Benchmark US equity markets booked their worst declines in a month, with losses accelerating after the minutes of the Federal Reserve’s late July monetary policy meeting did little to dispel expectations that the central bank could begin tapering their US$120B per month bond buying programme soon - Dow fell -383-points or -1.08% . The broader S&P500 shed -1.07%. Energy (down -2.40%) led all but one of the eleven primary sectors lower (with eight sectors logging decline of over >1%). Consumer Discretionary added +0.15%. The technology-centric Nasdaq lost -0.89%. The small capitalisation Russell 2000 fell 0.84%.

US equity markets retreated, with the Dow and S&P500 ending a five session run of record closing highs amid concerns the spread of the delta variant of COVID may slow economic growth and following a softer-than-expected July retail sales report - Dow dropped -282-points or -0.79% . The broader S&P500 fell -0.71% a day after logging its 49th record closing high of 2021. Consumer Discretionary (down -2.31%) led seven of the eleven primary sectors lower, with Materials (down -1.21%) and Industrials (-1.06%) down over >1%. More defensive sectors outperformed once again, with Health Care up +1.12%. The Nasdaq shed -0.93% as Facebook Inc (down -2.21%), Amazon.com Inc (-1.73%), Apple Inc (-0.62%) and Google-parent Alphabet Inc (-1.16%) all closed lower. The small capitalisation Russell 2000 lost -1.19%.

Both the Dow and S&P500 eked out fresh record highs for a fourth consecutive session - longest stretch of closing records since 15 March – despite a weak consumer sentiment report - Dow edged +15-points or +0.04% higher to 35,515.38, hitting another intraday record high (35,610.57) earlier in last Friday’s (13 August). Walt Disney Co rose +1.00% after posting its strongest quarterly sales and profit figures since before the COIVD-19 pandemic after the close of the previous session. The broader S&P500 added +0.16% to 4,468.00, touching an intraday record high of 4,468.37. The defensive Consumer Staples (up +0.81%), Real Estate (+0.68%), Health Care (+0.60%) and Utilities (+0.56%) led seven of the eleven primary sectors higher. Energy (down -1.28%) and Financials (-0.73%) were the worst performing primary sectors on Friday night AEST (13 August). The Nasdaq inched +0.04% higher. The small capitalisation Russell 2000 lost -0.93%.

Both the Dow and S&P500 edged to fresh record highs for a third consecutive session despite wholesale inflation accelerating more-than-expected in July - Dow inched +15-points or +0.04% higher to 35,499.85 . Salesforce.Com Inc (up +2.52%) and Apple Inc (+2.08%) were among the leading index performers, while Home Depot Inc (down -0.88%) and Visa Inc (-1.26%) underperformed. The broader S&P500 added +0.30% to 4,460.83, with Health Care (up +0.77%) and Information Technology (+0.59%) leading six of the eleven primary sectors higher. The Nasdaq rose +0.35%. The small capitalisation Russell 2000 slipped -0.28%.

Fresh record highs for both the Dow and S&P500 for a second consecutive session as inflation fears moderated following the latest data for July - Dow gained +220-points or +0.62% to 35,484.97 after also touching a record intra-day high of 35,501.16. Caterpillar Inc (up +3.55%) and Home Depot Inc (+1.67%) The broader S&P500 added +0.25% to 4.447.70, touching a record intra-day high of 4,449.44. Materials (up +1.42%), Industrials (+1.30%) and Financials (+1.17%) all rose over >1% to lead ten of the eleven primary sectors higher. Health Care (down -0.97%) was the only primary sector to close in the red. Southwest Airlines Co rose +1.43% despite the carrier saying slowing bookings and an increase in cancellations in August driven by the delta variant of the coronavirus means it is unlikely to be profitable in the third quarter. The Nasdaq slipped -0.16%. The small capitalisation Russell 2000 rose +0.49%. In merger and acquisition (M&A) news, Chesapeake Energy Corp (up +2.6%) announced that it has reached an agreement to acquire Vine Energy Inc (+1.95%) in a zero-premium cash-and-stock deal valued at ~US$2.2B. Shares of Chesapeake rose 2.6%, while Vine added 2%.

Fresh record highs for both the Dow and S&P500 after the Senate passed a much-anticipated bipartisan US$1 trillion infrastructure package - Dow up +163-points or +0.46% to 35,264.67. Caterpillar Inc (up +2.48%) was among the leading index performers. Goldman Sachs Group Inc (up +2.02%) and JP Morgan Chase & Co (+1.23%) also traded strongly as bond yields climbed. The broader S&P500 edged +0.10% higher to 4,436.74, with weakness in the Information Technology sector (down -0.73%) capping gains. Energy (up +1.72%), Materials (+1.48%), Industrials (+1.01%) and Financials (+1.01%) all rose over >1% to lead eight of the eleven primary sectors higher. Energy heavyweights Exxon Mobil Corp (up +1.71%) and Chevron Corp (+1.83%) both rebounded solidly. The technology-centric Nasdaq lost -0.49%. Research from Susquehanna Financial Group said that the amount of time companies are waiting to get chip orders filled has stretched to more than 20-weeks. Chip order lead times have increased by more than 8-days to 20.2 weeks in July from June. He gap was already the longest wait time since the firm began tracking the data in 2017. Advanced Micro Devices Inc fell -2.99% overnight and NVIDIA Corp -1.77%. The small capitalisation Russell 2000 +0.20%. In merger and acquisition (M&A) news, Kansas City Southern jumped +7.47% after Canadian Pacific Railway Ltd (down -1.19%) raised its offer for the U.S. railroad operator by ~US$2B to US$27.29B.

US equity markets retreated, with both the Dow and S&500 pulling back from last Friday’s (6 August) record closing highs and with traders eyeing downgrades to China economic growth forecasts from a number of major investment banks - Dow fell -107-points or -0.30% . The broader S&P500 dipped -0.09%, with Energy (down -1.48%) leading seven of the eleven primary sectors lower. Exxon Mobil Corp fell -1.14% and Chevron Corp -1.67%. The Nasdaq added +0.16%. The small capitalisation Russell 2000 lost -0.58%. In merger and acquisition (M&A) news, Draftkings Inc (up +1.49%) agreed to acquire Golden Nugget Online Gaming Inc (+50.77%) in a US$1.56B all scrip deal.

