Fresh record closing highs for both the Dow and S&P500 although US equity markets tread water for much of the session before opposing in the closing minutes in the final minutes of the session – Dow gained +175-points or +0.53% to 32,953.46, logging seventh positive trading session in-a-row and fourth consecutive record closing high (the longest such run since December 2017, according to Dow Jones Market Data). The broader S&P500 advanced +0.65% to 3,968.94 and a third consecutive record closing high. Utilities (up +1.36%), Real Estate (+1.18%), Consumer Discretionary (+1.17%) and Information Technology (+1.11%) all climbed over 1%. Energy (down -1.25%) and Financials (-0.57%) were the only sectors to close in the red. United Airlines Holdings Inc jumped +8.26% after the carrier said in a filing that it expects core cash flow to be positive for the month of March. The Nasdaq +1.05%. Apple Inc gained +2.45% (paring its year-to-date loss to under

US equity markets mixed on Friday night (12 March) to conclude a strong week as Treasury yields climbed and prompted investors to once again chase value stocks at the expense of growth stocks – Dow gained +293-points or +0.90% to notch its fifth consecutive record closing high of 32,778.64. Boeing Co rallied +6.82% following a Reuters report that the company had received an order from a private investment firm 777 Partners to buy 24 737 MAX airplanes with an option to purchase a further 60. Other notable index performers included Caterpillar Inc (up 4.2%) and investment banks Goldman Sachs Group Inc (+2%) and JPMorgan Inc (+1.2%). The broader edged S&P500 +0.10% higher, recovering earlier losses to also eke out a fresh record closing high of 3,943.34. Real Estate (up +1.50%), Industrials (+1.34%), Utilities (+1.28%) and Financials (+1.09%) all advanced over >1%. Communication Services (down -0.90%) and Information Technology (-0.71%) were the only sectors to close in the red. The Nasdaq lost -0.59% after rebounding over >6% over the preceding three sessions. China’s market regulator said Friday (12 March) it had imposed fines on twelve companies, including WeChat owner Tencent Holdings Ltd (down -7.52%), search engine Baidu Inc (-2.98%), ride-hailing giant Didi Chuxing and Japan’s SoftBank Corp. Separately, the US listed shares of China-based JD.com Inc slid -6.65% after three sources said it is in talks to buy part or all of a stake in brokerage Sinolink Securities worth at least US$1.5B. The small capitalisation Russell 2000 index advanced +0.61% to a record closing high of 2,352.79. Novavax Inc jumped +8.07% after the company said its COVID-19 vaccine was 96% effective in a Phase 3 trial.

US equity markets rallied as rising inflation subsided, while the signing of a massive stimulus bill reinforced expectations of a strong economic recovery – Dow rose +189-points or +0.58%, paring an earlier climb of over >300 points that lifted the index to a fresh record intra-day peak (32,661.59). The broader S&P500 +1.04% to a fresh record closing high of 3,939.34, with Information Technology (up +2.12%) leading the primary sector gains. The Nasdaq +2.5%, with Facebook Inc (+3.39%), Alphabet Inc (+3.16%) and Netflix Inc (+3.67%) all advancing at least 3%. Chip stocks jumped sharply after China’s semiconductor trade association formed a new group to work with their U.S. counterparts to ease recent trade tensions between the two countries. Nvidia Corp (up +4.21%) and Advanced Micro Devices Inc (+4.79%) jumped more than 4% each. The small capitalisation Russell 2000 index rose +2.31%.

•Cyclical stocks most sensitive to an economic rebound led US equity markets higher – Dow rallied +464-points or +1.46% to a record closing high of 32,297.02 . The broader S&P500 rose +0.6%, with Energy (up +2.63%, taking its 2021 gains to more than >39%.) returning to the top of the primary sector leaderboard and leading ten of the eleven primary sectors higher. All of Financials (up +1.92%), Materials (+1.64%), Industrials (+1.45%) and Consumer Staples (1.29%) rose over >1%. Information Technology (down -0.40%) was the only sector to close in the red. Investment bank UBS hiked its year-end S&P 500 target to 4,250 from 4,100, representing an ~9% gain from current levels. The Nasdaq inched +0.04% higher . The Dow hasn’t notched a record high while the Nasdaq Composite has been in correction territory since around the time of the dot-com boom and bust on 23 August, 1999, according to Dow Jones Market Data. The small capitalisation Russell 2000 index gained +1.81%.

US equity markets rallied, led by a strong rebound for the technology sector and as Treasury yield receded – Dow edged +30-points or +0.10% higher, settling near its session low and unwinding an earlier gain of over >300 points that lifted the index to a fresh record intra-day high (32,148.04). Walt Disney Co fell -3.66% despite Chief Executive Officer (CEO) Bob Chapek revealing at the annual shareholders meeting that the company’s Disney+ streaming service had topped >100M subscribers. The broader S&P500 gained +1.42%. Tesla Inc arrested a five session losing streak with a +19.64% jump and biggest single session advance since February last year (adding ~US$106B to the electric vehicle maker’s market capitalisation). Chevron Corp (down -0.23) hosted an Investor Day . The Nasdaq rebounded +3.69% to log its strongest session since 4 November last year, with Apple Inc (up +4.06%) and Facebook Inc (+4.09%) both up over >4%. Microsoft Corp (up +2.81%) and Netflix Inc (+2.66%) both gained over >2.5%, while Amazon.com Inc rose +3.76%. The small capitalisation Russell 2000 index gained +1.91%.

US equity markets mixed, with another steep sell-off for technology stocks – Dow gained +306-points or +0.97%, climbing as much as 650-points and touching a fresh record intra-day peak (32,148.04). Walt Disney Co rallied +6.27% ahead of the company’s annual shareholders meeting, with California health officials last Friday (5 March) gave Disneyland and other theme parks the go-ahead to reopen at limited capacity from 1 April, after a closure of almost a year due to the coronavirus pandemic. The broader S&P500 fell -0.54%, erasing an earlier +1% gain. Information Technology (down -2.46%) led the decline, while Utilities (up +1.39%), Materials (+1.29%), Financials (+1.29%) and Industrials (+1.05%) all advanced over >1%. Tesla Inc (down -5.84%) fell for a fifth straight session. 341 stocks in the S&P500 advanced, while 164 stocks retreated. The technology-centric Nasdaq tumbled -2.41% to settle more than >10% below its 12 February closing high (14,095.47) and booking its first correction since September last year. Apple Inc fell -4.17% to settle around a three month low and has fallen -% from its 26 January record close of US$143.16. The Dow booked its widest outperformance against the S&P 500 since 1971, according to Dow Jones Market Data and the biggest outperformance against the Nasdaq since 2001. The small capitalisation Russell 2000 index added +0.49%.

