Record closing highs for both the S&P500 and Nasdaq amid a broad-based rally despite some lacklustre economic data - Dow up +240-points or +0.68% to 35,730.48 The broader S&P500 gained +0.98% to a record closing high of 4,596.42, with all of Real Estate (up +1.447%), Consumer Discretionary (+1.37%), Industrials (+1.29%), Financials (+1.24%), Information Technology (+1.06%) and Materials (+1.02%) gaining over >1% and with all eleven primary sectors advancing. Ford Motor Co jumped +8.70% The technology-centric Nasdaq rallied +1.39% to log its first record closing high since 7 September at 15,448.12. Facebook Inc rose +1.51% after announcing a rebranding which the company says reflects a hard pivot into what it calls the “next evolution of social technology,” where mixed reality brings people together to play games, exercise, watch concerts together, work remotely and communicate. The social media giant has changed its name to Meta, relegating Facebook to one of the company’s three major platforms - which also includes Instagram and WhatsApp - rather than the overarching brand amid whistleblower revelations and regulator recriminations. The small capitalisation Russell 2000 rebounded +2.02%.

US equity markets fell as some of the recent momentum around positive corporate earnings faded - Dow down -266-points or -0.74%, snapping a three session winning streak that had lifted the index to a record closing high (35,756.88) a day earlier. Visa Inc shed -6.92% after the payments company issued a conservative revenue outlook during as part of its quarterly earnings report after the close of the previous session. There were also reports that the company was facing a Justice Department probe around its relationships with fintech firms. The broader S&P500 fell -0.051%, also snapping a three session winning streak. The Nasdaq eked out a +0.01% gain. Google-parent Alphabet Inc (up +4.96%) and Microsoft Corp (up +4.21% to a record close of US$323.17) after both technology majors posted strong quarterly results after the closing bell of the previous session. The small capitalisation Russell 2000 shed -1.90%.

Both the Dow and S&P500 eked out fresh record highs ahead of another wave of notable corporate earnings releases after the close of the session - Dow up +16-points or +0.04% to 35,756.88, after rising to an record intraday high of 35,892.92 (up ~150-points) in earlier trading. The broader S&P500 edged +0.08% higher to 4,574.79, after hitting a fresh intraday record of 4,598.53. The Nasdaq +0.09% to settle at 15,235.71, briefly trading as high as 15,384 and topping its closing record of 15,374.33 set on 7 September. Facebook Inc fell -3.92% after the company reported better-than-expected third-quarter earnings per share (US$3.22 versus consensus US$3.19) even as revenue (US$29.01B) undershot analysts’ estimates (US$29.57B) after the close of the previous session and also said it’s increasing its share buyback program by US$50B. The small capitalisation Russell 2000 lost -0.72%.

Both the Dow and S&P500 hit fresh record highs as earnings season kicked in to high gear in one of the heaviest reporting weeks of the quarter, with bellwethers in multiple sectors poised to announce results - Dow up +64-points or +0.18% to 35,741.15, after establishing a new all-time intraday record at 35,787.04. The broader S&P500 added +0.47% to 4,566.48 and also hit a intra-day record high of 4,572.62, with nine of the 11 major S&P sectors advancing. Consumer Discretionary (up +2.11%) and Energy (+1.41%) were the best performing primary sectors overnight. Utilities (down -0.43%) and Financials (-0.16%) were the only primary sectors to settle in the red. Tesla Inc jumped +12.66% to its own new record of US$1,024.86 per share and breached >US$1 trillion in market capitalisation, after car rental firm Hertz Global Holdings Inc placed an order for 100,000 Tesla cars, while Morgan Stanley raised its price target on the stock to US$1,200 from US$900 per share. Tesla joins a select group of mega tech stocks that include Apple Inc (down -0.03%) with a market cap of ~US$2.5 trillion, followed by Microsoft Corp (-0.33%) at ~US$2.3 trillion, Google-parent Alphabet Inc (up+0.11%) at ~US$1.8 trillion and Amazon.com Inc (-0.46%) at US$1.7 trillion. Tesla also edged out Facebook Inc (with a current market cap of ~US$900B) to become the fifth largest US company by market cap. The Nasdaq +0.90%. PayPal Inc gained +2.70% after the payments company scrapped plans to buy the digital pinboard site Pinterest Inc (down -12.71%) for as much as US$45B.The small capitalisation Russell 2000 rose +0.93%.

US equity markets mixed on Friday night (22 October) as investors weighed strong corporate earnings against persistent concerns over elevated global inflation - Dow up +73-points or +0.21% to a record closing high of 35,677.02. The broader S&P500 dipped -0.11%, with falls for Communication Services (down -2.28%) and Consumer Discretionary (-0.66%) offsetting gains for Financials (up +1.33%) and Energy (+0.93%). Tesla Inc extended its rally, rising +1.7% after hitting a new intraday high (US$909.68) earlier in the morning session that lifted the electric vehicle maker’s market capitalisation above >US$905B (which is more than almost half of the auto industry put together). The Nasdaq lost -0.82%. Quarterly results late last Thursday (21 October) from Snapchat parent Snap Inc (down -26.59%), which forecast a weaker-than-expected holiday season and expressed concerns over digital advertising, prompted a decline in internet and social-media related stocks, including Google-parent Alphabet Inc (down -3.04%) and Facebook Inc (-5.05%). Intel Corp dropped -11.68% following a soft quarterly result after the close of the previous session that the company blamed on weaker-than-expected sales amid an industry-wide component shortage. However, Netflix Inc (up +1.78%), Ebay Inc (+5.75%) and Microsoft Corp (-0.51%) all touched fresh record intra-day highs. The small capitalisation Russell 2000 eased -0.21%.