Both the Dow and S&P500 logged fresh record highs to close out another strong week for US equity markets as investors digested the latest July employment figures - Dow up +144-points or +0.41% to 35,208.51. Goldman Sachs Group Inc rose +% to a record high, while JP Morgan Chase & Co gained +%. The broader S&P500 edged +0.17% higher to 4,436.52. Financials (up +2.01%) and Materials (+1.47%) were the best performing primary sectors on Friday night AEST (6 August). Consumer Discretionary (down-0.73%) and Information Technology (--0.12%) underperformed, dented by a fresh rise in longer date Treasury yields. The Nasdaq eased -0.40%. The small capitalisation Russell 2000 %. For the week, Dow gained +0.78%. The S&P500 rose +0.94%, extending its year-to-date gain to +18.12%. Nasdaq +1.11%

Fresh record closing highs for both the S&P500 and Nasdaq ahead of tonight’s key non-farm payrolls report - Dow gained +272-points or +0.78% at 35,064.25. The broader S&P500 rose +0.60% to 4,429.10, logging its 43rd record closing high of 2021. Goldman Sachs raised its year-end target for the S&P 500 to 4,700, representing ~6.1% upside, in part due to an improving earnings outlook. The Nasdaq advanced +0.78% to 14,895.12, with the technology-centric index recording its 27th record closing high of 2021 and first since 26 July. The small capitalisation Russell 2000 %.

US equity markets retreated and settled near their session lows after Federal Reserve Vice Chairman Richard Clarida made a case for a potential slowing of the central bank’s large-scale asset bond purchases later this year and for higher interest rates in 2023 - Dow dropped -324-points or -0.92% . The broader S&P500 fell -0.46% a day after notching its 42nd record closing high of 2021. Energy (down -2.93%) led nine of the eleven primary sectors lower following a third straight session of declines on crude markets. Communication Services (up +0.24%) and Information Technology (+0.19%) were the only primary sectors to advance. The technology-centric Nasdaq added +0.13%. Advanced Micro Devices (AMD) Inc rallied +5.52% (to US$118.77) and logged its sixth consecutive record closing high (and carved out a record intra-day high of US$122.49) following continued indications that the chip maker is taking market share away from larger rival Intel Corp (down -0.30%). Data from Mercury Research showed that while total microprocessor shipments had declined 3.1% quarter-over-quarter, AMD’s total share of the market increased to 16.9% in the second quarter from 16.1% in the first quarter. Meanwhile, Intel’s share fell to 83.1% in the second quarter from 83.9% in the first quarter. The Mercury Research data also showed gains for AMD in the important data-centre category. AMD has 8.9% share in servers, up from 5.5% in the year-ago second quarter and 8.2% in this year’s first quarter. That’s compared with Intel’s 91.1% share, down from 94.5% in the year-ago second quarter and 91.8% in the first quarter. A separate report from tech news site wccftech.com noted that AMD CPUs are still outselling Intel, according to data compiled from MindFactory, Germany’s largest tech retailer. The small capitalisation Russell 2000 fell -1.23%.

US equity markets rallied, lifting the S&P500 to a yet another record closing high - Dow rose +278-points or +0.80% to 35,116.40 (and within 0.5% of a fresh record closing high), recovering from an earlier, brief decline of over >100-points The broader S&P500 gained +0.82% to 4,423.15, notching its 42nd record closing high of 2021. Energy (up +1.83%), Health Care (+1.41%), Industrials (+1.38%), Financials (+1.13%) and Materials (+1.01%) al gained over >1% to lead ten of the eleven primary sectors higher. Communication Services (down -0.19%) was the only primary sector to close in the red. The Nasdaq +0.55%. Advanced Micro Devices Inc rose +3.62% (to US$112.56) and logged its fifth consecutive record closing high following a Bloomberg report that Nvidia Corp.’s (+0.33%) US$40B acquisition of Arm Ltd may get blocked by U.K. regulators. Bloomberg also reported that Apple Inc (up +1.26%) and Affirm Holding’s (+3.03%) PayBright are planning to launch a "buy now, pay later" program for Apple device purchases in Canada, allowing people to pay for iPhone, Mac, and iPad over 12 to 24 months. The small capitalisation Russell 2000 +0.37%. In merger and acquisition (M&A) news, PepsiCo Inc added +0.2% after the beverage and snacks company announced an agreement to sell Tropicana, Naked and other juice brands across North America for US$3.3B in cash to PAI Partners. The deal includes options to sell certain juice businesses in Europe. PepsiCo said it will retain a 39% interest in a newly formed joint venture, and will retain exclusive U.S. distribution rights of the brands.

US equity markets relinquished earlier gains to settle with modest losses, with most of the fall coming in the final hour of the session - Dow eased -97-points or -0.28% to 34,838.16 after touching a fresh record intraday high at 35,192.11. The broader S&P500 slipped -0.18%, with Materials (down -1.17%) leading seven of the eleven primary sectors lower. More defensive sectors outperformed overnight, with Utilities (up +0.75%) the leading primary sector performer. Tesla Inc rose +3.27%. The Nasdaq inched +0.06% higher. The small capitalisation Russell 2000 fell -0.48%. Persistent concerns about the spread of the delta variant of the coronavirus weighed on investor sentiment on the first trading day for equity markets in August, while investors also eyed progress on an infrastructure bill, merger and acquisition (M&A) activity and concerns about the pace and timing of the Federal Reserve’s plans to roll back easy-monetary policies.

US equity markets retreated on Friday (30 July), closing out the week and month on a weaker footing - Dow down -149-points or -0.42% . The broader S&P500 lost -0.54%, with Consumer Discretionary (down -2.78%) and Energy (-1.76%) the worst performing primary sectors on Friday night AEST (30 July). The Nasdaq fell -0.71%. Amazon.com Inc fell -7.56% - its biggest one-day drop since May 2020 – after reporting slowing sales growth in the second quarter after the closing bell of last Thursday’s (29 July) session. The small capitalisation Russell 2000 lost -0.62%.

