US stocks jumped to record highs on Monday to start the final trading week of 2020 after President Donald Trump signed an economic relief bill. The Dow Jones closed +204 points higher or +0.7%, the S&P 500 climbed +0.9% and the Nasdaq rose +0.7%.

US equity markets advanced, shrugging off a threat by President Trump not to sign a bill including nearly US$900B in pandemic relief - Dow up +114-points or +0.38% . The broader S&P500 eked out a +0.07% gain, having been up as much as ~0.7% earlier in the session. Cyclical sectors provided the market with some support, with Energy and Financials the two best-performing groups, rising +2.2% and +1.6%, respectively. The technology-centric Nasdaq eased -0.29%. The small-capitalisation Russell 2000 index logged its 13th record closing high of 2020, gaining +1. (to 1,989.88). President Trump said the stimulus package, agreed upon after months of wrangling in Congress, was “a disgrace” and that he wanted to increase “ridiculously low” US$600 payments for individuals to US$2,000.

US equity markets lost ground as COVID-19 concerns lingered - Dow lost -201-points or -0.67% . The broader S&P500 slipped -0.21%, with Energy (down -1.74%) leading the declines. Information Technology (up +0.86%) and Real Estate (+0.61%). Travel-related stocks came under pressure once again amid lingering concerns about a new variant of COVID-19 in the U.K. American Airlines dropped -3.9% and United Airlines fell -2.5%. Carnival -6%, while Royal Caribbean dipped nearly 3%. Norwegian Cruise Line slid 6.9% Nasdaq added +0.50% to log a fresh record closing high (12,807.92). Apple Inc rallied +2.85% as investors continued to support the company’s reported foray into self-driving vehicles. The small-capitalisation Russell 2000 index also logged record closing high, gaining +0.99% (to 1,989.88).

US equity markets settled with modest losses, clawing their way back from steep losses earlier in the session as investors weighed the outbreak of a more virulent new strain of COVID-19 against the passage of a long-anticipated US$900B stimulus package.- Dow added +37-points or +0.12%, erasing an earlier -400-point slide. Nike Inc gained +4.91% and hit a record high after posting better-than-expected fiscal second quarter earnings per share (US$0.78c versus analysts’ forecasts for US$0.70c) and sales (up +7% to US$11.2B versus consensus forecasts for US$10.55B) after the close of last Friday’s (18 December) session. JPMorgan Chase and Co (up +3.75%) and Goldman Sachs Group Inc (+6.13%) after the Federal Reserve announced late last Friday (18 December) it will allow the banking industry to resume share buybacks in the first quarter of 2021 following the results of the latest bank stress test. The broader S&P500 lost -0.39%, recovering from an earlier decline of almost 2%. Energy (down -1.80%), Utilities (-1.26%) and Consumer Staples (-1.05%) led the declines with falls of 1%+, while the Financials (up +1.24%) sector was comfortably the leading primary sector performer. Tesla Inc fell -6.49% on its first day of trading as a member of the S&P500 (with a 1.69% index weighting). A Reuters report that Apple Inc (up +1.24%) was pressing ahead with plans to produce electric vehicles in 2024 with its own version of self-driving car technology including a “breakthrough” battery design weighed on Tesla. Nasdaq slipped -0.10%. In merger and acquisition (M&A) news, Lockheed Martin Corp lost 1.9% after announcing it would buy U.S. rocket engine maker Aerojet Rocketdyne Holdings Inc for US$4.4B. Separately, International Business Machines (IBM) Corp shed -2.0% after saying it would acquire Finland-based start-up Nordcloud, in its latest effort to bolster its cloud-computing business.

US equity markets settled with modest losses despite rebounding somewhat late in the session, with all three key indices still hitting fresh record intra-day highs - Dow settled -124-points or -0.41% lower (at 30,179.05), paring a decline of over >270-points and after touching a fresh record intra-day high (30,342.59) at the opening of the session. The broader S&P500 eased -0.35% (to 3,709.41) amid a lot of rebalancing activity, snapping a three session winning streak and having touched an intra-day record peak of 3,726.70. Economic bellwether FedEx Corp fell -5.71% despite posting quarterly sales (US$20.6B) that topped >US$20B for the first time after the close of the previous session. FedEx also delivered better-than-expected earnings per share (EPS) of US$4.83 versus consensus estimates for US$4.01. The delivery company said year to date e-commerce volumes grew 33% faster than traditional retail. Moreover, FedEx expects e-commerce packages to triple, to 111M per day in 2026 from 35M per day in 2019. Both FedEx and United Parcel Service (up +0.4%) are an important part of the distribution chain for COVID-19 vaccines. Intel Corporation dropped -6.3% following a Bloomberg report that Microsoft Corp (-0.38%) was developing in-house chips for its servers and Surface PCs. Microsoft plans to develop a chip using Arm Holdings Plc designs for its data centres, and is exploring using another chip to power its PCs, according to the report. Advanced Micro Devices Inc lost -0.95%. Cybersecurity company Fortinet Inc (up +6.91%) was the leading S&P500 performer, buoyed by a recent spate of cyber attack disclosures from companies such as Microsoft. The technology-centric Nasdaq dipped -0.07% (to 12,755.64) after notching a record intra-day high of 12,809.60. Tesla Inc rallied +5.96% to a fresh record closing high (US$695) on heavy volume (over 200M shares or ~US$148B changed hands, more than quadruple the stock’s 30-day average trading volume and with Tesla trading more than the next 25 most active stocks combined) ahead of the company’s inclusion in the S&P500 index at conclusion of last Friday’s (18 December) session. Telsa will enter the S&P500 with a 1.69% weighting, the fifth largest in the index. Since the S&P announced on 16 November that the electric vehicle maker would be included in the S&P500 Tesla has added US$271.96B in market value, which is greater than Toyota Motor Co.’s market capitalisation (currently ~US$213B). Apple Inc (down -1.59%) closed all of its 54 stores in California over the weekend, with stores in about a dozen other U.S. locations already closed. About 80 of Apple’s 508 retail stores worldwide (including 270 in the US) are closed in total. The small capitalisation Russell 2000 index lost -0.41%.