US equity markets firmer as strong corporate earnings bolstered the mood on Wall Street - Dow dipped -6-points, with IBM (down -%) The broader S&P500 added +0.30% to 4,459.78, booking its first record closing high in seven weeks after logging an intra-day record of 4,551.44. Consumer Discretionary (up +1.38%) led seven of the eleven primary sectors higher. Energy (down -1.85%) was the worst performing primary sector as US crude prices pulled back from seven year highs overnight. The Nasdaq rose +0.62%. The small capitalisation Russell 2000 added +0.28%.

US equity markets ticked higher amid some mixed reports around how corporates are managing inflationary pressures and supply chain issues - Dow gained +152-points or +0.43%, touching an all-time high of 35,669.69 earlier in the session. The broader S&P500 added +0.37% to log a sixth consecutive session advance, with Utilities (up +1.56%), Real Estate (+1.55%) and Health Care (+1.45%) all climbing over >1% and leading eight of the eleven primary sectors higher. Information Technology lagged with a -0.29% decline. The Nasdaq dipped -0.05%. The small capitalisation Russell 2000 rose +0.61%. In merger and acquisition (M&A) news, PayPal Holdings Inc fell -4.91% following reports that the company is in late-stage talks to buy social media company Pinterest, with a price of US$70 per share apparently mooted according to Bloomberg (which would value Pinterest at ~US$39B).

US equity markets advanced as major companies continued to deliver solid third quarter earnings - Dow up +199-points or +0.56% . Walmart Inc gained +2.1% after Goldman Sachs added the big-box retailer to its conviction buy list, pointing to improved profitability and increased share of the U.S. grocery market saying the stock could rally nearly 40%. The broader S&P500 extended its rally into a fifth straight session and climbed back above >4,500, rising +0.74% to 4,519.63. Health Care (up +1.31%), Utilities (+1.26%) and Energy (+1.11%) all rose over >1% to lead ten of the eleven primary sectors higher. Consumer Discretionary (down -0.29%) was the only primary sector to close in the red. The technology-centric Nasdaq rose +0.71%. Alibaba Group Holdings Ltd popped +6.1% after the company announced it has developed a custom computer chip that it will use to power its data centre servers. The small capitalisation Russell 2000 added +0.36%.

Heavyweight technology names lifted US equity markets however global sentiment was dampened by official China data recording the slowest pace of economic growth in a year in the third quarter - Dow eased -36-points or -0.10%, paring an earlier decline of -123-points. The broader S&P500 added +0.34%, extending gains into a fourth straight session and representing its longest win streak since 25 August. Consumer Discretionary (up +1.20%) and Information Technology (+0.85%) led seven of the eleven primary sectors higher. More defensive Utilities (down -0.96%) and Health Care (-0.72%) lagged the broader market. The Nasdaq gained +0.84%, also marking its fourth consecutive rise and its longest win streak since 7 September. Facebook Inc and Apple Inc were the biggest drivers of the gains, gaining 3.3% and 1.2% respectively. Apple Inc announced new Mac personal computers featuring the company’s custom chips and an upgraded set of AirPods, filling out its holiday line-up. The small capitalisation Russell 2000 edged +0.10% higher.

Better-than-expected corporate earnings continued to push US equity markets higher on Friday (15 October), with Goldman Sachs Group Inc (up +3.8%) capping a strong week for bank earnings - Dow up +382-points or +1.09% . The broader S&P500 +0.75% to 4,471.37, settling comfortably above its 50-day moving average (4,436.74). Alcoa Corp soared +15.2% after the aluminium producer reported stronger-than-expected results, and announced it would pay its first dividend since 2016 and launch a US$500M share buyback. The Nasdaq added +0.50%. The small capitalisation Russell 2000 eased -0.37%.

Strong, broad-based gains for US equity markets overnight following largely upbeat corporate earnings, including from some major banks and a couple of Dow components - Dow up +535-points or +1.56% to sit ~2.4% below its all-time high hit in early September.. The broader S&P500 gained +1.71%, climbing back above its 50-day moving average for the first time in 12 trading sessions. Materials (up +2.43%) and Information Technology (+2.28%) rose over >2% to lead all eleven primary sectors higher in what was the best single day breadth reading for the index since late June. The Nasdaq +1.73%, logging its best single session gain since 20 May as Microsoft Corp (up +2.17%), Apple Inc (+2.02%) and Google-parent Alphabet Inc (+2.55%) all rising over >2%. The small capitalisation Russell 2000 gained +1.44%.

US equity markets mixed as investors digested September inflation data, the latest Federal Reserve meeting minutes and the start of the third quarter earnings season - Dow flat, recovering from an earlier -260 point slide. The broader S&P500 edged +0.30% higher and snapped a three session losing streak, with Utilities (up +1.14%) leading nine of the eleven primary sectors higher. Financials (down -0.64%) and Energy (-0.12%) were the only primary sectors to settle in the red. The Nasdaq rose +0.73%. Apple Inc slipped -0.42% following a Bloomberg News report filed a day earlier that the company will likely cut iPhone 13 production by up to 10M phones in 2021, following the company’s forecast of making 90M earlier in the year, because of the ongoing global chip shortage. Advanced Micro Devices Inc gained +3.92% and was among notable performers amid ongoing headlines about the global chip shortage. The small capitalisation Russell 2000 added +0.34%.