US equity markets advanced, shrugging off a weaker-than-expected rise in second-quarter gross domestic product (GDP) as investors instead focussed on largely upbeat corporate earnings releases - Dow up +154-points or +0.44% at 35,084.53, hitting a fresh record intraday high of 35,171.52. The broader S&P500 rose +0.42% to 4,419.15, also touching a record intra-day high (4,429.97). Materials (up +1.08%) and Energy (+1.07%) both gained over >1% to lead nine of the eleven primary sectors higher. Tesla Inc rallied +4.69%, with a number of reasons cited the latest gains. Chief Executive Officer (CEO) Elon Musk tweeted that the electric vehicle maker is hosting an artificial intelligence day on 19 August. The Nasdaq edged +0.11% higher, with Facebook Inc (down -4.01%) and PayPal Inc (-6.23%) following their results after the closing of the previous session that were accompanied underwhelming guidance. The small capitalisation Russell 2000 rose +0.68%.

US equity markets weaker after a listless session, with the Federal Reserve providing no firm clues about when it might start reducing its purchases of government bonds despite saying that the economic recovery is on track - Dow fell -128-points or -0.36% . The broader S&P500 dipped -0.02%. The Nasdaq rose +0.70%. Apple Inc fell -1.22% a day after recording its strongest June quarter result ever, with Chief Executive Officer (CEO) Tim Cook warning that silicon “supply constraints” will affect sales the iPhone as well as the iPad. Advanced Micro Devices Inc rallied +7.6% to close at record high of US$97.93, soaring late in the session after an initially muted reaction to the chipmaker’s better-than-expected second quarter result after the close of the previous session. The small capitalisation Russell 2000 rallied +1.51%. Uber Technologies Inc fell over >4% in extended trading after CNBC reported that SoftBank Group Corp is selling about one-third of its stake in ride-hailing company, in part to cover losses on its investment in Chinese ride-hailing company Didi Global Inc (up +10.32% in regular trading).

US equity markets logged their first declines in six sessions, pulling back from record highs as investors awaited quarterly earnings releases from several megacap technology stocks after the closing bell - Dow lost -86-points or -0.24%, paring an earlier decline of as much as -266-points. The broader S&P500 fell -0.47%, with Consumer Discretionary (down -1.16%), Communication Services (-1.06%), Energy (-1.01%) and Information Technology (-1.01%) all falling over >1%. The S&P500 recovered from an earlier decline of as much as -1.1%. The technology-centric Nasdaq lost -1.20%, its worst single session fall in two-and-a-half months as worries about a regulatory clampdown by Beijing weighed on sentiment. The small capitalisation Russell 2000 shed -1.13%.

US equity markets logged another round of record closing highs, settling near their best levels of the session after swinging between modest gains and losses during Monday’s session - Dow up +83-points or +0.24% at 35,144.31. Intel Corp fell over >3% in the extended session after the chip maker revealed its “road map” and repackaging plans for its future products. The broader S&P500 added +0.24% to 4,422.30, with Energy (up +2.50%) returning to the top of the primary sector leaderboard. The Nasdaq inched +0.03% higher to 14,840.71 ahead of a host of earnings releases from technology heavyweights tonight AEST. The small capitalisation Russell 2000 added +0.33%.

Fresh record highs for all three benchmark US equity indices on Friday night AEST (23 July) after a rocky start to the trading week, with another round of strong corporate earnings booting investor sentiment - Dow up +238-points or +0.68% to 35,061.50, settling above 35,000 at its 6th attempt (having previously traded above threshold on five occasions but unable to close above it). A late session push also saw the Dow hit a fresh record intra-day high (35,095.33). Last Friday’s (23 July) comes 69 trading days after the Dow’s first close above 34,000, making it the slowest such rise since the 218-day gap between the run from a close above 29,000 to a finish above 30,000 that ended on 24 November, 2020, according to Dow Jones Market Data. It took the Dow 165 trading days to run from a close above 30,000 to a close above 35,000, its fastest 5,000 point milestone. Intel Corp fell 5.29% after the chipmaker posted better-than-expected second quarter numbers but an underwhelming third quarter earnings per share (EPS) and revenue outlook after the closing bell of last Thursday’s (22 July) session. The broader S&P500 gained +1.01% to 4,411.79. Communication Services (up +2.65%) led ten of the eleven primary sectors higher. Energy (down -0.43%) was the only primary sector to settle in the red. The Nasdaq gained +1.04% to 14,836.99. Social media firms Twitter Inc (up +3.05%) and Snap Inc (+23.82%) posted solid gains after releasing strong second quarter results after the closing bell last Thursday’s (22 July) session. The small capitalisation Russell 2000 added +0.46%.

US equity markets logged modest gains, with economically sensitive cyclical stocks capping the advance - Dow edged +25-points or +0.07% higher . The broader S&P500 added +0.20%, with Information Technology (up +0.71%) and Healthcare (up +0.67%) the leading primary sector performers. Energy (down -1.13%) and Financials (-1.04%) were the worst performing primary sectors. The Nasdaq +0.36%. Microsoft Corp (up +1.68%), Amazon.com Inc (+1.47%), Apple Inc (+0.96%), Facebook Inc (+1.43%) and Google parent Alphabet Inc (+0.55%) all climbed ahead of the release of their latest quarterly numbers next week. All three major indices settled within 1% of their record closing highs. The small capitalisation Russell 2000 fell -1.55%.

US equity markets extended their rebound from Monday’s sharp falls as some more strong corporate earnings releases overshadowed COVID concerns - Dow up +286-points or +0.83% . The broader S&P500 gained +0.82%, logging its biggest back-to-back advance (up +2.34%) since 14 May. Energy (up +3.53%) led eight of the eleven primary sectors higher. Moderna Inc rose +4.48% after the biotechnology company joined the S&P500 index following the recent change announced by S&P Dow Jones Indices. The technology-centric Nasdaq rose +0.92%. Netflix Inc fell -3.28% after the video-streaming giant’s second quarter result released after the close of the previous session underwhelmed analysts. The small capitalisation Russell 2000 +1.81%.