US equity markets rebounded following a stronger-than-expected February jobs report to conclude a volatile session and week of a positive footing – Dow settled +572-points or +1.85% higher after spanning an intra-day range of 814-points or ~2.63%. The broader S&P500 gained +1.95%, recovering from an earlier -1% decline. Energy (up +3.87%) sat atop the primary sector leaderboard for a third consecutive session, logging its best single session performance since November last year and leading all eleven primary sectors higher on Friday night AEST (5 March). All of Industrials (up +2.39%), Communication Services (+2.37%), Materials (+2.35%), Consumer Staples (+2.15%) and Health Care (+2.02%) gained over >2%. The Nasdaq +1.55% (at 12,920.15), with the technology-centric index staging its biggest intra-session comeback since 28 February last year after recovering from an earlier -2.6% slide (to 12,397.05) to settle near its session high. The Nasdaq sits ~8.3% below its 12 February record closing high. The small capitalisation Russell 2000 rebounded +2.11%. In merger and acquisition (M&A) news, Chevron Corp (up +4.31%) announced it has entered an agreement to acquire the 33.925M shares of Noble Midstream Partners it does not already own in all stock deal. Under the terms of the deal, Chevron will pay 0.1393 of its stock for each common unit of Noble owned. No further financial terms were disclosed.

US equity markets retreated after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check – Dow settled -346-points or -1.11% lower (at 30,924.14) after tumbling as much as -700-points earlier in the session. Home Depot Inc (down -2.5%) and Intel Corp (-2.62%) were among the biggest drags on the index. The broader S&P500 fell -1.34% (to 3,768.47), paring an earlier -2.5% decline. Information Technology (down 2.26%), Materials (-2.06%) and Consumer Discretionary (-2.02%) all fell over >2% and led nine of the eleven primary sectors lower. Energy remained atop the primary sector leaderboard with a +2.47% gain. Exxon Mobil Corp rose +3.87% after the Chief Executive Officer (CEO) of the energy major, Darren Woods, reiterated the company’s commitment to its dividend. Apple Inc (down -1.58%), Tesla Inc (-4.86%) and PayPal Holdings Inc (-6.27%) were among the largest individual drags on the index. Both the Dow and S&P500 logged their first settlement below their respective 50-day moving averages (30,944.98 and 3,818.61) in over a month The Nasdaq shed -2.11% and fell into negative territory for the calendar year-to-date (down -1.28%). The technology-centric benchmark settled -9.7% below its record closing high on 12 February and fell into correction territory on an intraday basis, down more than 10% from its most recent 52-week high. The small capitalisation Russell 2000 lost -2.76%.

A fresh rise in Treasury yields weighed heavily on technology stocks and dragged the benchmark US equity indices lower – Dow down -121-points or -0.39%, settling near its session low. The broader S&P500 fell -1.31% with Information Technology (down -2.49%) and Consumer Discretionary (-2.38%) both down over >2% and leading eight of the eleven primary sectors lower. Energy (up +1.43%) and Financials (+0.75%) were the leading primary sector performers. The S&P 500 financial and industrial sector indexes touched intra-day record highs. Just five companies - Apple Inc (down -2.45%), Amazon.com Inc (-2.89%), Microsoft Corp (-2.70%), Google-parent Alphabet Inc (-2.37%) and Tesla (-4.84%) – accounted for almost half the S&P500’s decline. Exxon Mobil Corp rose +0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years at the company’s Investor Day. The Nasdaq dropped -2.70%, paring its year-to-date gains to +0.85%. Netflix Inc shed -4.95%. The small capitalisation Russell 2000 index lost -1.06%.

US equity markets weaker after making a very strong start to March – Dow down -144-points or -0.46%. The broader S&P500 lost -0.81% a day after recording the best single-session performance since 5 June last year. Information Technology (down -1.35%) and Consumer Discretionary (-1.27%) were the worst-performing primary sectors with falls of over >2%, while Materials (up +0.58%) was the only primary sector to advance. The Nasdaq dropped -1.69%, with Apple Inc (-2.09%) and Facebook Inc (-2.23%) both down over >2% . The small capitalisation Russell 2000 index lost -1.93%. Lyft Inc rose +3.8% in extended trading after the company said it had its best week in terms of ridesharing volume since pandemic lockdowns began last year. Lyft also said it expects a narrower earnings before interest, tax, depreciation, and amortisation (EBITDA) loss for the first quarter than it previously forecast.

US equity markets made a strong start to March, buoyed by data showing that the manufacturing sector continues to gather steam and with the recent volatility on Treasury markets dying down – Dow gained +603-points or +1.95%, and booking its best daily gain since November last year. Boeing Co (up +5.84%) led the advance, with United Airlines Holdings Inc (+1.20%) said it is buying 25 additional 737 Max planes and taking delivery of other orders earlier than previously planned. The broader S&P500 rallied +2.38%, logging its best single session performance since 5 June last year. Information Technology (up +3.18%) and Financials (+3.12%) gained over >3% to lead all eleven primary sectors higher. Royal Caribbean Ltd fell 2.06% after the cruise operator said it has commenced a US$1.5B public stock offering. The Nasdaq jumped +3.01% to settle with its best single session advance since 4 November. Apple Inc gained +5.37% after all 270 of its stores in the U.S. were open to the public for the first time since last March. The small capitalisation Russell 2000 index jumped +3.43%, recording its sharpest daily percentage gain since 6 January.

US equity markets retreated as investors struggled to shake off concerns around the rapid jump in Treasury yields despite the Personal Consumption Expenditure (PCE) index - the Federal Reserve’s preferred measure of inflation - indicating subdued inflation in January – Dow dropped -470-points or -1.50% (to 30,932.37), dropping back below 1% The small capitalisation Russell 2000 index inched +0.04% higher.

US equity markets staged another intra-day comeback to settle with solid gains as investors continued to buy companies leveraged to an economic rebound – Dow rose +425-points or +1.35% to 31,961.86. Boeing Co jumped 8.1%, while Chevron Corp climbed 3.7%. Goldman Sachs and Visa Inc both rose more than >3%. The broader S&P500 rose +1.14%, recovering from an earlier -0.6% decline. Energy (up +3.64%) was once again the leading primary sector performer, while Financials (+2.01%), Industrials (+1.93%) and Information (+1.51%) also traded strongly. Utilities and Consumer Staples (-0.03%) were the only primary sectors to close in the red. Tesla Inc rose +6.2% after Ark Invest increased their stake in the electric vehicle maker. Johnson and Johnson rose +1.34% after the U.S. Food and Drug Administration (FDA) said that the pharmaceutical company’s COVID-19 vaccine met the requirements for emergency use authorisation. The Nasdaq rose +0.99%, erasing an earlier -1.3% fall. The small capitalisation Russell 2000 index jumped +2.38%.