US equity markets closed in the red for a third straight session, with selling again picking up into the close and with investors eying some key economic and corporate earnings releases tonight AEST - Dow down -143-points or -0.42%. Boeing Co (down -1.27%) reported that airplane deliveries rose to 35 in September following an uptick in domestic travel, albeit its 787 programme remains hobbled by structural defects. The broader S&P500 lost -0.37%, with Communications Services (down -1.05%) and Information Technology (-0.51%) leading six of the eleven primary sectors lower. American Airlines Group Inc rose +0.79% after forecasting a smaller-than-expected adjusted net loss for the third quarter. Real Estate was the best performing primary sector overnight with a +1.34% rise. The Nasdaq dipped -0.05%. Apple Inc declined in extended trading following a Bloomberg News report that the company will likely cut iPhone 13 production by up to 10M phones in 2021, following the company’s forecast of making 90M earlier in the year, because of the ongoing global chip shortage. Broadcom Inc (down -1.43%) and Texas Instruments Inc (-2.53%) also fell in the extended session after an unidentified source told Bloomberg that both companies are having trouble delivering enough components to Apple. However, Qualcomm Inc rose over >1% in extended trading after the mobile chip maker announced plans for a US$10B stock buyback. The company noted the total is in addition to $900 million in repurchase authority from a July 2018 program. The small capitalisation Russell 2000 rose +0.61%.

US equity markets retreated, with an earlier rally fizzling and selling picking up pace in the final hours of the session as investors continued to ponder inflation challenges amid a fresh rise in energy prices and as the US third quarter earnings season officially kicks off later this week - Dow down -250-points or -0.72%, unwinding an earlier rally of over >200-points. The broader S&P500 -0.69%, with Communication Services (down -1.45%), Utilities (-1.35%) and Financials (-1.01%) all down over >1% to lead nine of the eleven primary sectors lower. Real Estate (up +0.17%) and Materials (+0.03%) were the only primary sectors to advance. Southwest Airlines Co fell -4.17% after cancelling nearly 2K flights over the weekend and leaving hundreds of passengers stranded. The airline blamed the widespread cancelations on weather “challenges” in some of its Florida airports, compounded by “unexpected” air-traffic control issues in the same areas however others were sceptical about the reasons offered. The Nasdaq fell -0.64%. The small capitalisation Russell 2000 lost -0.56%.

US equity markets closed a volatile week little changed on Friday night AEST (8 October) after another underwhelming jobs report left many investors scratching their heads - Dow dipped -9-points . The broader S&P500 slipped -0.19% despite a +3.13% gain for the Energy sector that lifted Exxon Mobil +2.51%, Chevron Corp +2.24% and Conocophillips +4.77%. R eal Estate fell -1.12% to lead nine of the eleven primary sectors lower. Goldman Sachs chief U.S. equity strategist David Kostin said in a note to clients that his year-end S&P 500 price target for 2021 is still 4,700, which is nearly 7% above its current level. The Nasdaq eased -0.51%. The small capitalisation Russell 2000 fell -0.76%.

US equity markets advanced for a third day as lawmakers neared an agreement that would avert a debt-ceiling breach for at least two months - Dow up +338-points or +0.19%, with Visa Inc (up +1.78%), Nike Inc (+2.05%) and Home Depot Inc (+2.16%) The broader S&P500 gained +0.83%. Consumer Discretionary (up +1.50%), Materials (+1.35%) and Health Care (+1.23%) led ten of the eleven primary sectors higher, with Utilities (down -0.53%) the only sector to settle in the red. The Nasdaq +1.05%. The small capitalisation Russell 2000 rose +1.59%.

US equity markets climbed, buoyed by Senate Minority Leader Mitch McConnell saying the Republican party would support an extension of the federal debt ceiling into December - Dow rose +102-points or +0.30%, staging a 560-point U-turn to record its best intraday comeback since 21 December last year. The broader S&P500 gained +0.41%, recovering from an earlier session decline of -1.27%. Utilities (up +1.53%) and Consumer Staples (+1.00%) led nine of the eleven primary sectors higher. The Nasdaq settled +0.47% higher after falling as much as -1.20%, with Amazon.com Inc up +1.27%, Microsoft Corp +1.51% and chipmaker Nvidia Corp +1.22%. The small capitalisation Russell 2000 fell -0.60%.

US equity markets rallied despite surging energy prices intensifying inflationary pressures, sending Treasury yields higher - Dow up +312-points or +0.92%. Goldman Sachs Group Inc gained +3.12% as Treasury yields continued to climb. The broader S&P500 gained +1.05%, with Financials (up +1.77%), Communication Services (+1.59%), Information Technology (+1.46%) and Industrials (+1.10%) all climbing over >1% to lead nine of the eleven primary sectors higher. Real Estate (down -0.86%) and Utilities (-0.19%) were the only primary sectors to close in the red. The Nasdaq +1.25%, with Netflix Inc rallying +5.21%, Amazon.com Inc +0.98%, Apple Inc +1.42% and Google parent Alphabet Inc +1.77%. Facebook Inc (up +2.06%) rebounded from a -4.89% slide in the previous session (the worst single-day percentage decline since a -5% fall on 9 November, 2020) following a national broadcast of a whistleblower’s allegations that the social media network placed profits before safety and after widespread outages of Facebook services. The small capitalisation Russell 2000 added +0.49%.