US equity markets rebounded, erasing much of Monday’s (19 July) steep losses - Dow rose +550-points or +1.62% a day after logging its steepest one day slide since 28 October, 2020. The broader S&P500 gained +1.52%, with Industrials (up +2.74%) and Financials (+2.42%) rising over >2% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.08%) was the only primary sector to close in the red. Airlines (American Airlines Group Inc +8.38% and Delta Air Lines Inc +5.45%) and cruise operators (Carnival Corp up +7.45% and Royal Caribbean Cruises Ltd +7.74%) rebounded solidly. The Nasdaq rose +1.57%, snapping a five session losing streak (the technology-centric indice’s longest such losing streak since 19 October, 2020). The small capitalisation Russell 2000 rallied +2.99% a day after narrowly avoiding sliding into official correction territory (defined as a pullback of 10% from its most recent high).

US equity markets logged their steepest one-day slide since October last year and bond markets rallied sharply amid fresh growth concerns as the delta variant of COVID raises the spectre of renewed lockdown measures and restrictions - Dow tumbled -726-points or -2.09%, logging its steepest one day slide since 28 October, 2020. The index was down -946 points at its worst levels of the session, with all 30 index components finishing in the red. Boeing Co fell -4.94% amid fears the spread of the Delta COVID variant could trigger renewed travel restrictions. The broader S&P500 dropped -1.59%, recording the biggest daily percentage decline since 12 May. Energy (down -3.59%) led the primary sector declines for a fourth consecutive session. Financials (down -2.80%), Materials (-2.18%) and Industrials (-2.14%) also fell over >2%, with all eleven primary sectors retreating. Cruise operators (Carnival Corp -5.74%, Royal Caribbean Cruises Ltd -3.98% and Norwegian Cruise Line Holdings Ltd -5.49%) were under further pressure after the Court of Appeals for the 11th Circuit on Saturday (17 July) handed down a decision that will temporarily keep in place pandemic restrictions on the industry. The technology-centric Nasdaq fell -1.06%, logging its fifth consecutive session decline and longest such losing streak since 19 October, 2020. The small capitalisation Russell 2000 -1.51%, just shy of logging a pullback of 10% from its most recent high (the widely adopted definition of a correction).

US equity markets retreated as inflation fears and COVID concerns overshadowed strong June retail sales figures and some solid corporate earnings releases, leaving the benchmark indices nursing their first weekly declines in four weeks - Dow dropped -299-points or -0.86% . Intel Corp fell -1.51% after the Wall Street Journal reported that the semiconductor giant was exploring a deal to acquire chip maker GlobalFoundries for ~US$30B. The broader S&P500 shed -0.75%. The Nasdaq fell -0.80%. The small capitalisation Russell 2000 fell -1.24%. Moderna Inc jumped +10.30% following confirmation after the close of last Thursday’s (15 July) session that the biotechnology company would be added to the S&P500 index at the opening of trading on 21 July, replacing Alexion Pharmaceuticals Inc (down -0.27%).

US equity markets settled with modest gains as investors digested the first day of Federal Reserve Chair Jerome Powell’s semi-annual monetary policy testimony to Congress - Dow added +44-points or +0.13%, briefly falling into the red. The broader S&P500 edged +0.12% higher, carving out a fresh record intra-day high (4,393.68) shortly after the opening bell. Consumer Staples (up +0.92%), Real Estate (+0.89%), Utilities (+0.83%), Information Technology (+0.73%) were the best performing primary sectors, while Energy (down -2.94%) was comfortably the worst performing primary sector. American Airlines Group Inc gained +3.00% after the carrier forecast better revenue and a narrower loss than previously estimated for the second quarter when it releases its quarterly result on 22 July. L Brands Inc rose +1.35% after the retailer raised its second quarter earnings guidance and announced plans to sell 20M shares held by founder Leslie Wexner and others. The Nasdaq slipped -0.22%, trading above its 12 July closing high (14,733.24) earlier in the session. Apple Inc gained +2.41% after Bloomberg News reported that the company has asked suppliers to build as many as 90M next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments. JPMorgan also added the tech giant to its focus list and raised its price target The small capitalisation Russell 2000 fell -1.63%. In merger and acquisition (M&A) news, American International Group (AIG) Inc gained +% in after hours trading after announcing it would sell a 9.9% stake in its life and retirement business to Blackstone Group Inc in a US$2.2B all-cash deal

US equity markets retreated despite another round of solid corporate earnings releases as investors continued to eye fresh COVID-19 impacts and slowing growth in China - Dow added +54-points or +0.15% . The broader S&P500 eased -0.33%, with Energy (down -1.41%) the worst performing primary sector for a second consecutive session. Utilities (up +1.2%) sat atop the primary sector leaderboard. General Motors Co (down -1.81%) announced that its Lansing Delta Township Assembly plant in Michigan and Spring Hill Assembly plant in Tennessee would take downtime from July 19 through July 26.The Nasdaq fell -0.70%. The small capitalisation Russell 2000 fell -0.55%. Moderna Inc rallied over >5% in the extended session after S&P Dow Jones Indices confirmed that the biotechnology company would be added to the S&P500 index at the opening of trading on 21 July, replacing Alexion Pharmaceuticals Inc (down -3.27%).

Record closing highs for all three benchmark US equity indices on the eve of the US second quarter earnings season kicking off - Dow up +126-points or +0.36%, closing just shy of 35,000 at 34,996.18. Walt Disney Co rallied +4.15% after ‘Black Widow raked in US$80M at the US box office during its debut, the highest of any film released following the pandemic. The movie also brought in more than >US$60M globally from sales through Disney+ Premier Access. The broader S&P500 added +0.35% to 4,384.63. The Nasdaq rose +0.21% to 14,733.24 The small capitalisation Russell 2000 edged +0.08% higher.

