 2022: Bond yields hit their highest level in three years and technology stocks lost ground

Wed, 06 Apr 2022 23:44:42 +0000

Bond yields hit their highest level in three years and technology stocks lost ground as investors digested more details about the Federal Reserve's plan to raise interest rates. The Dow fell about -0.30%, or -100 points, Nasdaq dropped -2.0% or 315 points to 13,888. While the S&P 500 lost 0.90% or -43 points to 4,481, with the more defensive sectors Utilities (up +2.0%), Real Estate (up +1.55%) and Health Care (up +1.55%) leading five of the eleven primary sectors. Technology shares were sold off, falling for a second day as investors rotated out of the sector in anticipation for higher rates. Apple (-1.85%), Microsoft (-3.66%), Amazon (-3.23%) and Tesla (-4.17%) contributed to the sectors decline. Chipmakers Nvidia and Marvell Technology also continued their decent, falling -6.0% and -2.60% respectively. Expectations of higher short-term rates have hit the mortgage market, sending the average 30-year fixed-rate mortgage to 4.9% last week, the highest rate since 2018, according to the Mortgage Bankers Association. Shares of home builders, fell across the board. PulteGroup fell -US$1.15, or -2.70%, Lennar was down -US$3.42, or -4.30%, and D.R. Horton slid -US$2.92, or -3.90%

Wednesday, 6 April 2022: US equity markets saw a mixed start, but soon turned lower across the board

Tue, 05 Apr 2022 23:44:23 +0000

US equity markets saw a mixed start, but soon turned lower across the board following remarks by the Fed Governor Lael Brainard, saying the Fed will “continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting,” This saw - Dow down -280 points or +0.80%. The broader S&P500 -1.26%, with Consumer Discretionary (-2.35%), and Information Technology (-2.19) leading the way down. Spirit Airlines (+22.37%) surged overnight after a report that JetBlue Airways has made a bid for budget carrier. This comes less than two months after Spirit and Frontier agreed to merge into a discount airline behemoth. The Nasdaq lead the losses falling -2.26%. Twitter (+2.00%) remained in the spotlight for a second day after the company named Elon Musk to its board of directors. Expectations of quicker interest rate hikes also dulled high-growth stocks Tesla (-4.73%), Paypal (-3.45%), and Amazon (2.6%). The small capitalisation Russell 2000 -2.36%.

Tuesday, 5 April 2022: US equity markets were strong in overnights trade

Mon, 04 Apr 2022 23:37:15 +0000

US equity markets were strong in overnights trade as positive employment data and a rebound in technology stocks outweighed geo-political developments - The Dow up +103-points or +0.20%. The broader S&P500 added +0.81%. While the Nasdaq gained +1.9% to lead the indexes. A jump in Consumer Discretionary (+2.3%), Communication Services (+2.3%), Information Technology (+1.91%) & Energy (+0.7%) led 8 of the 11 S&P500 sectors higher. Twitter shares surged more than 27% following news that Elon Musk purchased a +9.2% passive stake in the company. Tesla’s stock also rose +5.6% on the back of its latest quarterly electric vehicle delivery figures, which came in above the year-earlier period. Other technology companies including Apple, Amazon, Alphabet and Nvidia were also up more than +2% after what was a weak March quarter for those companies. US-listed Chinese technology stocks, including Alibaba and JD.com, also rallied on optimism that they could avoid being delisted from US markets. Meanwhile, shares of Starbucks dipped +3.7% after the coffee chain suspended its share buyback program. The small capitalisation Russell 2000 rose +0.21%.

Monday, 4 April 2022: US equity markets opened the new month and quarter with modest gains on Friday

Sun, 03 Apr 2022 23:28:29 +0000

US equity markets opened the new month and quarter with modest gains on Friday (1 April), with Wall Street looking to bounce back from its first negative quarter in two years - Dow up +140-points or +0.40%, recovering from an earlier session decline of ~100-points. The broader S&P500 added +0.34%, with the more defensive Real Estate (up +2.02%), Utilities (+1.45%) and Consumer Staples (+1.25%) sectors leading eight of the eleven primary sectors higher. Industrials (down -0.70%), Financials (-0.21%) and Information Technology (-0.17%) were the three primary sectors to close in the red. The Nasdaq +0.29%. Apple Inc (down -0.17%) was removed from JP Morgan’s Analyst Focus List, with the investment bank’s analysts citing concerns around a moderation in consumer spending. Apple climbed for 11-days from 14 March 14 until last Wednesday (30 March) - its longest winning streak since 2003. Chipmaker Qualcomm Inc (down -3.81%) was also removed from the focus list. Chip stocks more broadly were under fresh pressure, with Intel Corp down -2.93% and Advanced Micro Devices Inc -1.05%. Tesla Inc (up +0.65%) on Saturday (2 April) reported first quarter deliveries of ~310K vehicles, in-line with analysts’ expectations despite soaring gas prices, fresh COVID restrictions and supply chain challenges. It marked a quarterly record for the electric vehicle maker, up from ~309K vehicles delivered in the fourth quarter of 2021 and ~185K vehicles delivered in the first quarter of 2021. The small capitalisation Russell 2000 rose +1.01%. U.S.-listed Chinese stocks rallied on Friday (1 April) following a report that authorities in Beijing were preparing to meet a key demand of U.S. regulators, a move that would remove a cloud of uncertainty from companies like Alibaba Group Holding Ltd (up +1.29%), DiDI Global Inc (+12.80%), JD.com Inc (+2.11%) and NIO (+4.18%). The Chinese Securities Regulatory Commission and other regulators are drafting a new framework that would allow most Chinese companies to keep their U.S. listings, Bloomberg reported, citing anonymous sources. Beijing is set to give U.S. regulators the auditing reports of most of the 200-plus Chinese companies listed in New York, the report said, but was preparing to accept that some state-owned firms will be delisted.

Friday, 1 April 2022: US equity markets retreated, with the losses deepening in the final hour of the session

Thu, 31 Mar 2022 22:54:00 +0000

US equity markets retreated, with the losses deepening in the final hour of the session - Dow lost -550-points or -1.56% . JPMorgan Chase & Co fell -3% and Goldman Sachs Group Inc -1.6% The broader S&P500 shed -1.57%. Financials (down -2.32%) and Consumer Services (-2.01%) both fell over >2% to lead all eleven primary sectors lower. The Nasdaq fell -1.54%. Semiconductor and tech hardware stocks came under pressure amid analyst concerns over the PC market going forward. Advanced Micro Devices Inc fell -8.29% after analysts at Barclays downgraded the stock to equal weight from overweight and lowered its price target from US$148 to US$115. Meanwhile, HP Inc and Dell Technologies Inc dropped -6.54% and -7.6%, respectively, after being downgraded to equal weight from overweight at Morgan Stanley. The small capitalisation Russell 2000 -1.00%.

Thursday, 31 March 2022: US equity markets modestly weaker after a choppy session, with Russian forces shelling areas around Kyiv

Wed, 30 Mar 2022 22:52:36 +0000

US equity markets modestly weaker after a choppy session, with Russian forces shelling areas around Kyiv and another Ukrainian city overnight, just hours after it pledged to “fundamentally” cut back operations in the areas - Dow eased -65-points or -0.19% . The broader S&P500 lost -0.63%. Consumer Discretionary (down -1.51%) and Information Technology (-1.36%) both declined over >1% to lead seven of the eleven primary sectors lower. Energy returned to the top of the primary sector leaderboard with a +1.17% gain. The Nasdaq -1.21%. Apple Inc (down -0.66%) snapped an 11-session winning streak overnight, falling just short of matching the 12-session record winning streak from 2003. The decline in Apple’s share price came despite a report from Bloomberg News indicating that the company had growing ambitions in financial services and was looking to build payment-processing technologies that would support more in-house fintech efforts. The small capitalisation Russell 2000 shed -1.97%.

Wednesday, 30 March 2022: US equity markets extended their recent rally amid signs of some thawing tensions in the Russia-Ukraine conflict

Tue, 29 Mar 2022 22:50:20 +0000

US equity markets extended their recent rally amid signs of some thawing of tensions in the Russia-Ukraine conflict - Dow up +338-points or +0.97% . UnitedHealth Group Inc (down -0.48%) confirmed that its Optum Health unit would buy post-acute healthcare services company LHC Group LHCG in a deal that values LHC Group (up +5.93%) at more than >US$5.5B (US$170 per share). The broader S&P500 rose +1.23% to 4,631.60, exiting official correction territory after moving above 4,587.77 as the index rose for a fourth straight day. Based on data going back to 1928, the S&P 500 has seen a median gain of 11.5% a year after exiting correction, and average gain of nearly 14% - rising nearly 77% of the time. Median and average returns for shorter term time frames were also positive, according to Dow Jones Market Data. Real Estate (up +2.85%) and Information Technology (+2.06%) climbed over >2% to lead then of the eleven primary sectors higher. Energy (down -0.44%) was the only primary sector to close in the red. FedEx Corp rose % after the company announced that founder Fred Smith would step down as Chief Executive Officer (CEO) on 1 June and be replaced internally. Tesla Inc added +0.71% after Morgan Stanley reiterated its overweight rating on the electric vehicle maker. Morgan Stanley analyst Adam Jonas wrote in a client note that Tesla may spend a combined $200 billion to $250 billion on capital expenditures and research and development through 2030, or roughly the entire market value of Toyota Motor , the No. 2 automaker in market value behind Tesla. The call came after CEO Elon Musk tweeted that he was “Working on master plan part 3.” Moderna Inc rose +4.37% after U.S. regulators approved an additional COVID vaccine booster shot for people age 50 and over. The technology-centric Nasdaq gained +1.84%. The small capitalisation Russell 2000 climbed +2.65%.

Tuesday, 29 March 2022: US equity markets reversed earlier session losses to settle higher

Mon, 28 Mar 2022 22:32:53 +0000

US equity markets reversed earlier session losses to settle higher, with technology stocks leading the rebound - Dow up +95-points or +0.27%, recovering from an earlier decline of over >300-points. The broader S&P500 rose +0.71% to 4,575.52, falling short of the 4,587.77 level needed to mark an exit from official correction territory. Consumer Discretionary climbed +2.67% to lead eight of the eleven primary sectors higher. Energy (down -2.56%) was the worst performing primary sector overnight as crude prices retreated, with Chevron Corp down -1.75% and Exxon Mobil Corp -2.81% Tesla Inc rallied +% after the electric vehicle giant disclosed plans to enable a stock split, which would be the second in two years. The Nasdaq rallied +1.31% to 14,354.90, the highest settlement for the technology-centric index since 9 February. Apple Inc rose +0.50% to log its longest winning streak in more than a decade, climbing for ten consecutive sessions. The latest modest rise came despite a report from the Nikkei Asian Review saying that the company intends to lower production orders for its new iPhone SE by roughly 2M to 3M devices for the June quarter. The U.S. tech giant also reduced orders for its AirPods earphones by more than >10M units for all of 2022, as the company predicted lukewarm demand and wanted to reduce the level of inventories. Apple also asked suppliers to make a couple of million fewer units of the entire iPhone 13 range than previously planned, but said this adjustment was based on seasonal demand. Netflix Inc rose +1.25% despite executives predicting that growth would suffer much more than expected at the beginning of 2022. The small capitalisation Russell 2000 settled flat.

Monday, 28 March 2022: US equity markets ended another positive week on a mixed note

Sun, 27 Mar 2022 23:07:15 +0000

US equity markets ended another positive week on a mixed note - Dow up +153-points or +0.44%, with Goldman Sachs Group Inc (up +1.26%) and JPMorgan Chase & Co (+1.23%) among the notable performers and Treasury yields continued to climb. The broader S&P500 added +0.51%. The Energy sector (up +2.28%) climbed over >2% to lead nine of he eleven primary sectors higher on Friday (25 March). Information Technology and Consumer Discretionary both dipped -0.09% to be the only primary sectors not to advance. Tesla Inc (down -0.32%) is planning to suspend production at its Shanghai factory for at least one day, Bloomberg News reported on Sunday (27 March), as China’s financial hub said it would go into a lockdown in two stages to conduct COVID-19 testing. The technology centric Nasdaq eased -0.16%. The small capitalisation Russell 2000 +0.12%. JD.com Inc fell -2.60% after the U.S. Public Company Accounting Oversight Board said it was premature to say it was close to an agreement with China on allowing audit inspections of U.S.-listed Chinese companies. Alibaba Group Holding slid -1.9% following an ~6% in Hong Kong.

Friday, 25 March 2022: US equity markets advanced, settling near session highs as world leaders met

Thu, 24 Mar 2022 23:11:19 +0000

US equity markets advanced, settling near session highs as world leaders met to respond to Russia’s invasion of Ukraine and investors continued to monitor remarks by Federal Reserve officials - Dow up +349-points or +1.02% . The broader S&P500 +1.43%, with Information Technology (up +2.71%) leading all eleven primary sectors higher. Tesla Inc (up +1.48% to US$1,013.92) extended its rally into an eighth consecutive session to be up ~32% over that period and logging its highest close since 18 January. The technology-centric Nasdaq rallied +1.93%, with chipmakers among the leading performers. Nvidia Corp jumped +9.82%, Intel Corp +6.94%, and Advanced Micro Devices Inc +5.80%. The small capitalisation Russell 2000 gained +1.13%. Uber Technologies Inc rose +4.96% after The Wall Street Journal reported that the company has struck a deal to list all New York City taxis on its app.

Thursday, 24 March 2022: US equity markets retreated and settled near their session lows

Wed, 23 Mar 2022 22:40:26 +0000

US equity markets retreated and settled near their session lows as investors weighed the latest spike in oil prices and hawkish comments from Federal Reserve officials - Dow down -449-points or -1.29% . The broader S&P500 -1.23%, with Financials (down -1.84%), Health Care (+1.77%) and Information Technology (-1.5%) fell 1.5%+ to lead nine of the eleven primary sectors lower. Energy (up +1.74%) was the leading primary sector overnight. The Nasdaq -1.32%. Adobe Inc fell -9.34% after the software firm reported better-than-expected revenue and earnings per share (EPS) after the closing bell of the previous session but provided an outlook for the current quarter that fell shy of Wall Street estimates. The small capitalisation Russell 2000 shed -1.73%.

Wednesday, 23 March 2022: US equity markets rebounded following a volatile session on Monday

Tue, 22 Mar 2022 22:57:09 +0000

US equity markets rebounded following a volatile session on Monday (21 March) - Dow up +254-points or +0.74% . Goldman Sachs Group Inc rose +1.18% and JP Morgan Chase & Co +2.13% The broader S&P500 +1.13%, with Consumer Discretionary (up +2.45%) and Communication Services (+2.01%) both rising over >2% to lead ten of the eleven primary sectors higher. Energy (down -0.66%) was the only primary sector not to advance. Tesla Inc rose +7.% pushing its market capitalisation back above >US$1trillion for the first time since January after the electric carmaker opened a plant in Grünheide, Germany. The Nasdaq +1.96%. Big tech names Alphabet Inc (up +2.78%), Meta Platforms Inc (+2.44%) and Amazon.com Inc (+2.10%) all gained more than >2%. Nvidia Corp (down The small capitalisation Russell 2000 %. Alibaba Group Holding Ltd’s American Depository Receipts (ADRs) rallied +11% after the Chinese e-Commerce company announced late Monday (21 March) that it was boosting the size of its share-buyback program, authorising repurchases of as much as US$25B in shares, up from US$15B.

Tuesday, 22 March 2022: US equity markets retreated and bond markets saw aggressive selling

Mon, 21 Mar 2022 22:50:25 +0000

US equity markets retreated and bond markets saw aggressive selling after Federal Reserve Chair Jerome Powell underlined the need to quicken the pace of monetary policy tightening, adding that upward pressure on prices from the invasion of Ukraine comes at a time of “already too high inflation” - Dow lost -202-points or -0.58%, paring an earlier decline of as much as -413-points but snapping a five session winning streak. Boeing Co fell -3.59% after a China Eastern Airlines passenger jet, with 132 people on board crashed in the mountains of southern China. The plane was a 737-800, not the 737 Max, which has yet to resume commercial flying in China, according to The Wall Street Journal. The broader S&P500 dipped -0.04%, unwinding an earlier advance of as much as +0.4% despite a +3.79% gain for the Energy sector. The Nasdaq eased -0.40%. Facebook parent Meta Platforms Inc lost -2.31%. Apple Inc rose +0.85% despite several of its properties, including the App Store, Apple Music, Apple TV+, the iTunes store and Podcasts, suffering from an outage, disrupting access for users and businesses. Apple said the problems ranged from slow or unavailable service to intermittent issues with various services, its system status page showed. The small capitalisation Russell 2000 fell -0.97%.

Monday, 21 March 2022: US equity markets advanced to lift the benchmark indices

Sun, 20 Mar 2022 22:50:08 +0000

US equity markets advanced to lift the benchmark indices to their best weekly performance since the week ended 6 November 2020, according to Dow Jones Market Data - Dow climbed for a fifth straight session, settling +274-points or +0.80% higher. Salesforce.com Inc and Apple Inc were among the top gainers in the Dow, rising +3.99% and +2.09% respectively The broader S&P500 gained +1.17%. Information Technology (up +2.19%) and Consumer Discretionary (+2.18%) both gained over >2% to lead ten of the eleven primary sectors higher. Utilities (down –0.90%) was the only primary sector to settle in the red on Friday (18 March). General Motors Co rose +0.4% in extended trading on Friday (18 March) after announcing that it was buying Softbank Vision Fund's stake in its autonomous-driving unit Cruise for US$2.1B, lifting its stake to ~80%. GM will also make an additional US$1.35B investment in Cruise in place of SoftBank, it said. The technology centric Nasdaq rallied +2.05%. Nvidia Corp rallied +6.8% and Meta Platforms Inc +4.16% The small capitalisation Russell 2000 added +1.02%. Friday’s (18 March) marked Quadruple Witching, the simultaneous expiration of stock index futures, stock index options, stock options and single-stock futures.

Friday, 18 March 2022: US equity markets continued to build on a strong rebound

Thu, 17 Mar 2022 23:21:42 +0000

US equity markets continued to build on a strong rebound as investors digested the latest news out of Ukraine and the outcome of the latest Federal Reserve monetary policy meeting - Dow gained +418-points or +1.23% and is on pace to log its first positive week in the past six. American Express Corp (up +3.52%) was among the leading performers following their Investor Day on Wednesday (16 March), with Bank of America reiterating their ‘buy’ recommendation on the stock. The broader S&P500 advanced +1.23%, with Energy (up +3.48%) returning to the top of the leaderboard and leading all eleven primary sectors higher. Occidental Petroleum jumped +9.47% as Warren Buffet’s investment group, Berkshire Hathaway, filed papers with the Securities and Exchange Commission (SEC) indicating it owed 136.37M shares of the oil major as of 16 March, following purchases of around US$985M of stock between 14 March and 16 March at an average price of around US$54.41 per share. The Nasdaq rose +1.33%. The small capitalisation Russell 2000 gained +1.69%. Tonight’s AEST session for US equity markets is Quadruple Witching, when stock index futures, stock index options, stock options and single-stock futures expire simultaneously.

Thursday, 17 March 2022: US equity markets logged strong gains after a volatile session

Wed, 16 Mar 2022 22:42:21 +0000

US equity markets logged strong gains after a volatile session that saw the Federal Reserve raise interest rates as expected accompanied by an aggressive policy outlook to combat inflation - Dow gained +519-points or +1.55% after initially declining in the wake of the release of the Federal Reserve’s monetary policy statement. The index swung nearly 700-points from its session lows. JPMorgan Chase & Co +4.47% Boeing Co (up +5.06%), Intel Corp (+4.06%), Nike Inc (+4.85%), and Salesforce.com Inc (+4.81%) were among other notable index performers. American Express Co gained +2.60% after the company hosted an Investor Day and reiterated its long-term goals for annualised revenue growth of more than >10% in 2024 and beyond, as well as earnings-per-share (EPS) growth in the mid-teens range over the same stretch. The broader S&P500 jumped +2.24%, recording its biggest two-day increase since April 2020. The Nasdaq surged +3.77% to log its best daily percentage gain since 4 November, 2020 and mark a +6.7% rally for the technology-centric index over the past two sessions The small capitalisation Russell 2000 rallied +3.14%.

Wednesday, 16 March 2022: US equity markets advanced as oil prices retreated below US$100/barrel for the first time since 1 March

Tue, 15 Mar 2022 23:22:12 +0000

US equity markets advanced as oil prices retreated below US$100/barrel for the first time since 1 March, while the latest reading of wholesale inflation printed lighter than expectations - Dow rallied +599-points or +1.82% . The broader S&P500 gained +2.14%, snapping a three day losing streak. Information Technology (up +3.49%) and Consumer Discretionary (+3.39%) both climbed over >3% to lead ten of the eleven primary sectors. Energy (down -3.72%) sat at the foot of the primary of the primary sector leaderboard for a second consecutive session, with Chevron Corp down -5.06% and Exxon Mobil Corp -5.69%. Delta Air Lines Inc (up +8.70%) and Southwest Airlines Co (+4.89%) both raised their first-quarter revenue outlooks overnight, while United Airlines Holdings Inc (+9.19%) said it expects first-quarter total operating revenue to be nearer the top end of previous guidance. The technology-centric Nasdaq rebounded +2.92%, also snapping a three session losing streak and more than recouping the previous session’s -2.06% decline. Microsoft Corp and Netflix Inc each rose +3.8% after some Wall Street analysts reiterated their overweight ratings. Chipmakers also rebounded strongly, with Advanced Micro Devices Inc up +6.92% and Nvidia Corp +7.70%. The small capitalisation Russell 2000 rose +1.4%.

Tuesday, 15 March 2022: US equity markets weaker as investors continued to monitor Russia-Ukraine updates

Mon, 14 Mar 2022 23:53:12 +0000

US equity markets weaker as investors continued to monitor Russia-Ukraine updates and China’s latest COVID-related lockdown ahead of the Federal Reserve’s latest monetary policy decision on Thursday morning AEST (17 March) - Dow settled unchanged , relinquishing an earlier rally of as much as +450-points. Apple Inc fell -2.66% after its supplier and biggest assembler of iPhones Hon Hai Precision Industry Co Ltd, known as Foxconn Technology Group, suspended operations in China's Shenzhen amid rising COVID-19 cases. There were separate reports that Foxconn is in talks with Saudi Arabia about jointly building a US$9B multipurpose facility that could make microchips, electric-vehicle components and other electronics like displays, according to people familiar with the matter. Taiwan-based Foxconn is also reportedly talking with the United Arab Emirates about potentially siting the project there. Intel Corp and Salesforce.Com Inc fell -3.12% and -2.4% respectively. However, American Express Co and Visa Inc were among the Dow’s top gainers, adding +2.9% and +1.8% respectively. The broader S&P500 fell -0.74%, with Energy (down -2.89%) and Information Technology (-1.90%) leading seven of the eleven primary sectors lower. Financials (up +1.25%) was the best performing primary sector overnight. The S&P 500 booked its first death cross - where the 50-day moving average crosses below the 200-day moving average - since March of 2020. The technology-centric Nasdaq dropped -2.06%, with chipmakers under particular pressure. Qualcomm Inc fell -7.25% and Nvidia Corp -3.48%. The small capitalisation Russell 2000 declined -1.92%. The U.S.-listed shares of Alibaba Group Holding Ltd sank -10.3% as the China-based e-commerce giant continues to suffer from a broad selloff in China’s stock market amid the threat of delisting of shares of China-based companies in the U.S. Hong Kong’s Hang Seng index fell -4.97% yesterday (14 March), while mainland Chinese stocks were also weaker (Shanghai Stock Exchange down -2.60%, with the Shenzhen Component Index shed -3.08%)

Monday, 14 March 2022: US equity markets retreated on Friday, with the losses accelerating into the close

Sun, 13 Mar 2022 22:52:07 +0000

US equity markets retreated on Friday (11 March), with the losses accelerating into the close and all three major benchmarks booking another week of losses, after President Joe Biden called for a suspension of normal trade relations with Russia as part of sanctions designed to economically isolate Moscow for its unprovoked attack in Ukraine - Dow fell -265-points or -0.69%, relinquishing modest opening gains. Nike Inc (down -2.70%) and Apple Inc (-2.39%) were among the key index drags. The broader S&P500 -1.30% to 4,204.31. Communication Services (-1.88%), Information Technology (-1.80%) and Consumer Discretionary (-1.79%) led all eleven primary sectors lower. Oracle Corp rose +1.53% despite releasing a mixed third quarter result after the close of last Thursday’s (10 March) session. A Securities and Exchange Commission (SEC) filing late Friday (11 March) revealed that Berkshire Hathaway Inc (up +0.41%) spent more than US$1.5B last week to buy a further 27.1M shares in Occidental Petroleum Corp (down -0.31%), lifting the company’s stake in the energy company to 118.3M shares worth more than >US$6.9B - or ~12% of the outstanding shares. The latest purchases made Occidental Petroleum the 9th largest reported holding of Warren Buffet’s investment vehicle’s holdings of publicly-traded U.S. shares. Separately, Berkshire Hathaway on Friday (11 March) urged the rejection of four shareholder proposals recommending that it replace Warren Buffett as chairman, report on its plans to handle climate risk and reduce greenhouse gases, and improve diversity. The Nasdaq shed -2.18%. The small capitalisation Russell 2000 lost -1.59%. Ride share and food delivery company Uber Technologies (up +1.15%) announced that it is imposing a temporary fuel surcharge (ranging from US$0.45c to US$55c that will be in effect for two months) that will go directly to drivers to help mitigate the impact of soaring gas prices (which hit a record high of US$4.43 per gallon last week, up US$0.79 in the past two weeks).