US equity markets retreated amid a fresh rotation out of technology stocks amid rising bond yields - Dow lost -324-points or -0.94%. Merck & Company Inc rose +2.09%, building on an +8.37% gain in last Friday’s (1 October) session after the pharmaceutical major and partner Ridgeback Biotherapeutics said their oral antiviral treatment for COVID-19 reduced the risk of hospitalization or death by 50% for patients with mild or moderate cases. Merck is now planning to submit an application for an emergency use authorization for the treatment from the Food and Drug Administration and will also seek it from other regulatory bodies around the world. The broader S&P500 shed -1.30%, taking the index more than halfway to an official correction (defined as drop 10% from their most recent high). Information Technology (down -2.36%) and Communication Services (-2.11%) leading eight of the eleven primary sectors lower. The Energy sector (up +1.63%) was the leading primary sector performer, tracking strong gains on crude markets. Exxon Mobil Corp rose +1.30% and Conocophillips +1.98%. The Nasdaq lost -2.14%. Facebook Inc shed -4.89%, logging the worst single-day percentage decline since a -5% fall on 9 November, 2020 following a national broadcast of a whistleblower’s allegations that the social media network placed profits before safety. The social media’s woes were further compounded by a widespread outage of Facebook services, including Instagram and WhatsApp. Separately, Facebook filed a motion to dismiss the Federal Trade Commission’s amended antitrust lawsuit against the company, saying the agency’s complaint still lacked evidence Facebook violated antitrust laws. Elsewhere among major technology names, Apple Inc fell -2.46%, Amazon.com Inc -2.85%, Microsoft Corp -2.07% and Nvidia Corp -4.87%. However, Tesla Inc rose +0.81% after the company announced over the weekend that it had delivered 241,300 electric vehicles during the third quarter of 2021, topping analysts forecasts for the delivery of around 221K. The small capitalisation Russell 2000 lost -1.08%.

US equity markets kicked off October with solid gains as news of a new oral treatment for Covid-19 boosted shares of companies tied to the economic recovery - Dow gained +483-points or +1.43% . The broader S&P500 rose +1.15%, with Energy (up +3.30%) leading ten of the eleven primary sectors higher. Communication Services (up +1.78%), Materials (+1.60%), Financials (+1.59%), Information Technology (1.44%), Industrials (+1.41%) and Real Estate (+1.04%) all climbed over >1%. Utilities (down -0.04%) was the only sector to close in the red as the more defensive sectors generally underperformed last Friday (1 October). The technology-centric Nasdaq rose +0.82%, snapping a five session losing streak. The small capitalisation Russell 2000 +1.69%.

US equity markets fell sharply amid volatile end-of-month and quarter rebalancing activity and as inflation concerns continued to weigh on sentiment - Dow dropped -547-points or -1.59% . Boeing Co fell -2.41% despite a broker (Bernstein) upgrade, while Goldman Sachs Group Inc fell -1.78% and Home Depot Inc -2.57%. The broader S&P500 lost -1.19%, with Industrials (down -2.11%) leading all eleven primary sectors lower overnight. Eight primary sectors recorded declines of over >1%. The Nasdaq -0.44%. The small capitalisation Russell 2000 fell -0.94%. In merger and acquisition (M&A) news, Merck & Co Inc (up +0.03%) struck a deal to buy drugmaker Acceleron Pharma (down -1.86% at US$172.10) for US$180 per share in cash or US$11.5B. It had been reported earlier this month that Acceleron was close to a sale agreement, and reports earlier this week had named Merck as the suitor.

US equity markets posted a modest rebound overnight a day after the S&P500 booked its worst daily percentage decline (-2.04%) since 12 May despite longer dated US Treasury yields climbing for a seventh straight session - Dow rose +91-points or +0.26%. Boeing Co rose +3.18% after winning a follow-on contract from the US Department of Defense valued at up to US$23.8B to provide services to a fleet of C-17 Globemaster III transport aircraft over a 10-year period. Separately, Boeing’s 737 MAX test flight for China’s aviation regulator was successful last month and the planemaker hopes a two year grounding will be lifted this year, according Boeing China President Sherry Carbary. The broader S&P500 edged +0.16% higher, with the more defensive Utilities (up +1.30%), Consumer Staples (+0.87%) and Health Care (+0.77%) sectors leading the rebound. Materials (down -0.39%) and Information Technology (-0.10%) were among the worst performing primary sectors overnight. The Nasdaq slipped -0.24%, booking its fourth straight session decline as a broader rebound faded in the closing hour of trading. The small capitalisation Russell 2000 eased -0.20%.

US equity markets fell sharply on Tuesday, with tech names dragging down the broader markets as Treasury yields traded near three-month highs and lawmakers in Washington continued their budget stalemate. The Dow Jones Industrial Average lost -569 points, or -1.63%, to close at 34,299. The S&P 500 shed -2.04% to finish at 4,352. The Nasdaq Composite was belted down 2.83% to 14,546 for its worst day since March. The small capitalisation Russell 2000 fell -2.2%. The VIX surged 24% to 23.26. In terms of stock moves, Facebook Inc, Microsoft Corporation and Google-parent Alphabet Inc lost more than -3%, while Amazon.com Inc dropped -2.64%. Large chip stocks struggled, with NVIDIA Corporation sliding -4.44%.

U.S. stocks were split on Monday as a rise in treasury yields pressured growth names and traders braced for the final week of a volatile September. The Dow Jones Industrial Average rose by +71 points or +0.20% to 34,869 as energy stocks and bank shares pushed higher. The broader S&P 500 slipped by -0.28% and the Nasdaq shed -0.52% as major tech stocks including Alphabet (-0.10%), Apple (-1.05%), Microsoft (-1.8%) and Nvidia (-1.91%) struggled. The small capitalisation Russell 2000 Index rose +1.5%. The rise in yields appeared to boost financial stocks. Shares of Goldman Sachs and JPMorgan Chase rose more than +2%, making them some of the best performers in the Dow. Another bright spot for the market was energy, with stocks like Exxon Mobil and Occidental Petroleum climbing +3% and +7% respectively, as crude continued its September run, topping $75 a barrel.

US markets rose for a third straight session on Friday, clinching weekly gains despite uncertainty over the fate of indebted property giant China Evergrande Group. The Dow gained +33 points, or +0.10%, to 34,798. The broader S&P 500 edged +0.15% higher and the Nasdaq ticked down just -0.03%. The small capitalisation Russell 2000 fell -0.49%. For the week, the Dow was up +0.60%, the S&P 500 gained +0.50% and the Nasdaq was near flat.