US equity markets rebounded strongly, with both the Dow and S&P500 hitting fresh record closing highs - Dow gained +448-points or +1.30% to a record closing high of 34,870.16. FedEx Corp (up +1.08%) hosts a conference call tonight AEST to update investors on its business outlook. The broader S&P500 rose +1.13% to a fresh record closing peak of 4,369.55. Financials (up +2.4%) led ten of the eleven primary sectors higher on Friday night AEST (9 July). The Nasdaq +0.98%. Gains among the big technology names were capped after President Joe Biden signed a new executive order on Friday (9 July) aimed at cracking down on anti-competitive practices in Big Tech, labour and numerous other sectors. The sweeping order, which includes 72 actions and recommendations that involve more than a dozen federal agencies, is intended to reshape the thinking around corporate consolidation and antitrust laws, according to a White House fact sheet. Amazon.com Inc eased -0.32%, while Apple Inc +1.31% Facebook Inc +1.38 and Google-parent Alphabet Inc +0.38%. The small capitalisation Russell 2000 gained +2.17%. For the holiday shortened week, the Dow edged +0.24% higher, S&P500 +0.40% and Nasdaq +0.43%.

US equity markets declined amid growing concerns that the spread of new COVID-19 variants could upend economic growth expectations - Dow fell -260-points or -0.75%, dropping over >500-points earlier in the session. The broader S&P500 lost -0.86%, with Financials (down -1.97%), Industrials (-1.43%), Materials (-1.36%) and Communication Services (-1.05%) all falling over >1% and leading all eleven primary sectors into the red. Major banks Goldman Sachs Group Inc (down -2.37%), Bank of America Corp (-2.44%), JPMorgan Chase & Co (-1.73%) and Wells Fargo & Co (-2.49%) all fell as Treasury yields extended their decline. The technology-centric Nasdaq fell -0.72%, with chipmakers falling amid concerns around the pace of the global recovery. Applied Materials Inc fell -1.74%, Micron Technology -1.42% and Nvidia Corp -2.30%. Amazon.com Inc (up +0.90%) bucked the weaker trend among the technology majors. The small capitalisation Russell 2000 lost -0.94%.

Fresh record closing highs for both the S&P500 and Nasdaq after the minutes from the Federal Reserve’s June monetary policy meeting indicated that officials are not yet ready to move on tightening policy - Dow up +104-points or +0.30% . Apple Inc rose for a seventh straight session, up +1.8% to log its first record closing high (US$144.57) since 26 January. The broader S&P500 rose +0.34% to a fresh record closing high of 4,358.13. Materials (up +1.02%) and Industrials (+1.00%) rose 1% to lead eight of the eleven primary sectors higher. Energy (down -1.73%) was the worst performing primary sector. Major investment banks Goldman Sachs Group Inc (down -0.59%) and Bank of America Corp (-0.80%) fell as long bond yields extended their declines. The Nasdaq inched +0.01% higher after touching a record intra-day high (14,755.33) shortly after the opening bell. Former President Donald Trump filed lawsuits against Facebook Inc (down -0.65%), Twitter Inc (-2.07%) and Google along with companies’ respective Chief Executive Officers alleging the technology giants violated his First Amendment rights. The small capitalisation Russell 2000 fell -0.95%.

US markets stumbled on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us – the Dow slid 208.98 points or -0.60% to 34,577.37. The broader S&P 500 dipped -0.2% to 4,343.54 after hitting a record at the open. The 500-stock index snapped a seven-day winning streak, its longest since August. The S&P 500 is up nearly +16% year to date. Investors say they are now looking for fresh catalysts, such as strong corporate earnings reports or more fiscal stimulus, to power the next leg of the rally in stocks. Wall Street’s consensus year-end target for the S&P 500 stands at 4,276, representing a near -2% loss from the 500-stock average’s current level, according to the CNBC Market Strategist Survey that rounds up 16 top strategists’ forecasts. The Nasdaq Composite rose +0.17% to 14,663.64, closing at a new record. U.S. markets were closed for the July 4 Independence Day holiday on Monday.

European bourses advanced, with the Banking sector (up +1.8%) lifting the benchmark pan-European Stoxx 600 index (which includes UK equities) +0.34%. Germany's DAX edged +0.08% higher. France's CAC +0.22%. Germany’s national disease control centre, the Robert Koch Institute, said overnight that Britain, Portugal, Russia, India and Nepal will be removed from the country’s highest risk category of “virus variant areas” effective Wednesday (7 July). They will move into the second-highest category of “high-incidence areas.” Airlines and others are restricted largely to transporting German citizens and residents from “virus variant areas,” and those who arrive must spend 14 days in quarantine at home. People arriving from “high incidence areas,” however, can avoid quarantine if they can prove that they are fully vaccinated or have recovered from COVID-19. Others can cut short a mandatory 10-day quarantine by testing negative after five days. Transport is no longer restricted. In economic data, a final reading of the IHS Markit composite PMI printed at 59.5 in June, up from 57.1 in May and ahead of a “flash” estimate of 59.2. Eurozone Retail Sales for May, the ZEW Economic Sentiment index for the eurozone/Germany for July, and the eurozone/German Construction PMI for June, and German Factory Orders for May are released tonight AEST.

US equity markets climbed to fresh record closing highs ahead of the holiday long weekend after a solid June non-farm payrolls report bolstered confidence in a labour market recovery - Dow up +153-points or +0.44% to 34,786.35, logging its first record closing high since 7 May. International Business Machines (IBM) Corp fell -4.64% after the company announced that Jim Whitehurst was stepping down from the role of president but will continue to serve an adviser to the company after his departure. Mr. Whitehurst was seen as a potential contender for the chief executive role at IBM. Boeing Co fell 1.3% after a 737 cargo plane made an emergency landing off the coast of Honolulu. The broader S&P500 logged its 7th consecutive record closing high (the longest such streak since the 8-session winning streak that ended on 17 June, 1997) and 36th of 2021, gaining +0.75% to 4,352.34. Information Technology (up +1.39%) and Consumer Discretionary (+1.08%) rose over >1% to lead nine of eleven primary sectors higher on Friday (2 July). Several sectors closed at record levels on Friday (2 July), including technology and health care. Financials and Energy both eased -0.2% to be the only primary sectors to close in the red. Tesla Inc rose +0.14% after the electric vehicle maker posted record deliveries (201,250) for the second quarter that also exceeded Wall Street estimates (207K). The Nasdaq rose +0.81% to a record settlement of 14,639.33, with Apple Inc up +1.96% and Microsoft Corp +2.23%. However, the small capitalisation Russell 2000 fell -1.01%.