Friday, 11 March 2022: US equity markets retreated as investors braced for central banks to tighten monetary policy

Thu, 10 Mar 2022 22:48:40 +0000

US equity markets retreated as investors braced for central banks to tighten monetary policy despite Russia’s invasion of Ukraine - Dow eased -112-points or -0.34% . Goldman Sachs Group Inc (-1.11%) became the first major Wall Street bank to pull out of Russia, saying it was winding down its business in Russia, in accordance with the relevant regulatory and licensing rules. The announcement came after the investment bank disclosed a credit exposure to Russia of US$650M. FedEx Corp (up +1.18%) announced that chief executive officer and president Donald Colleran will retire 31 December. The broader S&P500 lost -0.43%, with Information Technology (down -1.76%) led six of the eleven primary sectors lower. Energy (up +3.07%) returned to the top of the primary sector leaderboard overnight, with Chevron Corp up +2.74% and Exxon Mobil Corp +3.10%. The technology-centric Nasdaq -0.95%, with Apple Inc (down -2.72%) and Meta Platforms (-1.66%) among the key drags. However, Amazon.com Inc gained +5.41% and logged its second best daily rise of 2022 after the company announced a 20-for-1 stock split and US$10B buyback after the closing bell of the previous session. The small capitalisation Russell 2000 slipped -0.23%.

Thursday, 10 March 2022: US equity markets snapped a four session losing streak

Wed, 09 Mar 2022 22:47:49 +0000

US equity markets snapped a four session losing streak, with investor sentiment shifting ahead of a European Union (EU) summit tonight AEST when leaders will discuss a new growth and investment model and ways to reduce dependence on Russian energy - Dow gained +654-points or +2.00%, climbing out of official correction territory. Goldman Sachs Group Inc (up +3.80%), JPMorgan Chase & Co (up +4.01%), Nike Inc (+4.74%) and Salesforce.Com (+5.77%) were among the leading index performers. The broader S&P500 +2.57%, logging its best daily percentage gain since 5 June 2020. Information Technology (up +3.98%), Financials (+3.61%), Communication Services (+3.45%) and Materials (+3.01%) all gained over >3% to lead nine of the eleven primary sectors higher. Energy fell -3.18%. General Electric Co gained +3.5% to extend their bounce off at 14-month low after the industrial conglomerate disclosed a new US$3B stock repurchase program. The technology centric Nasdaq jumped +3.59%, dragging itself out of official bear market territory and best daily percentage gain since 9 March, 2021. Netflix Inc gained +4.98%, Microsoft Corp +4.59%, Meta Platforms +4.31% and Alphabet Inc +4.97%. The small capitalisation Russell 2000 rallied +2.71%.

Wednesday, 9 March 2022: US equity markets retreated, with the S&P500 settling at its lowest level since June 2021

Tue, 08 Mar 2022 22:59:48 +0000

US equity markets retreated, with the S&P500 settling at its lowest level since June 2021 after yet another volatile session - Dow down -185-points or -0.56%, unwinding an earlier +585-point rally. The broader S&P500 lost -0.72%, and pushing deeper into official correction territory. Consumer Staples (down -2.64%) and Healthcare (-2.11%) both declined over >2% to lead nine of the eleven primary sectors lower. Energy (up +1.39%) was yet again the leading primary sector, with Chevron Corp up +5.24%. Airlines and cruise lines also advanced. Delta Air Lines Inc rose 3.69%, American Airlines Group Inc +5.22% and United Airlines +3.32%, while Norwegian Cruise Line Holdings Ltd rose +3.77%. General Electric Co (up +3.24%) announced that its board authorised a $3B share buyback programme. The technology-centric Nasdaq -0.28% a day after entering an official bear market. Apple Inc (down -1.17%) staged its spring product launch event. The company unveiled a slew of new products on Tuesday, including a new iPad Air, the high-powered Mac Studio computer and the successor to one of its best-value phones, the iPhone SE. The small capitalisation Russell 2000 bucked the weaker trend, adding +0.60%.

Tuesday, 8 March 2022: US equity markets fell sharply, with investors rattled by the risk of energy sanctions

Mon, 07 Mar 2022 23:32:17 +0000

•US equity markets fell sharply, with investors rattled by the risk of energy sanctions cascading through the economy - Dow dropped -797-points or -2.37%, with American Express Co (down -7.99%) the worst index performer. The broader S&P500 shed -2.95%, pushing deeper into official correction territory (down more than >12% from its most recent record close). Energy (up +1.57%) was once again the best performing primary sector, with Chevron Corp up +2.14% and Exxon Mobil Corp +3.60%. Utilities (up +1.31%) was the only other primary sector to advance. Consumer Discretionary (down -4.80%) was the worst performing primary sector overnight, while Communication Services (-3.74%), Information Technology (-3.70%), Financials (-3.66%) and Materials (-3.49%) all fell over >3%. The technology-centric Nasdaq slumped -3.62% to 12,830.96 and settled in bear market territory, down by more than >20% from its 19 November, 2021 peak. The small capitalisation Russell 2000 fell -2.48%. In broader stock moves, Bed Bath & Beyond soared 34.18% after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.

Monday, 7 March 2022: US equity markets retreated and bond markets rallied on Friday (4 March)

Sun, 06 Mar 2022 23:19:26 +0000

US equity markets retreated and bond markets rallied on Friday (4 March) as investors sought out havens amid the escalating war between Russia and Ukraine - Dow down -180-points or -0.53%, paring an earlier decline of over >500-points. American Express Co (down -3.86%), JPMorgan Chase & Co (down 2.81%) and Goldman Sachs Group Inc (-1.12%) were notable laggards. However, more defensive names like Walmart Inc (up +2.53%) and UnitedHealth Inc Group Inc (+2.48%) outperformed. The broader S&P500 -0.79%. Financials (down -1.96%), Information Technology (-1.78%) and Consumer Discretionary (-1.51%) all fell over >1.5% to lead six of the eleven primary sectors lower. Energy (up +2.85%) once again sat atop the primary sector leaderboard, while Utilities gained +2.19%. Occidental Petroleum jumped +17.59%. In a filing late Friday (4 March), Berkshire Hathaway said it holds a total of 113.7M shares of Occidental, including both the stock and warrants. The combined holding represents 11.2% of Occidental’s outstanding shares but that overstates Berkshire’s investment since the warrant exercise price is out of the money (or above the current stock price). Travel and leisure-related companies were under fresh pressure, with American Airlines Group Inc down -7.13%, Delta Air Lines Inc -5.58% and United Airlines Holdings Inc -9.07%. The Nasdaq -1.66%. Apple Inc (down -1.56%) hosted its annual shareholder meeting on Friday (4 March) and stages its spring product launch event on Tuesday night AEST (8 March). Microsoft Corp (down -2.05%) and Netflix Inc (-1.72%) announced they were suspending new sales and services in Moscow. The small capitalisation Russell 2000 -1.56%. For the week, Dow lost -1.30%, logging its fourth straight weekly decline. The S&P500 shed -1.27% and the Nasdaq -2.78%.

Friday, 4 March 2022: Technology stocks weighed on US equity markets

Thu, 03 Mar 2022 23:03:51 +0000

Technology stocks weighed on US equity markets - Dow down -97-points or -0.29% after trading in positive territory for much of the session. The broader S&P500 settled -0.53% lower, with Consumer Discretionary (-2.29%) and Information Technology (-1.24%) leading four of the eleven primary sectors lower. More defensive sectors outperformed overnight, with Utilities (up +1.72%) and Real Estate (+1.10%) both gaining over >1%. The Nasdaq fell -1.56%. Apple Inc (down -0.20%) holds its annual shareholder meeting tonight AEST (2 March). The small capitalisation Russell 2000 lost -1.39%.

Thursday, 3 March 2022: US equity markets rebounded sharply and a powerful rally in debt markets reversed

Wed, 02 Mar 2022 22:59:42 +0000

US equity markets rebounded sharply and a powerful rally in debt markets reversed as Federal Reserve chair Jay Powell signalled that the US central bank would raise interest rates this month despite economic uncertainty created by Russia’s invasion of Ukraine - Dow up +596-points or +1.79%, with all 30 index components advancing. Caterpillar Inc (up +5.35%), Intel Corp (+4.38%) and Goldman Sachs Group Inc (+2.49%) were among the strongest performers. The broader S&P500 gained +1.86%. Financials (up +2.55), Materials (+2.24%), Energy (+2.22%), Industrials (+2.19%) and Information Technology (+2.19%) all gained over >2% to lead all eleven primary sectors higher. Ford Motor Co jumped +8.38% after the automaker announced it would split its electric vehicle and legacy production businesses into two separate units. Ford plans to breakout financial results for both units, and its Ford+ business, by 2023.The technology-centric Nasdaq rose +1.62%. The small capitalisation Russell 2000 rose +2.51%.

Wednesday, 2 March 2022: US equity markets retreated as the military conflict in Ukraine showed no signs of abating

Tue, 01 Mar 2022 23:58:31 +0000

US equity markets retreated as the military conflict in Ukraine showed no signs of abating, with Russia stepping up its bombardment of Ukraine’s biggest cities and traders seeking shelter from risk asset - Dow fell -598-points or -1.76%, paring an earlier -785-point drop. American Express was the worst performing Dow constituent overnight, down -8.47%. Goldman Sachs Group Inc and JPMorgan Chase & Co fell -3.27% and -3.77% respectively. The broader S&P500 -1.55%, with Financials (down -3.71%) leading ten of the eleven primary sectors lower. The latest decline dragged the S&P500 back into official correction territory. Energy (up +1.03%) was the only primary sector to advance, with Chevron Corp up +3.97% and Exxon Mobil Corp +0.96%. Chevron hosted its annual Investor Day overnight and said it will ramp up share buybacks as it expects higher returns across the next four years, as much as doubling its share buyback guidance range each year to US$5B to US$10B, up from a prior range of US$3B to US$5B. The energy major also said that it expected to continue to improve cost efficiency and deliver higher returns The technology-centric Nasdaq lost -1.59%. Apple Inc (down -1.16%) confirmed that it has stopped selling its products through the Apple Store in Russia. All Apple products on the company’s Russian storefront are listed as “unavailable” for purchase or delivery in the country. Apple also said overnight that it has removed Russian state-controlled outlets RT News and Sputnik News from its App Store around the world except for Russia. Nike Inc (down -3.17%) has also stopped selling products in Russia, according to a message posted on the company’s website. The small capitalisation Russell 2000 shed -1.93%.

Tuesday, 1 March 2022: US equity markets modestly weaker as new sanctions imposed on Russia reverberated through financial markets

Mon, 28 Feb 2022 23:17:12 +0000

US equity markets modestly weaker as new sanctions imposed on Russia reverberated through financial markets - Dow down -166-points or -0.49%, paring an earlier. JPMorgan Chase & Co (down -4.17%) and Goldman Sachs Group Inc (-2.52%) combined to knock ~100-points off the Dow. Nike Inc (down-1.62%), Visa Inc (-1.44%), and Procter & Gamble (-1.49%) also weighed heavily on the index. A US$1 move in any of the Dow's 30 components equates to a 6.59-point swing. The broader S&P500 -0.24%, with more than >70% of index constituents in the red. Real Estate (down -1.77%), Financials (-1.46%), Consumer Staples (-1.32%) and Materials (-1.18%) all falling over >1%. Energy sat atop the primary sector leaderboard with a +2.57% gain. Tesla Inc rallied +7.48% following reports out of Germany indicating that the company is close to receiving approvals to begin commercial production at its new factory outside of Berlin. A late session rally lifted the technology-centric Nasdaq +0.41%, rebounding from an earlier loss of as much as -1.1%. The small capitalisation Russell 2000 rose +0.35%.

Monday, 28 February 2022: US equity markets rallied on Friday as war in Ukraine raged

Sun, 27 Feb 2022 23:12:35 +0000

US equity markets rallied on Friday (25 February) as war in Ukraine raged, with investors watching for signs that the conflict with Russia would be contained to the two countries - Dow jumped +835-points or +2.51%, notching its best daily gain since early November 2020. Johnson & Johnson (up +%) and 3M Co (+%). The broader S&P500 +2.24%. Etsy Inc soared +16.21% after the online marketplace’s quarterly results beat analyst estimates. The Nasdaq +1.64%. The small capitalisation Russell 2000 +2.25%.

Friday, 25 February 2022: US equity markets staged a impressive comeback from steep declines earlier in the session

Thu, 24 Feb 2022 22:53:12 +0000

US equity markets staged a impressive comeback from steep declines earlier in the session, with the technology-centric Nasdaq registering its biggest intraday swing since the throes of the pandemic in March 2020 - Dow up +92-points or +0.28%, erasing an earlier -859-point/-2.6% drop The broader S&P500 gained +1.50%, recovering from an earlier session slide of as much as -2.6%. Information Technology (up +3.47%) and Communication Services (+3.13%) leading the fight back with gains of over >3%. Consumer Staples (down -1.71%) and Financials (-1.17%) were the laggard primary sectors. The Nasdaq rebounded +3.34%, rallying back from an earlier ~3.5% slump. The technology-centric index opened the session in bear market territory, down more than >20% from its record peak in November. Netflix Inc rose +6.14%, Microsoft Corp +5.11%, Alphabet Inc +4.00% and Meta Platforms Inc +4.61%. The small capitalisation Russell 2000 rose +2.64%.

Thursday, 24 February 2022: The Dow and S&P500 extended losses into a fifth consecutive session following a late-session sell-off

Wed, 23 Feb 2022 22:54:46 +0000

The Dow and S&P500 extended losses into a fifth consecutive session following a late-session sell-off as escalating tensions dragged the benchmark indices to fresh 2022 lows - Dow down -465-points or -1.38%, just avoiding falling into official correction territory. The broader S&P500 pushed further into official correction territory, falling -1.84% and unwinding an earlier rally of as much as +0.9%. Consumer Discretionary (down 3.42%) and Information Technology (-2.56%) led ten of the eleven primary sectors lower. Energy (up +1.01%) was the only primary sector to advance. The technology-centric Nasdaq shed -2.57%, with e-commerce giant Amazon.com Inc down 3.58%, and Apple Inc -2.59%. The Dow and Nasdaq closed below their 24 January intra-day lows of 33,150.33 and 4,222.62 respectively. The small capitalisation Russell 2000 lost 1.82%.

Wednesday, 23 February 2022: US equity markets resumed trading after the Presidents’ Day long weekend firmly on the backfoot

Tue, 22 Feb 2022 22:52:41 +0000

US equity markets resumed trading after the Presidents’ Day long weekend firmly on the backfoot as the geopolitical developments between Russia and Ukraine continued to dent investor sentiment - Dow shed -483-points or -1.42% to its lowest close since 18 June last year (33,596.61) after falling more than >700-points earlier in the session. The broader S&P500 lost -1.01% to 4,304.76, the lowest close since 4 October last year and settling in official correction territory (down just over >10% from its 3 January all-time high of 4,796.64). ~76% of index constituents declined. Consumer Discretionary (down -3.04%) led all eleven primary sectors lower. The technology-centric Nasdaq fell -1.23%. Consumer Discretionary (down 3.04%) led all eleven primary sectors lower. The small capitalisation Russell 2000 fell -1.45%.

Tuesday, 22 February 2022: European bourses relinquished opening gains to settle in the red

Mon, 21 Feb 2022 22:51:35 +0000

European bourses relinquished opening gains to settle in the red, with the Automotive sector (down -2.7%) leading the pan-European Stoxx 600 index (which includes UK equities) -1.30% lower. Germany's DAX fell -2.07%. France's CAC lost -2.04%. French car parts group Faurecia SE fell -5.40% despite forecasting a rise in annual sales, adding that it expected semiconductor shortages to ease from the second half of 2022. In broader stock moves, Credit Suisse Group AG fell -3.09% after the Swiss investment bank said that it “strongly rejects” allegations published following a coordinated global media investigation into a mass leak of its client data over previous decades. The leaked information was purported to contain human rights abusers and businessmen under sanctions. In economic data, a flash reading of the IHS Markit manufacturing PMI slipped to 58.4 in February from a final reading of 58.7 in January, below economists’ forecast for an unchanged reading. The eurozone services PMI rose to a five month high of 55.8 in February from 51.1 in January, better than economists’ forecasts for a reading of 52.0. The services business expectations index climbed to 68.7 in February from 67.2. The readings saw a flash reading of the Composite PMI jump to a five-month high of 55.8 in February from 52.3 in January, significantly above median economists forecasts for 52.7. The German producer price index (PPI) rose at its fastest rate since modern records began in January, printing at 25% year-on-year versus 24.2% in December. Energy prices continue to make the biggest upward contribution, up +66.7%. The German Ifo Business Climate index for February is released tonight AEST.

Monday, 21 February 2022: US equity markets weaker after another volatile session ahead the long weekend

Sun, 20 Feb 2022 23:09:24 +0000

US equity markets weaker after another volatile session ahead the long weekend that saw tensions between Russia and Ukraine intensify and trillions of dollars in options and futures on stocks, indexes and exchange traded funds (ETF) expire - Dow down -233-points or -0.68%, with Intel Corp (down -5.32%) the biggest index laggard as Bank of America reiterated an ‘underperform rating’ on the company. The broader S&P500 -0.72%, with Information Technology (down -1.10%) leading ten of the eleven primary sectors lower. Consumer Staples (up +0.11%) was the only primary sector to edge higher. Ford Motor Co rose +2.85% amid after Bloomberg News reported that the company is considering separating its electric-vehicle (EV) operation from its legacy car and truck manufacturing, a move seen boosting its competitiveness against singularly EV-focused makes such as Tesla Inc (down -2.21%). The technology-centric Nasdaq lost -1.23%. The small capitalisation Russell 2000 fell -0.93%. Roku Inc tumbled -22.29% in after the streaming company’s issued an underwhelming outlook for the current quarter after the closing bell of the previous session. US equity and bond markets are CLOSED tonight AEST for the Presidents’ Day holiday.

Friday, 18 February 2022: Fresh fears over Russia-Ukraine drove sharp declines for US equity markets

Thu, 17 Feb 2022 22:50:28 +0000

Fresh fears over Russia-Ukraine drove sharp declines for US equity markets, with the technology sector once again bearing the brunt of the losses - Dow dropped -622-points or -1.78%, logging its worst single session performance for the calendar year-to-date. The broader S&P500 shed -2.12%, with 85% of the index constituents declining and the slide ranking among the five worst trading days of the past year for the benchmark index. Information Technology (down -3.06%), Communication Services (-2.96%) and Consumer Discretionary (-2.57%) all declining over >2.65% to lead nine of the eleven primary sectors lower. Consumer Staples (up +0.91%) and Utilities (+0.06%) were the only primary sectors to advance. Cisco Systems Inc gained +2.80 after the networking hardware and software posting better-than-expected fiscal second quarter numbers after the closing bell of the previous session. The technology-centric Nasdaq slumped -2.88%. Nvidia Corp fell -7.56% despite the chipmaker posting better-than-expected adjusted fourth quarter earnings per share and record revenue after the close of Wednesday’s (16 January) session. The small capitalisation Russell 2000 fell -2.37%.

Thursday, 17 February 2022: US equity markets mixed as investors digested the latest Federal Reserve monetary policy meeting minutes

Wed, 16 Feb 2022 22:51:43 +0000

US equity markets mixed as investors digested the latest Federal Reserve monetary policy meeting minutes and mixed messaging around the Russia-Ukraine tensions - Dow eased -55-points or -0.16%, paring an earlier decline of over >300-points. The broader S&P500 added +0.09%, recovering from an earlier ~0.7% fall. Energy up +0.76%) led ten of the eleven primary sectors higher, with Information Technology (down 0.17%) the only sector not to advance. ViacomCBS tumbled -17.81% to be the worst S&P500 performer overnight after the company reported lower-than-expected quarterly earnings after the close of the previous session and announced it was rebranding itself Paramount Global to focus on streaming. The Nasdaq -0.11%. The small capitalisation Russell 2000 +2.76%.

Wednesday, 16 February 2022: US equity markets climbed sharply amid signs of an easing of tensions over Ukraine

Tue, 15 Feb 2022 23:00:59 +0000

US equity markets climbed sharply (as Treasury yields rose and oil prices retreated) amid signs of an easing of tensions over Ukraine, with Russian President Vladimir Putin saying Moscow is ready for talks with North Atlantic Treaty Organisation (NATO) on limits to missile deployments in Europe following a meeting with German Chancellor Olaf Scholz, and following a claim that Russia is pulling back some troops in the area. - Dow up +423-points or +1.22%, with Boeing Co climbing +3.66% The broader S&P500 +1.58%, with Information Technology (up +2.73%) and Consumer Discretionary (+2.08%) advancing over >2% to lead nine of the eleven primary sectors higher. Energy (down -1.39%) and Utilities (-0.55%) were the only primary sectors to settle in the red. The Nasdaq +2.53%. The small capitalisation Russell 2000 +2.83%. In merger and acquisition (M&A) news, Intel Corp rose +1.81% after striking a US$5.4B deal to acquire Tower Semiconductor, as the chipmaker to bolster its manufacturing capabilities.

Tuesday, 15 February 2022: US equity markets weaker after a choppy session with stocks whipsawing on various news reports related to Ukraine

Mon, 14 Feb 2022 22:58:41 +0000

US equity markets weaker after a choppy session, with stocks whipsawing on various news reports related to Ukraine - Dow fell -172-points or -0.49%, with pharmacy group Walgreens Boots Alliance Inc (down -2.75%), International Business Machines (IBM) Corp -1.91% and energy major Chevron Corp (-1.54%) among the notable drags on the index. The broader S&P500 lost -0.38%, with Energy (down -2.24%) leading nine of the eleven primary sectors lower after topping the primary sector leaderboard last Friday (11 February). Financials (down -1.11%), Health Care (-1.09%) and Real Estate (-1.02%) all fell over >1%. Consumer Discretionary (up +0.58%) and Communication Services (+0.32%) were the only primary sectors to advance. The S&P500 logged its third straight session decline and racked up its biggest three-day drop (-4.09%) since 28 October 2020. The technology-centric Nasdaq was flat, unwinding an earlier ~1% rally and extending its decline over the past three days to -4.8%. The small capitalisation Russell 2000 lost -0.41%. In merger and acquisition (M&A) news, Splunk Inc rose +9.13% after The Wall Street Journal (WSJ) reported that Cisco Systems (down -1.34%) made a takeover offer worth more than >US$20B for the software maker. The offer was made recently and the companies aren’t currently in active talks, the WSJ reported, citing people familiar with the matter. Separately, Lockheed Martin Corp fell -2.33% as it ended its bid to buy Aerojet Rocketdyne Holdings Inc (-5.60%) after the Federal Trade Commission last month sued to block the proposed US$4.4B deal.

Monday, 14 February 2022: US equity markets retreated sharply in Friday’s (11 February) afternoon session

Sun, 13 Feb 2022 23:00:19 +0000

US equity markets retreated sharply in Friday’s (11 February) afternoon session (and crude prices jumped), with U.S. National Security Advisor Jake Sullivan advising at a White House briefing that took place ~2-hours before the close of trading that there were signs of Russian escalation at the Ukraine border - Dow down -504-points or -1.43% . The broader S&P500 shed -1.90%, with Information Technology (down -3.01%), Consumer Discretionary (-2.82%) and Communication Services (-2.54%) all falling over >2.5% and leading nine of the eleven primary sectors lower. Energy (up +2.79%) and Utilities (+0.01%) were the only sectors to advance. Exxon Mobil Corp and ConocoPhillips gained +2.5% and +2.3%, respectively. However, American Airlines Group Inc fell -5.88% and Delta Air Lines Inc -3.58%. The Nasdaq dropped -2.78%. Semiconductor stocks, which have been volatile in part due to supply chain issues caused by COVID, were notable underperformers on Friday (11 February), with Advanced Micro Devices (down -10.01%), Nvidia Corp -7.3% and Xilinx Inc (-9.99%) both falling ~10%. The small capitalisation Russell 2000 lost -1.02%. “Buy now, pay later” provider Affirm Holdings Inc plunged -20.67% after the group posted a wider-than-expected fiscal second quarter loss and disappointing third quarter revenue guidance.

Friday, 11 February 2022: US equity markets retreated, with technology stocks under renewed pressure

Thu, 10 Feb 2022 22:59:22 +0000

US equity markets retreated, with technology stocks under renewed pressure as investors assessed another hot inflation report - Dow down -527-points or -1.47%. However, Walt Disney Co gained +3.35% after recording record first quarter revenue and better-than-expected adjusted earnings per share (EPS) after the close of the previous session. The broader S&P500 lost -1.81%, with Real Estate (down -2.86%), Information Technology (-2.75%) and Utilities (-2.61%) all falling over >2.5% to lead all eleven primary sectors lower. The technology-centric Nasdaq dropped -2.10%. The small capitalisation Russell 2000 fell -1.55%.

