US equity markets retreated ahead of a week full of high-profile risk events, including key central bank interest rate decisions and economic data, and major US corporate earnings releases - Dow fell -261-points or -0.77%. The broader S&P500 dropped -1.30%, with Energy (down -2.29%), Information Technology (-1.94%), Communication Services (-1.80%) and Consumer Discretionary (-1.71%) all falling over >1.5% to lead ten of the eleven primary sectors lower. Consumer Staples (up +0.07%) was the only primary sector to advance. Johnson & Johnson (J&J) fell -3.70% after The Wall Street Journal (WSJ) reported that a federal appeals court rejected the consumer products and pharmaceutical company’s move to place its liabilities for tens of thousands of claims linking talc-based products to cancer into bankruptcy. The WSJ report said the talc bankruptcy case was dismissed, because the appeals court said J&J’s talc unit, LTL Management LLC, wasn’t in financial distress. J&J faced about 38,000 lawsuits, over links to the company’s Baby Powder to ovarian cancer, asbestos poisoning and other illnesses. The Nasdaq shed -1.96%. Three of the four largest U.S. companies by market value - Alphabet Inc (down -2.45%), Amazon.com Inc (-1.65%) and Apple Inc (-2.01%) - all fell ahead of release of their latest quarterly results after the market close on Thursday night AEST (2 February). The small capitalisation Russell 2000 lost -1.35%.

US equity markets rallied to cap a strong week that saw investors weigh a host of key corporate earnings releases and key economic data, and as investors eye another busy week ahead on the earnings calendar along with some key global central bank interest rate decisions – Dow edged +29-points or +0.08% higher to book a sixth consecutive session of gains and longest winning streak since late October last year. The broader S&P500 rose +0.25% to 4,070.56, recording its highest settlement since 2 December last year. The Consumer Discretionary sector gained +2.27% to be the leading primary sector performer on Friday (27 January) underpinned by the latest double-digit percentage rally for Tesla Inc (up +11.00%). Electric vehicle (EV) manufacturer Lucid Group Inc spiked +43.00% amid rumours that Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, intended to take the company private. Energy (down -1.99%) was the worst performing primary sector but still sits +4.2% higher year-to-date. With 30% of the Energy sector's 23 companies having reported quarterly results so far, fourth-quarter earnings are expected to have climbed +60% from a year earlier, and +155% for full-year 2022, according to Refintiv IBES. But earnings for the Energy sector are expected to decline -15% this year, the biggest drop among the 11 S&P 500 sectors. Hasbro Inc tumbled -8.11% after the toymaker warned of weak holiday quarter results and said it would cut 1,000 jobs (equating to ~15% of its workforce). The Nasdaq gained +0.95% to 11,621.71, the technology centric indice’s highest close since 14 September last year. Intel Corp dropped -6.41% after the chipmaker’s fourth quarter result released after the closing bell of the previous session fell short of consensus analyst expectations, as did the accompanying outlook. The small capitalisation Russell 2000 rose +0.44% (to be up almost 7% month-to-date).

US equity markets rallied as investors continued to comb through the latest batch of corporate earnings releases, and after a stronger-than-expected fourth quarter gross domestic product (GDP) print - Dow rose +206-points or +0.61%, The broader S&P500 advanced +1.10% to 4,060.43 and a near two month high, with the Energy sector (up +3.32%), Consumer Discretionary (+2.03%), Communication Services (+1.65%) and Information Technology (+1.61%) all climbing over >1.5% and leading ten of the eleven primary sectors higher. More defensive sectors underperformed, with Consumer Staples (down -0.28%) the only primary sector to settle in the red. Tesla Inc jumped +10.97% after reporting a reported a mixed fourth quarter result after the close of the previous session. Chevron Corp rose +4.86% after announcing a US$75B stock buyback programme and a dividend hike (to US$1.51 per share from US$1.42) after the closing bell of Wednesday’s (25 January) session. The Nasdaq rallied +1.76%. The small capitalisation Russell 2000 gained +0.57%.

US equity markets mixed as investors continued to digest the latest batch of corporate earnings releases - Dow rose +104-points or +0.31%, booking a third straight session of gains. The broader S&P500 dipped -0.07%, with Communication Services (-0.69%) and Health Care (-0.65%) both down over >0.5% and leading five of the eleven primary sectors lower. Industrials sat atop the primary sector leaderboard with a +0.65% rise. The Nasdaq slipped -0.27%. The small capitalisation Russell 2000 lost -0.27%.