US stocks closed at record levels on Thursday, boosted by hope of Washington coming through on additional fiscal aid before the end of 2020. The S&P 500 gained +0.6%, and the tech-heavy Nasdaq advanced +0.8%. The Dow Jones climbed 147 points or +0.5%. Both the S&P 500 and Nasdaq hit intraday and closing records, while the Dow posted its highest-ever closing level. Real estate, materials and health care were the best-performing sectors in the S&P 500, rising more than 1% each. Johnson & Johnson rose 2.6% to lead the Dow higher.

The S&P 500 rose slightly on Wednesday amid the Federal Reserve’s latest pledge to support the economy and the apparent progress in U.S. fiscal stimulus negotiations. The broader-market index closed +0.18% higher, just below a record closing high. The Nasdaq gained +0.5%, notching intraday and closing all-time highs, as Apple and Microsoft each popped more than 2%. The Dow Jones lagged, falling 44 points, or -0.15%.

US stocks rose sharply on Tuesday as traders grew more optimistic about Congress passing another economic relief package. The Dow Jones gained +337 points or +1.13%, the S&P 500 advanced +1.29%, snapping a four-day losing streak. The Nasdaq climbed +1.25%, reaching a new record closing high. Apple led the Dow higher, jumping 5% after Nikkei reported the company will increase iPhone production by about 30% in the first half of 2021. All 11 S&P 500 sectors registered gains on Tuesday, led by energy and utilities.

US equity markets dipped on Monday as fears of additional Covid-19 restrictions offset the optimism around a vaccine rollout. The 30-stock Dow traded lower by 151-points or -0.5%. The broader S&P500 declined by -0.6%. The S&P and Dow are up 13% and 4.6%, respectively, for the year. The tech-centric Nasdaq outperformed, rising +0.6%, extending its gains for the year to 39%.

US equity markets - Dow added +47-points or +0.16% . The Walt Disney Co rallied 13.% - logging its best single day advance since 24 March and clinching a fresh record closing high - after its annual investor day a day earlier. The company revealed that its Disney+ platform now has 86.8M subscribers and projected that it could have 230M to 260M Disney+ subscribers by the end of fiscal 2024 (up from a previous target of 60M to 90M subscribers). Disney hopes a wave of new streaming content will help fuel that subscriber boom. The broader S&P500 slipped -0.13%. Nasdaq lost -0.23%. Tesla Inc fell -2.72%, with Jefferies downgrading the electric vehicle maker to a “Hold” recommendation from a “Buy”, observing that they “don’t believe that Tesla can dominate the industry given the latter’s size, structure and politics.” The small capitalisation Russell 2000 index fell -0.57%.

US equity markets lower in the wake of the latest weekly jobless claims figures and with investors still looking for signs of progress in fiscal stimulus talks to support the economy - Dow down -70-points or -0.20% and slipping back below 3% in extended trading the company revealed that its Disney+ platform now has 86.8M subscribers during its annual investor day. The figure is up from the 73M that the company reported at the end of its fiscal fourth quarter. The broader S&P500 dipped -0.13%, paring an earlier decline of as much as -0.75%. The S&P energy index closed at a six-month high The Dow and S&P logged their first back-to-back declines since 18 November. Nasdaq added +0.54%. Twitter Inc gained +8.4% after the social-media company said it added a feature allowing users to put their tweets in Snapchat and Instagram. Google-parent Alphabet Inc fell -0.49% and Amazon.com Inc -0.09% after France’s data privacy watchdog fined the companies for breaching the country’s rules on online advertising trackers. The small capitalisation Russell 2000 index continued to outperform with a +1.0% rise

US equity markets retreated from record highs although all three major indices touched fresh record intra-day highs - Dow fell -105-points or -0.35%, unwinding an earlier rally of over >100-points and after touching a fresh intra-day record high of 30,319.70. Apple Inc and Salesforce.Com Inc were among the worst performing Dow constituents, down -2.09% and -3.20% respectively. The broader S&P500 lost -0.79% after touching a record intra-day peak of 3,712.39, with Information Technology (down -1.88%) leading eight of the eleven primary sectors lower. Home improvement chain Lowe’s Cos Inc jumped +5.88% after announcing a new US$15B share purchase plan. Energy once again outperformed with a +0.32% gain. Drugmaker Eli Lilly climbed +5.83% after flagging positive data from a late-stage clinical trial for its experimental drug designed to treat type 2 diabetes. Starbucks Corp rose ~4% in the extended session after the retailer reiterated its guidance for next year and said that it is counting on a "significant rebound" for 2021. The technology-centric Nasdaq dropped -1.95%, logging its worst single session in six weeks after touching a fresh record intra-day high of 12,607.14. Facebook Inc declined -1.93% after the Federal Trade Commission, along with several states, filed lawsuits that could force the social media giant to divest Instagram and WhatsApp. Google-parent Alphabet Inc lost -1.89%. The small capitalisation Russell 2000 fell -0.82%.

US equity markets rallied and set fresh records, buoyed by another round of positive news on the COVID-19 vaccine front - Dow rose +104-points or +0.35% . Dow Inc (up +2.52%), Johnson & Johnson (+1.73%) and 3M Co (+1.36%) were among the best-performing Dow stocks, all rising more than >1%. However, Boeing Co fell -0.67% after company data showed the planemaker lost another 63 orders for its newly ungrounded 737 MAX jet in November. The broader S&P500 added +0.28% to 3,702.25, the indices first settlement above >3,700. Energy (up +1.57%) returned to the top of the primary sector leaderboard, leading six of the eleven key sectors higher. The technology-centric Nasdaq rose +0.48% to 12,582.77. Tesla Inc reversed course and settled +1.27% higher after the electric-car maker unveiled a US$5B capital raise, its second such move in three months. Both the S&P500 and Nasdaq carved out fresh record closing highs. The small capitalisation Russell 2000 index outperformed with a +1.4% rise and is up ~30% since 23 September.