Thursday, 10 February 2022: US equity markets advanced, underpinned by a further rebound for the technology sector

Wed, 09 Feb 2022 22:46:55 +0000

US equity markets advanced, underpinned by a further rebound for the technology sector - Dow up +305-points or +0.86% . The broader S&P500 +1.45%, with Communication Services (up +2.45%), Real Estate (+2.38%), Information Technology (2.31%) and Materials (+2.13%) all climbing over >2% to lead all eleven primary sectors higher. The technology-centric Nasdaq +2.08%, settling over >8% above its 27 January closing low Facebook parent Meta Platforms Inc rebounded +5.37% a day after the company’s market capitalisation fell below

Wednesday, 9 February 2022: US equity markets rallied, shrugging off the latest climb in Treasury yields

Tue, 08 Feb 2022 22:46:56 +0000

US equity markets rallied, shrugging off the latest climb in Treasury yields - Dow up +372-points or +1.06%, with American Express (up +3.3%) and JPMorgan Chase & Co (+%) notable index performers. The broader S&P500 +0.84%, reversing earlier losses as investors rotated into materials, technology, and financial stocks. It was a broad rally, with gainers in the S&P 500 outnumbering decliners by more than 2 to 1. The Nasdaq +1.28%. Nvidia Corp rose +1.54% after the chipmaker announced that its planned acquisition of chip designer Arm from SoftBank (down -0.9%) had been terminated. However, Facebook parent Meta Platforms Inc fell -2.10%, sending its market capitalisation below

Tuesday, 8 February 2022: A weaker start to the new trading week for US equity markets

Mon, 07 Feb 2022 22:44:06 +0000

A weaker start to the new trading week for US equity markets - Dow unchanged . The broader S&P500 eased -0.37% despite another strong session for the Energy sector (up +1.31%). Communication Services (down -2.24%) was the worst performing primary sector overnight along with Information Technology (-0.66%). The Nasdaq down -0.58%. Facebook-parent Meta Platforms Inc fell -5.14% and has dropped ~30% since the company’s fourth quarter result last Wednesday (2 February). Google parent Alphabet Inc (down -2.85%) disclosed that Larry Page, co-founder and current board member, has sold more than $80M worth of shares, a couple of days after the stock surged on the back of a blowout earnings report and stock-split announcement. In filings with the Securities and Exchange Commission after Friday’s (4 January) closing bell, the internet search giant said Mr Page sold 13,889 on 3 February in the open market. The small capitalisation Russell 2000 +0.51%.

Monday, 7 February 2022: US equity markets mostly firmer on Friday (4 January)

Sun, 06 Feb 2022 23:00:50 +0000

US equity markets mostly firmer on Friday (4 January) - Dow slipped -21-points or -0.06%, with declines in UnitedHealth Group Inc (down -1.15%), Home Depot Inc (-1.41%) and 3M Co (-2.23%) overshadowing solid gains for Goldman Sachs Group Inc (up +2.43%) and Salesforce.com Inc (+3.04%). The broader S&P500 added +0.52%, with the Consumer Discretionary sector (up +3.74%) leading five of the eleven primary sectors higher, underpinned by Amazon.com Inc’s +13.54% jump following the company’s strong fourth quarter result after the closing bell last Thursday (3 February). Some US$11.8B of the US$14.3B fourth-quarter profit it reported was from an investment in Rivian Automotive, which went public in the quarter. Financials (up +1.66%) and Energy (+1.58%) also performed strongly. Materials (down -1.72%) and Real Estate (-1.26%) brought up the rear on Friday (4 February). Ford Motor Co dropped -9.07% after the automaker posted weaker-than-expected fourth quarter earnings after the close of the previous session. The company also confirmed over the weekend earlier reports that it would be rolling back production at some of its plants beginning this week. Chief Executive Jim Farley acknowledged supply-chain problems - such as a shortage of semiconductors - at the auto maker in an interview with Barron’s on Friday (4 January), and said the shortages were adding to rising costs and constraining production. The Nasdaq rallied +1.58% after dipping into the red shortly after the opening bell. Amazon.com Inc broke the record Friday (4 February) for the largest-ever one-day gain in market value (US$191.3B) for a U.S. company - just a day after Facebook parent Meta Platforms Inc (down -0.28%) suffered the largest-ever daily loss in market capitalisation (US$232B). The small capitalisation Russell 2000 rose +0.57%. Snap Inc soared +58.82% after the social media group reported better-than-expected fourth quarter user growth and an upbeat outlook after the close of the previous session.

Friday, 4 February 2022: US equity markets declined as some major technology earnings continued to rattle investor sentiment

Thu, 03 Feb 2022 22:59:53 +0000

US equity markets declined as some major technology earnings continued to rattle investor sentiment - Dow dropped -518-points or -1.45% . The broader S&P500 shed -2.44%, snapping a four session rally and recording its biggest daily drop since February 2021. Communication Services tumbled -6.83% to lead ten of the eleven primary sectors lower, while Consumer Discretionary (down -3.57%) and Information Technology (-3.07%) both fell over >3%. Consumer Staples was the only primary sector to advance, eking out a +0.01% gain. PayPal Holdings Inc fell -6.24%, bringing their total decline to just under 30% since the closing bell on Tuesday (1 February) when the payments company warned that a weakening ecommerce environment would slow its growth rate. The technology-centric Nasdaq slumped -3.74%, logging its worst single session decline since September 2020. Meta Platforms Inc (formerly Facebook) tumbled -26.39%, wiping more than >US$230B off its market capitalisation after posting disappointing fourth quarter earnings per share and weaker-than-expected guidance after the closing bell of the previous session. The small capitalisation Russell 2000 fell -1.90%.

Thursday, 3 February 2022: US equity markets advanced however there were some steep earnings release

Wed, 02 Feb 2022 22:49:31 +0000

US equity markets advanced however there were some steep earnings release-related declines after the closing bell - Dow up +224-points or +0.63% . The broader S&P500 gained +0.94% with Communication Services (up +3.09%) leading ten of the eleven primary sectors higher. Consumer Discretionary (down -0.53%) was the only primary sector to close in the red. PayPal Inc slumped -24.6% after the payments company reported EPS (US$1.11 versus consensus US$1.12) and guidance (expects to earn between US$4.60 and US$4.75 in fiscal 2022, below current forecasts for US$5.25) that fell short of Wall Street estimates. The Nasdaq added +0.50%, with Google parent Alphabet Inc jumping +7.3% following its strong fourth quarter result after the closing bell of the previous session that also saw the company announce a 20-for-1 stock split. Advanced Micro Devices Inc rose +5.1% after the chipmaker also posted a strong fourth quarter result after the close of Tuesday’s (1 February). However, the small capitalisation Russell 2000 fell -1.03%.

Wednesday, 2 February 2022: US equity markets built on a two-day rally after a volatile January

Tue, 01 Feb 2022 22:47:09 +0000

US equity markets built on a two-day rally after a volatile January, opening February on a positive note - Dow up +273-points or +0.78% . Goldman Sachs Group Inc and JPMorgan Chase & Co gained +2.64% and +1.72% respectively. The broader S&P500 +0.69%, with Energy returning to the top of the primary sector leaderboard overnight with a +3.54% gain and leading eight of the eleven primary sector lower. More defensive sectors underperformed, with Utilities down -1.28%. The technology-centric Nasdaq rose +0.75%. The small capitalisation Russell 2000 +1.10%.

Tuesday, 1 February 2022: US equity markets climbed for a second session to close out a tough January

Mon, 31 Jan 2022 22:43:27 +0000

US equity markets climbed for a second session to close out a tough January that left the S&P500 and Nasdaq nursing their worst month since the onset of the pandemic - Dow rallied +406-points or +1.17% . Boeing Co (up +5.07%) was the top index performer after the airline won a deal with Qatar Airways worth $34B. The broader S&P500 gained +1.89%, with Consumer Discretionary (up +3.81%), Information Technology (+2.68%) and Communication Services (+2.40%) leading all eleven primary sectors higher. Tesla Inc gained +10.68% after Credit Suisse upgraded the electric vehicle maker following the recent pullback and citing robust company fundamentals. The Nasdaq jumped +3.41%. Netflix Inc jumped +11.13% (paring its January loss to -29.1%) after Citi upgraded the stock to buy from neutral, saying that the streaming service has ample pricing power to weather high inflation, and that prevailing equity values don’t reflect material subscriber growth prospects beyond 2023. Chipmaker NVIDIA Corp rallied +7.21%, paring its monthly decline to -16.7%. The small capitalisation Russell 2000 +3.05%. In merger and acquisition (M&A) news, cloud-computing company Citrix Systems Inc (down -3.42%) confirmed weekend press speculation that Elliott Management Corp.’s private-equity arm, Evergreen Coast Capital, and Vista Equity Partners would acquire the company for US$16.5B.

Monday, 31 January 2022: US equity markets rebounded sharply to cap a volatile week

Sun, 30 Jan 2022 23:03:51 +0000

US equity markets rebounded sharply to cap a volatile week that saw investors grapple with the latest monetary pronouncements from the Federal Reserve and geopolitical tensions between Russia and Ukraine - Dow rallied +565-points or +1.65%, logging its best single session performance since 6 December after recovering from an earlier session decline of over >350-points. The broader S&P500 gained +2.43%, recovering from an earlier ~0.8% decline to record its best single session performance since June 2020 and settle ~8% below its most recent all-time peak. The Nasdaq rallied +3.13%. Apple Inc jumped +6.98%, recording its best single session percentage gain since July 31, 2020 after posting its largest single quarter in terms of revenue ever after the close of last Thursday’s (27 January) session, with sales growing over >11% to US$123.9B (versus consensus US$119B) despite supply challenges and the lingering effects of the pandemic. The small capitalisation Russell 2000 gained +1.93%. In merger and acquisition (M&A) news, there were reports over the weekend that cloud-computing company Citrix Systems Inc is close to a deal to be taken private, with Elliott Management Corp.’s private-equity arm, Evergreen Coast Capital, and Vista Equity Partners nearing an agreement to pay US$104 per share ~$13B.

Friday, 28 January 2022: US equity markets logged modest losses following another volatile session

Fri, 28 Jan 2022 00:00:59 +0000

US equity markets logged modest losses following another volatile session that saw the benchmark indices relinquish earlier gains - Dow dipped -7-points or +0.02% after trading more than >600-points higher earlier in the session. The broader S&P500 -0.54% to 4,326.51, settling just above 4,316.905, the level below which would see the index fall into official correction territory (or a fall of at least 10% from its record closing high of ). The Consumer Discretionary sector dropped -2.27% to lead five of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard with a +1.24% gain. The Nasdaq -1.40% to 13,352.78, with the technology centric index on track pace for its longest weekly losing streak since November 2012. The Nasdaq is ~17.6% below its 19 November, 2021 record peak of 16,212.23. Netflix Inc (up +7.51%) continued to climb following confirmation after the close of Wednesday’s (26 January) session that Pershing Square’s Bill Ackman said his firm “recently” purchased more than 3.1M shares in the streaming giant, making it a top-20 holder of the stock. The small capitalisation Russell 2000 -2.29% at 1,931.29, ~21% below its record close of 2,442.74 set on 8 November, 2021 and marking the indice’s first bear market since 9 March, 2020. The latest pullback has the Dow, S&P 500 and Russell 2000 on pace for their worst months since March 2020, while the Nasdaq was sliding closer to its worst month since October 2008.

Thursday, 27 January 2022: Another whipsaw session for US equity markets as investors digested the latest monetary policy pronouncements

Wed, 26 Jan 2022 23:48:05 +0000

Another whipsaw session for US equity markets as investors digested the latest monetary policy pronouncements from the Federal Reserve and the latest round of corporate earnings releases - Dow down -130-points or -0.38%, unwinding an earlier rally of over >500-points. The broader S&P500 slipped -0.15%. The Nasdaq eked out a +0.02% gain, with Microsoft Corp rising +2.85% following their solid fourth quarter result after the closing bell of Tuesday’s (25 January) session. Netflix Inc rose over >3.5% in after hours trading (following a -1.83% fall in the regular session) after Pershing Square’s Bill Ackman said his firm “recently” purchased more than 3.1M shares in the streaming giant, making it a top-20 holder of the stock. The small capitalisation Russell 2000 lost -1.38%.

Tuesday, 25 January 2022: US equity markets staged an impressive intra-session comeback overnight

Mon, 24 Jan 2022 23:39:13 +0000

US equity markets staged an impressive intra-session comeback overnight albeit there was no specific catalyst for the intraday turnaround - Dow up +99-points or +0.29%, logging its first advance in seven sessions and roaring back from an earlier -1,115 point or -3.25% tumble. It marked the biggest intra-day reversal for the Dow since the wild trading of March 2020. The broader S&P500 added +0.28% to 4,410.13 after falling ~4% and into official correction territory (down over >10% from its 3 January record closing high of 4,796.56) earlier in the session. The index staged its sharpest snapback after being down to end positive since 23 October, 2008. 17 stocks in the S&P500 recorded intra-day price swings of at least 10%, including Moderna Inc (down -1.7%) and Nvidia Corp (-0.01%). Consumer Discretionary rose +1.21% to lead eight if of the eleven primary sectors higher. Utilities (down -1.09%) brought up the rear. The S&P500 is still down -7.47% in January and on pace for its worst monthly performance since March 2020. The technology-centric Nasdaq settled +0.63% higher, snapping a four session losing streak and recovering from an earlier slump of as much as -4.9%. The session marked the first time since the aftermath of the financial crisis in 2008 that the Nasdaq Composite had been down more than >4% intraday and closed up. Netflix Inc (down -2.60%) continued to slide after reporting slowing subscriber growth after the close of last Thursday’s (20 January) session. The small capitalisation Russell 2000 rallied +2.29%. Kohl’s Corp soared +36.02% after the department store retailer confirmed that it had received buyout offer. The Wall Street Journal had reported over the weekend that a consortium backed by activist hedge fund Starboard Value LP has offered ~US$9B (or US$64 per share) to buy the department store chain.

Monday, 24 January 2022: US equity markets retreated on Friday (21 January), with the selling once again intensifying

Sun, 23 Jan 2022 23:08:40 +0000

US equity markets retreated on Friday (21 January), with the selling once again intensifying into the close of the session and with technology stocks under fresh selling pressure - Dow down -450-points or -1.30% . The broader S&P500 -1.89% to sit ~8.7% below its 4 January intra-day peak (4,818.62), with Communication Services (down -3.88%) and Consumer Discretionary (-3.10%) falling over >3% to lead nine of the eleven primary sectors lower. Consumer Staples (up +0.02%) was the only primary sector to advance. The Nasdaq dropped -2.72% to 13,768.92. The technology-centric index is down ~15% from its record close on 19 November (16,017.23), nearing the 20% decline from a recent peak that would meet the commonly used definition for a bear market. Netflix Inc slumped -21.79% after reporting slowing subscriber growth after the close of last Thursday’s (20 January) session. Walt Disney Co, with its Disney+ and Hulu services, fell -6.94% and streaming-device maker Roku Inc -9.10%. The small capitalisation Russell 2000 lost -1.78%.

Friday, 21 January 2022: US equity markets sold off in the final hour of trading, once again relinquishing an earlier rally

Thu, 20 Jan 2022 23:57:40 +0000

US equity markets sold off in the final hour of trading, once again relinquishing an earlier rally - Dow down -313-points or -0.89%, falling for a fifth straight session having climbed over >400-points earlier in the day. The 30-stock average closed below its 200-day moving average for the first time since December 2021. The broader S&P500 -1.10% to 4,482.73, settling below 4,500 for the first time since October last year after relinquishing an earlier +1.53% rally. Consumer Discretionary (down -1.94%), Materials (-1.49%), Information Technology (-1.33%), Industrials (-1.10%) and Communication Services (-1.14%) all dropped over >1% to lead ten of the eleven primary sectors lower. The Utilities sector (up +0.14%) was the only primary sector to advance. The Nasdaq -1.30%, giving up an earlier rally of as much as +2.1% and pushing further into official correction territory. The small capitalisation Russell 2000 -1.88%. Peloton Interactive Inc slumped -23.93% to US$24.22 per share after the stationary bike maker announced it will temporarily halt production of its bikes and treadmills due to waning demand as it tries to control costs. The news saw the stock drop below its September 2019 initial public offer price of US$29 per share. The stock hit an all-time intraday high of US$171.09 on 14 January of last year.

Thursday, 20 January 2022: US equity markets relinquished earlier session gains to settle lower, with technology stocks under fresh pressure

Wed, 19 Jan 2022 22:51:23 +0000

US equity markets relinquished earlier session gains to settle lower, with technology stocks under fresh pressure despite some respite from rising US Treasury yields - Dow down -340-points or -0.96%, with economic bellwether Caterpillar Inc (down -3.10%) and Boeing Co (-3.52%) among the key drags on the index. Goldman Sachs Group Inc fell a further -2.0% (following a -6.97% drop in the previous session) after reporting a fall in fourth-quarter profit due to weak trading activity a day earlier. The broader S&P500 shed -0.97%, with Consumer Discretionary (down 1.81%), Financials (-1.65%), Information Technology (-1.37%), Real Estate (1.21%) and Industrials (-1.10%) all dropping over >1% to lead nine of the eleven primary sectors lower. The more defensive Consumer Staples (up +0.68%) and Utilities (+0.46%) sectors were the only primary sectors to close higher, The Nasdaq lost -1.15% to settle ~10.7% below its most recent record closing high in November 2021 and hence pushing the technology centric index into official correction territory. It marked the Nasdaq’s first close in correction territory since March last year and its 66th correction since 1971. The small capitalisation Russell 2000 fell -1.49% to a 52-week low of 2,062.78.

Wednesday, 19 January 2022: US equity markets returned from the holiday long weekend on the backfoot

Tue, 18 Jan 2022 22:59:44 +0000

US equity markets returned from the holiday long weekend on the backfoot, with technology stocks under renewed pressure amid a fresh climb in bond yields - Dow dropped -543-points or -1.51% . The broader S&P500 shed -1.84%, with Information Technology (down -2.49%) and Financials (-2.30%) both down over >2% and leading nine of the eleven primary sectors lower. Energy (up +0.40%) was the only primary sector to advance, tracking the latest gains on crude markets. Ford Motor Co edged higher in extended trading (after a -3.22% decline in the regular session) after it said it has realized a US$8.2B gain in the fourth quarter related to its investments in Rivian Automotive Inc (down -8.49%) following the electric-vehicle maker’s November initial public offering. The Nasdaq tumbled -2.60% to 14,506.90, hitting its lowest level in three months. The technology-centric index sits more than >10% from its most recent high and closed below its 200-day moving average for the first time since April 2020. Meta Platforms Inc fell -4.14% and Amazon.com Inc -1.99%. The small capitalisation Russell 2000 dropped -3.06%. In merger and acquisition (M&A) news, Microsoft Corp fell -2.4% after announcing the software giant will buy video game company Activision Blizzard (up +25.88%) in an all-cash transaction (US$95 per share) valued at US$68.7B.

Tuesday, 18 January 2021: European bourses climbed, with the media sector (up +1.9%) leading the pan-European Stoxx 600 index

Mon, 17 Jan 2022 23:24:50 +0000

European bourses climbed, with the media sector (up +1.9%) leading the pan-European Stoxx 600 index (which includes UK equities) +0.70% higher. Germany's DAX added +0.32%. France's CAC gained +0.82%. In broader stock moves, Credit Suisse Group AG fell -2.26% after the Swiss investment bank announced on Sunday (16 January) that Chairman António Horta-Osório had resigned following a board investigation into his travel and personal conduct. Mr Horta-Osório joined the Credit Suisse board less than a year ago In economic data, the ZEW Economic Sentiment Index for the eurozone/Germany for January is released tonight AEST.

Monday, 17 January 2022: Major bank stocks weighed on US equity markets on Friday (14 January) to cap a volatile week

Sun, 16 Jan 2022 23:04:53 +0000

Major bank stocks weighed on US equity markets on Friday (14 January) to cap a volatile week - Dow fell -202-points or -0.56%, dragged lower by declines for investment banks Goldman Sachs Group Inc (down -2.52%) and JPMorgan Chase & Co (-6.15%), and credit card and travel services group American Express Co (-2.82%) . The broader S&P500 eked out a +0.08% gain, with Energy gaining +2.44% to extend a strong week for the sector. Real Estate (down -1.18%) and Financials (-1.01%) both fell over >1% to be the worst performing sectors. Casino stocks climbed after Macau’s government announced on Friday (14 January) it would allow just six casino licenses in the gambling hub. Las Vegas Sands Corp jumped +14.15% and Wynn Resorts Ltd +8.60%. The Nasdaq rose +0.59%. Netflix Inc rose +1.25% after announcing a price increase for U.S. and Canadian subscribers. The small capitalisation Russell 2000 edged +0.14% higher.

Friday, 14 January 2022: US equity markets retreated as the rebound for technology sector ran out of steam

Thu, 13 Jan 2022 23:07:41 +0000

US equity markets retreated as the rebound for technology sector ran out of steam - Dow fell -177-points or -0.49%, unwinding an earlier session gain of more than >200-points. Boeing Co rose +2.97% following a Bloomberg News report that the company’s 737 Max could resume service in China as soon as this month. The broader S&P500 -1.42%, with Information Technology (down -2.65%) and Consumer Discretionary (-2.08%) both falling over >2% to lead eight of the eleven primary sectors lower. More defensive sectors outperformed, with Utilities up +0.45% and Consumer Staples +0.22%. Tesla Inc fell -6.75%. However, Ford Motor Co gained +2.25% and saw its market capitalisation top US$100B for the first time. The rally comes as the company plans to increase electric vehicle production, including the Mustang Mach-E crossover and an upcoming electric version of its best-selling F-150 pickup. Deutsche Bank also named Ford one of its top 2022 automotive stock picks. The technology-centric Nasdaq tumbled -2.51%, snapping a three session rally. Microsoft Corp down -4.23% and Amazon.com Inc -2.42%. The small capitalisation Russell 2000 lost -0.74%.

Thursday, 13 January 2022: US equity markets logged modest gains after the December consumer inflation report

Wed, 12 Jan 2022 23:01:50 +0000

US equity markets logged modest gains after the December consumer inflation report largely matched economists’ expectations - Dow added +38-points or +0.11% . Global healthcare major Merck & Co Inc (down -0.58%) and biotechnology company Amgen Inc (-0.27%) capped the index’s advance. The broader S&P500 edged +0.28% higher, with Materials (up +0.95%) leading eight of the eleven primary sectors higher. Health Care (down -0.26%) was the only primary sector to close in the red. Tesla Inc gained +3.93% despite a teenager, calling himself a 19-year-old security specialist and hacker, claiming that he had hacked into the software systems of nearly two dozen Tesla electric-powered vehicles and had limited control over them. The technology-centric Nasdaq extended its rebound into a third session, settling with a +0.23% gain. The small capitalisation Russell 2000 shed -0.82%.

Wednesday, 12 January 2022: US equity markets advanced, with technology stocks consolidating the late rally of the previous session

Tue, 11 Jan 2022 23:36:08 +0000

US equity markets advanced, with technology stocks consolidating the late rally of the previous session - Dow up +183-points or +0.51% . International Business Machines (IBM) Corp fell 1.60%, paring an earlier session decline of more than >5% that came after analysts at UBS downgraded the stock (lowering their price target to US$124 from US$136) citing concerns about revenue growth following the company’s spinoff of managed infrastructure-service business Kyndryl Holdings Inc and IBM’s ability to compete in the cloud market. Boeing Co (up +3.21%) said that it won orders for 909 planes in 2021 but delivered only around 280 passenger jets, falling behind Airbus SE (+0.42%) and relying more on its cargo jets and military versions of commercial planes. Including cancellations, Boeing secured 535 net new orders, including older deals for 56 planes that it now considers more likely to be fulfilled. Airbus on Monday (10 January) said it delivered 611 jets in 2021 and won orders for 771, or 507 net of cancellations. The broader S&P500 +0.92%, with Energy (up +3.41%) returning to the top of the leaderboard and leading eight of the eleven primary sectors higher. Exxon Mobil Corp gained +4.21%. Information Technology (+1.21%), Materials (+1.11%), Consumer Discretionary (+1.03%) and Communication Services (+1.02%) all gained over >1%. Utilities (down -0.92%) was the worst performing primary sector overnight. American Airlines Group Inc climbed 1.22% after the carrier updated its fourth-quarter guidance to reflect a performance that turned out to be not as bad as expected. The airline said it now expects revenue to be down ~17% compared with the fourth quarter of 2019, before the start of the pandemic, better than previous guidance of down 20%. The company flew 61.1B total available seat miles in the quarter, down -13% versus the prior guidance of down 11% to 13%. The company expects cost per available seat mile (CASM), a measurement of efficiency, to be up +13% to 14% compared to the fourth quarter of 2019, compared with earlier guidance of up 8% to 10%. The technology centric Nasdaq gained +1.41%, with Amazon.com Inc rising +2.40%, Apple Inc +1.68% and Nvidia Corp +1.52%. The small capitalisation Russell 2000 +1.05%.

Tuesday, 11 January 2022: US equity markets logged modest losses, with major technology stocks rallying in the afternoon session

Mon, 10 Jan 2022 23:47:42 +0000

US equity markets logged modest losses, with major technology stocks rallying in the afternoon session to recoup earlier steep declines - Dow down -163-points or -0.45% . The broader S&P500 slipped -0.14%, with Industrials (down -1.15%) and Materials (-0.99%) leading eight of the eleven primary sectors lower. Health Care (up +1.04%), Information Technology (+0.10%) and Communication Services (+0.02%) were the only primary sectors to advance. The Nasdaq inched +0.05% higher, recovering from a loss of -2.72% earlier in the session that saw the technology centric index trade more than >9% below its record closing high from 19 November (16,057.44) and almost enter official correction territory for the first time since 8 March, 2020. It marked the Nasdaq’s biggest intraday comeback since 28 February, 2020, according to Dow Jones Market Data. The Nasdaq Composite also managed to avoid a close below its 200-day moving average (14,688.73). The benchmark hasn’t closed below its 200-day moving average since 21 April, 2020, according to FactSet data. The small capitalisation Russell 2000 lost -0.40%. Lululemon Athletica Inc fell -1.91% after the company said the omicron variant had hurt its fourth-quarter results. Abercrombie & Fitch Co rallied over >6.5% in extended trading despite lowering its guidance for fourth-quarter sales. The fashion retailer said that it saw strong demand from consumers over the holidays but that it didn’t have enough inventory to sell (particularly at its Hollister and Gilly Hicks lines).