US equity markets jumped for a second day as fears around a crisis in China’s property market eased somewhat and as the Federal Reserve kept current monetary stimulus in place. The Dow Jones gained +506.50 points, or +1.48%, to 34,764.82, with steady buying throughout the day. Thursday’s rally adds to a 338-point gain in the prior session. The S&P 500 rose +53.34 or 1.21% to 4,448.98 and the Nasdaq Composite added +155.40 or 1.04% to 15,052.24. After Thursday’s gains, the S&P 500 is down just 1.6% for September. The small capitalisation Russell 2000 up +1.82%.

US equity markets rallied on Wednesday after the Federal Reserve indicated it doesn’t see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic. The Dow Jones advanced +338.48 points, or 1%, to 34,258.32, snapping a four-day losing streak. However, the blue-chip Dow closed well off its high, as it jumped 520 points earlier in the day. The S&P 500 added +41.45 points or nearly 1% to 4,395.64 amid a 3.2% jump in the energy sector. The index also posted its first positive day in five. The Nasdaq Composite gained 1% to 14,896.85. The small capitalisation Russell 2000 up +1.48%.Commodity-related stocks led the comeback Wednesday as fears eased about ripple effects from Evergrande. Devon Energy surged 6.8%, while APA jumped nearly 7.2%. Diamondback Energy, Hess and Marathon Oil all popped more than 5%. China-exposed Wynn Resorts bounced about 2.6%.FedEx shares fell again tumbling more than 9% after profit fell at the logistics company last quarter because of rising labor costs. FedEx also cut its forecast for the full year.

US equity markets fought to rebound from Monday’s rout, but failed as the Dow Jones trended lower for most of the session and closed in the red. The Dow Jones lost -50.63 points, or -0.15%, to 33,919.84. The S&P 500 shed about 0.1% to 4,354.19, following its worst day since May on Monday. However, the Nasdaq Composite rose 0.2% to 14,746.40 as investors bought some major tech shares like Apple on the dip. The small capitalisation Russell 2000 up +0.18%.

US equity markets retreated to close out a volatile week of trading, with Friday night (17 September) a “quadruple witching” session - the simultaneous expiration of individual stock options, stock-index options, stock-index futures and single-stock futures – which brought some additional volume and volatility - Dow fell -166-points or -0.48% . The broader S&P500 lost -0.91% to 4,432.99, with the index slipping below its 50-day moving average of ~4,436.37 for the first time since 18 June. Materials (down -2.06%) led ten of the eleven primary sectors lower, with Utilities (down -1.59%), Information Technology (down -1.52%), Communication Services (-1.27%) and Industrials (-1.05%) all down over >1%. Health Care (up +0.07%) was the only primary sector to eke out a gain. The Nasdaq -0.91%. The small capitalisation Russell 2000 edged +0.18% higher.

US equity markets began the week deeply in the red as investors continued to flock to the sidelines in September amid several emerging risks for the market. The Dow Jones lost -614.41 points, or -1.8%, to 33,970.47 for its biggest one day drop since July 19. The 30-stock average was down 971 points at one point during the day. The S&P 500 fell -75 points or -1.7% to 4,357.73, posting its worst daily performance since May 12. It was a broad sell-off with each of the main 11 sectors of the benchmark registering losses. The tech-heavy Nasdaq Composite dropped -2.2% to 14,713.90. The small capitalisation Russell 2000 down -2.44%.

US equity markets logged modest losses, settling well off their session lows as investors digested some mixed economic data - Dow eased +63-points or -0.18%, paring an earlier decline of as much as -274-points. The broader S&P500 slipped -0.16%. Materials (down -1.09%) and Energy (-1.06%) both fell over >1% to lead eight of the eleven primary sectors lower. Consumer Discretionary (up +0.44%), Real Estate (+0.16%) and Information Technology (+=0.06%) were the only primary sectors to advance. The Nasdaq edged +0.13% higher. The small capitalisation Russell 2000 dipped -0.07%. Tonight AEST marks “quadruple witching”, the simultaneous expiration of individual stock options, stock-index options, stock-index futures and single-stock futures, which can drive higher trading volume and volatility.

US equity markets rebounded, buoyed by some solid economic data and fresh gains on crude markets - Dow up +237-points or +0.68% . The broader S&P500 gained +0.85%, with Energy (up +3.82%) leading ten of the eleven primary sectors higher. Utilities (down –0.15%) was the only primary sector to close in the red. Gaming companies were under pressure, tracking falls on the Hong Kong market following news of a move by the Chinese government to increase oversight on the casino industry. MGM Resorts International dropped -2.49%, Las Vegas Sands Corp -1.71% and Wynn Resorts Ltd -6.30%. The Nasdaq +0.82%, marking the technology-centric index’s best day since 30 August. Microsoft Corp gained +1.68% after announcing a dividend increase and a sizable US$60B share repurchase program. The small capitalisation Russell 2000 rose +1.11%.

US equity markets retreated despite cooler-than-expected August inflation figures - Dow fell -292-points or -0.84% . Boeing Co (down -1.36%) released their annual market outlook overnight and predicts the global fleet of commercial airplanes will climb from 25,900 in 2019 to 49,405 planes by 2040, with almost 90% those planes being new models that will enter service over the period. In addition, Boeing is projecting the global aerospace industry, including defence and services, will reach US$9 trillion over the next decade, up +US$500B from the same forecast last year. It is also the largest amount the company has ever projected for the industry over a 10-year period. The broader S&P500 shed -0.57%, logging its sixth decline in the past seven sessions. Energy (down -1.55%), Financials (-1.41%), Industrials (-1.23%) and Materials (-1.17%) all fell over >1% and led all eleven primary sector lower. The Nasdaq lost -0.43%. Apple Inc fell -0.96% after the company held its annual product launch event overnight and detailed their new iPhones, iPads and smartwatches. The new iPhone 13 series features Apple’s new A15 Bionic chip, a system-on-a-chip designed in-house, and a video tool called “cinematic mode”, which allows users to hold focus on a subject even when they are moving. The small capitalisation Russell 2000 lost -1.37%.