US equity markets pulled back from record highs as a fresh round of COVID-19 restrictions underscored the continuing economic impact of the pandemic - Dow fell -149-points or -0.49% to snap a three-session winning streak, with Intel Corp down -3.4% the worst performing index constituent. The broader S&P500 slipped -0.19%. Energy (down -2.44%) was the clear underperformer and led eight of the eleven primary sectors lower. Large capitalisation growth stocks, which had underperformed value stocks in recent weeks as investors looked to names likely to benefit from a reopened economy, edged +0.36% higher while value stocks lost -0.56%. However, the technology-centric Nasdaq rose +0.45% to 12,519.77, booking its 49th record closing high of 2020. Facebook Inc (up +2.1%) and Apple Inc (+1.23%) led the advance. Tesla Inc rallied +7.13% and touched a record all-time high (US$648.79). The small capitalisation Russell 2000 index dipped -0.06%.

US equity markets swept to fresh records to close the week as slowing jobs growth raised investors’ expectations for a new fiscal relief bill to help revive the coronavirus-hit economy - Dow gained +249-points or +0.83% to 30,218.26, with Chevron Corp (up +3.9%) and Caterpillar Inc (+4.3%) the leading index performers. However, Boeing Co fell 1.89% as a top company executive said the company is reducing production of its 787 Dreamliner for the fourth time in 18 months. The broader S&P500 +0.88% to 3,699.12. The Energy sector (up +5.43%) was again atop the primary sector leaderboard as cyclical sectors led the gains. Utilities (down -1.04%) and Consumer Discretionary (-0.13%) were the only primary sectors not to advance. The technology-centric Nasdaq +0.70% to 12,464.23 despite . The small capitalisation Russell 2000 index jumped +2.4% to 1,895.45. The last time all four indexes closed at a record on the same day was 22 January, 2018, according to Dow Jones Market Data.

US equity markets firmer albeit losing some momentum in the final hour of trading, with all three benchmark indices touching fresh record intra-day highs - Dow settled +86-points or +0.29% higher, having been up over >200-points earlier in the session and logging a record intra-day high (30,110.88). Boeing Co gained +5.96%. The broader S&P500 dipped -0.06% after touching a fresh record intra-day peak (3,682.73) earlier in the session. Energy (up +1.07%) was again atop the primary sector leaderboard. Utilities (down -1.10%) was the worst performing primary sector. Costco Wholesale Corp fell -1.6% even though the company reported that November comparable sales rose 13.4% year over year, beating estimates of 13%.The Nasdaq added +0.23% to a fresh record closing high (12,377.18) and carving out a record intra-day high (12,439.02) earlier in the session. Tesla Inc rallied +4.32% after Goldman Sachs upgraded the stock to “buy” in the run-up to the electric car maker’s addition to the S&P 500 index. The investment bank said that it sees more than >30% upside ahead for the stock based on forecasts for a faster-than-expected shift to electric vehicles.

US equity markets settled with modest gains - Dow added +60-points or +0.18%, with Boeing Co (up +5.1%) the leading index performer. However, Salesforce.com Inc fell -8.6% after the cloud-based customer relationship-management company confirmed after the close of the previous session that it would acquire Slack Technologies Inc in a cash (US$26.79 per share) and scrip (0.0776 shares of Salesforce common stock) deal worth US$27.7B. The broader S&P500 edged +0.18% higher to log its 28th record closing high (3,669.01) of 2020. Energy (up +3.15%) returned to the top of best performing primary sectors list along with Financials (+1.05%) and Communication Services (+1.01%). The technology-centric Nasdaq slipped -0.06%, unwinding earlier gains.

US equity markets made a strong start to December, with the Dow Jones Industrial Average logging an intra-day record high and both the S&P500 and Nasdaq notching fresh record closing highs - Dow settled +185-points or +0.60% higher, having climbed over >400-points earlier in the session to a intra-day record high of . Apple Inc (up 3.1%) was the leading Dow performer. The broader S&P500 gained +1.1% to 3,662.45, with Communication Services (up +1.96%), Financials (+1.57%) and Information Technology (+1.41%) leading nine of the eleven primary sectors higher. Industrials (down -0.17%) was the only primary sector to close in the red. The technology-centric Nasdaq +1.3% to 12,355.11. Tesla Inc gained +3% after S&P Dow Jones Indices confirmed after the close of the previous session that the electric vehicle maker would be added to the S&P500 index in a single step on 21 December. Amazon.com Inc’s (up +1.64%) AWS announced a development agreement with BlackBerry (+19.25%).

US equity markets closed out a stellar month on the backfoot amid some profit taking and month-end rebalancing activity - Dow dropped -272-points or -0.91%, having been down more than >400-points earlier in the session. Travelers (down -3.6%)and Chevron Corp (-4.5%) were the worst performing stock in the Dow on the final trading day of the month. The broader S&P500 -0.46%, with Energy (down -5.37%) the worst performing primary sector overnight and logging its worst daily performance since 24 June. Exxon Mobil Corp was little changed in after hours trading (after a -5.13% fall in the regular session) after saying it will focus on a few of its near-term, oil-rich assets that show more promise, including developments in Texas's Permian Basin and in South America, as it looks to prioritise between US$16B and US$19B in capital and exploration investments next year and between US$20B and US$25B annually through 2025. The energy heavyweight said that it was writing down the value of its natural gas assets by US$17B to US$20B. Chief Executive Darren Woods sounded optimistic about the fourth quarter in a statement, saying that "the business environment" was showing "signs of improvement" despite the resurgence in COVID-19 cases and economic restrictions, adding that "Prices and margins for many of our businesses have improved from the third quarter and when coupled with continuing efforts to reduce spending and capture additional efficiencies, quarter-to-date cash flow has improved versus our plan assumptions." The Nasdaq dipped -0.06%. Advanced Micro Devices Inc (up +6.3% at US$92.66) closed at a record high after the company’s chief executive officer Lisa Su said she expects continued growth in the PC market after a pandemic boom and a better-than-seasonal first quarter in 2021 for the chip maker. Tesla Inc rallied over >4% in extended trading after S&P Dow Jones Indices confirmed it will add the electric vehicle maker to the S&P 500 at its full float-adjusted market capitalisation weight effective prior to the open of trading on Monday, December 21, 2020 rather than in tranches. S&P Dow Jones said it will announce which company will leave the S&P 500 to make room for Tesla on 11 December.