Monday, 10 January 2022: US equity markets retreated after a choppy session as investors digested a lacklustre December jobs report

Sun, 09 Jan 2022 23:08:40 +0000

US equity markets retreated after a choppy session as investors digested a lacklustre December jobs report albeit one that in unlikely to be damaging enough to give central bankers reason to pause what has been expressed as a plan to tighten financial policy sooner and faster than had previously been expected - Dow dipped -5-points to 36,231.66, recovering from an intra-session low of 36,111.53. The broader S&P500 eased -0.41%, with Consumer Discretionary (down -1.65%) and Information Technology (-1.01%) falling over >1% to lead seven of the elven primary sectors lower. Energy (up +1.45%) and Financials (+1.15%) were once again the leading primary sector performers. The Nasdaq lost -0.96% to 14,935.90, hitting an intraday low of 14,877.63. The technology-centric index sits ~7% below its most recent (19 November) peak of 16,057.44 (and hence ~3% from official correction territory). The small capitalisation Russell 2000 lost -1.20%. Retailer Dick’s Sporting Goods Inc rose +1.08% after lifting their full-year earnings per share (EPS) (to $13.70 to US13.79, up from previous guidance for $12.88 to 13.06; adjusted EPS is expected to be US$15.50 to US15.60 compared with previous guidance for US$14.60 to US14.80 and current consensus analyst forecasts for US$15.35) and same-store sales (SSS) outlook (for growth between 25.8% to 26.1%, up from previous guidance for an increase between 24% to 25% and versus current consensus for 25.8% growth). Some analysts suggested that consumers had likely completed more holiday shopping early due to widespread news reports of supply chain disruptions that could lead to stock shortages.

Friday, 7 January 2022: US equity markets retreated after a choppy session

Thu, 06 Jan 2022 23:33:49 +0000

US equity markets retreated after a choppy session as investors continued to rotate out of technology stocks - Dow down -171-points or -0.47%. The broader S&P500 slipped -0.10%, with Materials (down -1.24%), Health Care (-1.21%) and Utilities (-1.05%) all falling over >1 and leading six of the eleven primary sectors lower. Energy (up +2.29%) sat atop the primary sector leaderboard overnight, with Financials (+1.55%) also trading strongly. T-Mobile US fell over >1.5% in extended trading after reporting fourth-quarter postpaid phone net additions - a closely watched metric for wireless companies - came in at 844K, lower than the consensus Wall Street analysts’ average forecast for ~868K. The technology-centric Nasdaq dipped-0.13%, relinquishing a modest bounce in the closing minutes of the session. Apple Inc lost -1.67%, Amazon.com Inc -0.67%, and Google-parent Alphabet Inc -0.07%. However, Meta Platforms (formerly Facebook Inc) gained +2.56% The small capitalisation Russell 2000 added +0.56% after falling -3.30% in the previous session. James Hardie Industries Plc fell -4.31% after announcing it has fired Jack Truong as chief executive for code-of-conduct violations and appointed director Harold Wiens as interim Chief Executive Officer (CEO). The building materials supplier also raised its fiscal-year profit expectations, in part because of strong expectations for growth in the U.S. homebuilding market. The company now expects adjusted net income for its fiscal year through March, 2022, to be between US$605M and US$625M, an increase on earlier guidance of between US$580M and US$600M.

Thursday, 6 January 2022: US equity markets retreated, tumbling into the close

Wed, 05 Jan 2022 23:12:42 +0000

US equity markets retreated, tumbling into the close after the minutes of the Federal Reserve’s December monetary policy meeting suggested investors need to gear up for potentially tighter U.S. monetary policy and prompted a strong rotation out of technology stocks and into businesses more tightly linked to the economic recovery - Dow down -393-points or -1.07% after hitting a fresh record intra-day high (36,952.65) earlier in the session, logging its first decline of 2022. Salesforce.Com Inc dropped -8.28% following a downgrade from investment bank UBS. The broader S&P500 shed -1.94% - the index’s worst daily decline since 26 November last year - with Real Estate (down -3.22%) and Information Technology (-3.13%) both falling over >3% to lead all eleven primary sectors lower. The Nasdaq dropped -3.34%, recording the biggest single session loss for the technology-centric index since 25 February last year. Google parent Alphabet Inc closed down 4.6% at US$2,755.50, off more than >7.6% from its 18 November closing high of US$2,996.77. The small capitalisation Russell 2000 fell -3.30%.

Wednesday, 5 January 2022: Banking and industrial stocks powered the Dow Jones Industrial Average to a fresh record closing high

Wed, 05 Jan 2022 00:00:54 +0000

Banking and industrial stocks powered the Dow Jones Industrial Average to a fresh record closing high overnight as worries about the Omicron variant of the coronavirus subsided, while a fall in heavyweight technology stocks dragged the S&P 500 and the Nasdaq indices lower - Dow up +215-points or +0.59% to 36,800, touching a fresh intraday peak of 36,934.84. Investment banks Goldman Sachs Group Inc (up +3.07%) and JP Morgan Chase & Co (+3.79%), and integrated payments giant American Express Co (+3.21%) were among the leading Dow performers and among those companies seen to be beneficiaries of rising interest rates. The broader S&P500 dipped -0.06% to 4,793.54 after scaling a fresh record intra-day high (4,818.62) earlier in the session. Energy (up +3.10%) was the leading primary sector performer for a second straight session, while Financials (+2.60%) and Industrials (+2.09%) both gained over >2%. Health Care (down -1.38%) and Information Technology (-1.14%) brought up the rear. Ford Motor Co jumped +11.67% and hit a 21-year high after the auto maker said it plans to nearly double production of its all-electric F-150 Lightning pickups at its Dearborn, Michigan, facility to 150K trucks a year to meet “soaring customer demand.” General Motors Co rallied +7.47% after saying the semiconductor supply issues that have plagued the auto industry improved during the fourth quarter. The company said it delivered 440,745 vehicles in the fourth quarter, down -43% from a year ago, when quarterly retail sales were the best in 13 years. Dealer inventory, including in-transit vehicles on their way to dealers, totalled 199,662 at the end of the fourth quarter, up +55% from a record low of 128,757 at the end of the third quarter. Tesla Inc fell -4.18% after soaring +13.53% in the previous session after releasing a statement on Sunday (2 January) and saying it delivered 308,600 vehicles in the fourth quarter alone, crushing consensus analyst forecasts for 266K. The technology-centric Nasdaq shed -1.33%, under pressure from a fresh rise in bond yields. Apple Inc fell -1.27% to US$179.70 a day after becoming the first public company to reach US$3 trillion in market capitalisation (achieving the milestone after briefly trading above >US$182.86 per share). Advanced Micro Devices lost -3.87%, with Chief Executive Lisa Su announcing new products in an event tied to the annual technology conference in Las Vegas. Ms Su said the company was releasing 20 new Ryzen 6000 series laptop processors beginning in February, and three new Radeon RX 6000S GPUs for thin gaming laptops. Ultrathin gaming laptops were the fastest-growing PC segment, selling at a rate more than three times faster than traditional gaming laptops, Ms Su said.The small capitalisation Russell 2000 slipped -0.16%.

Tuesday, 4 January 2022: A positive start to 2022 for US equity markets

Mon, 03 Jan 2022 23:19:01 +0000

A positive start to 2022 for US equity markets, with both the Dow and S&P500 logging fresh record closing highs - Dow up +247-points or +0.68% to a record closing high 36,585.06. The broader S&P500 rose +0.64% to also scale a record closing peak of 4,796.56, with Energy (up +3.10%) the standout primary sector performer. Consumer Discretionary (+2.76%), Financials (+1.24%) and Information Technology (+1.02%) all gained over >1%. Tesla Inc soared +13.53% after releasing a statement on Sunday (2 January) and saying it delivered more than >936K vehicles in 2021 - 911,209 of which were Model 3 sedans and Model Y SUVs. It marked an 87% increase versus 2020’s totals (when it delivered 499,647 vehicles) and more than the 897K forecast by analysts. The company delivered 308,600 vehicles in the fourth quarter alone, crushing consensus analyst forecasts for 266K. Tesla added that its final delivery numbers are slightly conservative, and may rise slightly after final calculations are made for its fourth-quarter earnings announcement. The Wall Street Journal reported that Tesla’s in-house software engineering helped make it more agile than its rivals at adjusting to the chip shortfall that plagued automakers in 2021. Ford Motor and General Motors rose about 4.8% and 4.3%, respectively. Elsewhere, the Centers for Disease Control and Prevention (CDC) issued a Level 4 notice regarding cruise travel - the highest level, which indicates very high COVID-19 levels. “Avoid cruise travel, regardless of vaccination status,” the agency said in an advisory. “Even fully vaccinated travellers may be at risk for getting and spreading COVID-19 variants.” The CDC reported over >90 cruise ships had COVID-19 cases reported. All but three of those ships were under CDC investigation, including ships operated by Carnival Corp (up +6.9%) and Norwegian Cruise Line Holdings (+6.4%). The Nasdaq rallied +1.20%. Apple Inc (up +2.5% at US$182.01) became the first public company to reach US$3 trillion in market capitalisation. The milestone was achieved after the company briefly traded above US$182.86 per share. Apple first hit the US$2 trillion market cap level on 20 August, 2020 (hitting US$1 trillion for the first time in August 2018). The small capitalisation Russell 2000 gained +1.21%.

Friday, 24 December 2021: US equity markets rallied ahead of Christmas

Thu, 23 Dec 2021 23:07:16 +0000

US equity markets rallied ahead of Christmas, with the S&P500 sweeping to a fresh record closing high as investors digested some relatively benign US economic and some favourable studies around the relatively muted health impact of the Omicron variant - Dow up +197-points or +0.55% . The broader S&P500 gained +0.62% to 4,725.79, booking its 68th record closing high of 2021 and sitting within 0.4% of its all-time record intra-day peak. Consumer Discretionary (up +1.24%), Industrials (+1.16%) and Materials (+1.01%) all gained over >1% to lead nine of the eleven primary sectors higher. Real Estate (down -0.36%) and Utilities (-0.03%) were the only primary sectors to close in the red. The Nasdaq +0.85%. Microsoft Corp rose +0.45% and Nvidia Corp +0.82%. The small capitalisation Russell 2000 +0.89%. JD.com tumbled -6.92% after Tencent Holdings Ltd said it will substantially reduce its stake in the Chinese internet company.

Thursday, 23 December 2021: Dow up +261-points or +0.74%, taking the indice’s two-day rebound to over >800-points or ~2.3%

Wed, 22 Dec 2021 23:00:11 +0000

US equity markets - Dow up +261-points or +0.74%, taking the indice’s two-day rebound to over >800-points or ~2.3%. Caterpillar Inc rose 1.94% after Bernstein upgraded the stock, saying the machinery maker will be a key beneficiary of a rebound in global growth. The broader S&P500 rose +1.02%, with Consumer Discretionary (up +1.73%), Information Technology (+1.33%) and Health Care (+1.17%) all gaining over >1% to lead all eleven primary sectors higher. Tesla Inc jumped +7.49%, with Elon Musk saying in a podcast that he had reached his goal of selling 10% of his shares in the electric vehicle maker to fund enormous tax obligations. A regulatory filing late on Tuesday (21 December) showed that Mr Musk sold a further 583,611 Tesla shares, bringing the total number of shares he has offloaded to 13.5M. Separately, Syrah Resources (SYR.ASX) it has signed an offtake agreement with Tesla for natural graphite from its production plant in Louisiana. The Nasdaq +1.18%. The small capitalisation Russell 2000 added +0.86%. Alibaba Group Holding Ltd’s American Depository Receipts (ADRs) fell -4.20% following reports that China’s IT regulator disciplined the company for failing to report an open-source security vulnerability to the government.

Wednesday, 22 December 2021: US equity markets rebounded sharply, snapping a three session losing streak

Tue, 21 Dec 2021 22:49:31 +0000

US equity markets rebounded sharply, snapping a three session losing streak and erasing Monday’s (20 December) sell-off - Dow gained +561-points or +1.60% . Nike Inc rallied +6.15% after recording better-than-expected second quarter earnings per share (US$0.83c versus consensus analysts forecasts of US$0.63c) and revenue (US$11.36B versus consensus US$11.25B) after the closing bell of the previous session. The broader S&P500 gained +1.78%, having logged its worst three day stretch (down -3.04%) since September. Energy (up +2.89%), Information Technology (+2.60%), Consumer Discretionary (+2.50%) and Financials (+2.01%) all gained over >2% to lead nine of the eleven primary sectors higher. Utilities (down -0.17%) and Consumer Staples (-0.11%) were the only primary sectors to decline (having been the only sectors to advance a day earlier). Micron Technology Inc jumped +10.54% after the memory-chip maker’s fiscal first quarter adjusted earnings per share, revenue and outlook released after the close of Monday’s (20 December) session topped Wall Street estimates. Advanced Micro Devices Inc rose +6.22%. The Nasdaq +2.40%. The small capitalisation Russell 2000 rallied +2.92%, logging its best single session performance since 20 July.

Tuesday, 21 December 2021: US equity markets booked a third straight decline

Mon, 20 Dec 2021 22:48:10 +0000

US equity markets booked a third straight decline as major global cities grappled with surging COVID-19 infections tied to the omicron variant - Dow down -433-points or -1.23%, with Boeing Co (down -2.15%), Goldman Sachs Group Inc (-2.67%) and American Express (-2.57%) among the key drags on the index. The broader S&P500 -1.14%, with Financials (down -1.90%), Materials (-1.82%), Industrials (1.65%) and Consumer Discretionary (-1.65%) all down over >1.5% to lead nine of eleven primary sectors lower. Utilities (up +0.05%) and Consumer Staples (+0.04%) were the only primary sectors to edge higher. Th technology-centric Nasdaq shed -1.24%. The small capitalisation Russell 2000 -1.40%. In merger and acquisition (M&A) news, enterprise software giant Oracle Corp (down -5.15%) announced that it will buy electronic medical records company Cerner Corp (+0.80%) in an all-cash deal for US$95 per share, or ~US$28.3B in equity value.

Monday, 20 December 2021: US equity markets declined to cap the week

Sun, 19 Dec 2021 22:46:54 +0000

US equity markets declined to cap a week in which several major central banks acknowledged the threat posed by high inflation, while the Omicron coronavirus variant continued to weigh on sentiment - Dow down -532-points or -1.48% to 35,365.44, touching an intra-session low of about 35,284. It marked the index’s worst single session decline since 30 November. The S&P500 fell -1.03% to 4,620.64, touching an intra-session low of ~4,600 and the broader index’s steepest daily decline since 1 December. Financials (down -2.27%) and Energy (-2.24%) both fell over >25 to lead all eleven primary sectors lower. The Nasdaq dipped -0.07% to settle at 15,169.68, recovering from a session low of ~14,960 (down ~1.5%). Microsoft Corp dipped -0.3%, extending its weekly decline to nearly 5.5%. Google parent Alphabet Inc (down -1.41%) and Apple Inc (-0.65%) both fell more than >4% last week. The small capitalisation Russell 2000 gained +1.0%. Friday’s (17 December) session was ‘quadruple witching’, the simultaneous expiration of single-stock options, single-stock futures, and stock-index options and stock-futures, and end of quarter fund rebalancing. US equity and bond markets are closed on Friday night AEST (24 December) in observance of Christmas.

Friday, 17 December 2021: US equity markets weaker as investors digested the latest monetary policy pronouncements

Thu, 16 Dec 2021 23:02:58 +0000

US equity markets weaker as investors digested the latest monetary policy pronouncements from a number of major global central banks – Dow slipped -30-points or -0.08%, unwinding an earlier rally of over >200-points. Banks helped the Dow outperform on a relative basis, with Goldman Sachs Group Inc rising +1.91% and JPMorgan Chase & Co +1.56%. The broader S&P500 fell -0.87% after briefly trading above its 10 December record closing high (4,687.64) in early trading. Financials (up +1.21%) and Materials (+1.04%) rose over >1% to lead eight of the eleven primary sectors higher. Information Technology (down -2.86%) was the big underperformer. Delta Air Lines Inc declined -2.21% after the carrier set its financial goals for the coming years ahead of its scheduled Capital Markets Day. The Nasdaq tumbled -2.47%, the technology-centric indice’s the biggest one-day point and percentage loss since 28 September. Apple Inc fell -3.93%, Amazon.com Inc -2.56% and Microsoft Corp -2.91%. Major semiconductor stocks Advanced Micro Devices Inc and Nvidia Corp dropping -5.37% and -6.80%, respectively. The small capitalisation Russell 2000 shed -1.95.

Thursday, 16 December 2021: US equity markets recovered from earlier session losses to settle with solid gains

Wed, 15 Dec 2021 22:58:25 +0000

US equity markets recovered from earlier session losses to settle with solid gains following the Federal Reserve’s latest monetary policy pronouncements - Dow up +383-points or +1.08% at 35,927.43. The broader S&P500 gained +1.63% to 4,709.85, the second highest close of 2021 after briefly climbing above its 10 December record closing high (4,712.02), with Information Technology (up +2.75%) and Health Care (+2.11%) rising over >2% to lead ten of the eleven primary sectors higher. Energy (down -0.53%) was the only primary sector to close in the red. Visa Inc rose ~0.9% in extended trading after a late filing confirmed the company’s board has authorized a new US$12B share repurchase program. The Nasdaq rallied +2.15%, erasing an earlier ~0.7% decline. The small capitalisation Russell 2000 climbed +1.54%.

Wednesday, 15 December 2021: US equity markets declined following the release of data recording

Tue, 14 Dec 2021 22:45:04 +0000

US equity markets declined following the release of data recording that US wholesale prices rose at a record pace in November and ahead of the Federal Reserve’s latest monetary policy decision - Dow down -107-points or -0.30%, booking its first back-to-back loss for December. The broader S&P500 fell -0.75%, with Information Technology (down -1.64%) and Real Estate (-1.27%) logging declines of over >1% to lead ten of the eleven primary sectors lower. Financials (up +0.62%) was the only primary sector to advance. Tesla Inc fell -0.82% after a regulatory filing revealed that Chief Executive Officer (CEO) Elon Musk had sold a further US$906M worth of his holding in the electric vehicle maker (taking the total amount of shares he as sold thus far to 11.9M). The main reason Mr Musk is selling is to pay the taxes on the exercise of options that expire next summer. Ford Motor Co declined -1.9% following news that by 2030 Toyota would be investing US$35B into battery-powered electronic vehicles, a space where Ford has sought to establish itself as a leader. The Nasdaq -1.14%. Microsoft Corp (down -3.26%) was a major drag on the benchmark indices. Adobe Inc shed -6.60% after JPMorgan published its 2022 outlook report on software technology and issued a series of downgrades, citing high valuations. The small capitalisation Russell 2000 lost -1.06%.

Tuesday, 14 December 2021: US equity markets retreated amid some profit taking as investors brace for a busy week of central bank meetings

Mon, 13 Dec 2021 22:38:39 +0000

US equity markets retreated amid some profit taking as investors brace for a busy week of central bank meetings - Dow fell -320-points or -0.89%, with Boeing Co (down -3.74%) a notable drag on the index. The broader S&P500 lost -0.91% a day after logging its 67th record closing high of 2021 (4,712.02) and settling ~0.7% from its all time intra-day high. Energy (down -2.77%) and Consumer Discretionary (-2.44%) both fell over >2% to lead seven of the eleven primary sectors lower. More defensive sectors outperformed, with Real Estate (up +1.32%), Utilities (+1.21%) and Consumer Staples (+1.20%) all advancing over >1%. Re-opening plays like airlines (American Airlines Group Inc fell -4.94%, and Delta Air Lines Inc -3.43% and United Airlines Holdings Inc -5.24%) and cruise lines (Carnival Corp down -4.88%) were among the biggest losers overnight. Tesla Inc fell -4.98% to US$966.41, taking the electric vehicle maker’s decline in December to over >14% and putting the stock in official bear market territory, down -21.4% from its 4 November high of US$1,229.91. The Nasdaq shed -1.39%. The small capitalisation Russell 2000 declined -1.27%. Harley-Davidson Inc (up +4.70%) announced that it is spinning off its electric bikes division, LiveWire, and listing it on the stock market through a merger with a blank-cheque company (AEA Bridges Impact Corp, a special purpose acquisition company (SPAC) run by executives of private equity firm AEA Investors and investment group Bridges Fund Management). The deal gives LiveWire an enterprise value of US$1.8B.

Monday, 13 December 2021: US equity markets advanced to cap their strongest week since February

Sun, 12 Dec 2021 22:57:55 +0000

US equity markets advanced to cap their strongest week since February - Dow up +216-points or +0.60% . The broader S&P500 gained +0.95% to log its 67th record closing high of 2021 at 4,712.02 and settle ~0.7% from its all time intra-day high. Information Technology (up +2.07%) and Consumer Staples (+2.00%) led all eleven primary sectors higher. Oracle Corp jumped +15.61% to record highs following impressive November quarter earnings after the close of the previous session that showed signs of progress in the company’s transition into a cloud-based software provider. However, Southwest Airlines Co fell 3.76% after Goldman Sachs downgraded the carrier, writing that medium-term inflation pressure is expected to “drive a slower-than-industry return to profitability.” The Nasdaq +0.73%. Apple Inc and Microsoft Corp gained +2.8% and +2.83%, respectively, to provide the biggest boost to the major indexes. The small capitalisation Russell 2000 eased -0.38%.

Friday, 10 December 2021: US equity markets snapped a three session winning streak

Thu, 09 Dec 2021 22:45:11 +0000

US equity markets snapped a three session winning streak ahead of the release of US consumer inflation figures tonight AEST - Dow dipped -0.06% . The broader S&P500 lost -0.72%, with Consumer Discretionary (down -1.70%), Real Estate (-1.36%) and Information Technology (-1.09%) all falling over >1% and leading nine of the eleven primary sectors lower. Health Care (up +0.24%) and Consumer Staples (+0.06%) were the only primary sectors to advance. American Airlines Group Inc fell -0.49% after the company said it’s reducing its schedule due to the fact that it’s still awaiting Boeing Co (-1.64%) Dreamliner deliveries. Tesla Inc fell -6.1% after disappointing some investors who had reportedly optimistically expected the electric vehicle maker to make a major announcement (including a major product announcement and/or stock split). CVS Health Corp gained +4.52% after the company raised its full-year earnings-per-share guidance to at least US$8, up from a previous forecast of between US$7.90 and US$8. The company is also boosting its annual dividend to US$2.20 from US$2 and will execute a US$10B stock buyback program. The Nasdaq -1.71%. The small capitalisation Russell 2000 dropped -2.17.

Thursday, 9 December 2021: US equity markets extended their climb into a third consecutive session

Wed, 08 Dec 2021 22:44:24 +0000

US equity markets extended their climb into a third consecutive session - Dow edged +35-points or +0.10% higher . The broader S&P500 rose +0.31% to 4,701.21 and within touching distance of its 18 November record closing high of 4,704.54 (and ~0.9% shy of its record intra-day high of 4,473.83). Communication Services (up +0.75%) and Health Care (+0.74%) led eight of the eleven primary sectors higher. Norwegian Cruise Line Holdings Ltd jumped +8.2% to be the biggest gainer in the in the S&P500. Other travel and leisure names also traded strongly, including fellow cruise operator Carnival Corp up +5.51%, and carrier United Airlines Holdings Inc +4.24%. The Nasdaq rose +0.64% to settle within 2% of the technology-centric index’s all time high. The small capitalisation Russell 2000 rose +0.80.

Wednesday, 8 December 2021: US equity markets consolidated their strong start to the week

Tue, 07 Dec 2021 23:06:20 +0000

US equity markets consolidated their strong start to the week- Dow up +492-points or +1.40% . The broader S&P500 gained +2.07%, recording its best day since 1 March to sit ~1% away from its all time high. Information Technology (up +3.51%) led all eleven primary sectors higher, with Consumer Discretionary (+2.36%) and Energy (+2.28%) logging gains of over >2%. Tesla Inc rose +4.24% to US$1,051.74, with UBS hiking their target price on the electric vehicle maker to US$1,000 per share and saying it expects “no rival to get even close to Tesla in 2022.” American Airlines Group Inc slipped -0.22% after announcing Doug Parker will retire as Chief Executive Officer (CEO) next year and be succeeded by the company’s president, Robert Isom, on 31 March. Mr Parker will stay on as chairman of American’s board. The Nasdaq jumped +3.03% to log its best single session performance since 9 March. Apple Inc gained +3.54% to US$171.18, buoyed by Morgan Stanley lifting their price target on the technology heavyweight to US$200 (from US$164 previously), citing the company’s commitment to developing augmented and virtual reality technology. The small capitalisation Russell 2000 +2.28%.

Tuesday, 7 December 2021: Stocks linked to the re-opening economy led a strong start to the week for US equity markets

Mon, 06 Dec 2021 22:48:24 +0000

Stocks linked to the re-opening economy led a strong start to the week for US equity markets, with the Dow reclaiming the 35,000 level - Dow rallied +647-points or +1.87% to 35,227.03, more than comfortably erasing last week’s -319-point-0.91% decline. The broader S&P500 gained +1.17%, with Industrials (up +1.64%), Consumer Staples (+1.60%), Utilities (+1.53%) and Energy (+1.50%) all logging gains of 1.5%+ to lead all eleven primary sectors higher. Airlines (United Airlines Holdings up +8.32% and American Airlines Group Inc +7.88%) and cruise operators (Royal Caribbean Cruises Ltd up +8.22% and Carnival Corp +8.08%) Tesla Inc fell -0.59% after Reuters reported the U.S. SEC has opened a probe into the electric-car maker over whistleblower claims on solar panel defects. The Nasdaq +0.93%. Nvidia Corp fell -2.14% to US$300.37and into correction territory, closing ~10% below their all time closing high of US$333.76 set on 29 November. Late last Thursday (9 December), the Federal Trade Commission sued to block Nvidia’s $40B acquisition of Arm from SoftBank Group Corp (-8.20%) that has met with several headwinds since it was first announced back in late 2020. Fellow chipmaker Advanced Micro Devices Inc (down -3.44%) fell further into correction territory, now down -13.7% from its most recent closing high of US$161.09. Elsewhere, the US listed shares of Alibaba Group Holdings Ltd logged their largest single-day percentage gain since 8 June, 2017 with a +10.4% rally after a tough recent stretch for numerous Chinese internet stocks. The small capitalisation Russell 2000 gained +2.05%.