US equity markets settled with modest gains after staging a big intra-day recovering following Federal Reserve Chair Jerome Powell’s dovish congressional testimony that relieved some concerns around higher interest rates and inflation – Dow eked out a +15-point or +0.05% gain, erasing an earlier decline of over >360-points. The broader S&P500 added +0.13%, recovering from an earlier -1.8% drop. Energy (up +1.61%) once again sat atop the primary sector leaderboard and led seven of the eleven primary sectors higher. Consumer Discretionary (down -0.49%) and Information Technology (-0.25%) were the worst performing sectors. Tesla Inc settled -2.2% lower and moved into negative territory for the year, dropping as much as -13% earlier in the session. The Nasdaq lost -0.52%, paring an earlier 3.9% decline that saw the technology-centric index fall below its 50-day moving average for the first time since 3 November last year. Apple Inc dipped -0.11% after sliding as much as -6% earlier in the session hosted their annual shareholders meeting The small capitalisation Russell 2000 index fell -0.88%.

US equity markets weaker as rising Treasury yields and inflationary concerns weighed on some high-flying growth stocks – Dow added +27-points or +0.09%. Disney jumped 4.4%, while industrial giant Caterpillar and chemicals company Dow Inc. both climbed more than 3.5%. American Express and Chevron gained 3.2% and 2.7%, respectively The broader S&P500 fell 0.77%, with Information Technology (down -2.26%) and Consumer Discretionary (-2.15%) the worst performing sectors with declines of over >2%, while Energy (up +3.47%) returned to the top of the primary sector leaderboard.. Tesla Inc dropped -8.55%, the biggest single session fall for the electric vehicle maker’s stock since 23 September, 2020. Some linked the decline to the ~6% decline in Bitcoin overnight, with Tesla disclosing earlier this month that it had acquired US$1.5B of the digital currency for “more flexibility to further diversify and maximize returns on our cash.” Airline stocks rebounded, buoyed by an upgrade to several carriers by Deutsche Bank. American Airlines Group jumped +9.42% The Nasdaq dropped -2.44%, with Apple Inc (-2.98%), Amazon.com Inc (-2.13%) and Microsoft Corp (-2.68%) all dropping at least -2%. However, Oracle Corp rallied +5.43% following a positive story in Barron’s that suggested it could be the next longstanding technology company to transform like Adobe Inc (down -2.46%), Autodesk Inc (-2.52%) and Microsoft, which changed up their business models to embrace cloud-based services over traditional licensed software, and saw their stocks rise as a result. The small capitalisation Russell 2000 index fell -0.69%.

US equity markets settled little changed on Friday night AEST (19 February) as investors continued to rotate out of technology stocks and into cyclical stocks seen as likely to benefit from pent up demand once the COVID-19 pandemic is subdued and the economy re-opens – Dow settled flat after touching a fresh record intra-day high (31,647.53). The broader S&P500 slipped -0.19%, turning negative in the final minutes of the session and extending its decline into a fourth straight session and marking the index’s longest losing streak in two months. Utilities (down -1.51%), Consumer Staples (-1.23%), Health Care (-1.15%) and Communication Services (-1.07%) all logged falls of over >1%, offsetting gains of over >1% for all of Materials (up +1.85%), Energy (+1.64%), Industrials (+1.60%) and Financials (+1.16%). The Nasdaq inched +0.07% higher although much of the FAANG complex weaker (Facebook Inc down -2.91%, Amazon.com Inc -2.35%, Netflix Inc -1.46% and Google parent Alphabet Inc -0.76%). Apple Inc (up +0.12%) edged higher for the first time in four sessions. Applied Materials Inc gained +5.32% after the chip-industry supplier reported better-than-expected fiscal first-quarter adjusted earnings per share and revenue of US$5.16B after the close of last Thursday’s (18 February) session, with Chief Executive Officer Gary Dickerson observing that there is “strong momentum across the company. The small capitalisation Russell 2000 index jumped +2.18%.

US equity markets - Dow fell -120-points or -0.38%, pulling back from the record closing high (31,613.02) of the previous session but paring an earlier decline of over >300-points. The broader S&P500 shed -0.44%, retreating for a third straight session. Energy (down -2.27%) led nine of the eleven primary sectors lower. Utilities (up +0.55%) and Consumer Discretionary (+0.14%) were the only primary sectors to advance. The Nasdaq fell -0.72%, with Apple Inc down -0.9% and extending its week-to-date decline to over ~4.2%. The small capitalisation Russell 2000 index dropped -1.67%.

US equity markets mixed amid a rotation out of technology stocks and as inflation concerns continued to apply some pressure on equities - Dow added +90-points or +0.29% to a fresh record closing high of 31,613.02, recovering from an earlier decline of as much as -180-points. Verizon Communications Inc (up +5.24%) and Chevron Corp (+3.00%) were among the leading index performers Warren Buffett’s investment vehicle Berkshire Hathaway disclosed fresh stakes in both companies. The broader S&P500 dipped -0.03%, with Information Technology (down -1.03%) the worst performing primary sector and offsetting a +1.45% gain for the Energy sector. Wells Fargo and Co rallied +5.17% after Bloomberg News reported that Fed officials had signalled to the diversified financials group that they would approve its overhaul plan. Wells Fargo has been operating under several restrictions, including an asset camp, related to its fake accounts scandal under prior leadership. The Nasdaq shed -0.58%. Apple Inc fell -1.76%, with Berkshire Hathaway disclosing it had trimmed its position in the company over the past quarter by -6% to just over 887M shares. The small capitalisation Russell 2000 index fell -0.74%.

US equity markets struggled for direction after resuming trading following the Presidents Day long weekend, with traders also eyeing the latest climb in long bond yields - Dow added +64-points or +0.20% to carve out another record closing high (31,522.22). The broader S&P500 dipped -0.06%, with yield sensitive Utilities (down -1.14%), Real Estate (-1.07%) and Health Care (-1.02%) all down over >1%. Energy (up +2.26%) was once again atop the primary sector leaderboard, while Financials also traded strongly (+1.77%). The Nasdaq fell -0.34%. The small capitalisation Russell 2000 index fell -0.72%.

European bourses advanced in thin trade, with markets in the US, China, Hong Kong and Taiwan all closed for local holidays. The benchmark pan-European Stoxx 600 index (which includes UK equities) gained +1.32%, with Basic Resources (up +4.0%), Oil and Gas (+3.99%) and Banks (+3.1%) leading the advance. Germany's DAX gained +0.56% and France's CAC +1.45%. Vivendi SE soared +19.62% after the French conglomerate said it may spin out Universal Music Group (UMG) in Amsterdam and distribute 60% of the capital to investors by year end. Vivendi, which is controlled by billionaire Vincent Bollore, announced the plan on Saturday (13 February) after it completed the sale of a 10% stake in UMG to a consortium led by Tencent Holdings, which valued UMG at €30B. Ten-year bond yields in Germany, France and the Netherlands all rose to their highest level since September as reflation expectations gripped markets. In economic data, eurozone industrial production dropped -1.6% in December from a month earlier, worse than economists’ forecast for a -0.6% drop and a marked downturn after growth of +2.6% in November. The ZEW Economic Sentiment Index for the eurozone/Germany for February and a second estimate of eurozone gross domestic product (GDP) growth for the fourth quarter are released tonight AEST.