US equity and bond markets were CLOSED for the Thanksgiving Day holiday and will open for a half-day of trading tonight AEST. It is also Black Friday tonight AEST, the unofficial start of the holiday shopping season in the US. A top executive at AstraZeneca Plc (down -0.6%) pushed back against criticism that the company failed to disclose enough data from a clinical trial of its COVID-19 vaccine earlier this week, and acknowledged scepticism about the vaccine's 90% effectiveness in a group of patients who were accidentally given a lower dose than intended. Chief Executive Officer (CEO) Pascal Soriot confirmed to Bloomberg that the British pharmaceutical giant was likely to run an additional global trial to evaluate the efficacy of its COVID-19 vaccine.

•US equity markets retreated after the all of the Dow, S&P500 and Russell 2000 indices carved out record closing highs in the previous session, with trading volumes lighter than usual ahead of the Thanksgiving Day holiday - Dow down -174-points or -0.58% at 29,872.47. The broader S&P500 slipped -0.16%, with Energy down -2.4%. The technology-centric Nasdaq gained bucked the weaker trend with a +0.48% gain and booked its first fresh record closing high (12,094.40) in three months. Tesla Inc advanced for a third straight session (and the sixth time in the past seven trading days), up +%. The electric vehicle maker’s market capitalisation is now ~US$543B, just shy of Warren Buffet’s Berkshire Hathaway Inc at ~US$547B. The small capitalisation Russell 2000 index lost -0.46%

US equity markets continued to climb, with the Dow Jones Industrial Average trading above 30,000 for the first time - Dow rallied +455-points or +1.54% to 30,046.24, carving out both fresh record closing and intra-day (30,116.51) highs. Chevron Corp (up +5.04%), JPMorgan Chase & Co (+4.62%) and American Express Co (+3.70%) were the leading index constituents. The Dow now sits +13.38% higher in November and is on track for its biggest monthly gain since 1987. It took the Dow 218 trading days to traverse 1,000 points since closing above 29,000 for the first time on 15 January. Since hitting 29,000, Apple Inc has been the largest contributor to the Dow’s rally, alone adding 1,263 points to the index over the past 10 months - more than twice any other component. Apple’s undertook a 4-for1 stock split at the end of August, shifting it from the most influential component on a price basis in the price-weighted Dow index to the middle of the pack. The broader S&P500 +1.62% to a record closing high of 3,635.41, with Energy (up +5.16%) once again the leading primary sector performer. Real Estate (down -0.03%) was the only primary sector to settle in the red. The technology-centric Nasdaq gained +1.31%. Tesla Inc rallied to +6.43%, lifting the electric vehicle maker’s market capitalisation above >US$500B for the first time. Tesla’s rally this week has also lifted Elon Musk above Microsoft Corp billionaire Bill Gates as the world’s second richest person, according to the Bloomberg Billionaire Index, which tracks the wealth of the world’s 500 richest people. The S&P500 and Nasdaq are +11.18% and +10.31% higher respectively in November and on course for their best monthly gains since April. The small capitalisation Russell 2000 index logged its second record closing high in-a-row, up +1.93% at 1,853.46.

Another round of positive news on the coronavirus vaccine front lifted US equity markets, with cyclical stocks outperforming - Dow rallied +328-points or +1.12%, Boeing Co (up +5.97%) and Chevron Corp (+6.11%) among the leading index performers. Walt Disney Co (+3.48%), American Express Co (+3.12%) and Goldman Sachs Group Inc (+2.45%) also made solid positive contributions. A US$1 move in any of the Dow's 30 components equates to a 6.58-point swing. The broader S&P500 +0.56%, with Energy (up +7.09%) once again the clear outperformer and leading seven of the eleven primary sectors higher. Real Estate (down -0.34%) and Health Care (-0.30%) were the key laggards. The Nasdaq edged +0.22% higher. Apple Inc fell -2.97% and Netflix -2.38%. Tesla Inc (up +6.58%) moved closer toward hitting US$500B in market capitalisation ahead of its inclusion in the S&P 500 index next month. The small capitalisation Russell 2000 index outperformed with a +1.85% advance.

In more detail: US equity markets closed the week on the back foot amid a growing number of state-level shutdowns to combat rising coronavirus cases and as U.S. Treasury Secretary Steven Mnuchin announced late Thursday (19 November) that he would allow key pandemic-relief lending programs at the Federal Reserve to expire at the end of the year - Dow lost -220-points or -0.75% to 29,263.48. Boeing Co (down -2.94%) and Salesforce.com Inc (-2.5%) were the worst performing Dow constituents. The broader S&P500 fell -0.68%, with Information Technology (down -1.05%), Industrials (-0.91%) and Financials (-0.88%) leading ten of the eleven primary sectors lower. Utilities was the only primary sector to advance, inching +0.05% higher. Nasdaq -0.42%. The small capitalisation Russell 2000 index inched +0.07% higher. It is a shortened trading week in the US this week given the Thanksgiving Day holiday on Thursday night AEST (26 November). US equity and bond markets will be CLOSED on Thursday night AEST (26 November) and open for a half-day of trading on Friday night AEST (27 November). It is also Black Friday, the unofficial start of the holiday shopping season.