Monday, 6 December 2021: A broad sell-off in the technology sector saw US equity markets complete a tumultuous week on softer note

Sun, 05 Dec 2021 22:54:54 +0000

A broad sell-off in the technology sector saw US equity markets complete a tumultuous week on softer note, with investors digesting the latest November jobs figures and implications for central bank monetary policy - Dow down -60-points or -0.17%, paring an earlier decline of over >300-points. Boeing Co lost -1.9%. The broader S&P500 lost -0.84% to 4,538.43, falling below its 50-day moving average (4,544) once again. Consumer Discretionary (down -1.84%), Information Technology (-1.65%) and Financials (-1.54%) all down over >1.5%. Tesla Inc fell -6.42%. Airlines (Delta Air Lines Inc down -1.8%) and cruise operators (Norwegian Cruise Line Holdings Ltd down -4.54% and Carnival Corp -3.86%) saw fresh selling pressure. The technology-centric Nasdaq -1.92%. Facebook Inc fell -1.9% to settle more than >20% below its intra-day peak in September. Nvidia Corp fell -4.46% a day after the Federal Trade Commission sued to block the US$40B acquisition of Arm from SoftBank Group Corp (-0.71%). The small capitalisation Russell 2000 -2.13%. Ride-hailing giant Didi Global Inc tumbled -22.18% after announcing that it will delist from the New York Stock Exchange and make plans to list in Hong Kong instead following pressure from the Chinese government. The decision comes less than six months after the company listed in the U.S. (with the stock falling ~44% in that period). SoftBank Corp (up +0.13%) and Uber Technologies Inc (down -5.95%) combined own over >30% of Didi. Other Chinese companies listed on the NYSE came under pressure, with JD.Com Inc down -7.71%, Baidu Inc -7.77% and Alibaba Group Holding Ltd -8.23%.

Friday, 3 December 2021: US equity markets rebounded, with cyclicals clawing back some of their recent sharp falls

Thu, 02 Dec 2021 22:58:44 +0000

US equity markets rebounded, with cyclicals clawing back some of their recent sharp falls - Dow rallied +618-points or +1.82% . Boeing Co jumped +7.54% after China cleared the 737 Max to return to fly. The broader S&P500 gained +1.42%, with Industrials (+2.89%), Financials (+2.83%), Energy (+2.81%) and Real Estate (+2.67%) all rebounding over >2% to lead all eleven primary sectors higher. The Nasdaq +0.84%. Apple Inc slipped -0.61% after Bloomberg reported that the company told some of its suppliers there could be slowing demand for iPhone 13 models. It previously expected the reduction in its initial production goal to be made up in 2022 but said that may not materialise now. The small capitalisation Russell 2000 rallied +2.74% a day after marking its first correction since June of 2020.

Thursday, 2 December 2021: US equity markets relinquished solid gains to settle lower

Wed, 01 Dec 2021 22:59:04 +0000

US equity markets relinquished solid gains to settle lower after the country recorded its first confirmed case of the omicron variant of the coronavirus – the Dow staged a 983-point U-turn to settle -462-points or -1.34% lower at 34,022.04, unwinding an earlier +520-point/+1.5% rally and settling below its 200-day moving average (34,361.27) for the first time since July. Salesforce.Com Inc tumbled -11.74% after the customer relationship management company provided disappointing fourth quarter earnings per share (EPS) guidance after the close of the previous session. The broader S&P500 lost -1.18% to 4,513.04, closing below its 50-day moving average (4,539.32) for the first time since 13 October. Communication Services (down -1.98%) and Consumer Discretionary (-1.86%) both fell over >1.5% to lead ten of the eleven primary sectors lower, with seven sectors logging declines of over >1%. Utilities (up +0.16%) was the only primary sector to close in the black. General Motors Co edged +0.33% higher after the automaker slightly raised its 2021 earnings guidance (to ~US14B from US$11.5B-to-US$13.5B previously) on strong pricing, resilient consumer demand and a stronger-than-expected supply of semiconductor chips. The Nasdaq dropped -1.83% after rallying as much as +1.8% earlier in the session. The small capitalisation Russell 2000 shed -2.18% to mark its first official correction since June of 2020. Some commentators also cited tax loss selling as a factor for the recent weakness.

Wednesday, 1 December 2021: Fresh concerns about the potentially damaging economic effect of the Omicron coronavirus variant

Tue, 30 Nov 2021 22:56:21 +0000

Fresh concerns about the potentially damaging economic effect of the Omicron coronavirus variant and hawkish comments from Federal Reserve Chair Jerome Powell dragged US equity markets lower - Dow dropped -652-points or -1.86%, with American Express Co (-3.52%) and Salesforce.Com Inc (-3.97%) among the key drags on the index. The broader S&P500 -1.90%. Communication Services (down -3%) led all eleven primary sectors lower, with eight primary sectors logging falls of over >2%. Mastercard Inc (down -2.50%) announced after the closing bell that its directors authorized an +11% dividend increase (to US$0.49c per share) and an US$8B share buyback program. The technology-centric Nasdaq lost -1.55%. Amazon.com Inc (down -1.53%) is reportedly working on custom silicon chips for its hardware network switches to take on Intel Corp (-1.60%) and Nvidia Corp (-2.10%). according to Reuters. The chips, which could help Amazon improve its internal infrastructure as well as AWS, are said to be the result of Amazon’s US$350M acquisition of Israeli chipmaking firm Annapurna Labs back in 2015. Microsoft Corp hosted their Annual General Meeting overnight. The small capitalisation Russell 2000 fell -1.92%.

Tuesday, 30 November 2021: US equity markets rebounded as President Joe Biden comments on the omicron variant of coronavirus

Mon, 29 Nov 2021 22:50:05 +0000

US equity markets rebounded as President Joe Biden told Americans the fight against the omicron variant of coronavirus won’t involve “shutdowns or lockdowns.” - Dow up +237-points or +0.68% a day after recording its worst daily decline (-905-points or -2.53%) since 28 October, 2020. Walmart Inc lost -1.57% after announcing that it will begin the search for a successor to Chief Financial Officer (CFO) Brett Biggs, who has been with the company for 22 years and became CFO on 31 December, 2015. However, Merck & Co (down -5.39%) was the largest drag on the Dow after Citi downgraded the stock to neutral from buy, saying in a research note that development struggles for the company’s HIV drug were taking a bite out of Merck’s long-term potential. The broader S&P500 gained +1.32%, with Information Technology (up +2.64%) leading all eleven primary sectors higher. Consumer Discretionary (up +1.63%), Utilities (+1.57%), Real Estate (+1.33%) and Communication Services (+1.12%) all rose over >1%. Moderna Inc continued to soar, climbing a further +11.80% overnight. The biotechnology company’s Chief Medical Officer Paul Burton said Sunday (28 November) that Moderna could roll out a reformulated vaccine against omicron early next year. However, Pfizer Inc fell -2.96%. The technology-centric Nasdaq rose +1.88%, with Apple Inc rising +2.19% and Amazon.com Inc +1.63% and Microsoft Corp rose +2.11% ahead of its Annual General Meeting (AGM). Twitter Inc fell -2.74%, unwinding an earlier rally of over >11% following news that Chief Executive Officer Jack Dorsey was stepping down from the role, effective immediately. Parag Agrawal, Twitter’s chief technology officer, will take over the helm. Mr Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders, the company said. However, the small capitalisation Russell 2000 slipped 0.18%.

Monday, 29 November 2021: An ugly finish to the shortened Thanksgiving week for US equity markets

Sun, 28 Nov 2021 22:57:32 +0000

An ugly finish to the shortened Thanksgiving week for US equity markets during a thinly traded, abbreviated Black Friday session as a new COVID variant found in South Africa triggered a shift away from risk assets - Dow dropped -905-points or -2.53%, down over >1,000 points at its worst levels of the session and recording its worst daily decline since 28 October, 2020. The decline for the Dow saw it mark its first close below its 50-day moving average (at 35,261.93) since 14 October. Boeing Co fell -5.41%. The broader S&P500 tumbled -2.27% to 4,594.62, with Energy (down -4.07%) leading all eleven primary sectors lower and with six of those logging falls of over >2.5%. Travel stocks were unsurprisingly under the pump, with Delta Air Lines Inc down -8.34%, United Airlines Holdings Inc -9.57%, American Airlines Group Inc –8.79%, and cruise operators Royal Caribbean Group tumbling -13.22% and Norwegian Cruise Line Holdings Ltd -11.36%. A number of technical/charting analysts cite the 50-day moving average of 4,570 as a key level, along with 4,566 (representing a 38.2% retracement of the rally); and 4,550 (a previous high from early September) and the round figure of 4,500. Tesla Inc slid -3.05% after a report that the company will invest US$188M to expand production capacity at its Shanghai factory. The Nasdaq -2.23%. Microsoft Corp’s (down -2.44%) Chief Executive Officer Satya Nadella sold ~838.6K shares of common stock – or about half of his holding - last week (22 and 23 November) between US$349.22 and US$334.37 per share. The declines for the S&P 500, Dow and Nasdaq Composite represented their worst Black Friday performance since 1950.The small capitalisation Russell 2000 -3.67%. China’s ride-hailing giant Didi Global Inc sank -2.84% after Bloomberg reported that Chinese regulators have asked the firm’s executives to formulate a plan to delist from the U.S.

Friday, 26 November 2021: European bourses climbed, with the Utilities sector (up +1.8%) leading the benchmark pan-European Stoxx 600 index

Thu, 25 Nov 2021 22:48:35 +0000

US bond and equity markets were CLOSED overnight AEST for Thanksgiving Day, while it is an abbreviated session tonight AEST.

Thursday 25 November 2021: US equity markets pushed modestly higher as the recent jump in bond yields took a breather

Wed, 24 Nov 2021 22:19:54 +0000

US equity markets pushed modestly higher as the recent jump in bond yields took a breather, lifting some pressure on the technology sector - Dow dipped -9-points or -0.0% . The broader S&P500 added +0.23%. The Nasdaq +0.44%. The small capitalisation Russell 2000 +0.15%. US bond and equity markets CLOSED tonight AEST for Thanksgiving Day followed by an abbreviated session on ‘Black Friday’ (26 November).

Wednesday, 24 November 2021: US equity markets mixed, with Federal Reserve Chair’s Jerome Powell’s nomination for a second term

Tue, 23 Nov 2021 22:36:57 +0000

US equity markets mixed, with Federal Reserve Chair’s Jerome Powell’s nomination for a second term weighing on the technology sector (which is often more sensitive to changes in interest rate policy) - Dow gained +195-points or +0.55% , with investment banks Goldman Sachs Group Inc (up +2.56%) and JPMorgan Chase & Co (+2.39%) trading strongly for a second straight session. The broader S&P500 edged +0.17% higher, with Energy (up +3%), Financials (+1.55%) and Real Estate (+1.10%) up over >1% to lead eight of the eleven primary sectors higher. The technology-centric Nasdaq lost -0.50%. The small capitalisation Russell 2000 slipped -0.15%.

Tuesday, 23 November 2021: US equity markets mixed after a late session sell-off

Mon, 22 Nov 2021 22:57:34 +0000

US equity markets mixed after a late session sell-off - Dow added +17-points or +0.05%, unwinding an earlier rally of more than >300-points. However, investment banks Goldman Sachs Group Inc (up +2.26%) and JPMorgan Chase & Co (+2.13%) both help up well following the announcement that President Joe Biden has nominated Federal Reserve Chair Jerome Powell for a second four-year term. The broader S&P500 eased -0.32, with Communication Services (down -1.24%) and Information Technology (-1.14%) leading five of the eleven primary sectors lower. Energy (+1.77%) and Financials (1.43%) sat atop the primary sector leaderboard. The technology-centric Nasdaq fell -1.26% as investors eyed potential rising interest rates. The small capitalisation Russell 2000 fell -0.50%.

Monday 22 November 2021: Concerns over a resurgence of COVID-19 saw US equity markets struggle on Friday

Sun, 21 Nov 2021 23:21:05 +0000

Concerns over a resurgence of COVID-19 saw US equity markets struggle on Friday (19 November) although technology stocks pushed higher – Dow down -269-points or -0.75%, with Boeing Co (down -5,77%) a notable drag. The broader S&P500 eased -0.14%, with Energy (down -3.91%) and Financials (-1.11%) the worst performing primary sectors. Information Technology (up +0.77%) headed the gainers lists. Carriers (United Airlines Holdings fell -2.78% and Delta Air Lines Inc -1.07%) and cruise operators (Norwegian Cruise Line Holdings Ltd -2.08% and Royal Caribbean Cruises Ltd -2.98%) were under pressure. The Nasdaq added +0.40% to log its 46th record closing high of 2021 at 16,057.44. Intuit Inc (up +10.08%) and Micron Technology Inc (+7.80%) were among the best performers on the technology-centric index. The small capitalisation Russell 2000 fell 0.86%.

Friday, 19 November 2021: US equity markets mixed after a choppy trading session

Thu, 18 Nov 2021 22:51:15 +0000

Thursday, 18 November 2021: US equity markets weaker as inflation concerns continued to drag on sentiment

Wed, 17 Nov 2021 22:52:51 +0000

US equity markets weaker as inflation concerns continued to drag on sentiment - Dow down -211-points or -0.58% . The broader S&P500 eased -0.26%, with Energy (down -1.78%) leading seven of the eleven primary sectors lower. More defensive sectors outperformed, with Real Estate up +0.65%, Consumer Discretionary +0.59% and Health Care +0.16%. The Nasdaq -0.33%. PayPal Holdings Inc fell -4.34%, with analysts at Bernstein downgrading the company to “market perform”. Bernstein noted that PayPal has a reputation for disrupting the payments ecosystem, but it “now risks getting disrupted” itself and cited various competitive pressures for the digital payments giant (including the “increasing aggregation” of e-commerce activity on large platforms like Amazon.com Inc (up +0.21%) and Shopify Inc (down -2.25%). The small capitalisation Russell 2000 shed -1.16%.

Wednesday, 17 November 2021: US equity markets climbed, buoyed by a strong October retail sales report

Tue, 16 Nov 2021 23:14:04 +0000

US equity markets climbed, buoyed by a strong October retail sales report and better-than-expected third-quarter results from big box retailers Home Depot and Walmart - Dow added +55-points or +0.15% . The broader S&P500 rose +0.39%, with Consumer Discretionary (up +1.38%) and Information Technology (+1.07%) both gaining over >1%. Tesla Inc rebounded +4.08%. It was a strong session for electric vehicle (EV) companies more broadly, with EV start-up Lucid Group Inc soaring +23.71% after executives told investors that reservations for its first vehicles are up and 2022 production plans are still on track. That pushed its market cap to about US$89B, past that of Ford Motor Co (down -0.35%) but still far below Tesla’s, which hit $1 trillion this year. Elsewhere, Rivian Automotive Inc jumped +15.16% to see its market capitalisation climb above Volkswagen AG (+0.54%). Rivian’s value has doubled to US$153B since floating only last Wednesday (10 November).The Nasdaq gained +0.76%, with Qualcomm Inc jumping +7.89% after the wireless technology company issued bullish forecasts at an investor’s conference in New York and said that its growth doesn’t rely on a relationship with any single customer, such as its modem chip sales to Apple Inc (+0.67%). Qualcomm currently supplies wireless chips for Apple’s devices but said it expects to provide just 20% of the modem chips needed for the 2023 iPhone. “This company can no longer be defined by a single market and a single end-customer,” Qualcomm Chief Executive Officer (CEO) Cristiano Amon observed. The small capitalisation Russell 2000 edged +0.17% higher.

Tuesday, 16 November 2021: A muted start to the new trading week for US equity markets

Mon, 15 Nov 2021 22:31:30 +0000

A muted start to the new trading week for US equity markets, with the benchmark indices little changed as Treasury yields climbed and investors eye quarterly reports from big retailers later in the week - Dow dipped -13-points or -0.04% . Boeing Co rose +5.49% following news that Saudi Arabian Airlines is in talks with Airbus SE (up +1.76%) and Boeing for a wide-body jet order. At the same time, Emirates announced an order for two Boeing 777 Freighters at the 2021 Dubai Airshow. The broader S&P500 unchanged, with Utilities (up +1.31%) and Energy (+0.79%) leading seven of the eleven primary sectors higher, while Health Care (down -0.64%) and Materials (-0.46%) were the worst performing primary sectors overnight. Tesla Inc (down -1.94% at US$1,013.39) continued to slide – and briefly fell below

Monday, 15 November 2021: US equity markets rallied but still logged their first weekly decline in 6 weeks amid heightened inflation concern

Sun, 14 Nov 2021 22:48:21 +0000

US equity markets rallied but till logged their first weekly decline in six weeks amid heightened inflation concerns - Dow up +179-points or +0.50% to close at 36,100.31. Johnson & Johnson climbed +1.2% after the world’s largest healthcare company announced that it is splitting in two, breaking off its consumer health division (which is forecast to generate US$15B in sales this year) into a separate publicly traded company in 18-to-24 months time. It marked the latest in a wave of well-known global companies to announce plans to split up last week, following US industrial conglomerate General Electric Co (+0.55%) and Japan’s Toshiba, in an effort to slim down and focus on individual businesses. The broader S&P500 gained +0.72%. Tesla Inc fell -2.83% to extend its weekly decline to -15.4% - the electric vehicle company’s worst week in 20-months – as Chief Executive Officer (CEO) Elon Musk commenced with his plans to sell a huge block of his holding in the company. A Securities and Exchange Commission filling late last Wednesday (10 November) showed Mr Musk sold more than 4.5M shares for close to US$5B, and a further 1.2M shares worth more than US$1.2B on Friday (12 November). Mr Musk sold shares in part to satisfy tax obligations related to an exercise of stock options (he faces an August 2022 deadline to exercise more than 20M additional options or let them expire worthless. The Nasdaq rose +1.00%. Facebook-parent Meta Platforms Inc rallied +4.01%, while Apple Inc (+1.43%), Microsoft Corp (+1.29%) and Amazon.com Inc (+1.52%) each added more than >1%. The small capitalisation Russell 2000 added +0.11%.

Friday, 12 November 2021: US equity markets mixed in the wake of the October inflation report released in the previous session

Thu, 11 Nov 2021 22:49:43 +0000

US equity markets mixed in the wake of the October inflation report released in the previous session - Dow down -159-points or -0.44% . Walt Disney Co fell -7.07% - its worst daily performance since June 2020- after the company reported after the closing bell of the previous session, with fiscal fourth quarter earnings per share and revenue falling short of Wall Street’s expectations, while Disney+ added a less-than-expected +2.1M subscribers. The broader S&P500 edged +0.10% higher, with Materials (up +0.85%) leading six of the eleven primary sectors higher. Tesla Inc lost -0.42%, with a Securities and Exchange Commission filling showing Chief Executive Officer (CEO) Elon Musk sold more than 4.5 million shares of the electric-vehicle maker for close to US$5B. The technology centric Nasdaq rebounded +0.57%. Chipmakers NVIDIA Corp (up +3.16%) and Advanced Micro Devices (+4.39%) logged solid gains. The small capitalisation Russell 2000 +0.82%.

Thursday, 11 November 2021: US equity markets retreated as investors digested the latest inflation data

Wed, 10 Nov 2021 22:53:48 +0000

US equity markets retreated as investors digested the latest inflation data that recorded that consumer prices rose at their fastest pace in more than 30-years in October - Dow shed -240-points or -0.66% . The broader S&P500 fell -0.82%, with Energy (down -3.00%) leading eight of the eleven primary sectors lower. Information Technology (down -1.68%) and Communication Services (-1.25%) both fell over >1%. The Utilities sector was the best performing primary sector overnight with a +0.70% gain. The technology-cetnric Nasdaq dropped -1.66%. The small capitalisation Russell 2000 fell 1.55%.

Wednesday, 10 November 2021: US equity markets retreated amid some profit taking ahead of the release of US inflation data

Tue, 09 Nov 2021 23:01:55 +0000

US equity markets retreated amid some profit taking ahead of the release of US inflation data - Dow down -112-points or -0.31% . The broader S&P500 -0.35%, snapping an eight session losing streak and a day after posting its 64th record closing high of 2021. Consumer Discretionary (down -1.35%) led five of the eleven primary sectors lower. PayPal Holdings Inc tumbled -10.46% a day after the digital payments company issued weaker-than-expected fourth-quarter and full-year guidance. Tesla Inc (down -11.99%) continued to slide after founder Elon Musk last weekend asked in a Twitter poll whether he should sell 10% of his stock, with nearly 58% of respondents saying ‘yes’. General Electric Co gained +2.65% after announcing plans to break into three separate companies focused on healthcare, energy and aviation. GE Healthcare will be spun off in 2023, with GE retaining a 19.9 per cent stake in the unit. GE Renewable Energy, GE Power and GE Digital will be combined into one energy-focused company that will be spun off in 2024. Once these transactions are completed, the original GE will focus on aviation. The Nasdaq fell -0.60%. The small capitalisation Russell 2000 lost -0.65%. In merger and acquisition (M&A) news, DoorDash Inc (down -0.59%) - which posted both record revenue and orders in the third quarter as demand for delivery continued - also announced it is buying Finland food-delivery company Wolt in an all-stock deal worth more than >US$8B.

Tuesday, 9 November 2021: Modest gains for the benchmark US equity indices after Congress approved an infrastructure spending package

Mon, 08 Nov 2021 22:55:28 +0000

Modest gains for the benchmark US equity indices after Congress approved an infrastructure spending package, with the S&P500 logging its first close above >4,700 - Dow up +104-points or +0.29% to a record closing high 36,432.22. Caterpillar Inc rose +4.07% to be the leading index performer. The broader S&P500 inched +0.09% higher to log its eighth consecutive record closing high at 4,701.72, marking the longest series of all-time highs since 1997, according to Dow Jones Market Data. Materials (up +1.23%) led six of the eleven primary sectors higher, while more defensive sectors underperformed. Utilities (down -1.45%) and Consumer Discretionary (-1.38%) both fell over >1%. Tesla Inc fell -4.84% founder Elon Musk rattled investors over the weekend, asking in a Twitter poll whether he should sell 10% of his stock as a response to political clamouring to tax unrealised gains from equity holdings (58% of respondents said yes). Airlines climbed (Delta Air Lines Inc up +0.81%, United Airlines Holdings Inc +0.76% and American Airlines Group Inc +1.97%) after the US ended its pandemic-era international travel ban overnight. The Nasdaq inched +0.07% higher to 15,982.36 and registered its 11th straight gain and the longest such win streak since 26 December, 2019. Advanced Micro Devices Inc soared +10.14% after the company announced new products during its Accelerated Data Centre Premiere and disclosed that Facebook parent Meta Platforms Inc would use its Epyc processors. Chipmaking peer Nvidia Corp rose +3.40% as the company’s annual GPU Technology Conference kicked off overnight. The small capitalisation Russell 2000 also inched +0.07% higher.

Monday, 8 November 2021: Fresh record highs for the benchmark US equity indices to cap a solid week

Sun, 07 Nov 2021 22:57:07 +0000

Fresh record highs for the benchmark US equity indices to cap a solid week, buoyed by the latest October jobs figures and encouraging results from Pfizer for its antiviral COVID-19 pill - Dow up +204-points or +0.56% to close at a new peak of 36,327.95. The broader S&P500 added +0.37% to log its seventh consecutive gain and settle at a record high of 4,697.53. Energy (up +1.42%) led ten of the elven primary sectors higher on Friday night AEST (5 November), with Health Care (down -1.03%) the only primary sector to close in the red. Pfizer Inc jumped +10.86% after the pharmaceutical company said its COVID antiviral reduced the risk of hospitalizations or death by 89% in a Phase 2/3 study. Pfizer board member Dr. Scott Gottlieb said that the pandemic could be over in the U.S. by the time President Biden’s workplace vaccine mandates take effect in early January. Pharmaceutical peer Merck & Co closed -9.86% lower as investors appeared to shun Pfizer rivals. However, the news boosted classic reopening plays, with United Airlines Holdings Inc rallying +7.26% and American Airlines Group Inc +5.77%. Expedia Group Inc jumped +15.63% a day after the company said renewed travel demand boosted its top and bottom lines higher than analysts had expected. Chief Executive Officer (CEO) Elon Musk n Saturday (6 November) asked his 62.5M Twitter followers to determine the future of a chunk of his Tesla Inc (down -0.64%) holdings. Mr Musk previously said he was likely to sell “a huge block” of his options in the fourth quarter. The Nasdaq +0.020% to an all-time closing high of 15,971.59. The small capitalisation Russell 2000 +1.44%. For the week, the Dow rose 1.42%, the S&P 500 gained +2.00% and the Nasdaq advanced +3.05%.