Fresh record closing highs for the benchmark US equity indices to cap another strong week ahead of the holiday long weekend, with fiscal stimulus and inflation the key broader themes - Dow added +28-points or +0.09% to 31,458.40. The Walt Disney Co erased earlier gains to close -1.7% lower despite announcing after the close of last Thursday’s (11 February) session that that its streaming platform, Disney+, surpassed 94.9M subscribers as part of its fourth quarter earnings release. Disney+ exceeded the company’s initial subscriber goal of 60M to 90M by 2024 back in November, forcing it to reforecast. The company now expects Disney+ will have 230M to 260M subscribers by 2024. The broader S&P500 rose +0.47% to 3,934.83, with Energy (up +1.40%), Materials (+1.02%) and Financials (+0.95%) logging gains of +0.9%+ and leading nine of the eleven primary sectors higher. Utilities (down 0.79%) and Real Estate (-0.06%) were the only primary sectors to close in the red. PayPal Holdings Inc rose +4.7% after several analysts raised their price targets following the payments company’s investor day last Thursday (11 February). The Nasdaq gained +0.50% to 14,095.47 The small capitalisation Russell 2000 index edged +0.18% higher. For the week, the Dow gained +1.0%, S&P500 +1.23% Nasdaq +1.73% US equity and bond markets are CLOSED tonight AEST for the Presidents Day holiday.

US equity markets lower after a choppy session - Dow added +62-points or +0.20% to 31,437.80 and a fresh record closing high, recovering from an earlier decline of as much as -150-points. The broader S&P500 dipped 0.03%. Energy (up +1.84%) returned to the top of the primary sector leaderboard, while Consumer Discretionary (down -0.94%) was the worst performer. Oracle Corp (down -0.63%) and Walmart Inc (-1.17%) closed lower following a report that a planned forced sale of TikTok’s American operations to a group that includes the two companies had been shelved indefinitely. The Nasdaq lost -0.25% after logging record closing highs for each of the previous four trading sessions, with Amazon.com Inc (down -0.56%), Microsoft Corp (-0.39%) and Apple Inc (-0.46%). However, Twitter Inc soared +13.2% after the social-media platform delivered its second-ever US$1B quarter after the close of the previous session. All three benchmark indices touched fresh record intra-day highs during the session. The small capitalisation Russell 2000 index lost -0.72%, also retreating from record highs.

US equity markets settled with modest declines, with the Dow and S&P500 snapping a six session winning streak - Dow slipped -10-points or -0.03% . The broader S&P500 dipped -0.11%, with Energy (down -1.52%) the worst performing primary sector after rallying over >4% in the previous session. The Nasdaq edged +0.14% higher to log its fifth consecutive record closing high (14,0007.70) and tenth of 2021. The NYSE FANG+TM index, which includes Facebook Inc (up +1.08%), Netflix Inc (+2.03%) and Tesla Inc (down -1.62%), rose to an all-time high. The small capitalisation Russell 2000 index rose +0.40% to a fresh record closing high of 2,299.00 and extending its year-to-date gain to over >16%.

A fresh round of record closing highs for the benchmark US equity indices as stimulus prospects and ongoing vaccine deployment continued to boost investor optimism around the pace of the economic recovery from the COVID-19 recession - Dow +238-points or +0.76% to 31,385.76. The broader S&P500 rose +0.35% to 3,915.59, with the Energy sector rallying +4.17% and leading ten of the eleven primary sectors higher. Utilities (down -0.78%) was the only sector to close in the red. Airline stocks jumped as documents showed Democrats’ stimulus proposal could include US$14B for the airline payroll assistance. American Airlines Group Inc popped +3.37%, while United Airlines Holdings +5.2% and Delta Air Lines Inc +5.1%. Both the Dow and S&P500 logged their sixth consecutive session of gains, marking their longest winning streak since August last year. The Nasdaq gained +0.95% to 13,987.64 The small capitalisation Russell 2000 index rallied +2.53% to 2,286.62and is up ~16% calendar year-to-date.

US equity markets advanced, with both the S&P500 and Nasdaq logging fresh record closing highs for a second straight session as sentiment was buoyed by a combination of corporate earnings optimism, stimulus talks and progress on COVID-19 vaccine rollouts - Dow added +92-points or +0.30% to 31,148.24, just shy of its 20 January closing record of 31,188.38. Nike Inc (up +3.19%) and Cisco Systems Co (+1.76%) were among the leading index performers. The broader S&P500 rose +0.39% to 3,886.83, logging its seventh record closing high year-to-date. Materials (up +1.71%), Communication Services (+0.95%), Energy (+0.92%) and Consumer Discretionary (+0.92%) rose 0.9%+ to lead ten of the eleven primary sectors higher. Information Technology (down -0.22%) was the only sector to close in the red after hitting a record high earlier in the session. Both the Dow and S&P 500 rose for a fifth straight session in their longest streak of gains since August. The Nasdaq gained +0.57% to 13,856.30, the eight record closing high for the technology-centric index year-to-date. The small capitalisation Russell 2000 index rose +1.4%.

US equity markets rallied, with the both the S&P500 and Nasdaq settling at fresh record closing highs - Dow gained +332-points or +1.08% . The broader S&P500 rallied +1.09% to settle at a record closing high of 3,871.74, with Financials (up +2.28%) leading ten of the eleven sectors higher as Treasury yields climbed. Materials (down -0.54%) was the only primary sector to close in the red. eBay Inc and PayPal Inc (+%) rallied after posting strong results The Nasdaq gained +1.22% to log a record closing high of 13,777.13. Apple Inc rose +2.58% after CNBC reported that it is close to finalizing a deal with Hyundai-Kia to produce driverless cars. The small capitalisation Russell 2000 index gained +1.98% to also register a record close.

US equity markets settled with modest gains - Dow added +36-points or +0.12% . The broader S&P500 rose +0.10%, extending its gains into a third straight session and with the Energy sector (up +4.27%) the clear outperformer. The Nasdaq dipped -0.02%, relinquishing earlier gains in the final hour of trading despite Google parent Alphabet Inc rallying +7.3% and hitting a record high after posting record profits for a second straight quarter after the closing bell of the previous session. Amazon Inc fell -2% after releasing their fourth quarter result after the close of Tuesday’s (2 February) session and announcing that Amazon Web Services (AWS) Chief Executive Officer (CEO) Andy Jassy will replace founder Jeff Bezos as CEO during the third quarter of this year as the company. The small capitalisation Russell 2000 index added +0.38%.