US equity markets continued their strong start to 2023, with both the S&P500 and Nasdaq posting their highest settlements since 2 December last year - Dow gained +254-points or +0.76%. Salesforce Inc rose +3.05% following reports that activist investor Elliott Management Corp has made a multibillion-dollar investment in the software company. The broader S&P500 rose +1.19% to 4,019.81 with Information Technology (up +2.28%), Communication Services (+1.78%) and Consumer Discretionary (1.57%) all rising over >1.5% to lead ten of the eleven primary sectors higher. Energy (down -0.20%) was the only primary sector to settle in the red. According to Bespoke Investment Group, the S&P500 closed more than >1% above its 200-day moving average for the first time since April last year and the more than year long downtrend has been broken. The Nasdaq rallied +2.01% to 11,364.41, with Apple Inc up +2.35% after Morgan Stanley nominated the stock among their top picks, saying the China re-opening has “important implications” for demand as well as supply. Spotify Technology SA rose +2.07%, paring an earlier rally of as much as 6.4% after the music streamer said it would axe ~6% of its workforce - the latest in a series of large cuts announced by high-flying technology groups. Chipmakers Advanced Micro Devices Inc (up +9.22%), Nvidia Inc (+7.59%) and Qualcomm Inc (+6.62%) also traded particularly strongly. The small capitalisation Russell 2000 rose +1.25%.

US equity markets advanced to cap a choppy trading week, with investors eyeing a big fortnight on the corporate earnings calendar - Dow gained +331-points or +1.00%. Goldman Sachs Group Inc fell -2.54% after the Wall Street Journal (WSJ) reported that the Federal Reserve is investigating the investment bank’s consumer business. The regulator is looking into whether Goldman had the right safeguards in place to protect consumers when it increased lending in its Marcus division, according to the WSJ report, citing sources familiar with the matter. The broader S&P500 rose +1.89% to log its best daily percentage gain since 6 January. Communication Services (up +3.96%) and Information Technology (+2.72%) both rose over >2.5% to lead all eleven primary sectors higher. Costco Wholesale Corp rose +2.26% after announcing late Thursday (19 January) that its board reauthorised a stock buyback program of up to US$4B. The Nasdaq rallied +2.66%. Netflix Inc jumped +8.46% after the streaming giant posted stronger-than-expected paid subscriber numbers for the fourth quarter (7.66M versus consensus 4.57M) after the close of last Thursday’s (19 January) session, while the company also disclosed that co-Chief Executive Officer (CEO) Reed Hastings would be stepping down from his position and transitioning to the post of executive chairman. Google parent Alphabet Inc gained +5.34% after becoming the latest technology company to announce job cuts, with plans to cut 12K jobs across various areas, roles and regions within the company (equating to over 6% of its global workforce). All of Amazon.com Inc (up +3.81%), Meta Platforms Inc (+2.37%), Microsoft Corp (+3.57%) and Twitter Inc have slashed their head counts recently. Eli Lilly and Co fell -1.43% after the U.S. Food and Drug Administration (FDA) rejected the pharmaceutical company’s experimental Alzheimer’s disease treatment as it had not provided enough trial data. The small capitalisation Russell 2000 rose +1.69%.

US equity markets - Dow fell -252.40 points or -0.76% to 33,044.556, The broader S&P500 -30.01 points -0.76% to 3,898.85. The Nasdaq -104.74 points or -0.96% to 10,852.27. The small capitalisation Russell 2000 -18.02 points or -0.97% to 1,836.35.

US equity markets accelerated falls into the close following lower than expected retail sales data - Dow fell -613.89 points or -1.81% to 33,296.96, The broader S&P500 -62.11 points -1.56% to 3,928.86, The Nasdaq -138.10 points or -1.24% to 10,957.01. The small capitalisation Russell 2000 -27.82 points or -1.48% to 1,856.47. Microsoft confirmed it will layoff 10,000 or approximately 5% of staff taking recent tech layoffs to over 60k.