Friday, 5 November 2021: The S&P500 and Nasdaq logged their sixth consecutive record closing highs

Thu, 04 Nov 2021 23:17:06 +0000

The S&P500 and Nasdaq logged their sixth consecutive record closing highs - Dow slipped -33-points or -0.09% snaping a run of four record closing highs as Goldman Sachs Group Inc (down -2.35%) and JPMorgan Chase & Co (-1.31%). The broader S&P500 rose +0.42% to a record close of 4,680.06, with Information Technology (up +1.54%) and Consumer Discretionary (+1.49%) both rising ~1.5% to lead six of the eleven primary sectors higher. Financials (down -1.34%) and Real Estate (-1.14%) declined over >1% to be the worst performing primary sectors. The technology-centric Nasdaq gained +0.81% to 15,940.31. NVIDIA Corp soared +12.04%, recording its largest single-day percentage gain in more than 19 months and topped US$700B in market capitalisation for the first time, as optimism builds ahead of the chipmaker’s annual GTC developer conference on Monday (8 November). Qualcomm Inc jumped +12.73% after the chipmaker forecast better-than-expected profit and revenue for its current quarter after the close of the previous session on soaring demand for chips used in phones, cars and other internet-connected devices. The small capitalisation Russell 2000 dipped -0.08% after climbing to a fresh record closing high a day earlier.

Thursday, 4 November 2021: Benchmark US equity indices pushed further into record territory

Wed, 03 Nov 2021 23:03:55 +0000

Benchmark US equity indices pushed further into record territory, logging a fourth straight session of record closing highs – the longest such streak since 5 October, 2017 - - Dow up +105-points or +0.29% to a record closing high of 36,157.58, recovering from an earlier -160-point slide. The broader S&P500 +0.65% to record settlement of 4,660.57 The Nasdaq +1.04% to an all-time high of 15,811.58. The small capitalisation Russell 2000 gained +1.8% to a record closing high of 2,404.28.

Wednesday, 3 November 2021: Another round of fresh record closing highs for all three benchmark US equity indices amid better-than-expected.

Tue, 02 Nov 2021 22:42:48 +0000

Another round of fresh record closing highs for all three benchmark US equity indices amid better-than-expected earnings reports ahead of a Federal Reserve policy statement tomorrow morning AEST - Dow up +139-points or +0.39% at 36,052.63, settling above 36,000 for the first time. It was 71 trading days since the Dow last cleared a 1,000-point milestone, marking the longest stretch between milestones since the stretch of 218 trading days between the Dow’s move between 29,000 and 30,000 completed in November of last year, according to Dow Jones Market Data. The close above 36,000 marks the Dow’s sixth 1,000-point milestone of 2021, the most ever seen in a single year. Salesforce.com Inc. (up +0.06%) has been the biggest contributor to the Dow’s rise since 35,000, while Visa Inc (down-1.56%) has been the biggest drag. The broader S&P500 rose +0.37% to 4,630.65. Materials (up +1.10%) led nine of the eleven primary sectors higher, with Energy (down -1.01%) and Consumer Discretionary (-0.62%) the only primary sectors to close in the red. Telsa Inc fell -3.03% after Chief Executive Officer (CEO) Elon Musk questioned the factors driving the recent rally for the electric vehicle maker that has seen the company’s market capitalisation surge past US$1 trillion in market capitalisation since an announcement on 25 October that Hertz Global Holdings Inc (up +2.66%) will by 100K Model 3 vehicles. Mr Musk tweeted ““If any of this is based on Hertz, I’d like to emphasise that no contract has been signed yet,” adding “Tesla has far more demand than production, therefore we will only sell cars to Hertz for the same margin as to consumers.” Separately, Tesla is recalling about 11,700 2017 to 2021 Model S, Model 3 and Model X vehicles, and 2020 to 2021 Model Y vehicles, because a communication error with the software may cause unexpected activation of the emergency brake system, according to a notice filed with the National Highway Traffic Safety Administration. The technology-centric Nasdaq added +0.34%. Nikkei reported that Apple Inc (up +0.71%) has cut back production of iPad tablets to allocate more components to the iPhone 13 amid signs that the global chip supply crunch may be hitting the company harder than previously indicated. Chipmaker Nvidia Corp rose +2.22% to usurp Warren Buffet’s investment vehicle Berkshire Hathaway Inc (up 0.59%) as the seventh largest US company by market capitalisation (with its market cap rising to ~US$660B). Nvidia has gained almost US$530B in market value off its pandemic low set 16 March, 2020, according to Dow Jones Market Data. It marked the first time since December 2019 that all three benchmark indices logged record closing highs for three straight sessions, according to Dow Jones Market Data. The small capitalisation Russell 2000 edged +0.16% higher to an all time high of 2,361.86. Bed Bath & Beyond Inc skyrocketed over >75% in the extended session after the retailer announced a partnership to have some of its “most sought-after” baby and home items available at Kroger Co.’s (+0.62%) stores and on-line and said it was ahead of its share buyback schedule.

Tuesday, 2 November 2021: Fresh record closing highs for all three benchmark US equity indices to kick off November

Mon, 01 Nov 2021 23:04:50 +0000

Fresh record closing highs for all three benchmark US equity indices to kick off November and ahead of a busy week of US corporate earnings and key economic data and central bank meetings - Dow up +94-points or +0.26% to 35,913.84, briefly trading above >36,000 for the first time earlier in the session and with Boeing Co (up +3.65%) and Dow Inc (+2.63%) among the leading index performers. The broader S&P500 edged +0.18% higher to 4,613.67, with Energy (up +1.55%) and Consumer Discretionary (+1.46%) lifting eight of the eleven primary sectors and offsetting declines for Information Technology (down -0.08%). Tesla Inc jumped +8.49% The Nasdaq gained +0.63% to 15,595.92 The small capitalisation Russell 2000 jumped +2.65%, recording its best single session performance since 27 August and within 0.1% of establishing its first record high since March. Harley-Davidson Inc jumped +9.07% after the European Union (EU) removed retaliatory tariffs on U.S. products including whiskey, power boats and company's motorcycles. The motorcycle maker was facing a European retaliatory tariff of 56%.

Monday, 1 November 2021: Record closing highs for all three benchmark US equity indices to close out the week and month

Sun, 31 Oct 2021 22:56:15 +0000

Record closing highs for all three benchmark US equity indices to close out the week and month, with a late rally seeing the market retrace earlier losses and shrugging off some disappointing corporate results from some major technology companies after the close of last Thursday’s (28 October) session - Dow up +89-points or +0.25% to settle at a fresh record closing high of 35,819.56. The broader S&P500 edged +0.19% higher to record close of 4,605.38, with Health Care (up +0.95%), Communication Services (+0.83%) and Information Technology (+0.43%) all advancing. Real Estate (down -1.19%) was the worst performing primary sector. The Nasdaq rose +0.33% to scale a fresh record peak of 15,498.39 Apple Inc fell -1.82% Microsoft Corp (up +2.24%) usurped Apple (market capitalisation of ~US$2.458 trillion) as the most valuable U.S. company by market capitalisation for the first time in nearly 16 months, with the latest gain leaving the software giant with a market capitalisation of ~US2.49 trillion. Amazon.com Inc fell -2.15% The small capitalisation Russell 2000 dipped -0.03%.

Friday, 29 October 2021: Record closing highs for both the S&P500 and Nasdaq amid a broad-based rally despite some lacklustre economic data

Thu, 28 Oct 2021 22:48:33 +0000

Record closing highs for both the S&P500 and Nasdaq amid a broad-based rally despite some lacklustre economic data - Dow up +240-points or +0.68% to 35,730.48 The broader S&P500 gained +0.98% to a record closing high of 4,596.42, with all of Real Estate (up +1.447%), Consumer Discretionary (+1.37%), Industrials (+1.29%), Financials (+1.24%), Information Technology (+1.06%) and Materials (+1.02%) gaining over >1% and with all eleven primary sectors advancing. Ford Motor Co jumped +8.70% The technology-centric Nasdaq rallied +1.39% to log its first record closing high since 7 September at 15,448.12. Facebook Inc rose +1.51% after announcing a rebranding which the company says reflects a hard pivot into what it calls the “next evolution of social technology,” where mixed reality brings people together to play games, exercise, watch concerts together, work remotely and communicate. The social media giant has changed its name to Meta, relegating Facebook to one of the company’s three major platforms - which also includes Instagram and WhatsApp - rather than the overarching brand amid whistleblower revelations and regulator recriminations. The small capitalisation Russell 2000 rebounded +2.02%.

Thursday, 28 October 2021: US equity markets fell as some of the recent momentum around positive corporate earnings faded

Wed, 27 Oct 2021 23:05:28 +0000

US equity markets fell as some of the recent momentum around positive corporate earnings faded - Dow down -266-points or -0.74%, snapping a three session winning streak that had lifted the index to a record closing high (35,756.88) a day earlier. Visa Inc shed -6.92% after the payments company issued a conservative revenue outlook during as part of its quarterly earnings report after the close of the previous session. There were also reports that the company was facing a Justice Department probe around its relationships with fintech firms. The broader S&P500 fell -0.051%, also snapping a three session winning streak. The Nasdaq eked out a +0.01% gain. Google-parent Alphabet Inc (up +4.96%) and Microsoft Corp (up +4.21% to a record close of US$323.17) after both technology majors posted strong quarterly results after the closing bell of the previous session. The small capitalisation Russell 2000 shed -1.90%.

Wednesday, 27 October 2021: Both the Dow and S&P500 eked out fresh record highs ahead of another wave of notable corporate earnings releases

Tue, 26 Oct 2021 22:46:34 +0000

Both the Dow and S&P500 eked out fresh record highs ahead of another wave of notable corporate earnings releases after the close of the session - Dow up +16-points or +0.04% to 35,756.88, after rising to an record intraday high of 35,892.92 (up ~150-points) in earlier trading. The broader S&P500 edged +0.08% higher to 4,574.79, after hitting a fresh intraday record of 4,598.53. The Nasdaq +0.09% to settle at 15,235.71, briefly trading as high as 15,384 and topping its closing record of 15,374.33 set on 7 September. Facebook Inc fell -3.92% after the company reported better-than-expected third-quarter earnings per share (US$3.22 versus consensus US$3.19) even as revenue (US$29.01B) undershot analysts’ estimates (US$29.57B) after the close of the previous session and also said it’s increasing its share buyback program by US$50B. The small capitalisation Russell 2000 lost -0.72%.

Tuesday, 26 October 2021: Both the Dow and S&P500 hit fresh record highs as earnings season kicked in to high gear

Mon, 25 Oct 2021 22:49:35 +0000

Both the Dow and S&P500 hit fresh record highs as earnings season kicked in to high gear in one of the heaviest reporting weeks of the quarter, with bellwethers in multiple sectors poised to announce results - Dow up +64-points or +0.18% to 35,741.15, after establishing a new all-time intraday record at 35,787.04. The broader S&P500 added +0.47% to 4,566.48 and also hit a intra-day record high of 4,572.62, with nine of the 11 major S&P sectors advancing. Consumer Discretionary (up +2.11%) and Energy (+1.41%) were the best performing primary sectors overnight. Utilities (down -0.43%) and Financials (-0.16%) were the only primary sectors to settle in the red. Tesla Inc jumped +12.66% to its own new record of US$1,024.86 per share and breached >US$1 trillion in market capitalisation, after car rental firm Hertz Global Holdings Inc placed an order for 100,000 Tesla cars, while Morgan Stanley raised its price target on the stock to US$1,200 from US$900 per share. Tesla joins a select group of mega tech stocks that include Apple Inc (down -0.03%) with a market cap of ~US$2.5 trillion, followed by Microsoft Corp (-0.33%) at ~US$2.3 trillion, Google-parent Alphabet Inc (up+0.11%) at ~US$1.8 trillion and Amazon.com Inc (-0.46%) at US$1.7 trillion. Tesla also edged out Facebook Inc (with a current market cap of ~US$900B) to become the fifth largest US company by market cap. The Nasdaq +0.90%. PayPal Inc gained +2.70% after the payments company scrapped plans to buy the digital pinboard site Pinterest Inc (down -12.71%) for as much as US$45B.The small capitalisation Russell 2000 rose +0.93%.

Monday, 25 October 2021: US equity markets mixed on Friday night (22 October) as investors weighed strong corporate earnings

Sun, 24 Oct 2021 23:03:02 +0000

US equity markets mixed on Friday night (22 October) as investors weighed strong corporate earnings against persistent concerns over elevated global inflation - Dow up +73-points or +0.21% to a record closing high of 35,677.02. The broader S&P500 dipped -0.11%, with falls for Communication Services (down -2.28%) and Consumer Discretionary (-0.66%) offsetting gains for Financials (up +1.33%) and Energy (+0.93%). Tesla Inc extended its rally, rising +1.7% after hitting a new intraday high (US$909.68) earlier in the morning session that lifted the electric vehicle maker’s market capitalisation above >US$905B (which is more than almost half of the auto industry put together). The Nasdaq lost -0.82%. Quarterly results late last Thursday (21 October) from Snapchat parent Snap Inc (down -26.59%), which forecast a weaker-than-expected holiday season and expressed concerns over digital advertising, prompted a decline in internet and social-media related stocks, including Google-parent Alphabet Inc (down -3.04%) and Facebook Inc (-5.05%). Intel Corp dropped -11.68% following a soft quarterly result after the close of the previous session that the company blamed on weaker-than-expected sales amid an industry-wide component shortage. However, Netflix Inc (up +1.78%), Ebay Inc (+5.75%) and Microsoft Corp (-0.51%) all touched fresh record intra-day highs. The small capitalisation Russell 2000 eased -0.21%.

Friday 22 October 2021: US equity markets firmer as strong corporate earnings bolstered the mood on Wall Street

Thu, 21 Oct 2021 22:48:43 +0000

US equity markets firmer as strong corporate earnings bolstered the mood on Wall Street - Dow dipped -6-points, with IBM (down -%) The broader S&P500 added +0.30% to 4,459.78, booking its first record closing high in seven weeks after logging an intra-day record of 4,551.44. Consumer Discretionary (up +1.38%) led seven of the eleven primary sectors higher. Energy (down -1.85%) was the worst performing primary sector as US crude prices pulled back from seven year highs overnight. The Nasdaq rose +0.62%. The small capitalisation Russell 2000 added +0.28%.

Thursday, 21 October 2021: US equity markets ticked higher amid some mixed reports

Wed, 20 Oct 2021 22:53:15 +0000

US equity markets ticked higher amid some mixed reports around how corporates are managing inflationary pressures and supply chain issues - Dow gained +152-points or +0.43%, touching an all-time high of 35,669.69 earlier in the session. The broader S&P500 added +0.37% to log a sixth consecutive session advance, with Utilities (up +1.56%), Real Estate (+1.55%) and Health Care (+1.45%) all climbing over >1% and leading eight of the eleven primary sectors higher. Information Technology lagged with a -0.29% decline. The Nasdaq dipped -0.05%. The small capitalisation Russell 2000 rose +0.61%. In merger and acquisition (M&A) news, PayPal Holdings Inc fell -4.91% following reports that the company is in late-stage talks to buy social media company Pinterest, with a price of US$70 per share apparently mooted according to Bloomberg (which would value Pinterest at ~US$39B).

Wednesday, 20 October 2021: US equity markets advanced as major companies continued to deliver solid third quarter earnings

Tue, 19 Oct 2021 22:57:18 +0000

US equity markets advanced as major companies continued to deliver solid third quarter earnings - Dow up +199-points or +0.56% . Walmart Inc gained +2.1% after Goldman Sachs added the big-box retailer to its conviction buy list, pointing to improved profitability and increased share of the U.S. grocery market saying the stock could rally nearly 40%. The broader S&P500 extended its rally into a fifth straight session and climbed back above >4,500, rising +0.74% to 4,519.63. Health Care (up +1.31%), Utilities (+1.26%) and Energy (+1.11%) all rose over >1% to lead ten of the eleven primary sectors higher. Consumer Discretionary (down -0.29%) was the only primary sector to close in the red. The technology-centric Nasdaq rose +0.71%. Alibaba Group Holdings Ltd popped +6.1% after the company announced it has developed a custom computer chip that it will use to power its data centre servers. The small capitalisation Russell 2000 added +0.36%.

Tuesday, 19 October 2021: Heavyweight technology names lifted US equity markets however global sentiment was dampened

Mon, 18 Oct 2021 23:21:56 +0000

Heavyweight technology names lifted US equity markets however global sentiment was dampened by official China data recording the slowest pace of economic growth in a year in the third quarter - Dow eased -36-points or -0.10%, paring an earlier decline of -123-points. The broader S&P500 added +0.34%, extending gains into a fourth straight session and representing its longest win streak since 25 August. Consumer Discretionary (up +1.20%) and Information Technology (+0.85%) led seven of the eleven primary sectors higher. More defensive Utilities (down -0.96%) and Health Care (-0.72%) lagged the broader market. The Nasdaq gained +0.84%, also marking its fourth consecutive rise and its longest win streak since 7 September. Facebook Inc and Apple Inc were the biggest drivers of the gains, gaining 3.3% and 1.2% respectively. Apple Inc announced new Mac personal computers featuring the company’s custom chips and an upgraded set of AirPods, filling out its holiday line-up. The small capitalisation Russell 2000 edged +0.10% higher.

Monday, 18 October 2021: Better-than-expected corporate earnings continued to push US equity markets higher

Sun, 17 Oct 2021 22:57:55 +0000

Better-than-expected corporate earnings continued to push US equity markets higher on Friday (15 October), with Goldman Sachs Group Inc (up +3.8%) capping a strong week for bank earnings - Dow up +382-points or +1.09% . The broader S&P500 +0.75% to 4,471.37, settling comfortably above its 50-day moving average (4,436.74). Alcoa Corp soared +15.2% after the aluminium producer reported stronger-than-expected results, and announced it would pay its first dividend since 2016 and launch a US$500M share buyback. The Nasdaq added +0.50%. The small capitalisation Russell 2000 eased -0.37%.

Friday 15 October 2021: Strong, broad-based gains for US equity markets overnight

Thu, 14 Oct 2021 22:51:02 +0000

Strong, broad-based gains for US equity markets overnight following largely upbeat corporate earnings, including from some major banks and a couple of Dow components - Dow up +535-points or +1.56% to sit ~2.4% below its all-time high hit in early September.. The broader S&P500 gained +1.71%, climbing back above its 50-day moving average for the first time in 12 trading sessions. Materials (up +2.43%) and Information Technology (+2.28%) rose over >2% to lead all eleven primary sectors higher in what was the best single day breadth reading for the index since late June. The Nasdaq +1.73%, logging its best single session gain since 20 May as Microsoft Corp (up +2.17%), Apple Inc (+2.02%) and Google-parent Alphabet Inc (+2.55%) all rising over >2%. The small capitalisation Russell 2000 gained +1.44%.

Thursday, 14 October 2021: US equity markets mixed as investors digested September inflation data

Wed, 13 Oct 2021 23:01:49 +0000

US equity markets mixed as investors digested September inflation data, the latest Federal Reserve meeting minutes and the start of the third quarter earnings season - Dow flat, recovering from an earlier -260 point slide. The broader S&P500 edged +0.30% higher and snapped a three session losing streak, with Utilities (up +1.14%) leading nine of the eleven primary sectors higher. Financials (down -0.64%) and Energy (-0.12%) were the only primary sectors to settle in the red. The Nasdaq rose +0.73%. Apple Inc slipped -0.42% following a Bloomberg News report filed a day earlier that the company will likely cut iPhone 13 production by up to 10M phones in 2021, following the company’s forecast of making 90M earlier in the year, because of the ongoing global chip shortage. Advanced Micro Devices Inc gained +3.92% and was among notable performers amid ongoing headlines about the global chip shortage. The small capitalisation Russell 2000 added +0.34%.

Wednesday, 13 October 2021: US equity markets closed in the red for a third straight session

Tue, 12 Oct 2021 22:54:47 +0000

US equity markets closed in the red for a third straight session, with selling again picking up into the close and with investors eying some key economic and corporate earnings releases tonight AEST - Dow down -143-points or -0.42%. Boeing Co (down -1.27%) reported that airplane deliveries rose to 35 in September following an uptick in domestic travel, albeit its 787 programme remains hobbled by structural defects. The broader S&P500 lost -0.37%, with Communications Services (down -1.05%) and Information Technology (-0.51%) leading six of the eleven primary sectors lower. American Airlines Group Inc rose +0.79% after forecasting a smaller-than-expected adjusted net loss for the third quarter. Real Estate was the best performing primary sector overnight with a +1.34% rise. The Nasdaq dipped -0.05%. Apple Inc declined in extended trading following a Bloomberg News report that the company will likely cut iPhone 13 production by up to 10M phones in 2021, following the company’s forecast of making 90M earlier in the year, because of the ongoing global chip shortage. Broadcom Inc (down -1.43%) and Texas Instruments Inc (-2.53%) also fell in the extended session after an unidentified source told Bloomberg that both companies are having trouble delivering enough components to Apple. However, Qualcomm Inc rose over >1% in extended trading after the mobile chip maker announced plans for a US$10B stock buyback. The company noted the total is in addition to $900 million in repurchase authority from a July 2018 program. The small capitalisation Russell 2000 rose +0.61%.

Tuesday, 12 October 2021: US equity markets retreated, with an earlier rally fizzling and selling picking up pace

Mon, 11 Oct 2021 23:15:42 +0000

US equity markets retreated, with an earlier rally fizzling and selling picking up pace in the final hours of the session as investors continued to ponder inflation challenges amid a fresh rise in energy prices and as the US third quarter earnings season officially kicks off later this week - Dow down -250-points or -0.72%, unwinding an earlier rally of over >200-points. The broader S&P500 -0.69%, with Communication Services (down -1.45%), Utilities (-1.35%) and Financials (-1.01%) all down over >1% to lead nine of the eleven primary sectors lower. Real Estate (up +0.17%) and Materials (+0.03%) were the only primary sectors to advance. Southwest Airlines Co fell -4.17% after cancelling nearly 2K flights over the weekend and leaving hundreds of passengers stranded. The airline blamed the widespread cancelations on weather “challenges” in some of its Florida airports, compounded by “unexpected” air-traffic control issues in the same areas however others were sceptical about the reasons offered. The Nasdaq fell -0.64%. The small capitalisation Russell 2000 lost -0.56%.

Monday, 11 October 2021: US equity markets closed a volatile week after another underwhelming jobs report

Sun, 10 Oct 2021 23:23:30 +0000

US equity markets closed a volatile week little changed on Friday night AEST (8 October) after another underwhelming jobs report left many investors scratching their heads - Dow dipped -9-points . The broader S&P500 slipped -0.19% despite a +3.13% gain for the Energy sector that lifted Exxon Mobil +2.51%, Chevron Corp +2.24% and Conocophillips +4.77%. R eal Estate fell -1.12% to lead nine of the eleven primary sectors lower. Goldman Sachs chief U.S. equity strategist David Kostin said in a note to clients that his year-end S&P 500 price target for 2021 is still 4,700, which is nearly 7% above its current level. The Nasdaq eased -0.51%. The small capitalisation Russell 2000 fell -0.76%.

Friday, 8 October 2021: US equity markets advanced for a third day as lawmakers neared an agreement that would avert a debt-ceiling breach

Thu, 07 Oct 2021 22:53:09 +0000

US equity markets advanced for a third day as lawmakers neared an agreement that would avert a debt-ceiling breach for at least two months - Dow up +338-points or +0.19%, with Visa Inc (up +1.78%), Nike Inc (+2.05%) and Home Depot Inc (+2.16%) The broader S&P500 gained +0.83%. Consumer Discretionary (up +1.50%), Materials (+1.35%) and Health Care (+1.23%) led ten of the eleven primary sectors higher, with Utilities (down -0.53%) the only sector to settle in the red. The Nasdaq +1.05%. The small capitalisation Russell 2000 rose +1.59%.

Thursday, 7 October 2021: US equity markets climbed, buoyed by Senate Minority Leader

Wed, 06 Oct 2021 22:49:58 +0000

US equity markets climbed, buoyed by Senate Minority Leader Mitch McConnell saying the Republican party would support an extension of the federal debt ceiling into December - Dow rose +102-points or +0.30%, staging a 560-point U-turn to record its best intraday comeback since 21 December last year. The broader S&P500 gained +0.41%, recovering from an earlier session decline of -1.27%. Utilities (up +1.53%) and Consumer Staples (+1.00%) led nine of the eleven primary sectors higher. The Nasdaq settled +0.47% higher after falling as much as -1.20%, with Amazon.com Inc up +1.27%, Microsoft Corp +1.51% and chipmaker Nvidia Corp +1.22%. The small capitalisation Russell 2000 fell -0.60%.

Wednesday 6 October 2021: US equity markets rallied despite surging energy prices intensifying inflationary pressures

Tue, 05 Oct 2021 22:30:55 +0000

US equity markets rallied despite surging energy prices intensifying inflationary pressures, sending Treasury yields higher - Dow up +312-points or +0.92%. Goldman Sachs Group Inc gained +3.12% as Treasury yields continued to climb. The broader S&P500 gained +1.05%, with Financials (up +1.77%), Communication Services (+1.59%), Information Technology (+1.46%) and Industrials (+1.10%) all climbing over >1% to lead nine of the eleven primary sectors higher. Real Estate (down -0.86%) and Utilities (-0.19%) were the only primary sectors to close in the red. The Nasdaq +1.25%, with Netflix Inc rallying +5.21%, Amazon.com Inc +0.98%, Apple Inc +1.42% and Google parent Alphabet Inc +1.77%. Facebook Inc (up +2.06%) rebounded from a -4.89% slide in the previous session (the worst single-day percentage decline since a -5% fall on 9 November, 2020) following a national broadcast of a whistleblower’s allegations that the social media network placed profits before safety and after widespread outages of Facebook services. The small capitalisation Russell 2000 added +0.49%.