US equity markets retreated as a rise in coronavirus cases and fresh lockdown measures overshadowed some more positive news on the vaccine front - Dow lost -345-points or -1.16%, relinquishing an earlier +147-point rise. Only three Dow components – Dow Inc (+1.51%), Caterpillar Inc (+0.48%) and Salesforce.com Inc (+0.39%) advanced. Boeing Co down -3.21% despite the Federal Aviation Administration approved the return to service of the aerospace giant’s 737 MAX jets, which have been grounded since March 2019. The broader S&P500 logged its first back-to-back decline in three weeks, down -1.16%. Energy (down -2.88%) and Utilities (-1.93%) led all eleven primary sectors lower. The technology-centric Nasdaq shed -0.82%. The small capitalisation Russell 2000 index lost -1.26% after posting three record closing highs on the spin.

The Dow and S&P500 pulled back from records, with the latest data confirming a slowdown in retail sales - Dow fell -167-points or -0.56%, having been down over >400-points at its worst levels of the session. Boeing Co rose +3.78% on reports that the Federal Aviation Administration is planning to recertify the 737 Max as soon as Wednesday (18 November).The broader S&P500 lost -0.48%, with Utilities (down 2.01%) and Health Care (--1.0%) leading nine of the eleven primary sector lower. Energy (up +0.5%) and Real Estate (+0.12%) were the only primary sectors to advance. Pharmacy owner CVS Health Corp (down -8.62%) and Dow-member Walgreens Boots Alliance (-9.63%) dropped after Amazon.com Inc (up +0.15%) launched a pharmacy business, which allows free delivery of medications for Prime members. Tesla Inc rallied +8.21% after S&P Dow Jones confirmed after the close of the previous session that the electric vehicle maker will be added to the S&P500 at the next index re-balance on 21 December Nasdaq -0.19%. The small capitalisation Russell 2000 index logged its third straight record closing high, rising +0.37% to 1,791.91.

More positive news on the coronavirus front lifted US equity markets to fresh records - Dow rallied +471-points or +1.6% to 29,950.44, logging both record intra-day (29,559.25) and closing highs. Boeing Co (up +8.17%) and Chevron Corp (+7.14%) were the leading index performers. It was the first all-time high for the Dow since February and the latest climb marked the fastest rebound from a bear-market low for the benchmark in about three decades, according to Dow Jones Market Data.

US equity markets rallied solidly on Friday night AEST (13 November), with the S&P500 notching a record closing high - Dow up +400-points or +1.37%. Walt Disney Co rose +2.1% after posting a smaller-than-expected fourth quarter loss (-US$0.20c per share on revenue of US$14.71B versus consensus estimates for a loss of -US$0.71c on revenue of US$14.2B) after the close of Thursday’s (12 November) session and reported 73M paid subscribers for its streaming service, Disney+. The broader S&P500 gained +1.36% to a record closing of 3,585.15. Energy (up +3.81%), Real Estate (+2.28%) and Industrials (+2.15%) led all eleven primary sectors higher. Information Technology (up +0.86%) and Utilities (+0.92%) were the relative laggards with gains of less than

•US equity markets weaker amid fresh new daily records for COVID-19 cases in the US and Europe and further lockdown measures - Dow fell -317-points or -1.08% . The broader S&P500 -1.%, with the decline leaving the index just 0.8% above last Friday’s (6 November) closing level of 3,509.44. Energy (down -3.39%) and Materials (-2.17%) led all elven primary sectors lower. Travel (United Airlines Holdings Inc down -4.31%, Carnival Corp -7.9%) and banking (JPMorgan Chase & Co down -1.23%, Citigroup Inc -1.33% and Wells Fargo & Co -1.57%) stocks among the biggest laggards. The technology-centric Nasdaq lost -0.7%.

US equity markets firmer amid a reversal of the rotation out of growth stocks into value names that has unfolded over the past two sessions - Dow settled -23-points or -0.08% lower, with American Express Co (down -4.17%), Boeing Co (-3.47%) and Walt Disney Co (-3.02%) the major drags on the index. The broader S&P500 rose +0.77%, with Information Technology (up +2.41%) and Consumer Discretionary (+1.50%) the leading primary sector performers after being at the back of the pack for the past two sessions. Materials (down -1.37%), Industrials (-0.88%) and Energy (-0.84%) underperformed overnight. The technology-centric Nasdaq rebounded +2.01%. Among the big technology names, Amazon.com Inc gaining +3.37%, Apple Inc +3.04%, Google-parent Alphabet Inc +0.71%, Microsoft Corp +2.63%, Facebook Inc +1.49% and Netflix Inc +2.19%. The small capitalisation Russell 2000 index was flat.

US equity markets settled on a mixed note as the rotation out of technology stocks into value-oriented and small-capitalisation stocks continued for a second session - Dow up +263-points or +0.90% Boeing Co (up +5.2%) and energy heavyweight Exxon Mobil Corp +4.6% and Chevron Corp (+4.62%) were among the strongest performers. The broader S&P500 slipped -0.14%. Information Technology (down -1.94%) and Consumer Discretionary (-1.11%) were the worst performing sectors for a second session in-a-row, while Energy (up +2.52%) was again the leading primary sector performer. Lowes Companies Inc rose +1.5% after the company refuted a Bloomberg report that it was in talks to buy industrial products distributor HD Supply (+0.98%). American Airlines Group Inc pulled back -6.2% after the air carrier said it proposed a public offering of 38.5M shares of common stock to raise ~US$508M. The company plans to use the proceeds from the offering for general corporate purposes and to enhance the company's liquidity position. Carnival Corp fell -13.1% after the cruise operator revealed a proposed stock offering program valued at up to US$1.5B. The filing to sell more shares comes after the stock soared 28.8% on Monday (9 November), and less than two weeks after the completion of its previous US$1B stock offering program. The technology-centric Nasdaq fell -1.32%. Amazon.com Inc fell -3.5% as the company faces antitrust charges from the European Union (EU) over the use of merchant data on its platforms, and the bloc has opened another investigation into the e-commerce company, in the latest move to regulate technology giants in Europe. Google parent Alphabet Inc -1.4% and Microsoft Corp -3.4%. Zoom Video Communications Inc fell -9.01% to be down ~25% over the past two sessions. The small-capitalisation Russell 2000 index closed +1.8% higher, recording its biggest one-day outperformance against the Nasdaq Composite on records dating back to 1986, according to Dow Jones Market Data.