US equity markets made a strong start to February, rebounding from sharp falls in the previous session - Dow gained +230-points or +0.76% . The broader S&P500 rose +1.61%, logging is best day since 24 November last year and with Consumer Discretionary (up +2.77%), Information Technology (+2.51%) and Real Estate (+2.27%) all gaining over >2% and leading all eleven primary sectors higher. The Nasdaq gained +2.55%. Apple Inc (up +1.65%) announced that it was selling US$14B of its corporate bonds, spread over six tranches. The small capitalisation Russell 2000 index gained +2.53%.

US equity markets fell sharply on Friday night AEST (29 January), with the benchmark indices capping their worst weekly and monthly performance since October as investors eyed COVID-19 vaccine rollout delays and as surging prices on a small group of heavily shorted stocks continued to take oxygen out of the market as hedge funds covered short positions and reduced exposure to other stocks to reduce risk - Dow tumbled -621-points or -2.03% to 29,982.62, marking the indice’s lowest settlement – and first close below 2% and all eleven primary sectors closed in the red. American Airlines Group Inc (down -5.14%) authorised the sale of another US$1B in stock, the carrier said in a filing on Friday (29 January), in an effort to shore up cash as COVID-19 continues to depress travel demand. Both the Dow and S&P500 closed below their respective 50-day moving averages (3,716) for the first time since October last year. The Nasdaq slumped -2.00%, with Apple Inc down -3.74%. The small capitalisation Russell 2000 index fell -1.60%. For the week, the Dow dropped -3.27% S&P500 -3.31% and Nasdaq -3.49%. The Russell 2000 lost -1.6% last week. For the month, Dow lost -2.04% and S&P500 -1.11%, marking the worst monthly performance for both indices since last October. The Nasdaq gained +1.42%.

US equity markets rebounded a day after the benchmark indices logged their worst session in three months - Dow rallied +300-points or +0.99%, its largest one day point and percentage gain since 6 January a day after logging its worst single session decline (-634-points or -2.1%) since 28 October last year. The broader S&P500 rose +0.98%, with Financial, Materials and Industrials gaining over >1.5% leading all eleven primary sectors higher – the first time all key S&P500 sectors have advanced since 13 November last year. The Nasdaq gained +0.44%. Apple Inc (down -3.50%) and Facebook Inc (-2.62%) The small capitalisation Russell 2000 index slipped -0.10%. Overall trading Volumes surged, with more than >23B shares traded, the highest since May 2019, according to Dow Jones Market Data.

US equity markets slumped, logging their worst session in three months in the wake of the Federal Reserve’s latest sober monetary policy statement - Dow tumbled -634-points or -2.05%, logging its worst single session decline since 28 October last year. However, Walgreens Boots Alliance +4.01% after the pharmacy chain said it had tapped Starbucks Corp (down -6.51%) executive Roz Brewer to serve as its new chief executive. The broader S&P500 shed -2.57%, wiping out its gains for 2021. Communication Services (down -3.82%), Consumer Discretionary (-3.13%), Healthcare (-3.05%) and Materials (-3.00%) all fell 3%+ and led all eleven primary sectors lower. The Nasdaq lost -2.61%. Advanced Micro Devices Inc fell -6.% The small capitalisation Russell 2000 index fell -1.91%.

US equity markets settled modest losses, with the S&P500 and Nasdaq pulling back from the record closing highs set in Monday’s (25 January) session on what was a big day on the corporate earnings calendar - Dow eased -23-points or -0.07%, logging its fourth consecutive session decline after paring an earlier rally of over >150-points. The broader S&P500 slipped -0.15%, after hitting a fresh record intra-day high (3,870.90). The Nasdaq dipped -0.06%. The small capitalisation Russell 2000 index fell -0.%. The session was again marked by wild swings in some heavily shorted stocks, including omnichannel video game retailer GameStop Corp (up +92.71% in regular trading and climbing a further +43.80 in the extended session), Bed Bath and Beyond Inc (up +20.18% in regular trading and up over >15% in the extended session) and consumer robot company iRobot Corp (+9.14%). Both the S&P500 and Nasdaq settled at fresh record closing highs on Monday night AEST (25 January) after a choppy session ahead of the busiest week on US fourth quarter earnings calendar - Dow slipped -37-points or -0.12% . Caterpillar Inc and American Express Corp were the weakest performers on the Dow, falling -2.4% and -3.9% respectively. The broader S&P500 rose +0.36% to 3,855.36, recovering from an earlier decline of over >1%. Utilities (up +1.95%), Consumer Staples (+0.91%) and Information Technology (+0.88%) led eight on the eleven primary sectors higher. Energy (down -1.06%) and Financials (-0.76%) were the laggard sectors. The Nasdaq gained +0.69% to 13,635.99 after also clinching an intraday record (13,728.98 near the open of Monday’s session). The Russell 2000 index eased -0.25%. Moderna Inc rose +12.2% after it announced that it was testing an experimental booster shot to increase the immune response against a coronavirus variant first found in South Africa. In broader stock moves, AMC Entertainment Holdings Inc soared +25.93% after announcing that it had raised US$917M, meaning “any talk of an imminent bankruptcy for AMC is completely off the table” according to Chief Executive Officer (CEO) Adam Aron.

Some soft corporate earnings and economic releases saw US equity markets settle lower on Friday (22 January). The Dow fell -179 points or -0.57% . International Business Machines (IBM) Corp dropped -9.91% after posting a disappointing fourth quarter result after the closing bell of Thursday’s (21 January) session, with revenue down for a fourth straight quarter (down -6% on an annualised basis). Intel Corp fell -9.29% a day after the chipmaker posted a better-than-expected fourth quarter result, with some investors concerned about the competitive challenges from the likes of Nvidia Corp (down -1.12%) and Advanced Micro Devices (up +1.38%) confronting incoming Chief Executive Office (CEO) Pat Gelsinger. The broader S&P500 lost -0.30%, pulling back from the record closing set in the previous session. Financials (down -0.72%), Energy (-0.50%) and Industrials (-0.49%) led eight of the eleven primary sectors lower. Real Estate (up +0.31%), Utilities (+0.17%) and Communication Services (+0.12%) were the only primary sectors to advance. The Nasdaq inched +0.09% higher to log a fresh record closing high (13,543.06). Apple Inc rose +%, extending its weekly rise to +9.4%. The small capitalisation Russell 2000 also logged a fresh record closing high, rallying +1.3% to 2,168.76. For the holiday-shortened week, the Dow gained +0.59%, S&P500 +1.94% and the Nasdaq +4.19%. The Russell 2000 logged a +2.2% weekly gain.