US equity markets were mixed as 7 of the 11 sectors dropped lead by Materials and Communication Services - Dow fell -391.76 points or 1.14% to 33,910.85, The broader S&P500 8.12 points or -0.20% to 3,990.97, The Nasdaq bounced on the back of Tesla, 15.96 points or 0.14% to 11,095.11. The small capitalisation Russell 2000 fell 2.95 points or 0.16% to 1,884.08.

European bourses lifted on lower energy prices (Natural Gas futures falling 15% over night) and Chinese re-opening, Janet Yellen is scheduled to meet the Chinese Finance Minister in Zurich this week. The pan-European Stoxx 600 index (which includes UK equities) +0.46%.to . Germany's DAX up +0.3% and France's CAC rose +0.28%. In economic data, German Wholesale prices climbed 12.8%. German economic sentiment will be released later tonight.

US equity markets climbed as investors weighed a flurry of bank earnings results for the fourth quarter and fresh data on consumer sentiment and inflation expectations - Dow rose +113-points or +0.33%, Caterpillar Inc rose +1.33% to US$258.46, logging a fourth consecutive record closing high after Bank of America analysts turned bullish on the company in the belief that the construction- and mining-equipment maker will weather a 2023 recession better than many might expect. Bank of America upgraded their rating on Caterpillar to ‘Buy’ from ‘neutral’, and lifted their target price by +36% to US$295. The broader S&P500 added +0.40%, with Consumer Discretionary (up +0.97%) sitting atop the primary sector leaderboard on Friday (13 January) and leading eight of the eleven primary sectors higher. The more defensive Real Estate (down -0.61%) and Utilities (-0.44%) underperformed. Tesla Inc fell -0.94% after the electric vehicle cut prices in the U.S. and Europe again, according to listings on the company’s website last Thursday night AEST (12 January). The Nasdaq gained +0.71%. The small capitalisation Russell 2000 added +0.58%.

US equity markets advanced as investors digested the latest inflation report that saw the cost of living cool for the first time on a monthly basis since the onset of the COVID pandemic in 2020, while the annual rate of inflation fell for the sixth month in a row - Dow rose +217-points or +0.64%. Walt Disney Co rose +3.61% after the company announced Mark Parker, the executive chairman of Nike Inc (down-0.04%), as its new chairman. In addition, the company opposed Nelson Peltz of Trian as he pushes for a seat on the board, igniting a proxy battle. The broader S&P500 added +0.34%, with Energy (up +1.87%) and Real Estate (+1.09%) gaining over >1% to lead eight of the eleven primary sectors higher. The more defensive sectors underperformed overnight, with Consumer Staples (down -0.79%), Utilities (-0.64%) and Health Care (-0.39%) all settling in the red. It marked the first time the S&P 500 has risen three days in a row since early November. American Airlines Group Inc jumped +9.71% after the carrier boosted its revenue and profit estimates for the fourth quarter. The airline, which reports earnings 26 January, cited strong demand and high fares for the hike in estimates. Tesla Inc edged +0.28% higher. Retail traders unloaded US$746 million worth of stock in the electric vehicle maker over the past week, bringing the total outflow over the last three weeks to US$2.1B, according to data from JPMorgan. The selling came even as investors piled back into stocks, buying US$1.2B worth of equities in the past week. That buying included US$157M of Amazon.com Inc (up +0.19%) and US$102M of Apple Inc (down -0.06%). The Nasdaq climbed +0.65%, extending its gains into a fifth consecutive session and marking the longest winning streak for the technology-centric index since 8 June last year. The small capitalisation Russell 2000 +1.74%.

US equity markets rallied ahead of the release of the latest monthly consumer inflation figures tonight AEST - Dow gained +269-points or +0.80%, The broader S&P500 +1.28%, with Real Estate (up +3.60%) and Consumer Discretionary (+2.68%) climbing over >2.5% to lead all eleven primary sectors higher. Ford Motor Co (up +2.96%) extended its rally into a ninth straight session and logged its highest settlement since 14 December. The Nasdaq rallied +1.76%, with the technology-centric index logging its first four-day rally since September. The small capitalisation Russell 2000 gained +1.05%. Carvana Co jumped +24.43% to US$5.50 on heavy volume and had rebounded ~47.8% since closing at a record low of US$3.72 on 27 December. The rally came despite no stock specific news (the company hasn’t issued a press released or a filing with the Securities and Exchange Commission yet this year) although there was an analyst note published saying data sources indicated wholesale used vehicle prices showed signs of normalisation through the last couple months of the fourth quarter, and the average daily sales conversion rate improved in December from November.