US equity markets soared after biotechnology companies Pfizer Inc (up +7.69%) and BioNTech SE (13.91%) announced that their COVID-19 vaccine candidate achieved "success" in the first interim analysis of a Phase 3 study. - Dow jumped +835-points or +2.95% to 29,157.97, logging its biggest one day climb since 5 June. The Dow hit an all-time high earlier in the session, surging more than >1,600-points or ~5.7% to 29,933.83. American Express Co rallied +21.39%, Boeing Co +13.7%, JPMorgan Chase +13.5% and Walt Disney Company +11.9%. The broader S&P500 +1.17% to 3,550 and also touched a record intra-day high. The Energy sector (up +14.22%) led seven of the eleven primary sectors higher, while Consumer Discretionary (down -1.59%) and Information Technology (0.73%) underperformed. Companies likely to benefit from a re-opening of the economy prospered on the vaccine news, with airlines (United Airlines Holdings Inc up +19.15%, American Airlines Group Inc +15.18%, Southwest Airlines Co +9.70%) and cruise lines (Royal Caribbean Cruises Ltd up +28.79% and Carnival Corp +39.29%) The technology-centric Nasdaq fell -1.53%, with the so-called ‘stay-at-home’ stocks struggling. The Nasdaq-100 index - composed off the 100 biggest components of the Nasdaq Composite – fell -2.2% and snapping a five-session win streak. Zoom Video Communications Inc tumbled -17.37%, Netflix Inc -8.59% and Amazon.com Inc -5.06%. The small capitalisation Russell 2000 index gained +3.7%.

US equity markets settled little changed after a strong week post a deadlocked presidential election - Dow -67-points or -0.24% . UnitedHealth Group Inc (down -1.96%) was the worst performing Dow constituent. The broader S&P500 dipped -0.03%, with Energy (down -2.14%) and Financials (-0.81%) the key primary sector drags and offsetting gains for Consumer Staples (up +0.44%) and Information Technology (+0.30%). T-Mobile US Inc gained +5.37% after reporting that a surge of new subscribers helped it to deliver strong third-quarter results after the close of last Thursday’s session that prompted broker upgrades. Nasdaq inched +0.04% higher. Streaming company Roku Inc jumped +12.57% after logging a much better-than-expected third quarter result after the close of the previous session. The company on posted earnings per share (EPS) of US$0.09 cents on US$452M in revenue versus analysts’ projections for a loss of -US$0.40c and US$366M revenue. Roku did not provide formal fourth quarter guidance but said it expects quarterly revenue to grow in the mid-40% range year over year.

US stocks jumped on Thursday on hopes the winner of the U.S. presidential and congressional election would soon be determined, with shares of major tech-related companies leading the gains. The Dow Jones Industrial Average closed 542.52 points higher, or 1.95%, at 28,390.18. Earlier in the day, the 30-stock average was higher by more than 600 points. The S&P 500 climbed 1.95% to 3,150.45 and the tech centric Nasdaq Composite advanced 2.6% to 11,890.93. Thursday also marked the first time since 1982 that the Dow and S&P 500 rose at least 1% on four straight sessions.

US equity markets rallied strongly but closed off their best levels of the session as the predicted Democratic ‘Blue Wave’ failed to materialize albeit the presidential election race remains extremely tight - Dow +368-points or +1.34%, having been up over >800-points at its best levels of the session. The broader S&P500 +2.20%, paring an earlier rally of as much as +3.5%. The S&P Healthcare index (up +4.45%) jumped to a record high Pfizer Inc (up +3.15%), Merck & Co (+4.81%) and Johnson & Johnson (+0.65%) climbed as the potentially split Congress was likely to shield the industry from sweeping reform. Communication Services (up +4.25%), Information Technology (+3.83%), and Consumer Discretionary (+3.14%) were the other notable sector performers. Materials (down -1.65%), Utilities (-1.59%) and Financials (-1.27%) were the key laggards. Costco Wholesale Corp edged +0.33% higher in after-hours trading after reporting that its net sales for October rose +15.9% to $13.82B from US$11.92B in October 2019. Same-store sales in the U.S. rose +13.6%, and total same-store sales, which includes overseas locations, rose +14.4% The technology-centric Nasdaq jumped +3.85%, with big gains for Facebook Inc up +8.32%, Google parent Alphabet Inc +6.09%, Amazon.com Inc +6.32% and Apple Inc +4.08%. The S&P and Nasdaq posted their best post-election gains on record.

US equity markets rallied strongly as Americans headed to the polls, with gains accelerating in the final hour of trading - Dow rallied +555-points or +2.06% and was briefly up over >700-points. Walgreens Boots Alliance Inc (up +4.41%) and Goldman Sachs Group Inc (+4.06%) both gained more than >4% to be the leading Dow constituents. The S&P500 gained +1.78%, with the rise marking the second-best presidential Election Day performance for the broader index. Industrials (up +2.91%), Financials (+2.20%) and Consumer Discretionary (+2.03%) logging gains of over >2% and leading ten of the eleven primary sectors higher. Energy (down -0.75%) was the only sector to close in the red. Carnival Corp said its North American cruise brands will extend a pause in operations to 31 December from 1 December, with Norwegian Cruise Line Holdings Ltd announcing the same extended suspension on Monday (2 November).. Nasdaq +1.85%. The small capitalisation Russell 2000 index outperformed with a +2.91% gain.

US equity markets climbed on the eve of the presidential election - Dow rallied +423-points or +1.60% . Honeywell International Inc (up +5.25%) and Walgreens Boots Alliance Inc (+5.14%) were the best-performing Dow constituents, gaining more than >5% each. The broader S&P500 +1.23%, with Energy (up +3.67%) and Materials (+3.39%) leading all eleven primary sectors higher. Beaten down value stocks soundly outperforming growth stocks. The Nasdaq +0.42% although some big technology stocks continued to struggle in the wake of their quarterly results last week, with Facebook Inc down -0.67% and Amazon.com Inc -1.04%.