US equity markets made a solid start to the third quarter, with the S&P500 scaling a fresh record high ahead of tonight’s key non-farm payrolls report - Dow up +131-points or +0.38% to 34,633.53, marking its fourth-highest close in history as it inches toward eclipsing its 7 May all-time closing high at 34,777.76. Chevron Corp was among the leading index performers following fresh gains on crude markets. The broader S&P500 logged its sixth consecutive all-time closing high (longest such streak since August 2020) and 35th record close of 2021, up +0.52% to 4,319.94. Energy (up +1.72%) and Utilities (+1.13%) rose over >1% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.28%) was the only primary sector to close in the red. The Nasdaq edged +0.13% higher to 14,522.38, just shy of its record settlement of 14,528.33. The small capitalisation Russell 2000 gained +0.81%. In merger and acquisition (M&A) news, MGM Resorts International rose +2.04% after announcing that it will buy the remaining 50% stake in its joint venture, CityCenter Holdings LLC, for US$2.125B from Infinity World Development.

US equity markets mostly firmer to close out the month, quarter and half, with the S&P500 eking out its 34th record close of 2021 - Dow gained +211-points or +0.62% . Boeing Co gained +1.61% after Germany's defense ministry announced it would buy five of the planemaker's P-8A maritime control aircraft. Walmart Inc rose +2.71% after the world’s largest retailer announced that it will start selling private-label analog insulin this week at a deep discount to branded insulin vials and pens, as it seeks to drive growth at its healthcare business. The product, ReliOn NovoLog, is a rapid-acting analog insulin used to control high blood sugar in adults and children with diabetes. It will require a prescription from a physician. More than two decades ago, Walmart launched a human insulin private label brand called ReliOn. The broader S&P500 edged +0.13% higher to log its fifth straight record closing high. Energy (up +1.31%) led seven of the eleven primary sectors higher. Real Estate (down -0.76%) was the worst performing primary sector overnight. ConocoPhillips hosted an Investor Day and detailed plans to add US$1B to its share buyback program for 2021, boosting its planned distributions to shareholders for the year to ~US$6B, or 7% of its current market capitalisation. The Nasdaq slipped -0.17%. The small capitalisation Russell 2000 inched +0.07% higher. •Chinese ride-sharing company DiDi Global Inc debuted on the New York Stock Exchange (NYSE) overnight, settling with a +1% gain (US$14.14 versus the initial public offer (IPO) price of US$14 per share) and market cap of US$67.8B. Didi raised US$4.4B in its IPO, with Uber Technologies (down -1.26%), Tencent Holdings Ltd (-1.10%) and SoftBank Corp (up +0.09%) the biggest shareholders.

The S&P500 and Nasdaq eked out fresh record highs - Dow inched +9-points higher, paring an earlier climb of over >100-points. The broader S&P500 eked out a +0.03% gain to settle at 4,291.80 and log its 33rd record closing high of 2021. Information Technology (up +0.70%) did the heavy lifting overnight and was one of only three primary sectors to advance (along with Consumer Discretionary (+0.23%) and Health Care (+0.07%)). Utilities (down -1.65%) was the worst performing primary sector. Morgan Stanley (up +3.35%) and Goldman Sachs Group Inc (+1.06%) advanced. Five of the six largest U.S. banks announced on Monday (28 June) that they would increase dividends after the Federal Reserve last week lifted previous temporary restrictions on dividends and share buybacks.

Technology stocks led both the S&P500 and Nasdaq to fresh record highs - Dow fell -151-points or -0.44% , with Boeing Co fell -3.39% after regulators told the company it is not likely to receive certification for its long-range aircraft until mid-to-late 2023. Chief Executive Officer (CEO) Dave Calhoun earlier this month said it expected certification in the fourth-quarter of 2023. Chevron Corp -3.08%. Morgan Stanley rose over >2.5% in extended trading (after falling -0.79% in the regular session) after doubling its quarterly dividend to US$0.70c per shar and announced a new US$12B stock repurchase plan through until June 2022. Morgan Stanley’s new capital plan appeared to be among the most aggressive of the banks rushing to announce at the market close and comes after last week’s Federal Reserve stress tests that saw the central bank say that the biggest U.S. banks could easily withstand a severe recession, noting that all 23 institutions in the 2021 annual stress test remained “well above” minimum required capital levels during a hypothetical economic downturn. Goldman Sachs Group Inc, Bank of America Corp and JPMorgan Chase & Co also announced that they were hiking their capital payouts. The broader S&P500 added +0.23% to 4,290.61 to record its third consecutive record closing high and 32nd of 2021 after touching a fresh record intra-day high of 4,292.14 earlier in the session. Information Technology (up +1.11%) led seven of the eleven primary sectors higher. Energy (down -3.33%) was the worst performing primary sector. Carnival Corp fell -7.04% after the cruise operator said that it may sell up to US$500M in stock from time to time as part of an at-the-money equity offering program. United Airlines Holdings Inc fell -2.58% ahead of the carrier’s Investor Day tonight AEST. The Nasdaq gained +0.98% to 14,500.51, also clocking a fresh record intra-day peak (14,505.19). Facebook Inc rallied +4.18% and became the fifth US company to achieve a market capitalisation of US$1 trillion after a federal judge opted to dismiss an antitrust case that the Federal Trade Commission had brought against the social-media giant. Facebook’s market capitalisation hit a 2020 low of US$416.2B in March last year. Microsoft Corp (up +1.40%), Apple Inc (+1.25%), Amazon.com Inc (+1.05%) and Nvidia Corp (+5.01%) all logged solid gains. The small capitalisation Russell 2000 fell -0.52%.