Tuesday, 5 October 2021: US equity markets retreated amid a fresh rotation out of technology stocks amid rising bond yields

Mon, 04 Oct 2021 22:40:45 +0000

US equity markets retreated amid a fresh rotation out of technology stocks amid rising bond yields - Dow lost -324-points or -0.94%. Merck & Company Inc rose +2.09%, building on an +8.37% gain in last Friday’s (1 October) session after the pharmaceutical major and partner Ridgeback Biotherapeutics said their oral antiviral treatment for COVID-19 reduced the risk of hospitalization or death by 50% for patients with mild or moderate cases. Merck is now planning to submit an application for an emergency use authorization for the treatment from the Food and Drug Administration and will also seek it from other regulatory bodies around the world. The broader S&P500 shed -1.30%, taking the index more than halfway to an official correction (defined as drop 10% from their most recent high). Information Technology (down -2.36%) and Communication Services (-2.11%) leading eight of the eleven primary sectors lower. The Energy sector (up +1.63%) was the leading primary sector performer, tracking strong gains on crude markets. Exxon Mobil Corp rose +1.30% and Conocophillips +1.98%. The Nasdaq lost -2.14%. Facebook Inc shed -4.89%, logging the worst single-day percentage decline since a -5% fall on 9 November, 2020 following a national broadcast of a whistleblower’s allegations that the social media network placed profits before safety. The social media’s woes were further compounded by a widespread outage of Facebook services, including Instagram and WhatsApp. Separately, Facebook filed a motion to dismiss the Federal Trade Commission’s amended antitrust lawsuit against the company, saying the agency’s complaint still lacked evidence Facebook violated antitrust laws. Elsewhere among major technology names, Apple Inc fell -2.46%, Amazon.com Inc -2.85%, Microsoft Corp -2.07% and Nvidia Corp -4.87%. However, Tesla Inc rose +0.81% after the company announced over the weekend that it had delivered 241,300 electric vehicles during the third quarter of 2021, topping analysts forecasts for the delivery of around 221K. The small capitalisation Russell 2000 lost -1.08%.

Monday, 4 October 2021: US equity markets kicked off October with solid gains

Sun, 03 Oct 2021 23:40:19 +0000

US equity markets kicked off October with solid gains as news of a new oral treatment for Covid-19 boosted shares of companies tied to the economic recovery - Dow gained +483-points or +1.43% . The broader S&P500 rose +1.15%, with Energy (up +3.30%) leading ten of the eleven primary sectors higher. Communication Services (up +1.78%), Materials (+1.60%), Financials (+1.59%), Information Technology (1.44%), Industrials (+1.41%) and Real Estate (+1.04%) all climbed over >1%. Utilities (down -0.04%) was the only sector to close in the red as the more defensive sectors generally underperformed last Friday (1 October). The technology-centric Nasdaq rose +0.82%, snapping a five session losing streak. The small capitalisation Russell 2000 +1.69%.

Friday, 1 October 2021: US equity markets fell sharply amid volatile end-of-month and quarter rebalancing activity

Thu, 30 Sep 2021 23:55:52 +0000

US equity markets fell sharply amid volatile end-of-month and quarter rebalancing activity and as inflation concerns continued to weigh on sentiment - Dow dropped -547-points or -1.59% . Boeing Co fell -2.41% despite a broker (Bernstein) upgrade, while Goldman Sachs Group Inc fell -1.78% and Home Depot Inc -2.57%. The broader S&P500 lost -1.19%, with Industrials (down -2.11%) leading all eleven primary sectors lower overnight. Eight primary sectors recorded declines of over >1%. The Nasdaq -0.44%. The small capitalisation Russell 2000 fell -0.94%. In merger and acquisition (M&A) news, Merck & Co Inc (up +0.03%) struck a deal to buy drugmaker Acceleron Pharma (down -1.86% at US$172.10) for US$180 per share in cash or US$11.5B. It had been reported earlier this month that Acceleron was close to a sale agreement, and reports earlier this week had named Merck as the suitor.

Thursday 30 September 2021: US equity markets posted a modest rebound overnight

Wed, 29 Sep 2021 23:53:31 +0000

US equity markets posted a modest rebound overnight a day after the S&P500 booked its worst daily percentage decline (-2.04%) since 12 May despite longer dated US Treasury yields climbing for a seventh straight session - Dow rose +91-points or +0.26%. Boeing Co rose +3.18% after winning a follow-on contract from the US Department of Defense valued at up to US$23.8B to provide services to a fleet of C-17 Globemaster III transport aircraft over a 10-year period. Separately, Boeing’s 737 MAX test flight for China’s aviation regulator was successful last month and the planemaker hopes a two year grounding will be lifted this year, according Boeing China President Sherry Carbary. The broader S&P500 edged +0.16% higher, with the more defensive Utilities (up +1.30%), Consumer Staples (+0.87%) and Health Care (+0.77%) sectors leading the rebound. Materials (down -0.39%) and Information Technology (-0.10%) were among the worst performing primary sectors overnight. The Nasdaq slipped -0.24%, booking its fourth straight session decline as a broader rebound faded in the closing hour of trading. The small capitalisation Russell 2000 eased -0.20%.

Wednesday, 29 September 2021: US equity markets fell sharply on Tuesday, with tech names dragging down the broader markets

Tue, 28 Sep 2021 23:55:15 +0000

US equity markets fell sharply on Tuesday, with tech names dragging down the broader markets as Treasury yields traded near three-month highs and lawmakers in Washington continued their budget stalemate. The Dow Jones Industrial Average lost -569 points, or -1.63%, to close at 34,299. The S&P 500 shed -2.04% to finish at 4,352. The Nasdaq Composite was belted down 2.83% to 14,546 for its worst day since March. The small capitalisation Russell 2000 fell -2.2%. The VIX surged 24% to 23.26. In terms of stock moves, Facebook Inc, Microsoft Corporation and Google-parent Alphabet Inc lost more than -3%, while Amazon.com Inc dropped -2.64%. Large chip stocks struggled, with NVIDIA Corporation sliding -4.44%.

Tuesday, 28 September 2021: U.S. stocks were split on Monday as a rise in treasury yields pressured growth

Mon, 27 Sep 2021 23:54:38 +0000

U.S. stocks were split on Monday as a rise in treasury yields pressured growth names and traders braced for the final week of a volatile September. The Dow Jones Industrial Average rose by +71 points or +0.20% to 34,869 as energy stocks and bank shares pushed higher. The broader S&P 500 slipped by -0.28% and the Nasdaq shed -0.52% as major tech stocks including Alphabet (-0.10%), Apple (-1.05%), Microsoft (-1.8%) and Nvidia (-1.91%) struggled. The small capitalisation Russell 2000 Index rose +1.5%. The rise in yields appeared to boost financial stocks. Shares of Goldman Sachs and JPMorgan Chase rose more than +2%, making them some of the best performers in the Dow. Another bright spot for the market was energy, with stocks like Exxon Mobil and Occidental Petroleum climbing +3% and +7% respectively, as crude continued its September run, topping $75 a barrel.

Monday, 27 September 2021: US markets clinching weekly gains despite uncertainty over fate of indebted property giant China Evergrande Group

Sun, 26 Sep 2021 23:50:38 +0000

US markets rose for a third straight session on Friday, clinching weekly gains despite uncertainty over the fate of indebted property giant China Evergrande Group. The Dow gained +33 points, or +0.10%, to 34,798. The broader S&P 500 edged +0.15% higher and the Nasdaq ticked down just -0.03%. The small capitalisation Russell 2000 fell -0.49%. For the week, the Dow was up +0.60%, the S&P 500 gained +0.50% and the Nasdaq was near flat.

Friday, 24 September 2021: US equity markets jumped for a second day as fears around a crisis in China’s property market eased

Fri, 24 Sep 2021 00:03:51 +0000

US equity markets jumped for a second day as fears around a crisis in China’s property market eased somewhat and as the Federal Reserve kept current monetary stimulus in place. The Dow Jones gained +506.50 points, or +1.48%, to 34,764.82, with steady buying throughout the day. Thursday’s rally adds to a 338-point gain in the prior session. The S&P 500 rose +53.34 or 1.21% to 4,448.98 and the Nasdaq Composite added +155.40 or 1.04% to 15,052.24. After Thursday’s gains, the S&P 500 is down just 1.6% for September. The small capitalisation Russell 2000 up +1.82%.

Thursday, 23 September 2021: US equity markets rallied on Wednesday after the Federal Reserve indicated it doesn’t see an imminent rollback

Wed, 22 Sep 2021 23:55:41 +0000

US equity markets rallied on Wednesday after the Federal Reserve indicated it doesn’t see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic. The Dow Jones advanced +338.48 points, or 1%, to 34,258.32, snapping a four-day losing streak. However, the blue-chip Dow closed well off its high, as it jumped 520 points earlier in the day. The S&P 500 added +41.45 points or nearly 1% to 4,395.64 amid a 3.2% jump in the energy sector. The index also posted its first positive day in five. The Nasdaq Composite gained 1% to 14,896.85. The small capitalisation Russell 2000 up +1.48%.Commodity-related stocks led the comeback Wednesday as fears eased about ripple effects from Evergrande. Devon Energy surged 6.8%, while APA jumped nearly 7.2%. Diamondback Energy, Hess and Marathon Oil all popped more than 5%. China-exposed Wynn Resorts bounced about 2.6%.FedEx shares fell again tumbling more than 9% after profit fell at the logistics company last quarter because of rising labor costs. FedEx also cut its forecast for the full year.

Wednesday, 22 September 2021: US equity markets fought to rebound from Monday’s rout, but failed

Wed, 22 Sep 2021 00:14:44 +0000

US equity markets fought to rebound from Monday’s rout, but failed as the Dow Jones trended lower for most of the session and closed in the red. The Dow Jones lost -50.63 points, or -0.15%, to 33,919.84. The S&P 500 shed about 0.1% to 4,354.19, following its worst day since May on Monday. However, the Nasdaq Composite rose 0.2% to 14,746.40 as investors bought some major tech shares like Apple on the dip. The small capitalisation Russell 2000 up +0.18%.

Monday 20 September 2021: US equity markets retreated to close out a volatile week of trading

Tue, 21 Sep 2021 00:44:07 +0000

US equity markets retreated to close out a volatile week of trading, with Friday night (17 September) a “quadruple witching” session - the simultaneous expiration of individual stock options, stock-index options, stock-index futures and single-stock futures – which brought some additional volume and volatility - Dow fell -166-points or -0.48% . The broader S&P500 lost -0.91% to 4,432.99, with the index slipping below its 50-day moving average of ~4,436.37 for the first time since 18 June. Materials (down -2.06%) led ten of the eleven primary sectors lower, with Utilities (down -1.59%), Information Technology (down -1.52%), Communication Services (-1.27%) and Industrials (-1.05%) all down over >1%. Health Care (up +0.07%) was the only primary sector to eke out a gain. The Nasdaq -0.91%. The small capitalisation Russell 2000 edged +0.18% higher.

Tuesday 21 September 2021: US equity markets began the week deeply in the red as investors continued to flock to the sidelines in September

Tue, 21 Sep 2021 00:44:00 +0000

US equity markets began the week deeply in the red as investors continued to flock to the sidelines in September amid several emerging risks for the market. The Dow Jones lost -614.41 points, or -1.8%, to 33,970.47 for its biggest one day drop since July 19. The 30-stock average was down 971 points at one point during the day. The S&P 500 fell -75 points or -1.7% to 4,357.73, posting its worst daily performance since May 12. It was a broad sell-off with each of the main 11 sectors of the benchmark registering losses. The tech-heavy Nasdaq Composite dropped -2.2% to 14,713.90. The small capitalisation Russell 2000 down -2.44%.

Friday 17 September 2021: US equity markets logged modest losses

Tue, 21 Sep 2021 00:41:09 +0000

US equity markets logged modest losses, settling well off their session lows as investors digested some mixed economic data - Dow eased +63-points or -0.18%, paring an earlier decline of as much as -274-points. The broader S&P500 slipped -0.16%. Materials (down -1.09%) and Energy (-1.06%) both fell over >1% to lead eight of the eleven primary sectors lower. Consumer Discretionary (up +0.44%), Real Estate (+0.16%) and Information Technology (+=0.06%) were the only primary sectors to advance. The Nasdaq edged +0.13% higher. The small capitalisation Russell 2000 dipped -0.07%. Tonight AEST marks “quadruple witching”, the simultaneous expiration of individual stock options, stock-index options, stock-index futures and single-stock futures, which can drive higher trading volume and volatility.

Thursday 16 September 2021: US equity markets rebounded, buoyed by some solid economic data

Thu, 16 Sep 2021 00:06:33 +0000

US equity markets rebounded, buoyed by some solid economic data and fresh gains on crude markets - Dow up +237-points or +0.68% . The broader S&P500 gained +0.85%, with Energy (up +3.82%) leading ten of the eleven primary sectors higher. Utilities (down –0.15%) was the only primary sector to close in the red. Gaming companies were under pressure, tracking falls on the Hong Kong market following news of a move by the Chinese government to increase oversight on the casino industry. MGM Resorts International dropped -2.49%, Las Vegas Sands Corp -1.71% and Wynn Resorts Ltd -6.30%. The Nasdaq +0.82%, marking the technology-centric index’s best day since 30 August. Microsoft Corp gained +1.68% after announcing a dividend increase and a sizable US$60B share repurchase program. The small capitalisation Russell 2000 rose +1.11%.

Wednesday, 15 September 2021: US equity markets retreated despite cooler-than-expected August inflation figures

Tue, 14 Sep 2021 23:37:38 +0000

US equity markets retreated despite cooler-than-expected August inflation figures - Dow fell -292-points or -0.84% . Boeing Co (down -1.36%) released their annual market outlook overnight and predicts the global fleet of commercial airplanes will climb from 25,900 in 2019 to 49,405 planes by 2040, with almost 90% those planes being new models that will enter service over the period. In addition, Boeing is projecting the global aerospace industry, including defence and services, will reach US$9 trillion over the next decade, up +US$500B from the same forecast last year. It is also the largest amount the company has ever projected for the industry over a 10-year period. The broader S&P500 shed -0.57%, logging its sixth decline in the past seven sessions. Energy (down -1.55%), Financials (-1.41%), Industrials (-1.23%) and Materials (-1.17%) all fell over >1% and led all eleven primary sector lower. The Nasdaq lost -0.43%. Apple Inc fell -0.96% after the company held its annual product launch event overnight and detailed their new iPhones, iPads and smartwatches. The new iPhone 13 series features Apple’s new A15 Bionic chip, a system-on-a-chip designed in-house, and a video tool called “cinematic mode”, which allows users to hold focus on a subject even when they are moving. The small capitalisation Russell 2000 lost -1.37%.

Tuesday, 14 September 2021: The Dow and S&P500 snapped a five session losing streak

Mon, 13 Sep 2021 23:52:02 +0000

The Dow and S&P500 snapped a five session losing streak - Dow up +262-points or +0.76%, with 23 of the indice’s 30 components advancing . The broader S&P500 added +0.23%. Energy (up +2.94%) led eight of the eleven primary sectors higher. Health Care (down -0.61%) was the worst performing primary sector overnight. The Nasdaq dipped -0.07%, extending its decline into a fourth consecutive session. Apple Inc added +0.39% ahead of its annual product launch event tonight AEST, where the company is expected to unveil its iPhone 13 line-up as well as new smartwatches, headphones and possibly more. Separately, Epic Games has filed an appeal to last Friday’s (13 September) ruling in its lawsuit against Apple, calling on a higher court to re-examine the case and overturn the judge’s ruling. Few details were provided about the legal basis for Epic’s appeal, but it is likely to continue to press on the federal antitrust allegations dismissed by the court. The small capitalisation Russell 2000 up +0.59%. In merger and acquisition (M&A) news, Intuit Inc (down -1.76%) announced that it will acquire email marketing company Mailchimp for US$12B in cash and stock.

Monday, 13 September 2021: US equity markets fell on Friday night AEST (10 September) to cap their worst week in nearly three months

Mon, 13 Sep 2021 00:07:22 +0000

US equity markets fell on Friday night AEST (10 September) to cap their worst week in nearly three months as renewed concerns about inflation dented optimism over continued central bank support for financial markets - Dow down -272-points or -0.78% . Apple Inc fell -3.31% after a federal judge in the Epic Games Inc case issued an injunction that said the company can no longer force developers to use its payment system, effectively bypassing commission fees of 15% to 30%. However, the iPhone maker was not ruled an antitrust monopolist. The split decision could signal a major shift in the way apps are distributed to consumers and could have even deeper implications for other operators of dominant online platforms such as Google parent Alphabet Inc (down -1.86%) and Amazon.com Inc (-0.43%) The broader S&P500 lost -0.77%. Utilities (down -1.38%) and Real Estate (-1.23%) both fell over >1% on Friday night AEST (13 September) to lead all eleven primary sectors lower. The Nasdaq shed -0.87%. The small capitalisation Russell 2000 fell -0.96%. In merger and acquisition news (M&A), rail operator Kansas City Southern said in a statement Sunday that it has notified rival bidder Canadian National that it intends to terminate a merger agreement and make a US$31B deal with Canadian Pacific Railway Ltd. Canadian National (CN) still has five business days to negotiate amendments to its offer, and the Kansas City Southern board could determine that a revised CN offer is better.

Friday, 10 September 2021: Dow and S&P500 extended their decline into a fourth straight session overnight

Fri, 10 Sep 2021 00:02:33 +0000

Dow and S&P500 extended their decline into a fourth straight session overnight - Dow down -152-points or -0.43% . The broader S&P500 settled -0.46% lower. Real Estate (down -2.12%) was the worst performing primary sector. The Financials sector (up +0.25). Ford Motor (down -2.07%) announced that it is ending vehicle production in India, shutting down its two large plants there and terminating thousands of employees, as Chief Executive Officer Jim Farley restructures the automaker’s operations as part of a turnaround plan. the actions will cost about US$2B, including pretax special charges of about US$600M in 2021 and US$1.2B in 2022. The Nasdaq eased -0.25%, registering back-to-back losses for the first time since mid-August. The small capitalisation Russell 2000 dipped -0.03%.

Thursday, 9 September 2021: The Dow and S&P500 declined for a third straight session

Wed, 08 Sep 2021 23:36:57 +0000

The Dow and S&P500 declined for a third straight session - Dow down -69-points or -0.20% . The broader S&P500 slipped -0.13%, with Energy (down -1.30%) and Materials (-1.02%) both falling over >1%. More defensive sectors outperformed, including Utilities (up +1.79%) and Consumer Staples (+0.77%). Swiss investment bank UBS raised its S&P 500 price target for the end of the year to 4,650 and for 2022 to 4,850. UBS acknowledged that equities are likely to have a pullback at some point, “likely driven by another reset in real yields higher, but other tailwinds should drive the S&P 500 to a new high by year end.” The Nasdaq fell -0.57%, its first fall in five sessions and a day after logging its 36th record closing high (15,374.33) of 2021. The small capitalisation Russell 2000 lost -1.14%. Coinbase Global Inc fell -3.2% after the cryptocurrency exchange revealed it received a notice of possible enforcement action from the Securities and Exchange Commission over lending practices.

Wednesday, 8 September 2021: US equity markets logged a mixed session after resuming trading following the Labor Day holiday

Wed, 08 Sep 2021 00:02:17 +0000

US equity markets logged a mixed session after resuming trading following the Labor Day holiday - Dow fell -269-points or -0.76%, with 3M Co (down -4.53%) and Honeywell International Inc (-2.38%). Boeing Co fell -1.80% after budget airline Ryanair Holdings Plc (-1.96%) ended talks over a purchase of 737 MAX 10 jets. The broader S&P500 eased -0.34%. Ford Motor Co rose +0.47% after the company announced that it had hired former Tesla Inc (+2.64%) executive Doug Field to take over as chief advanced technology and embedded systems officer, which will put him in charge of next-generation technology in Ford automobiles. Mr Field had been serving as the vice president of “special products” at Apple after previously working at Tesla as senior vice president of engineering. The Nasdaq inched +0.07% higher to 15,374.33, securing its 36th record closing high of 2021. Apple Inc gained +1.55% and logged its third consecutive record closing high (US$156.69) after the technology giant scheduled an event for 14 September at which a new line of iPhones is expected to be unveiled. Supply chain checks for the second half of the year suggest about 130M to 150M iPhones will be built, with ~35%-to-45% of those built in the third quarter appearing to be the new iPhones to be announced, according a research note from Wedbush analyst Daniel Ives published on Tuesday (7 September). Apple has also been working on augmented and mixed reality technology for more than five years, while The Wall Street Journal recently reported that the company is working to include more health-related features its next Apple Watch, such as a blood pressure monitor and a thermometer to help with fertility planning. The small capitalisation Russell 2000 lost -0.72%.

Tuesday, 7 September 2021: The Reserve Bank of Australia (RBA) announces its latest interest rate decision this afternoon

Mon, 06 Sep 2021 23:45:08 +0000

AUD softer - buying ~74.37 US cents. The Reserve Bank of Australia (RBA) announces its latest interest rate decision this afternoon and is expected to leave their benchmark rate unchanged (with more focus likely to be on any commentary around their bond buying stimulus programme). A final reading of Building Permits for July and the Ai Group Services index for August are also on today’s Australian economic calendar.

Monday, 6 September 2021: US equity markets were modestly weaker on Friday night

Mon, 06 Sep 2021 00:05:05 +0000

US equity markets were modestly weaker on Friday night as investors grappled with the implications of a much weaker than expected US jobs report for August, with some market participants betting weaker data could undercut the case for the Federal Reserve to unwind its market-supportive easy money policies in coming months - Dow down -74-points or -0.21%, with American Express Co (down -1.70%) the worst performing index component. The broader S&P500 dipped -0.03%, with gains for the Information Technology sector (up +0.38%) offset by falls for the Utilities (down -0.80%) and Materials (-0.69%) sectors. The Financials sector (down -0.58%) fell despite Treasury yields climbing. The Nasdaq added +0.21% to 15,363.52 and logging its 35th record closing high of 2021. The small capitalisation Russell 2000 %. Russell 2000 lost -0.52%. Didi Global Inc ADRs rose +2.38% and gained +9.73% for the week after a Bloomberg News report that Beijing is eyeing a plan to take the troubled ride-hailing giant under state control by acquiring a stake through government-run firms. Didi is under a cybersecurity review after the Cyberspace Administration of China alleged the company had illegally collected users’ data. The ride-hailing giant was forced to stop signing up new users and its app was also removed from Chinese app stores. US equity and bond markets are CLOSED tonight AEST for the Labor Day holiday.

Friday, 3 September 2021: S&P500 and Nasdaq booked fresh record closing highs as attention turns to tonight’s AEST August jobs data

Thu, 02 Sep 2021 23:59:24 +0000

S&P500 and Nasdaq booked fresh record closing highs as attention turns to tonight’s AEST August jobs data - Dow up +131-points or +0.37% . The broader S&P500 added +0.28% to 4,536.95, touching a record intraday high of 4,545.85 earlier in the session. Energy (up +2.53%) led eight of the elven primary sectors higher, with Health Care (+1.08%) and Industrials (+1.02%) both rising over >1%. The global shortage of computer chips continues, forcing automakers to temporarily close factories. General Motors Co (down -0.33%) announced that it would pause production at eight North American plants during the next two weeks, including two that make the company’s top-selling Chevrolet Silverado pickup. Ford Motor Co (-0.76%) will stop making pickups at its Kansas City Assembly Plant for the next two weeks. Shifts will be cut at two more truck plants in Dearborn, Michigan, and Louisville, Kentucky. The Nasdaq edged +0.14% higher to 15,331.18, also setting an intraday all-time high (15,380.07). Apple Inc climbed +0.75% to a record closing high of US$153.65 after the most valuable U.S. company by market capitalisation announced concessions for some large developers on its App Store regarding commissions. Apple said late Wednesday (1 September) it will allow developers of so-called “reader” apps, which offer content on a subscription basis like Netflix Inc (+1.11% to US$588.55 and extending their best-ever two-week stretch of gains into record territory) and Spotify Technology SA (+6.57%), to give customers the option of sidestepping its in-app purchase commissions by making direct purchases from the respective companies. Separately, CNBC reported that Apple was preparing mass production of the Apple Car by 2024. The small capitalisation Russell 2000 up +0.74%. In merger and acquisition (M&A) news, Baxter International Inc +4.8% higher after it said it has entered an agreement to acquire fellow medical technology company Hill-Rom Holdings Inc. for US$156 per share, in a deal with an enterprise value of ~US$12.4B.”

Thursday, 2 September 2021: US equity markets logged modest gains, with the technology-centric Nasdaq booking a fresh record closing high

Thu, 02 Sep 2021 00:04:51 +0000

US equity markets logged modest gains, with the technology-centric Nasdaq booking a fresh record closing high - Dow down -48points or -0.14% . The broader S&P500 inched +0.03% higher, trading above its 30 August record closing high (4,528.79) earlier in the session. The Nasdaq added +0.33% to 15,309.38 to book its 33rd record closing high of 2021. Apple Inc rose +0.45%, with the The Wall Street Journal reporting that the technology behemoth will eventually include a tool to monitor blood pressure and a thermometer to help with fertility planning in its smartwatches. The small capitalisation Russell 2000 gained +0.58%.

Tuesday, 31 August 2021: The S&P 500 and the Nasdaq Composite booked fresh closing records to open the new trading week

Wed, 01 Sep 2021 23:08:02 +0000

The S&P 500 and the Nasdaq Composite booked fresh closing records to open the new trading week - Dow down -56-points or -0.16% . The broader S&P500 added +0.43% to 4,528.79, logging its 53rd record closing high this year after establishing a fresh intraday record high (4,537.36) earlier in the session. Before this year, only 1964 and 1995 saw more than 50 new highs before August was over. The record for new highs in one year is 77, set in 1995. Real Estate (up +1.15%) and Information Technology (+1.09%) rose over >1% to lead seven of the eleven primary sectors higher. Financials (down -1.47%) and Energy (-1.16%) both fell over >1%. The Nasdaq rose +0.90% to 15,265.89, recording its 32nd record closing high of 2021 after setting its intraday all-time high (15,288.08). Apple Inc gained +3.04%, Microsoft Corp +1.29% and Netflix Inc +1.30%. Paypal Inc rose +3.64% after CNBC reported that the company is exploring a stock-trading platform for its U.S. customers. The small capitalisation Russell 2000 lost -0.49%. The Pentagon confirmed that that US military had completed its withdrawal efforts from Afghanistan albeit the diplomatic mission to ensure additional U.S. citizens and eligible Afghans who want to leave continues.