US markets gave up afternoon gains Thursday as investors' optimism over stronger-than-expected earnings competed with signs that the labor market is still struggling to recover. The Nasdaq Composite rallied to a record close Thursday as investors showed renewed interest in megacap technology companies ahead of their earnings reports in the weeks ahead. The technology-heavy index climbed 73 points, or +0.5%, to 13,530, propelled higher by shares of Apple, Facebook and Amazon.com. The day marked the Nasdaq's third consecutive day of gains and its fourth record close of the year. Gains for the Nasdaq came amid an otherwise bumpy session for U.S. stocks, with both the S&P 500 and the Dow Jones Industrial Average swinging between small gains and losses throughout the day. The S&P 500 ultimately eked out a gain to finish at a record high, rising +1.22 points, or less than +0.1%, to 3,853.07. The Dow Jones Industrial Average, meanwhile, fell -12 points, or less than +0.1%, to 31,176. Hopes for a robust earnings season from the country’s largest communications and tech stocks have kept the mega-cap stocks trending upward, and the major indexes near records, during the holiday-shortened week. Apple and Facebook have risen +7.7% and +8.6%, respectively, this week ahead of their quarterly results, while Microsoft has gained +5.8%.

Fresh record intra-day and closing highs for the benchmark US equity indices as investors eyed fresh fiscal stimulus measures as Joe Biden was inaugurated as the 46th president of the United States - Dow rallied +258-points or +0.80% 31,188.38. The broader S&P500 rose +1.39% to 3,851.85, with Communication Services (up +3.61%), Consumer Discretionary (+2.26%) and Information Technology (+2.02%) all gaining over >2% and leading ten of the eleven primary sectors higher. Financials (down -0.47%) was the only primary sector to close in the red. The Nasdaq gained +1.96% to 13,457.25 Netflix Inc soared +16.85% and logged its best single session advance in more than four years after. Big technology names also traded strongly, including Google-parent Alphabet Inc up +5.36%, Amazon.com Inc +4.57% and Microsoft Corp +3.65%. The small capitalisation Russell 2000 index added +0.44%.

US equity markets advanced after resuming trading following the Martin Luther King Jnr. Day holiday, with as U.S. Treasury Secretary nominee Janet Yellen advocating for further fiscal stimulus - Dow added +116-points or +0.38%, snapping a three session slide. Boeing Co gained +3.13% as Canada said it would lift a near two-year flight ban on its 737 MAX following two fatal crashes involving the model while a final clearance from Europe to resume flying the jet is expected next week. The broader S&P500 rose +0.81%, with Energy (+2.05%), Communication Services (+1.87%) and Information Technology (+1.31%) leading eight of the eleven primary sectors higher. The more defensive sectors lagged, with Real Estate down =-0.54%, Consumer Staples -0.44% and Utilities -0.37%. General Motors Company jumped +9.75% after the automaker said it was partnering with Microsoft Corp (+1.78%) to speed up the commercialisation of driverless cars. As part of the “long-term strategic relationship,” Microsoft will join General Motors (GM) as well as Honda Motor Co. Ltd and institutional investors on a combined new US$2B equity investment in GM’s self-driving vehicle start-up Cruise. Tesla Inc rose +2.23% after the electric vehicle market leader tweeted over the weekend that it has started official deliveries of its Model Y vehicles in China. The technology-centric Nasdaq gained +1.53% to 13,197.18, settling just shy of its 8 January all-time high (13,201.98). The small capitalisation Russell 2000 index gained +1.32%. In broader stock moves, Harley Davidson Inc rose +2.1% toward a 2-year high after the motorcycle group said its 2021 line-up of bikes have arrived at its dealers.

US equity and bond markets were CLOSED overnight for the Martin Luther King holiday.President-elect Joe Biden’s team confirmed overnight it planned to nominate two consumer champions to lead top financial agencies, signalling a tougher stance on the industry than many had anticipated. Gary Gensler will serve as chair of the Securities and Exchange Commission (SEC) and Federal Trade Commission member Rohit Chopra will head the Consumer Financial Protection Bureau (CFPB). Mr Gensler is expected to pursue new corporate disclosures on climate change related-risks, political spending, and the composition and treatment of company workforces, and to complete post-crisis executive compensation curbs, among other rules. Mr Chopra is expected to review payday lending and debt-collection rules

US equity markets dropped on Friday (15 January) as investors pondered incoming President Biden’s US$1.9 trillion stimulus plan and parsed quarterly results from a brace of major US banks - Dow down -177-points or -0.57%, paring an earlier decline of as much as -379-points. Dow Inc (down -%) and Chevron Corp (-%) both fell more than 3% led the 30-stock average lower. The broader S&P500 fell -0.72%, with the Energy sector dropping -4% and posting its worst one-day decline since late November. Financials (down -1.80%), Materials (-1.46%) and Industrials (-1.27%) all fell over >1%. The more defensive sectors outperformed, with Real Estate up +1.46%, Utilities +0.96% and Health Care +0.32%. Exxon Mobil Corp fell -4.81% after The Wall Street Journal reported that the Securities and Exchange Commission launched an investigation into allegations that an employee of the oil giant overstated the value of a key Permian Basin asset. Pfizer Inc slipped -0.14% after confirming it will temporarily reduce deliveries to Europe of its COVID-19 vaccine while it upgrades production capacity to 2B doses a year. The Nasdaq shed -0.87%. The small capitalisation Russell 2000 index fell -1.49%. For the week, the Dow lost -0.91%, S&P500 -1.48% and Nasdaq -1.54%. However, the Russell 2000 gained +1.50%. US equity and bond markets are CLOSED tonight AEST for the Martin Luther King holiday.

US equity markets settled with modest losses, relinquishing earlier gains in the final hour of trading that saw both the Dow and Nasdaq touch fresh record intra-day highs - Dow lost -69-points or -0.22%, having been up over >150-points earlier in the session and logging a fresh record intra-day high (31,223.78). Intel Corporation gained +4.04%, buoyed by a number of analyst upgrades after it was announced a day earlier that Chief Executive Officer (CEO) Bob Swan would step down effective 15 February, with VMWare Inc (+1.76%) CEO Pat Gelsinger to step into the role. The broader S&P500 fell -0.38%, with Information Technology (down -0.95%) leading seven of the eleven primary sectors lower. Energy returned to the top of the primary sector leaderboard with a +3.01% gain. The Nasdaq slipped -0.12% after scaling a fresh record intra-day peak (13,220.16) earlier in the session. Facebook Inc fell -2.38%, while Amazon.com Inc (-1.21%), Netflix Inc (-1.36%), Microsoft Corp (-1.53%) and Apple Inc (-1.51%) all declined by more than >1%. The small capitalisation Russell 2000 index rallied +2.05%. In merger and acquisition (M&A) news, Cisco Systems (down -0.46%) after CNBC reported that it was proposing a higher bit for Acacia Communications