US equity markets advanced, with the S&P500 logging a fresh record closing high - Dow up +237-points or +0.69% 34,433.84 to settle within 345-points or 1% of its 7 May record closing high (34,777.76). Nike Inc soared +15.53% after the world’s largest athletic footwear and apparel seller posted better-than-expected fiscal fourth quarter earnings per share (US$0.93c versus a loss of -US$0.51c in the year ago period and consensus analyst forecasts for US$0.51c) and revenue (US$12.34B versus US$6.31B in the year ago period and consensus US$11.03B) after the closing bell of last Thursday’s (24 June) session. The broader S&P500 added +0.33% to settle at a fresh record closing high of 4,280.70. Financials (up +1.25%) and Utilities (+1.13%) rose over >1% to lead ten of the eleven primary sectors higher. Information Technology (down -0.15%) was the only primary sector to close in the red. Big banks Morgan Stanley (up +1.52%), Citigroup Inc (+0.32%), Bank of America Corp (+1.93%), JPMorgan Chase & Co (+1.01%) and Wells Fargo (+2.66%) added between +0.3% and 2.7% after the Fed announced they have cleared latest stress test and will no longer face pandemic-era restrictions on buying back stock and paying dividends. Chinese regulators said on Saturday (26 June) Tesla Inc (down -1.17%) would ‘recall’ nearly 300,000 China-made and imported Model 3 and Model Y cars for an online software update related to assisted driving, with owners not required to return their vehicles. The Nasdaq dipped -0.06% a day after logging its 17th record close (14,369.71) of 2021. The small capitalisation Russell 2000 eked out a +0.03% rise. Friday (25 June) saw heightened trading volume as FTSE Russell was set to rebalance its U.S. stock indexes at the market close. Bank of America estimated that more than >US$170B worth of shares would be changed hands as a result of 625 changes in total to Russell indexes, including the Russell 1000 and Russell 2000.

Fresh record highs for the both the S&P500 and Nasdaq after President Biden declared that the White House had struck an ~US$1 trillion infrastructure deal with a bipartisan group of senators that includes US$579B in new spending - Dow up +323-points or +0.95% to 34,196.82 and sit ~2.6% below its all-time record high. Caterpillar Inc rose +2.6%. Goldman Sachs Group Inc (up +2.13%) and JPMorgan Chase & Co (+0.92%) advanced ahead of the release of the Federal Reserve’s annual bank stress test results after the closing bell. The broader S&P500 gained +0.58% to 4,266.49. The Nasdaq +0.69% to 14,369.71 and logging its 17th record close of 2021. Microsoft Corp rose +0.53% to US$266.69 after unveiling the first overhaul of its Windows operating system in almost 6-years. becoming just the second U.S. company to close a trading day with a market capitalisation above >US$2 trillion. Microsoft’s market value hit a 2020 low of US$1.03 trillion in the early days of the COVID-19 crisis, according to Dow Jones Market Data, but the shares are up more than >96% from their closing low of US$135.42 on 16 March, 2020. The market-value gains for Microsoft since its March 2020 low are worth more than Facebook Inc’s (up +0.76%) entire market capitalisation (~US$973B). Apple Inc (down -0.22%) notched a market capitalisation of US$2 trillion for the first time in August last year and is now worth more than >US$2.2 trillion. The small capitalisation Russell 2000 gained +1.31%.

US equity markets mixed although the technology centric Nasdaq scaled a fresh record peak - Dow eased -71-points or -0.21% . The broader S&P500 slipped -0.11% but still sits ~0.4% from its all time high. The Nasdaq edged +0.13% higher to book its 16th record closing high (14,271.73) of 2021 and touching a fresh record intra-day peak (14,317.66). The small capitalisation Russell 2000 added +0.33%.

US equity markets followed through in Monday night’s (21 June) rebound, with the technology centric Nasdaq logging a fresh record closing high - Dow added +69-points or +0.20% . The broader S&P500 rose +0.51% to 4,246.44, settling just shy of last week’s (14 June) record closing high (4,255.15), with Consumer Discretionary (up +1.04%) and Information Technology (+0.89%) leading nine of the eleven primary sectors higher. Utilities (down -0.68%) and Real Estate (-0.44%) were the only primary sectors to close in the red. Delta Air Lines Inc (down -0.87%) plans to hire more than 1,000 pilots by next summer, according to multiple news reports. Citing an internal memo, Reuters and Bloomberg News separately reported that the airline looks to increase the number of pilots by ~8%, anticipating a recovery in air travel over the next year as international travel restrictions ease. The Nasdaq erased earlier losses to settle +0.79% higher at 14,253.27, eclipsing its previous record close of 14,174.14 set on 14 June. Microsoft Corp rose +1.1% and briefly saw its market capitalisation rise above >US$2 trillion after touching a record intra-day high of US$265.79. Microsoft is looking to join Apple Inc (up +1.27%), which is the only U.S. company to have closed a trading day with a market capitalization above >US $2 trillion. Apple is now worth ~US$2.2 trillion. Alphabet Inc rose +0.43% despite the European Commission announcing that it had opened a formal probe into Google’s digital advertising business in order to assess whether the U.S. company is distorting competition by favouring its own business. The small capitalisation Russell 2000 rose +0.43%. In merger and acquisition (M&A) news, Blackstone Real Estate Income Trust Inc., a real-estate investing platform managed by a unit of private-equity firm Blackstone Group Inc (up +0.10%) announced that it would acquire Home Partners of America in a deal valuing the company at US$6B.

US equity markets rebounded from last Friday’s (18 June) sharp sell-off and bond markets softened - Dow rallied +587-points or +1.76%, recording its best single session percentage climb since 5 March and rebounding from its worst weekly performance since the week ended 30 October, 2020 last week. Boeing Co gained +3.34%, while the Banks (including JPMorgan Chase & Co +1.70% and Goldman Sachs Group Inc +2.50%) also rebounded. The broader S&P500 gained +1.4%, recording its best single session percentage rise since 14 May to move back to within 1% of its record closing high. Energy (up +4.29%) leading all eleven primary sectors higher. Financials (up +2.35%), Industrials (+2.18%) and Materials (+2.07%) all rebounded over >2%. American Airlines Group Inc (up +0.72%) aid it was trimming some flights (amounting to about 1% of planned flying in the first half of July) to alleviate potential strains on its operations. The Nasdaq +0.79% to 14,141.48 and notch its third highest settlement on record. Microsoft Corp gained +1.23% and hit a record intra-day high (US$263.52). Netflix Inc fell -0.75% despite detailing a partnership with Steven Spielberg’s film and TV studio Amblin Partners for multiple new films for the streaming platform. The small capitalisation Russell 2000 gained +2.16%.