Wednesday, 1 September 2021: US equity markets ended the final trading session of August little changed

Wed, 01 Sep 2021 00:03:43 +0000

Monday, 30 August 2021: US equity markets and government bonds rallied in response to Federal Reserve Chair Jerome Powell

Sun, 29 Aug 2021 23:11:58 +0000

US equity markets and government bonds rallied in response to Federal Reserve Chair Jerome Powell cementing expectations that the central bank will begin a slow removal of its crisis-era stimulus measures later this year - Dow up +243-points or +0.69%. The broader S&P500 gained +0.88% to 4,509.37, logging its 52nd record closing high this year Energy (up +2.62%) returned to the top of the primary sector leaderboard on Friday (27 August), while Communication Services (up +1.60%), Materials (+1.33%) and Financials (+1.31%) all gaining over >1%. Health Care (down -0.16%) and Utilities (-0.03%) were the only primary sectors to close in the red. The Nasdaq +1.23% to 15,129.50, recording its 31st record closing high of 2021. Amazon.com Inc (up +1.01%) announced that it is partnering with Affirm Holdings Inc (up +35.61% in extended trading last Friday (27 August)), with Affirm’s buy now, pay later checkout option will be available to certain Amazon customers in the U.S. starting Friday, with a broader rollout in the coming months. The small capitalisation Russell 2000 rallied +2.85%. For the week, Dow rose +0.96%, S&P500 +1.52% and the Nasdaq +2.82%. The Russell 2000 climbed +5.1% to record its best weekly rise since the period ended 12 March (when it jumped +7.32%), according to FactSet data.

Friday, 27 August 2021: US equity markets retreat, all eyes on Federal Reserve chair Jerome Powell tonight

Thu, 26 Aug 2021 23:50:57 +0000

US equity markets retreated as investors weighed second quarter economic growth data and eyed Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Economic Symposium on "the economic outlook" tonight AEST - Dow down -192-points or -0.54%. Cloud-based customer-relationship management company Salesforce.com Inc outperformed with a +2.66% gain following a strong second quarter result after the closing bell of the previous session. The broader S&P500 lost -0.58%, snapping a five session winning streak that saw the index log its 51st record closing high of the year in the previous session. Energy (down -1.51%) led ten of the eleven primary sectors lower. Real Estate (up +0.10%) was the only primary sector to advance. The Nasdaq -0.64%, also snapping five session winning streak and a day after the technology-centric index logged its 30th record closing high of 2021 The small capitalisation Russell 2000 fell -1.13%. Traders were also eying new developments in Afghanistan where a dozen US service members were tragically killed following a terrorist attack outside the Kabul airport. President Biden vowed to complete the evacuation of Americans and their allies from Afghanistan.

Thursday, 26 August 2021: Fresh record highs for both the S&P500 and Nasdaq ahead of the Jackson Hole Economic Symposium tonight AEST

Wed, 25 Aug 2021 23:56:59 +0000

Fresh record highs for both the S&P500 and Nasdaq ahead of the Jackson Hole Economic Symposium tonight AEST - Dow up +39-points or +0.11% 35,405.5 and ~0.62% shy of its all time closing high (35,625.40) set on 16 August. The broader S&P500 edged +0.22% higher to 4,496.19, logging 51st record closing high this year and matching the greatest number of closing records to this point in a calendar year since 1995, according to Dow Jones Market Data. Financials (up +1.21%), Energy (+0.72%) and Industrials (+0.60%) leading seven of the eleven primary sectors higher. More defensive sectors underperformed for a third straight session, with Health Care down -0.26%, Real Estate -0.18% and Consumer Staples -0.10%. The Nasdaq +0.15% to 15,041.85, recording its 30th record closing high of 2021. Chipmakers were buoyed a Wall Street Journal report that Western Digital (+7.8%) is in advanced talks to undertake a US$20B merger with Japan’s Kioxia Holdings. Nvidia Corp rose 1.9% following news that the Department of Energy will run its new supercomputer on the company’s computing platform. Micron Technology gained +2.%. The small capitalisation Russell 2000 +0.37%. Elsewhere on the merger and acquisition (M&A) front, ON Semiconductor Corp (down -0.21%) said it agreed to acquire GT Advanced Technologies for US$415M in cash.

Wednesday, 25 August 2021: Broad-based gains lifted both the S&P500 and Nasdaq to fresh record closing highs

Tue, 24 Aug 2021 23:41:46 +0000

Broad-based gains lifted both the S&P500 and Nasdaq to fresh record closing highs as positive U.S. vaccination news and easing worries about the U.S. tapering stimulus buoyed sentiment ahead of a key speech by Federal Reserve Chair Jerome Powell later this week. - Dow added +31-points or +0.09% . The broader S&P500 edged +0.15% higher to 4,486.23, with Energy (up +1.61%) atop the primary sector leaderboard for a second consecutive session and leading six of the eleven primary sectors higher. The more defensive sectors underperformed for a second consecutive session, with Consumer Staples (down -0.76%), Real Estate (-0.72%) and Utilities (-0.63%). The Nasdaq gained +0.52% to 15,019.80, with Chinese stocks leading the gains amid some bargain hunting as investors get some more clarity on the regulatory outlook. JD.com jumped 14.44% following the Chinese e-commerce giant’s second quarter result after the closing bell of the previous session. Fellow e-commerce platform Pinduoduo soared +22.25%, search engine Baidu +8.63% and Tencent Music Entertainment +12.75%. Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said the agency will demand U.S.-traded Chinese companies disclose political and regulatory risks to investors, an extension of recently imposed requirements for firms seeking initial public offerings, according to a Bloomberg report. Corporations could begin including the enhanced disclosures in their annual reports as early as next year. Casino operators Las Vegas Sands (up +7.53%) and Wynn Resorts (+7.01%), after Macau eased travel restrictions with the improvement of the Covid-19 case outlook in China’s Guangdong province, a key visitor source for the gambling capital. The small capitalisation Russell 2000 rose +1.02%.

Tuesday, 24 August 2021: A strong start to the new trading week for US equity markets - Dow up +216-points or +0.61%

Tue, 24 Aug 2021 00:41:08 +0000

A strong start to the new trading week for US equity markets - Dow up +216-points or +0.61% . The broader S&P500 gained +0.85% to 4,479.53, just shy of a new closing high after setting a fresh intraday high of 4,489.88 earlier in the session. Almost three-quarters of the companies in the index advanced. Energy (up +3.77%) led seven of the eleven primary sectors higher, with Consumer Discretionary (+1.36%), Information Technology (+1.27%) and Communication Services (+1.27%) all gaining over >1%. The more defensive sectors underperformed overnight after outperforming last week, with Utilities (down -1.32%) the worst performing primary sector. The Nasdaq rallied +1.54% to book its 28th record closing high of 2021 at 14,942.65, also hitting a record intraday record high of 14,963.47. The small capitalisation Russell 2000 +1.88%.

Monday, 23 August 2021: US equity markets closed out a turbulent week marked by a surge in global volatility on a positive note

Sun, 22 Aug 2021 23:37:34 +0000

US equity markets closed out a turbulent week marked by a surge in global volatility on a positive note - Dow up +226-points or +0.65% to 35,120.08, snapping a three session skid and climbing back above >35,000. Microsoft Corp (up +2.56%), Cisco Systems (+1.66%) and Salesforce.com Inc (+1.21%) were among the best Dow performers on Friday night (20 August). The broader S&P500 gained +0.81%. Tesla Inc rose +1.01% following their Artificial Intelligence (AI) Day that saw the company unveil a new custom chip and plans to build a humanoid robot. The Nasdaq +1.19%. Nvidia Corp’s (up +5.14%) planned $US40B acquisition of British chip designer ARM hit a major hurdle on Friday (20 August) after a UK regulator found it could damage competition and weaken rivals, and required a further lengthy investigation. The small capitalisation Russell 2000 +1.65%.

Friday, 20 August 2021: US equity markets mixed after another choppy session, with concerns about the impact of the Delta variant

Fri, 20 Aug 2021 00:14:34 +0000

US equity markets mixed after another choppy session, with concerns about the impact of the Delta variant of the coronavirus and the Federal Reserve’s latest monetary policy meeting minutes continuing to reverberate - Dow lost -67-points or -0.19%, paring an earlier decline of as much as -270 points. The Dow booked its third straight drop, representing its longest bout of losses since the five-session period ended 18 June. The broader S&P500 edged +0.13% higher, with Information Technology (up +0.99%) leading six of the eleven primary sectors higher. Energy (down -2.65%) sat at the bottom of the primary sector leaderboard for a second consecutive session. Tesla Inc fell -2.25% ahead of the company showcasing its autonomous driving and artificial intelligence efforts at its Artificial Intelligence Day. The Nasdaq +0.11%. NVIDIA Corp gained +3.98% after the chip maker’s earnings, revenue and outlook released after the close of Wednesday’s (18 August) session topped Wall Street estimates. The small capitalisation Russell 2000 lost -1.22% and is nearing official correction territory, down almost 10% from its March high.

Thursday, 19 August 2021: Benchmark US equity markets booked their worst declines in a month

Wed, 18 Aug 2021 23:36:24 +0000

Benchmark US equity markets booked their worst declines in a month, with losses accelerating after the minutes of the Federal Reserve’s late July monetary policy meeting did little to dispel expectations that the central bank could begin tapering their US$120B per month bond buying programme soon - Dow fell -383-points or -1.08% . The broader S&P500 shed -1.07%. Energy (down -2.40%) led all but one of the eleven primary sectors lower (with eight sectors logging decline of over >1%). Consumer Discretionary added +0.15%. The technology-centric Nasdaq lost -0.89%. The small capitalisation Russell 2000 fell 0.84%.

Wednesday, 18 August 2021: US Equity markets retreat and BHP Group in focus

Tue, 17 Aug 2021 23:36:44 +0000

US equity markets retreated, with the Dow and S&P500 ending a five session run of record closing highs amid concerns the spread of the delta variant of COVID may slow economic growth and following a softer-than-expected July retail sales report - Dow dropped -282-points or -0.79% . The broader S&P500 fell -0.71% a day after logging its 49th record closing high of 2021. Consumer Discretionary (down -2.31%) led seven of the eleven primary sectors lower, with Materials (down -1.21%) and Industrials (-1.06%) down over >1%. More defensive sectors outperformed once again, with Health Care up +1.12%. The Nasdaq shed -0.93% as Facebook Inc (down -2.21%), Amazon.com Inc (-1.73%), Apple Inc (-0.62%) and Google-parent Alphabet Inc (-1.16%) all closed lower. The small capitalisation Russell 2000 lost -1.19%.

Tuesday, 17 August 2021: Dow & S&P500 recover to fresh record highs for a fifth consecutive session

Mon, 16 Aug 2021 22:46:16 +0000

Monday, 16 August 2021: Both the Dow and S&P500 eked out fresh record highs for a fourth consecutive session

Sun, 15 Aug 2021 22:44:49 +0000

Both the Dow and S&P500 eked out fresh record highs for a fourth consecutive session - longest stretch of closing records since 15 March – despite a weak consumer sentiment report - Dow edged +15-points or +0.04% higher to 35,515.38, hitting another intraday record high (35,610.57) earlier in last Friday’s (13 August). Walt Disney Co rose +1.00% after posting its strongest quarterly sales and profit figures since before the COIVD-19 pandemic after the close of the previous session. The broader S&P500 added +0.16% to 4,468.00, touching an intraday record high of 4,468.37. The defensive Consumer Staples (up +0.81%), Real Estate (+0.68%), Health Care (+0.60%) and Utilities (+0.56%) led seven of the eleven primary sectors higher. Energy (down -1.28%) and Financials (-0.73%) were the worst performing primary sectors on Friday night AEST (13 August). The Nasdaq inched +0.04% higher. The small capitalisation Russell 2000 lost -0.93%.

Friday, 13 August 2021: Both the Dow and S&P500 edged to fresh record highs for a third consecutive session despite wholesale inflation

Thu, 12 Aug 2021 23:50:31 +0000

Both the Dow and S&P500 edged to fresh record highs for a third consecutive session despite wholesale inflation accelerating more-than-expected in July - Dow inched +15-points or +0.04% higher to 35,499.85 . Salesforce.Com Inc (up +2.52%) and Apple Inc (+2.08%) were among the leading index performers, while Home Depot Inc (down -0.88%) and Visa Inc (-1.26%) underperformed. The broader S&P500 added +0.30% to 4,460.83, with Health Care (up +0.77%) and Information Technology (+0.59%) leading six of the eleven primary sectors higher. The Nasdaq rose +0.35%. The small capitalisation Russell 2000 slipped -0.28%.

Thursday, 12 August 2021: Fresh record highs for both the Dow and S&P500 for a second consecutive session

Thu, 12 Aug 2021 00:08:47 +0000

Fresh record highs for both the Dow and S&P500 for a second consecutive session as inflation fears moderated following the latest data for July - Dow gained +220-points or +0.62% to 35,484.97 after also touching a record intra-day high of 35,501.16. Caterpillar Inc (up +3.55%) and Home Depot Inc (+1.67%) The broader S&P500 added +0.25% to 4.447.70, touching a record intra-day high of 4,449.44. Materials (up +1.42%), Industrials (+1.30%) and Financials (+1.17%) all rose over >1% to lead ten of the eleven primary sectors higher. Health Care (down -0.97%) was the only primary sector to close in the red. Southwest Airlines Co rose +1.43% despite the carrier saying slowing bookings and an increase in cancellations in August driven by the delta variant of the coronavirus means it is unlikely to be profitable in the third quarter. The Nasdaq slipped -0.16%. The small capitalisation Russell 2000 rose +0.49%. In merger and acquisition (M&A) news, Chesapeake Energy Corp (up +2.6%) announced that it has reached an agreement to acquire Vine Energy Inc (+1.95%) in a zero-premium cash-and-stock deal valued at ~US$2.2B. Shares of Chesapeake rose 2.6%, while Vine added 2%.

Wednesday, 11 August 2021: Senate passed a much-anticipated bipartisan US$1 trillion infrastructure package

Tue, 10 Aug 2021 23:03:18 +0000

Fresh record highs for both the Dow and S&P500 after the Senate passed a much-anticipated bipartisan US$1 trillion infrastructure package - Dow up +163-points or +0.46% to 35,264.67. Caterpillar Inc (up +2.48%) was among the leading index performers. Goldman Sachs Group Inc (up +2.02%) and JP Morgan Chase & Co (+1.23%) also traded strongly as bond yields climbed. The broader S&P500 edged +0.10% higher to 4,436.74, with weakness in the Information Technology sector (down -0.73%) capping gains. Energy (up +1.72%), Materials (+1.48%), Industrials (+1.01%) and Financials (+1.01%) all rose over >1% to lead eight of the eleven primary sectors higher. Energy heavyweights Exxon Mobil Corp (up +1.71%) and Chevron Corp (+1.83%) both rebounded solidly. The technology-centric Nasdaq lost -0.49%. Research from Susquehanna Financial Group said that the amount of time companies are waiting to get chip orders filled has stretched to more than 20-weeks. Chip order lead times have increased by more than 8-days to 20.2 weeks in July from June. He gap was already the longest wait time since the firm began tracking the data in 2017. Advanced Micro Devices Inc fell -2.99% overnight and NVIDIA Corp -1.77%. The small capitalisation Russell 2000 +0.20%. In merger and acquisition (M&A) news, Kansas City Southern jumped +7.47% after Canadian Pacific Railway Ltd (down -1.19%) raised its offer for the U.S. railroad operator by ~US$2B to US$27.29B.

Tuesday, 10 August 2021: US equity markets retreated, with both the Dow and S&500 pulling back from last Friday’s record closing highs

Mon, 09 Aug 2021 23:39:19 +0000

US equity markets retreated, with both the Dow and S&500 pulling back from last Friday’s (6 August) record closing highs and with traders eyeing downgrades to China economic growth forecasts from a number of major investment banks - Dow fell -107-points or -0.30% . The broader S&P500 dipped -0.09%, with Energy (down -1.48%) leading seven of the eleven primary sectors lower. Exxon Mobil Corp fell -1.14% and Chevron Corp -1.67%. The Nasdaq added +0.16%. The small capitalisation Russell 2000 lost -0.58%. In merger and acquisition (M&A) news, Draftkings Inc (up +1.49%) agreed to acquire Golden Nugget Online Gaming Inc (+50.77%) in a US$1.56B all scrip deal.

Monday, 9 August 2021: Both the Dow and S&P500 logged fresh record highs to close out another strong week for US equity markets

Sun, 08 Aug 2021 22:55:06 +0000

Both the Dow and S&P500 logged fresh record highs to close out another strong week for US equity markets as investors digested the latest July employment figures - Dow up +144-points or +0.41% to 35,208.51. Goldman Sachs Group Inc rose +% to a record high, while JP Morgan Chase & Co gained +%. The broader S&P500 edged +0.17% higher to 4,436.52. Financials (up +2.01%) and Materials (+1.47%) were the best performing primary sectors on Friday night AEST (6 August). Consumer Discretionary (down-0.73%) and Information Technology (--0.12%) underperformed, dented by a fresh rise in longer date Treasury yields. The Nasdaq eased -0.40%. The small capitalisation Russell 2000 %. For the week, Dow gained +0.78%. The S&P500 rose +0.94%, extending its year-to-date gain to +18.12%. Nasdaq +1.11%

Friday, 6 August 2021: Fresh record closing highs for both the S&P500 and Nasdaq ahead of tonight’s key non-farm payrolls report

Thu, 05 Aug 2021 23:48:13 +0000

Fresh record closing highs for both the S&P500 and Nasdaq ahead of tonight’s key non-farm payrolls report - Dow gained +272-points or +0.78% at 35,064.25. The broader S&P500 rose +0.60% to 4,429.10, logging its 43rd record closing high of 2021. Goldman Sachs raised its year-end target for the S&P 500 to 4,700, representing ~6.1% upside, in part due to an improving earnings outlook. The Nasdaq advanced +0.78% to 14,895.12, with the technology-centric index recording its 27th record closing high of 2021 and first since 26 July. The small capitalisation Russell 2000 %.

Thursday, 5 August 2021: US equity markets retreated and settled near their session lows

Wed, 04 Aug 2021 23:47:46 +0000

US equity markets retreated and settled near their session lows after Federal Reserve Vice Chairman Richard Clarida made a case for a potential slowing of the central bank’s large-scale asset bond purchases later this year and for higher interest rates in 2023 - Dow dropped -324-points or -0.92% . The broader S&P500 fell -0.46% a day after notching its 42nd record closing high of 2021. Energy (down -2.93%) led nine of the eleven primary sectors lower following a third straight session of declines on crude markets. Communication Services (up +0.24%) and Information Technology (+0.19%) were the only primary sectors to advance. The technology-centric Nasdaq added +0.13%. Advanced Micro Devices (AMD) Inc rallied +5.52% (to US$118.77) and logged its sixth consecutive record closing high (and carved out a record intra-day high of US$122.49) following continued indications that the chip maker is taking market share away from larger rival Intel Corp (down -0.30%). Data from Mercury Research showed that while total microprocessor shipments had declined 3.1% quarter-over-quarter, AMD’s total share of the market increased to 16.9% in the second quarter from 16.1% in the first quarter. Meanwhile, Intel’s share fell to 83.1% in the second quarter from 83.9% in the first quarter. The Mercury Research data also showed gains for AMD in the important data-centre category. AMD has 8.9% share in servers, up from 5.5% in the year-ago second quarter and 8.2% in this year’s first quarter. That’s compared with Intel’s 91.1% share, down from 94.5% in the year-ago second quarter and 91.8% in the first quarter. A separate report from tech news site wccftech.com noted that AMD CPUs are still outselling Intel, according to data compiled from MindFactory, Germany’s largest tech retailer. The small capitalisation Russell 2000 fell -1.23%.

Wednesday, 4 August 2021: US equity markets rallied, lifting the S&P500 to a yet another record closing high

Tue, 03 Aug 2021 23:42:36 +0000

US equity markets rallied, lifting the S&P500 to a yet another record closing high - Dow rose +278-points or +0.80% to 35,116.40 (and within 0.5% of a fresh record closing high), recovering from an earlier, brief decline of over >100-points The broader S&P500 gained +0.82% to 4,423.15, notching its 42nd record closing high of 2021. Energy (up +1.83%), Health Care (+1.41%), Industrials (+1.38%), Financials (+1.13%) and Materials (+1.01%) al gained over >1% to lead ten of the eleven primary sectors higher. Communication Services (down -0.19%) was the only primary sector to close in the red. The Nasdaq +0.55%. Advanced Micro Devices Inc rose +3.62% (to US$112.56) and logged its fifth consecutive record closing high following a Bloomberg report that Nvidia Corp.’s (+0.33%) US$40B acquisition of Arm Ltd may get blocked by U.K. regulators. Bloomberg also reported that Apple Inc (up +1.26%) and Affirm Holding’s (+3.03%) PayBright are planning to launch a "buy now, pay later" program for Apple device purchases in Canada, allowing people to pay for iPhone, Mac, and iPad over 12 to 24 months. The small capitalisation Russell 2000 +0.37%. In merger and acquisition (M&A) news, PepsiCo Inc added +0.2% after the beverage and snacks company announced an agreement to sell Tropicana, Naked and other juice brands across North America for US$3.3B in cash to PAI Partners. The deal includes options to sell certain juice businesses in Europe. PepsiCo said it will retain a 39% interest in a newly formed joint venture, and will retain exclusive U.S. distribution rights of the brands.

Tuesday, 3 August 2021: US equity markets relinquished earlier gains to settle with modest losses

Mon, 02 Aug 2021 23:14:59 +0000

US equity markets relinquished earlier gains to settle with modest losses, with most of the fall coming in the final hour of the session - Dow eased -97-points or -0.28% to 34,838.16 after touching a fresh record intraday high at 35,192.11. The broader S&P500 slipped -0.18%, with Materials (down -1.17%) leading seven of the eleven primary sectors lower. More defensive sectors outperformed overnight, with Utilities (up +0.75%) the leading primary sector performer. Tesla Inc rose +3.27%. The Nasdaq inched +0.06% higher. The small capitalisation Russell 2000 fell -0.48%. Persistent concerns about the spread of the delta variant of the coronavirus weighed on investor sentiment on the first trading day for equity markets in August, while investors also eyed progress on an infrastructure bill, merger and acquisition (M&A) activity and concerns about the pace and timing of the Federal Reserve’s plans to roll back easy-monetary policies.

Monday, 2 August 2021: US equity markets retreated on Friday (30 July), closing out the week and month on a weaker footing

Mon, 02 Aug 2021 00:53:08 +0000

US equity markets retreated on Friday (30 July), closing out the week and month on a weaker footing - Dow down -149-points or -0.42% . The broader S&P500 lost -0.54%, with Consumer Discretionary (down -2.78%) and Energy (-1.76%) the worst performing primary sectors on Friday night AEST (30 July). The Nasdaq fell -0.71%. Amazon.com Inc fell -7.56% - its biggest one-day drop since May 2020 – after reporting slowing sales growth in the second quarter after the closing bell of last Thursday’s (29 July) session. The small capitalisation Russell 2000 lost -0.62%.

Friday, 30 July 2021: US equity markets advanced, shrugging off a weaker-than-expected rise in second-quarter GDP

Thu, 29 Jul 2021 23:40:50 +0000

US equity markets advanced, shrugging off a weaker-than-expected rise in second-quarter gross domestic product (GDP) as investors instead focussed on largely upbeat corporate earnings releases - Dow up +154-points or +0.44% at 35,084.53, hitting a fresh record intraday high of 35,171.52. The broader S&P500 rose +0.42% to 4,419.15, also touching a record intra-day high (4,429.97). Materials (up +1.08%) and Energy (+1.07%) both gained over >1% to lead nine of the eleven primary sectors higher. Tesla Inc rallied +4.69%, with a number of reasons cited the latest gains. Chief Executive Officer (CEO) Elon Musk tweeted that the electric vehicle maker is hosting an artificial intelligence day on 19 August. The Nasdaq edged +0.11% higher, with Facebook Inc (down -4.01%) and PayPal Inc (-6.23%) following their results after the closing of the previous session that were accompanied underwhelming guidance. The small capitalisation Russell 2000 rose +0.68%.

Thursday, 29 July 2021: US Equity markets weaker, corporate earnings and the Federal Reserve in focus

Wed, 28 Jul 2021 23:40:04 +0000

US equity markets weaker after a listless session, with the Federal Reserve providing no firm clues about when it might start reducing its purchases of government bonds despite saying that the economic recovery is on track - Dow fell -128-points or -0.36% . The broader S&P500 dipped -0.02%. The Nasdaq rose +0.70%. Apple Inc fell -1.22% a day after recording its strongest June quarter result ever, with Chief Executive Officer (CEO) Tim Cook warning that silicon “supply constraints” will affect sales the iPhone as well as the iPad. Advanced Micro Devices Inc rallied +7.6% to close at record high of US$97.93, soaring late in the session after an initially muted reaction to the chipmaker’s better-than-expected second quarter result after the close of the previous session. The small capitalisation Russell 2000 rallied +1.51%. Uber Technologies Inc fell over >4% in extended trading after CNBC reported that SoftBank Group Corp is selling about one-third of its stake in ride-hailing company, in part to cover losses on its investment in Chinese ride-hailing company Didi Global Inc (up +10.32% in regular trading).