The Dow and S&P500 snapped a five session losing streak - Dow up +262-points or +0.76%, with 23 of the indice’s 30 components advancing . The broader S&P500 added +0.23%. Energy (up +2.94%) led eight of the eleven primary sectors higher. Health Care (down -0.61%) was the worst performing primary sector overnight. The Nasdaq dipped -0.07%, extending its decline into a fourth consecutive session. Apple Inc added +0.39% ahead of its annual product launch event tonight AEST, where the company is expected to unveil its iPhone 13 line-up as well as new smartwatches, headphones and possibly more. Separately, Epic Games has filed an appeal to last Friday’s (13 September) ruling in its lawsuit against Apple, calling on a higher court to re-examine the case and overturn the judge’s ruling. Few details were provided about the legal basis for Epic’s appeal, but it is likely to continue to press on the federal antitrust allegations dismissed by the court. The small capitalisation Russell 2000 up +0.59%. In merger and acquisition (M&A) news, Intuit Inc (down -1.76%) announced that it will acquire email marketing company Mailchimp for US$12B in cash and stock.

US equity markets fell on Friday night AEST (10 September) to cap their worst week in nearly three months as renewed concerns about inflation dented optimism over continued central bank support for financial markets - Dow down -272-points or -0.78% . Apple Inc fell -3.31% after a federal judge in the Epic Games Inc case issued an injunction that said the company can no longer force developers to use its payment system, effectively bypassing commission fees of 15% to 30%. However, the iPhone maker was not ruled an antitrust monopolist. The split decision could signal a major shift in the way apps are distributed to consumers and could have even deeper implications for other operators of dominant online platforms such as Google parent Alphabet Inc (down -1.86%) and Amazon.com Inc (-0.43%) The broader S&P500 lost -0.77%. Utilities (down -1.38%) and Real Estate (-1.23%) both fell over >1% on Friday night AEST (13 September) to lead all eleven primary sectors lower. The Nasdaq shed -0.87%. The small capitalisation Russell 2000 fell -0.96%. In merger and acquisition news (M&A), rail operator Kansas City Southern said in a statement Sunday that it has notified rival bidder Canadian National that it intends to terminate a merger agreement and make a US$31B deal with Canadian Pacific Railway Ltd. Canadian National (CN) still has five business days to negotiate amendments to its offer, and the Kansas City Southern board could determine that a revised CN offer is better.

Dow and S&P500 extended their decline into a fourth straight session overnight - Dow down -152-points or -0.43% . The broader S&P500 settled -0.46% lower. Real Estate (down -2.12%) was the worst performing primary sector. The Financials sector (up +0.25). Ford Motor (down -2.07%) announced that it is ending vehicle production in India, shutting down its two large plants there and terminating thousands of employees, as Chief Executive Officer Jim Farley restructures the automaker’s operations as part of a turnaround plan. the actions will cost about US$2B, including pretax special charges of about US$600M in 2021 and US$1.2B in 2022. The Nasdaq eased -0.25%, registering back-to-back losses for the first time since mid-August. The small capitalisation Russell 2000 dipped -0.03%.

The Dow and S&P500 declined for a third straight session - Dow down -69-points or -0.20% . The broader S&P500 slipped -0.13%, with Energy (down -1.30%) and Materials (-1.02%) both falling over >1%. More defensive sectors outperformed, including Utilities (up +1.79%) and Consumer Staples (+0.77%). Swiss investment bank UBS raised its S&P 500 price target for the end of the year to 4,650 and for 2022 to 4,850. UBS acknowledged that equities are likely to have a pullback at some point, “likely driven by another reset in real yields higher, but other tailwinds should drive the S&P 500 to a new high by year end.” The Nasdaq fell -0.57%, its first fall in five sessions and a day after logging its 36th record closing high (15,374.33) of 2021. The small capitalisation Russell 2000 lost -1.14%. Coinbase Global Inc fell -3.2% after the cryptocurrency exchange revealed it received a notice of possible enforcement action from the Securities and Exchange Commission over lending practices.

US equity markets logged a mixed session after resuming trading following the Labor Day holiday - Dow fell -269-points or -0.76%, with 3M Co (down -4.53%) and Honeywell International Inc (-2.38%). Boeing Co fell -1.80% after budget airline Ryanair Holdings Plc (-1.96%) ended talks over a purchase of 737 MAX 10 jets. The broader S&P500 eased -0.34%. Ford Motor Co rose +0.47% after the company announced that it had hired former Tesla Inc (+2.64%) executive Doug Field to take over as chief advanced technology and embedded systems officer, which will put him in charge of next-generation technology in Ford automobiles. Mr Field had been serving as the vice president of “special products” at Apple after previously working at Tesla as senior vice president of engineering. The Nasdaq inched +0.07% higher to 15,374.33, securing its 36th record closing high of 2021. Apple Inc gained +1.55% and logged its third consecutive record closing high (US$156.69) after the technology giant scheduled an event for 14 September at which a new line of iPhones is expected to be unveiled. Supply chain checks for the second half of the year suggest about 130M to 150M iPhones will be built, with ~35%-to-45% of those built in the third quarter appearing to be the new iPhones to be announced, according a research note from Wedbush analyst Daniel Ives published on Tuesday (7 September). Apple has also been working on augmented and mixed reality technology for more than five years, while The Wall Street Journal recently reported that the company is working to include more health-related features its next Apple Watch, such as a blood pressure monitor and a thermometer to help with fertility planning. The small capitalisation Russell 2000 lost -0.72%.