US equity markets extended losses on Friday (30 October) led by falls for a number of big technology heavyweights following quarterly results after the close of last Thursday’s (29 October) session, with the benchmark indices settling off their worst levels of the session but logging their worst monthly decline since March - Dow down -158-points or -0.60%, paring an earlier drop of over >500-points . The broader S&P500 -1.1%, with Consumer Discretionary (down -3.00%) and Information Technology (-2.44%) leading nine of the eleven primary sectors lower. Financials (up +0.27%) and Energy (+0.19%) were the only primary sectors to advance. Cruise operators traded strongly (Carnival Corp up +5.62% and Royal Caribbean Cruises Ltd +4.81%) after the Centers for Disease Control and Prevention (CDC) chose not to extend its full no-sail order, and has instead gone with a "phased approach" to resuming cruise operations. The technology-centric Nasdaq dropped -2.5%, having been down over >3% earlier in the session. Facebook Inc (down -6.31%), Apple Inc (-5.60%), Amazon.com Inc (-5.45%). Google parent Alphabet Inc bucked the weaker trend among the big technology names, rising +3% after the internet-search giant third quarter earnings numbers released after the close of last Thursday’s (29 October) session crushed consensus analyst estimates and recorded a strong rebound in its core advertising revenue. Netflix Inc closed down -5.6% after the streaming company announced after Thursday’s (29 October) that it will raise prices for U.S. subscribers. Twitter Inc slumped -21.1% - its worst single session decline since 2014 and marking a drop of -US$8.8B in market capitalisation terms - after the microblogging site reported after the closing bell of the previous session that monetised third quarter daily active users fell short of analysts’ expectations (up +1M to 187M versus analysts’ forecasts for 195M). Twitter is still up ~88% from is 18 March low.

US equity markets advanced, clawing back some of the previous session’s steep declines as investors eyed quarterly results from a host of big technology stocks - Dow +139-points or +0.52% . Boeing Co announced a four-part bond deal a day after reporting third-quarter results. Boeing said in a public filing Thursday that it may use proceeds from the bond sale to repay near-term debts. The broader S&P500 +1.19%, with six of the eleven primary sectors logging gains of more than >1%. Exxon Mobil Corp announced plans to cut its U.S. workforce by ~1,900 people, seeking to reduce costs to fend off lower demand for its products during the pandemic. Exxon earlier this month announced workforce cuts in Europe, not immediately detailing in which countries the layoffs would occur. Nasdaq +1.64%. Netflix Inc rallied +% after the streaming company announced it will raise prices for U.S. subscribers.

US equity markets slumped as European governments imposed new lockdowns to contain an autumn wave of the pandemic and as the U.S. case surge shows no signs of abating (with the 7-day rolling average of new daily cases remained above 71,000 on Monday (26 October), well above the July peak of about 67,000, according to Johns Hopkins University data) - Dow fell for a fourth straight session, tumbling -943-points or -3.43% - its steepest one day decline since 11 June. Microsoft Corp (down -5.1%) recorded the steepest decline of the Dow constituents. Travelers Cos Inc (up +2%) was the only Dow member to advance. The Dow has now suffered its longest losing streak since 28 February, 2020 when the market fell for seven straight trading days, according Dow Jones Market Data. Exxon Mobil Corp (down -3.81%) kept its fourth-quarter dividend flat at US$0.87c per share, signalling it expects coming cost-cutting will allow it to continue making the hefty payout. The broader S&P500 -3.53%, with Information Technology (down -4.33%), Energy (-4.22%) and Communications Services (-4.03%) all down over >4% and leading all eleven primary sectors into the red. ~97% of the companies in the S&P500 closed lower. It marked the sixteenth time this year that the S&P 500 has fallen by at least 3%, tying with the year-to-date total for 2008, when the last big recession began. The Nasdaq dropped -3.73% ahead of a host of Big Tech company earnings tonight AEST including Google-parent Alphabet Inc (down -5.46%), Amazon Inc (-3.76%), Apple Inc (-4.63%), Facebook Inc (-5.51%) and Twitter Inc (-5.34%). Separately, the Chief Executive Officers (CEO) CEOs from Alphabet, Facebook and Twitter appeared before Congress overnight to testify about Section 230, a law that protects the platforms from liability for the content users post. All components of the Nasdaq 100 declined with the exception of Automatic Data Processing Inc (up +6.20%). Both the S&P500 and Nasdaq joined the Dow in erasing their month to data gains.

US equity markets modestly weaker as investors digested another slew of quarterly corporate earnings releases - Dow down -222-points or -0.80% . The broader S&P500 -0.30% to 3,390.68, logging its first close below 3,400 since 6 October. Industrials (down -2.18%) and Financials (-1.91%) led eight of the eleven primary sectors lower. The technology-centric Nasdaq outperformed with a +0.64% gain. The chief executives of Alphabet Inc’s (up +0.87%) Google, Facebook Inc (+2.23%) and Twitter Inc (+4.68%) testify in front of a U.S. Senate Commerce subcommittee hearing titled, “Does Section 230’s Sweeping Immunity Enable Big Tech Bad Behaviour?” tonight AEST. The focus will be on how tech’s largest companies decide what content users can post on their platforms. In merger and acquisition (M&A) news, Advanced Micro Devices Inc (down -4.07%) announced an agreement to acquire Xilinx Inc (up +8.56%) in an all-stock deal valued at US$35B. Xilinx shareholders Will receive 1.7234 share of AMD for each share owned, equal to $US143 in cash.

