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).

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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.

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%.

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%.

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%.

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.

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%.

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.

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%.

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%.

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

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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%.

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.

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.

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.

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%.

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%.

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.

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.

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%.

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%.

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.