AUD softer - buying ~74.37 US cents. The Reserve Bank of Australia (RBA) announces its latest interest rate decision this afternoon and is expected to leave their benchmark rate unchanged (with more focus likely to be on any commentary around their bond buying stimulus programme). A final reading of Building Permits for July and the Ai Group Services index for August are also on today’s Australian economic calendar.

US equity markets were modestly weaker on Friday night as investors grappled with the implications of a much weaker than expected US jobs report for August, with some market participants betting weaker data could undercut the case for the Federal Reserve to unwind its market-supportive easy money policies in coming months - Dow down -74-points or -0.21%, with American Express Co (down -1.70%) the worst performing index component. The broader S&P500 dipped -0.03%, with gains for the Information Technology sector (up +0.38%) offset by falls for the Utilities (down -0.80%) and Materials (-0.69%) sectors. The Financials sector (down -0.58%) fell despite Treasury yields climbing. The Nasdaq added +0.21% to 15,363.52 and logging its 35th record closing high of 2021. The small capitalisation Russell 2000 %. Russell 2000 lost -0.52%. Didi Global Inc ADRs rose +2.38% and gained +9.73% for the week after a Bloomberg News report that Beijing is eyeing a plan to take the troubled ride-hailing giant under state control by acquiring a stake through government-run firms. Didi is under a cybersecurity review after the Cyberspace Administration of China alleged the company had illegally collected users’ data. The ride-hailing giant was forced to stop signing up new users and its app was also removed from Chinese app stores. US equity and bond markets are CLOSED tonight AEST for the Labor Day holiday.

S&P500 and Nasdaq booked fresh record closing highs as attention turns to tonight’s AEST August jobs data - Dow up +131-points or +0.37% . The broader S&P500 added +0.28% to 4,536.95, touching a record intraday high of 4,545.85 earlier in the session. Energy (up +2.53%) led eight of the elven primary sectors higher, with Health Care (+1.08%) and Industrials (+1.02%) both rising over >1%. The global shortage of computer chips continues, forcing automakers to temporarily close factories. General Motors Co (down -0.33%) announced that it would pause production at eight North American plants during the next two weeks, including two that make the company’s top-selling Chevrolet Silverado pickup. Ford Motor Co (-0.76%) will stop making pickups at its Kansas City Assembly Plant for the next two weeks. Shifts will be cut at two more truck plants in Dearborn, Michigan, and Louisville, Kentucky. The Nasdaq edged +0.14% higher to 15,331.18, also setting an intraday all-time high (15,380.07). Apple Inc climbed +0.75% to a record closing high of US$153.65 after the most valuable U.S. company by market capitalisation announced concessions for some large developers on its App Store regarding commissions. Apple said late Wednesday (1 September) it will allow developers of so-called “reader” apps, which offer content on a subscription basis like Netflix Inc (+1.11% to US$588.55 and extending their best-ever two-week stretch of gains into record territory) and Spotify Technology SA (+6.57%), to give customers the option of sidestepping its in-app purchase commissions by making direct purchases from the respective companies. Separately, CNBC reported that Apple was preparing mass production of the Apple Car by 2024. The small capitalisation Russell 2000 up +0.74%. In merger and acquisition (M&A) news, Baxter International Inc +4.8% higher after it said it has entered an agreement to acquire fellow medical technology company Hill-Rom Holdings Inc. for US$156 per share, in a deal with an enterprise value of ~US$12.4B.”

US equity markets logged modest gains, with the technology-centric Nasdaq booking a fresh record closing high - Dow down -48points or -0.14% . The broader S&P500 inched +0.03% higher, trading above its 30 August record closing high (4,528.79) earlier in the session. The Nasdaq added +0.33% to 15,309.38 to book its 33rd record closing high of 2021. Apple Inc rose +0.45%, with the The Wall Street Journal reporting that the technology behemoth will eventually include a tool to monitor blood pressure and a thermometer to help with fertility planning in its smartwatches. The small capitalisation Russell 2000 gained +0.58%.

The S&P 500 and the Nasdaq Composite booked fresh closing records to open the new trading week - Dow down -56-points or -0.16% . The broader S&P500 added +0.43% to 4,528.79, logging its 53rd record closing high this year after establishing a fresh intraday record high (4,537.36) earlier in the session. Before this year, only 1964 and 1995 saw more than 50 new highs before August was over. The record for new highs in one year is 77, set in 1995. Real Estate (up +1.15%) and Information Technology (+1.09%) rose over >1% to lead seven of the eleven primary sectors higher. Financials (down -1.47%) and Energy (-1.16%) both fell over >1%. The Nasdaq rose +0.90% to 15,265.89, recording its 32nd record closing high of 2021 after setting its intraday all-time high (15,288.08). Apple Inc gained +3.04%, Microsoft Corp +1.29% and Netflix Inc +1.30%. Paypal Inc rose +3.64% after CNBC reported that the company is exploring a stock-trading platform for its U.S. customers. The small capitalisation Russell 2000 lost -0.49%. The Pentagon confirmed that that US military had completed its withdrawal efforts from Afghanistan albeit the diplomatic mission to ensure additional U.S. citizens and eligible Afghans who want to leave continues.

