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%.

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”.

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.

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.

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).

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.

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%.

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%.

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%.

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.

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.

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.

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.

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.

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.

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%.

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.

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%.

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%.

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.

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%.

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

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.

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

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

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%.

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%.

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%.

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%.

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%.

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%.

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.

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%.

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%.

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%

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.”

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%.

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%.

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%.

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.

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%.

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%.

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.

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%.

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%

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%.

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%.

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.