•US equity markets edged higher after a choppy session, lifted by a defensive sectors and a rebound for technology stocks and as the latest political theatre unfolded in Washington - Dow dipped -8-points or -0.03%. Johnson & Johnson (JNJ) dipped -0.15% after the New York Times reported that the company unlikely to distribute as many COVID-19 vaccine doses in the spring as previously expected. Separately, the New England Journal of Medicine published trial data that showed Johnson & Johnson’s one-dose coronavirus vaccine is safe and appears to generate a promising immune response in both young and elderly volunteers. The broader S&P500 rose +0.23%, with Utilities (up +1.94%) and Real Estate (+1.39%) leading seven of the eleven primary sectors higher. Materials (down -1.06%), Industrials (-0.86%) and Energy (-0.81%) were the notable underperformers. Chipmaker Intel Corp gained +6.97% after it was announced that Chief Executive Officer (CEO) Bob Swan would step down effective 15 February, with VMWare Inc (down -6.79%) CEO Pat Gelsinger to step into the role. The Nasdaq gained +0.44%, with Apple Inc, Amazon.com Inc, Netflix Inc and Microsoft Corp advancing +1.62%, +1.44%, +2.74% and +0.66%, respectively. The small capitalisation Russell 2000 index fell -0.75% a day after hitting a fresh record closing high.

•US equity markets little changed as investors weighed a combination of higher rates, possible stimulus and political turmoil - Dow added +60-points or +0.19% at 31,069, just shy of last Friday’s (8 January) record closing high (31,097.97). Goldman Sachs Group Inc (up +2.85%) and JPMorgan Chase & Co (+1.57%) among the leading index performers. The broader S&P500 eked out a +0.04% rise, with the more cyclical sectors (including Energy up +3.5%, Materials +1.35% and Financials +1.06%) the leading performers. Communication Services was the worst performing primary sector with a -1.50% decline. The Nasdaq settled +0.28% higher despite falls for a number of big technology names including Facebook Inc (down -2.24%), Google parent Alphabet Inc (-1.14%) and Microsoft Corp (-1.18%). The small capitalisation Russell 2000 index once again outperformed with a +1.77% rally to a fresh record closing high (2,127.96). In merger and acquisition (M&A) news, Visa Inc (down -1.89%) has abandoned its US$5.3B takeover of Silicon Valley start-up Plaid about two months after the Department of Justice filed an antitrust lawsuit on grounds that it would limit competition in the payments industry.

US equity markets retreated from record highs albeit settled well off their worst levels of the session - Dow fell -89-points or -0.29%, paring an earlier decline of over >300-points. Boeing Co fell -1.48% lower after a 737-500 jet disappeared minutes after taking off from Jakarta, Indonesia’s capital, during heavy rain on Saturday (9 January). The broader S&P500 shed -0.66%, with Consumer Discretionary (down -1.89%), Communication Services (-1.77%) and Real Estate (-1.66%) all down over >1.5% and leading seven of the eleven primary sectors lower. Energy was the best performing primary sector with a +1.62% gain. Tesla Inc fell -7.82% after gaining ~25% last week. However, NIO Inc rallied +6.42% following its annual consumer event on Saturday (9 January) where it launched a new luxury sedan. However, the China-based electric vehicle maker fell over >3% in the extended session it will offer US$1.3B in convertible notes, split into US$650M in notes due 2026 and US$650M due the year after. Net proceeds will go mostly to general corporate purposes and "to further strengthen its cash and balance sheet positions," the China-based electric-car maker said. Gilead Sciences Inc lost -0.84% despite raising sales guidance to reflect revenue from its Covid-19 treatment remdesivir. The technology-centric Nasdaq shed -1.25%. Twitter Inc fell -6.41%, paring an earlier decline of over >12% amid concerns around the company’s engagement in selective censorship that included banning President Trump from the platform. Facebook Inc fell -4.01%. Amazon.com Inc fell -2.15% after Amazon Web Services ended its relationship as the web host for the right-of-centre chat service Parler, effectively blocking the service from the internet. Lululemon Athletica Inc slid -1.04% despite the company saying earnings would grow at the high end of its previous guidance. The small capitalisation Russell 2000 index dipped -0.03%.

US equity markets scaled fresh record highs to close a strong week as hopes of further economic stimulus overshadowed a soft December jobs report - Dow added +57-points or +0.18% to 31,097.97, having fallen over >200-points earlier in the session. Coca-Cola Co (up +2.24%) was the leading Dow performer. The broader S&P500 rose +0.55% to 3,824.68, with Consumer Discretionary (up +1.80%) and Real Estate (+1.09%) leading seven of the eleven primary sectors higher. Materials (down (-0.51%), Industrials (-0.22%) and Financials (-0.19%) - which outperformed their peers and scaled record levels earlier last week – slipped on Friday (8 January). Tesla Inc was the leading S&P500 performer, jumping +7.84% to yet another record closing high (US$880.02). The latest rally came on the back of heavy turnover, with Tesla trading US$62B worth of stock – more than the next ten most active stocks combined. Chinese electric vehicle maker NIO Inc rallied +8.5% ahead of unveiling its new all-electric sedan on Saturday (9 January) at its fourth annual NIO Day. In addition to the car, NIO also unveiled a higher-capacity battery and new swapping stations with more daily capacity. Both the Dow and S&P 500 posted four-day winning streaks. The Nasdaq gained +1.03% to 13,201.98. Apple Inc The small capitalisation Russell 2000 index slipped -0.16%.