US equity markets and government bonds rallied in response to Federal Reserve Chair Jerome Powell cementing expectations that the central bank will begin a slow removal of its crisis-era stimulus measures later this year - Dow up +243-points or +0.69%. The broader S&P500 gained +0.88% to 4,509.37, logging its 52nd record closing high this year Energy (up +2.62%) returned to the top of the primary sector leaderboard on Friday (27 August), while Communication Services (up +1.60%), Materials (+1.33%) and Financials (+1.31%) all gaining over >1%. Health Care (down -0.16%) and Utilities (-0.03%) were the only primary sectors to close in the red. The Nasdaq +1.23% to 15,129.50, recording its 31st record closing high of 2021. Amazon.com Inc (up +1.01%) announced that it is partnering with Affirm Holdings Inc (up +35.61% in extended trading last Friday (27 August)), with Affirm’s buy now, pay later checkout option will be available to certain Amazon customers in the U.S. starting Friday, with a broader rollout in the coming months. The small capitalisation Russell 2000 rallied +2.85%. For the week, Dow rose +0.96%, S&P500 +1.52% and the Nasdaq +2.82%. The Russell 2000 climbed +5.1% to record its best weekly rise since the period ended 12 March (when it jumped +7.32%), according to FactSet data.

US equity markets retreated as investors weighed second quarter economic growth data and eyed Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Economic Symposium on "the economic outlook" tonight AEST - Dow down -192-points or -0.54%. Cloud-based customer-relationship management company Salesforce.com Inc outperformed with a +2.66% gain following a strong second quarter result after the closing bell of the previous session. The broader S&P500 lost -0.58%, snapping a five session winning streak that saw the index log its 51st record closing high of the year in the previous session. Energy (down -1.51%) led ten of the eleven primary sectors lower. Real Estate (up +0.10%) was the only primary sector to advance. The Nasdaq -0.64%, also snapping five session winning streak and a day after the technology-centric index logged its 30th record closing high of 2021 The small capitalisation Russell 2000 fell -1.13%. Traders were also eying new developments in Afghanistan where a dozen US service members were tragically killed following a terrorist attack outside the Kabul airport. President Biden vowed to complete the evacuation of Americans and their allies from Afghanistan.

Fresh record highs for both the S&P500 and Nasdaq ahead of the Jackson Hole Economic Symposium tonight AEST - Dow up +39-points or +0.11% 35,405.5 and ~0.62% shy of its all time closing high (35,625.40) set on 16 August. The broader S&P500 edged +0.22% higher to 4,496.19, logging 51st record closing high this year and matching the greatest number of closing records to this point in a calendar year since 1995, according to Dow Jones Market Data. Financials (up +1.21%), Energy (+0.72%) and Industrials (+0.60%) leading seven of the eleven primary sectors higher. More defensive sectors underperformed for a third straight session, with Health Care down -0.26%, Real Estate -0.18% and Consumer Staples -0.10%. The Nasdaq +0.15% to 15,041.85, recording its 30th record closing high of 2021. Chipmakers were buoyed a Wall Street Journal report that Western Digital (+7.8%) is in advanced talks to undertake a US$20B merger with Japan’s Kioxia Holdings. Nvidia Corp rose 1.9% following news that the Department of Energy will run its new supercomputer on the company’s computing platform. Micron Technology gained +2.%. The small capitalisation Russell 2000 +0.37%. Elsewhere on the merger and acquisition (M&A) front, ON Semiconductor Corp (down -0.21%) said it agreed to acquire GT Advanced Technologies for US$415M in cash.

Broad-based gains lifted both the S&P500 and Nasdaq to fresh record closing highs as positive U.S. vaccination news and easing worries about the U.S. tapering stimulus buoyed sentiment ahead of a key speech by Federal Reserve Chair Jerome Powell later this week. - Dow added +31-points or +0.09% . The broader S&P500 edged +0.15% higher to 4,486.23, with Energy (up +1.61%) atop the primary sector leaderboard for a second consecutive session and leading six of the eleven primary sectors higher. The more defensive sectors underperformed for a second consecutive session, with Consumer Staples (down -0.76%), Real Estate (-0.72%) and Utilities (-0.63%). The Nasdaq gained +0.52% to 15,019.80, with Chinese stocks leading the gains amid some bargain hunting as investors get some more clarity on the regulatory outlook. JD.com jumped 14.44% following the Chinese e-commerce giant’s second quarter result after the closing bell of the previous session. Fellow e-commerce platform Pinduoduo soared +22.25%, search engine Baidu +8.63% and Tencent Music Entertainment +12.75%. Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said the agency will demand U.S.-traded Chinese companies disclose political and regulatory risks to investors, an extension of recently imposed requirements for firms seeking initial public offerings, according to a Bloomberg report. Corporations could begin including the enhanced disclosures in their annual reports as early as next year. Casino operators Las Vegas Sands (up +7.53%) and Wynn Resorts (+7.01%), after Macau eased travel restrictions with the improvement of the Covid-19 case outlook in China’s Guangdong province, a key visitor source for the gambling capital. The small capitalisation Russell 2000 rose +1.02%.

A strong start to the new trading week for US equity markets - Dow up +216-points or +0.61% . The broader S&P500 gained +0.85% to 4,479.53, just shy of a new closing high after setting a fresh intraday high of 4,489.88 earlier in the session. Almost three-quarters of the companies in the index advanced. Energy (up +3.77%) led seven of the eleven primary sectors higher, with Consumer Discretionary (+1.36%), Information Technology (+1.27%) and Communication Services (+1.27%) all gaining over >1%. The more defensive sectors underperformed overnight after outperforming last week, with Utilities (down -1.32%) the worst performing primary sector. The Nasdaq rallied +1.54% to book its 28th record closing high of 2021 at 14,942.65, also hitting a record intraday record high of 14,963.47. The small capitalisation Russell 2000 +1.88%.