US equity markets tumbled as COVID-19 cases climbed and negotiations for a fiscal stimulus package before the election stalled once again - Dow dropped -650-points or -2.29% to 27,685.38, logging its biggest single session drop since 3 September and erasing its October gains. The Dow was down as much as -965-points at its worst levels of the session. It also marked the indices’ first close below 2%. Travel-related stocks were under particular pressure, including airlines (Delta Air Lines down -6.09%, United Airlines Holdings Inc -7.02% and American Airlines Group Inc -6.35%) and cruise lines (Royal Caribbean Cruises Ltd -9.65% and Norwegian Cruise Line Holdings -8.45%). Insurance giant American International Group Inc popped over >6% after the closing bell after announcing it intends to separate its life and retirement business from AIG. Nasdaq -1.64%. In merger and acquisition (M&A) news, Dunkin’ Brands Group Inc +16.11% after the New York Times reported the parent company of the former Dunkin’ Donuts and Baskin-Robbins ice cream was in talks to go private in a sale to private equity-backed Inspire Brands. Coca-Cola European Partners fell -1.90% after making a non-binding, indicative ~A$9.28B takeover proposal for Coca Cola Amatil (CCL.ASX).

A mixed performance for US equity markets to close out the week, leaving all three benchmark indices nursing weekly losses as uncertainty over the timeline of the coronavirus relief legislation continued to weigh on sentiment - Dow slipped -28-points or -0.10% . The broader S&P500 rose +0.34%, with Communication Services (up +1.08%) leading nine of the eleven primary sectors higher. Energy (down -0.55%) and Information Technology (-0.12%) were the only primary sectors to close lower. Intel Corp dropped -10.58% (logging the steepest percentage decline in the index) after the chip maker posted a larger-than-expected decline in third quarter revenue after the closing bell of Thursday’s (22 October) session. The Nasdaq added +0.37%. The chief executives of Alphabet Inc’s (%) Google, Facebook Inc (+2.39%) and Twitter Inc (+0.31%) will testify in front of a U.S. Senate Commerce subcommittee hearing titled, “Does Section 230’s Sweeping Immunity Enable Big Tech Bad Behaviour?” on Wednesday night AEST (28 October). The focus will be on how tech’s largest companies decide what content users can post on their platforms.

A value stock-led rally pushed the US equity indices higher after markets initially struggled for direction - Dow up +153-points or +0.54%. Energy heavyweights Exxon Mobil Corp and Chevron Corp gained +3.7% and 2.4% respectively. Banks also traded strongly, with JPMorgan Chase & Co gaining +3.5%. The broader S&P500 rose +0.52%, with the Energy sector (up +4.16%) the clear outperformer and leading eight of the eleven primary sectors higher. Real Estate (down -0.76%), Information Technology (-0.47%) and Consumer Staples (-0.22%) the laggards. The technology centric Nasdaq added +0.19%.

US equity markets settled lower after a choppy session - Dow fell -98-points or -0.35% . The broader S&P500 -0.22%, with Energy sector (down -1.99%) leading nine of the eleven primary sectors lower. Communication Services (up +1.2%) and Consumer Staples (+0.12%) were the only primary sectors to advance. The Nasdaq -0.29%. Snap Inc roared +28.3% higher and hit a record all-time high – pushing the Snapchat parent company’s valuation to more than >US$50B – following their third quarter result in the previous session. Facebook Inc rose +4.17% and Twitter Inc +8.39%,. However, Netflix Inc fell -6.92% following their third quarter result after the closing bell of the previous session that recorded a marked slowdown in subscriber growth.

US equity markets advanced amid some signs of progress in negotiations for a new fiscal stimulus deal. - Dow settled +113-points or +0.40% higher at 28,308.79, off an earlier session pean of 28,575.03. Goldman Sachs Group Inc rose +1.2% after Bloomberg reported that the bank agreed to a more-than-US$2B settlement with the U.S. Justice Department for its role in Malaysia’s 1MDB scandal. The broader S&P500 rose +0.47%, with Energy (up +1.13%) leading ten of the eleven primary sectors higher. The Nasdaq added +0.32%. The Justice Department formally charged Alphabet Inc’s (up +1.39%) parent company Google with antitrust violations. “Google is a monopolist in the general search services, search advertising, and general search text advertising markets,” according to the Justice Department’s complaint filed in federal court in Washington, D.C. overnight. “Google aggressively uses its monopoly positions, and the money that flows from them, to continuously foreclose rivals and protect its monopolies.” Intel Corp (down -2.11%) confirmed a rumour circulated by The Wall Street Journal in announcing it has reached a deal to sell its flash-memory manufacturing business to South Korea’s SK Hynix Inc for ~US$9B

US equity markets retreated as Washington lawmakers continued to struggle to agree a deal on a fresh coronavirus stimulus package ahead of a Tuesday deadline that would make a relief package possible ahead of the 3 November elections - Dow down -411-points or -1.44, unwinding an earlier rally of over >200-points. Intel Corp rose +0.8% after The Wall Street Journal reported the company was near to a deal to sell its memory-chip business for $10 billion. The broader S&P500 dropped -1.63%, with Energy (down -2.10%) and Information Technology (-1.88%) leading all eleven primary sectors into the red. ConocoPhillips shed 3.2% after it confirmed reports from last week that it would buy Concho Resources Inc in an all-stock deal valued at US$9.7B. Both the Dow and S&P500 logged their worst session since 23 September. Nasdaq fell -1.61%, recording its sharpest single session drop since 2 October and first five day losing streak since August 2019. Apple Inc (down -2.55%), Microsoft Corp (2.48%)and Amazon.com Inc (-2.0%) all fell more than >2% Zoom Video Communications Inc closed +1.67% higher, touching a record high of $588.84.

US equity markets retreated following another big day on the third quarter earnings calendar - Dow fell -166-points or -0.58% . Walmart Inc (down -1.6%) that it will offer “Black Friday Deals for Days” throughout November, both online and in stores. There are three events planned, starting online on 4 November. The broader S&P500 -0.66%, with Consumer Discretionary (down -1.43%) leading eight of the eleven primary sectors lower. The technology-centric Nasdaq lost -0.80%. Amazon.com Inc (down -2.32%) fell over >2% to lead most of the Big Tech complex lower. In merger and acquisition (M&A) news, ConocoPhillips fell -1% after a Bloomberg news report it was in talks to buy Concho Resources CXO, citing people familiar with the matter.