Fresh records for US equity markets amid ongoing optimism of further stimulus measures - Dow gained +212-points or +0.69% to 31,041.13, paring an earlier gain of over >300-points but settling above >31,000 for the first time. Boeing Co fell -0.7% in the extended session after agreeing to pay more than >US$2.5B in penalties, including nearly US$1.8B in compensation for airlines, to resolve charges of misleading U.S. aviation authorities in connection with the company’s 737 Max aircraft, the Justice Department said late Thursday. Coca Cola Company (down -1.1%) retreated for a fourth consecutive session after J.P. Morgan became the latest bank to downgrade the beverage giant (to Neutral from Overweight), citing an increased risk that the company loses its current tax dispute with the Internal Revenue Service (IRS). American Express Company lost -0.79% after the Wall Street Journal reported that the investigative arms of three U.S. financial agencies were probing the card issuer’s sales practices. The broader S&P500 rose +1.48% to 3,803.79, settling above >3,800 for the first time. Information Technology (up +2.65%) led nine of the eleven primary sectors higher. Financials rose +1.47%, while the Industrial (+0.55%) and Materials (0.79%) sectors hit new records. DXC Technology surged + 9.3% and was the biggest gainer in the S&P500 on reports the IT-services giant has received takeover interest. Tesla Inc (up +7.94% to US$816.04) logged its tenth consecutive session gain and climbed above US$800 per share for the first time. The latest gain saw Elon Musk become the world’s richest person, overtaking Amazon.com Inc’s (u+0.76%) Jeff Bezos as his net worth crossed US$185B. Tesla’s market capitalisation (~US$774B) also exceeded Facebook Inc’s (~US$765B after the company’s shares rose +2.06%). T-Mobile Inc rose +1.26% and hit a record high (US$135.45) after announcing after the close of the previous session that it added a better-than-expected +1.6M postpaid subscribers in the fourth quarter of 2020 (versus consensus analyst expectations for the addition of +1.5M) despite a competitive few months as wireless companies flooded the market with iPhone 12 promotions. The Nasdaq jumped +2.56% to 13,067.48, climbing above >13,000 for the first time. Chipmakers traded strongly, with Advanced Micro Devices (up +5.35%), NVIDIA Corp (+5.78%) and Lam Research Corp (+3.62%) all gaining over >3%. The Russell 2000 index recorded a fresh record high, rising +1.88% to 2,096.64. It marked the third consecutive rise of 1% or more for the small capitalisation index, the longest such streak since June 2020 , according to Dow Jones Market Data.

US equity markets rallied as investors bought financial and industrial stocks on expectations that a Democratic sweep in the Senate run-off elections in Georgia would lead to more fiscal stimulus and infrastructure spending - Dow rallied +438-points or +1.44%, rallying as much as +600-points and hitting a fresh record intra-day high (31,022.65). Caterpillar Inc surged +5.5% to be among the leading index performers along with Goldman Sachs Inc (+5.40%) and JPMorgan Chase & Co (+4.70%). The broader S&P500 rose +0.57% and also touched an intra-day record peak (3,783.04). The Financials sector jumped +4.36% and led seven of the eleven primary sectors higher as US 10 Treasury yields topped >1% for the first time since March last year. Ford Motor Company rose +2.20% despite sales dropping -2.8% in the fourth quarter as sales of the star F-150 was hit by pandemic-related stoppages leading up to the release of the pickup truck’s newest version. Total vehicle sales in the U.S. fell nearly 10% to 542,749 units, with sales of trucks down more than >12% and SUV sales up 4%. The technology-centric Nasdaq lost -0.61% amid concerns over higher tax rates for the information technology sector. Facebook Inc (down -2.83%) and Amazon.com Inc (-2.49%) both fell over >2%. The small capitalisation Russell 2000 index jumped +3.98% to a record closing high of 2,057.92. In merger and acquisition (M&A) news, AmerisourceBergen Corp gained +8.60% after the U.S. drug wholesaler said it would buy Dow component Walgreens Boots Alliance’s (up +4.54%) drug distribution business for US$6.5B to expand in Europe.

US equity markets advanced after a choppy session as investors eyed the outcome of the Senate runoff elections in the battleground state of Georgia, which will determine the balance of power in Washington - Dow added +168-points or +0.55%, with Boeing Co (up +4.5%) the leading index performer. The broader S&P500 rose +0.71%, with the Energy sector (up +4.53%) logging its best single-session advance since 4 December and leading ten of the eleven primary sectors higher. Chevron Corp gained +2.7% and Exxon Mobil Corp +4.82%. Real Estate (down -0.08%) was the only primary sector to settle in the red. Tiffany & Co announced after the closing bell that its holiday net sales reached a record high, up 2% thanks in large part to sales in China and online transactions. Costco Wholesale Corp lost -1.16% ahead reporting its December 2020 sales and revenue figures tonight AEST. The Nasdaq gained +0.95%. The small capitalisation Russell 2000 index gained +1.71%.

US equity markets opened 2021 with sharp falls, with the Dow and S&P500 retreating from record highs set on the final session of 2020 - Dow dropped -383-points or -1.25%, paring an earlier decline of as much as -700-points or -2.7%. It marked the first negative start to a new year for the Dow since 2016. Coca-Cola and Boeing were the worst-performing Dow components, falling -3.8% and -5.3%, respectively. The broader S&P500 lost -1.48%. Both the Dow and S&P 500 hit record intra-day highs in opening trading (of 30,674.28 and 3,769.99 respectively) before turning lower. The Nasdaq shed -1.47%. Taiwan Semiconductor Manufacturing Co (TSMC) is reportedly going to announce a 2021 capital expenditure plan of US$22 billion, ~10% higher than previously estimated, at an event on Thursday (7 January), according to Taiwanese media reports. TSMC acts as a manufacturer for major chip companies like Advanced Micro Devices Inc (up +0.6%) and Nvidia Corp (+0.5%) that do not have their own fabrication plants. Companies that supply the materials and make the equipment that manufacturers like TSMC use saw their shares rise, including Lam Research Corp (up +1.2%), KLA Corp (+0.6%), Applied Materials Inc +0.7% and U.S-listed shares of ASML Holding NV (+2.5%). Intel Corp slipped -0.3%. The small capitalisation Russell 2000 index fell -1.47%.

The Dow Jones Industrial Average and S&P500 carved out fresh record intra-day and closing highs to conclude a volatile 2020 that marked both the end of the longest bull market and the shortest-lived bear market ever - Dow gained +197-points or +0.65% to 30,606.48, with Intel Corp (up +2.2%) the leading Dow constituent on the final trading day of 2020. The broader S&P500 rose +0.64% to 3,756.07, with the Financials and Utilities advancing more than >1% each to be the leading primary sector performers last Thursday (31 December). Exxon Mobil Corp fell -0.9% after the energy giant said it expects higher oil and gas and chemical prices to boost fourth-quarter earnings, but confirmed that it is also expecting to write down US$18B to US$20B of upstream assets. Exxon Mobil’s shares declined more than >40% in 2020. Tesla Inc released fourth-quarter delivery figures on Saturday (2 January), with electric vehicle maker recording it delivered 180,570 vehicles in the fourth quarter of 2020 - a quarterly record for deliveries, ahead of consensus analyst projections of ~176K and up about 60% compared from the fourth quarter of 2019. For the full year, Tesla delivered ~499K vehicles, just short of initial management projections of 500K vehicles albeit the initial projections were before COVID-19 impacted the entire auto industry. Tesla 2020 vehicle deliveries grew ~36% compared with the full year 2019, despite pandemic, lock downs and production disruptions. Tesla stock’s +743% gain in 2020 leaves the company worth ~US$669B (having started last year with a market capitalisation of ~US$76B) - and almost US$780B on a fully diluted basis. The Nasdaq edged +0.14% higher. The small capitalisation Russell 2000 index slipped -0.26%.