US equity markets retreated to close out a soft week that saw some unwinding of the reflation trade, with investors also eyeing some hawkish comments from St. Louis Federal Reserve President James Bullard - Dow fell -533-points or -1.58% . The broader S&P500 shed -1.31%, with the Energy (down -2.92%), Utilities (-2.63%) and Financials (-2.45%) all falling over >2% and leading all eleven primary sectors lower. ~90% of the S&P500’s constituents settled lower on Friday. Both the Dow and S&P 500 hit their session lows in the final minutes of Friday’s (18 June) trading session and settled around those levels. The Nasdaq -0.92%. Amazon.com Inc’s (down -0.07%) Prime Day two day retail event kicks off tonight AEST., with EMarketer forecasting that total digital sales in the U.S. on Prime Day will jump +17.3% year over year to US$12.18B. The small capitalisation Russell 2000 dropped -2.17%. Last Friday’s (18 June) session also marked "quadruple witching day", the quarterly simultaneous expiration of U.S. options and futures contracts, and saw the largest options expiration in history.

US equity markets mixed as investors continued to ponder the latest monetary policy pronouncements from the Federal Reserve, although technology stocks traded strongly - Dow fell -210-points or -0.62%, extending its losing streak into a fourth straight day – the longest losing streak since January. Among some of the Dow’s key components, Caterpillar Inc fell -3.55%, Chevron Corp -2.37% and Dow Inc fell -3.13%, The broader S&P500 dipped -0.04%, with the Energy (down 3.49%), Financials (2.94%) and Materials (-2.20%) recording sharp falls. However, Information Technology rose +1.17% to be the leading primary sector performer. The technology-centric Nasdaq gained +0.84%, with Facebook (up +1.64%), Apple Inc +1.26%), Amazon.com Inc (+2.17%) all posting solid gains. The small capitalisation Russell 2000 fell -1.18%.

US equity markets retreated but settled off their worst levels of the session as investors digested the Federal Reserve’s latest monetary policy pronouncements that saw the central bank raise its headline inflation projection - Dow fell -266-points or -0.77% , dropping as much as -382-points or -1.1% earlier in the session and booking a third straight session decline. The broader S&P500 shed -0.54%, paring an earlier decline of as much as -1%. Utilities (down -1.49%), Consumer Staples (-1.24%) and Materials (-1.17%) all fell over >1% to lead ten of the eleven primary sectors lower. Consumer Discretionary (up +0.16%) was the only primary sector to advance. Oracle Corp fell -5.59% following the release of their fourth quarter result after the closing bell of the previous session. General Motors Co (up +1.56%) expects the ongoing semiconductor chip shortage and rising inflation to increase its expenses during the second half of the year by up to US$3B, according to Chief Financial Officer (CFO) Paul Jacobson The Nasdaq eased -0.24%, recovering from an earlier slide of as much as -1.2%. The small capitalisation Russell 2000 lost -0.23%.

US equity markets retreated as investors digested some mixed economic data and eyed the conclusion of the Federal Reserve’s two day monetary policy meeting, with the S&P 500 and Nasdaq pulling back from the record closing highs logged in the previous session - Dow down -94-points or -0.27% . The broader S&P500 eased -0.20% after touching a fresh record intra-day high (4,257.16) earlier in the session, with Real Estate (down -1.04%) and Information Technology (-0.64%) the worst performing primary sectors. Energy (up +2.06%) was comfortably the leading the primary sector performer. The Nasdaq fell -0.71%, with Apple Inc (down -0.64%), Alphabet Inc (-0.25%), Amazon.com Inc (-0.02%) and Microsoft Corp (-0.59%) all registering losses The small capitalisation Russell 2000 slipped -0.26%.

US equity markets advanced after a strong finish to the opening session of the week, with technology stocks outperforming - Dow down -86-points or -0.25%, paring an earlier -268-point/-0.78% decline. FedEx Corp in extended trading after its board approved a US$0.10c or +15% increase to the delivery and logistics company's dividend to US$0.75c per share.. The broader S&P500 edged +0.18% higher to 4,255.15, moving into positive territory in the final 15-minutes of the session and logging its 29th record closing high of the year. Information Technology rose +1.04% to lead six of the eleven primary sectors higher. Materials (down -1.28%) and Financials (-1.03%) both fell over >1% to be the worst performing primary sectors. Tesla Inc (up +1.28%) Chief Executive Officer (CEO) Elon Musk on Sunday (13 June) said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners. The Nasdaq gained +0.74% to 14,174.14, logging its first record closing high since 26 April. The small capitalisation Russell 2000 fell -0.41%. Novavax (NVAX) slipped -0.9% despite announcing that Phase 3 trial data showed its COVID-19 vaccine to be 90.4% effective against the disease overall, and 100% effective at preventing severe cases.

Benchmark US equity markets advanced, shrugging off the latest evidence of accelerating inflation - Dow inched +19-points or +0.06% higher. The broader S&P500 added +0.47% to settle at a fresh record closing high of 4,239.18, also touching a fresh record intra-day high (4,249.74) earlier in the session. Healthcare (up +1.69%) led seven of the eleven primary sectors higher. Financials (down -1.12%) was the worst performing primary sector. RH (formerly known as Restoration Hardware) soared +15.67% after the home furnisher posted a better-than-expected first quarter result after the close of the previous session and lifted its fiscal full year sales.

US equity markets retreated, losing steam in the final half-hour of trading ahead of tonight’s AEST May inflation data - Dow fell -153-points or -0.44% . The broader S&P500 slipped 0.18% to 4,219.55, having surpassed its 7 May record closing high (4,232.60) earlier in the session and touching an intra-day peak of 4,237.09. Financials (down -1.06%) and Industrials (-1.03%) led seven of the eleven primary sectors lower. Healthcare (up +1.00%) and Utilities (+0.85%) sat atop the primary sector leaderboard. Target Corp fell -1.34% despite it would raise its quarterly dividend by +32.4% to US$0.90c per share from US$0.68c and reported traffic growth of 4.8% over the past 13 quarters. The Nasdaq dipped -0.09% to 13,911, booking its first loss in four sessions after touching an intra-session peak of 14,003.50. The small capitalisation Russell 2000 fell -0.71%.