US equity markets climbed as investors continue to eye inflation figures and fourth quarter corporate earnings later in the week - Dow rose +186-points or +0.56%, Boeing Co (down -0.90%) reported that it had delivered 69 planes in December and 152 planes in the 2022 fourth quarter overall, marking its best month of deliveries in four years and the highest quarterly delivery figure since the fourth quarter of 2018, when the planemaker delivered 238 planes. Deliveries dropped off in 2019 after the 737 MAX was grounded worldwide that March, with that plane not flying commercially again until late 2020. After the MAX’s issues came COVID-19, which hurt demand for air travel and airline profits and saw deliveries bottom out at 20 planes in the second quarter of 2020. For the full year, Boeing delivered 480 jets in 2022, up from 340 delivered in 2021. Boeing delivered 806 jets in 2018, the year before any impact from the 737 MAX’s grounding or the COVID-19 pandemic. The broader S&P500 gained +0.70%, with Communication Services (up +1.29%), Consumer Discretionary (+1.26%) and Materials (+1.02%) all rising over >1% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.16%) was the only sector to decline overnight. The technology-centric Nasdaq rallied +1.01%, securing its first three day winning streak since November. The small capitalisation Russell 2000 outperformed with a +1.49% advance.

US equity markets retreated, fumbling solid gains logged earlier in the session - Dow fell -113-points or -0.34%, relinquishing an earlier rally of over >300-points. Goldman Sachs Group Inc rose +1.41% following reports the investment banking giant will begin cutting up to 3,200 jobs within days. The cut represents ~6.5% of Goldman’s 49K workforce but is below the worst-case scenario of 3,900 jobs chief executive David Solomon and his management team had discussed late last year. The broader S&P500 dipped -0.08%, with Health Care (down -1.66%) and Consumer Staples (-1.03%) both falling over >1% to be the worst performing primary sectors overnight. Information Technology (up +1.09%) was the leading sector performer. Tesla Inc gained +5.93% continuing a rebound that saw the stock reverse an intraday loss last Friday (6 January) of ~8% to close up +2.5%. The initial dip came after Tesla said it has slashed prices in China for the second time in three months. However, the technology centric Nasdaq rose +0.63%. The small capitalisation Russell 2000 added +0.17%.

US equity markets rallied sharply on Friday (6 January) after the latest jobs report recorded a cooling in wages growth, ending the first week of 2023 higher - Dow rallied +701-points or +2.13% to 33,630.61, with all 30 index constituents advancing. The index also climbed back above its 50-day moving average (33,346.77).The broader S&P500 gained +2.28%, with Materials (up +3.4%), Information Technology (+2.99%), Real Estate (+2.86%), Consumer Staples (+2.71%) and Industrials (+2.69%) all climbing over >2.5% to lead all eleven primary sectors higher. Tesla Inc rose +2.5% despite news that the electric vehicle (EV) maker has slashed prices in China for the second time in three months. Prices for the Model 3 sedan and Model Y SUV were cut by more than >10%, according to Tesla’s website, with the Model 3 falling to ¥229,900 (~US$33,415) from ¥265,900 (~US$38,647), and the Model Y dropping to ¥259,900 (~US$37,775) from ¥288,900 (~US$41,990). Tesla generated 24% of its total third-quarter revenue from China, and the company’s Shanghai factory produces more than half of the EVs sold worldwide. Costco Wholesale Corp jumped +7.26% following a strong December sales update after the close of the previous session. Southwest Airlines Co settled +4.62% higher despite the carrier warning Friday (6 January) that it expects to report a surprise net loss for the fourth quarter after cancelling thousands of flights over the holidays. It was the best day for the Dow and S&P 500 since 30 November and the best for the Nasdaq since 29 December. The Nasdaq jumped +2.56%. The small capitalisation Russell 2000 rallied +2.26%.

US equity markets’ pre-Christmas rally spluttered overnight following another round of upbeat economic data reinforced expectations the Federal Reserve and other central banks will continue monetary policy tightening into 2023 - Dow fell -349-points or -1.05%, paring an earlier decline of over >800-points. The broader S&P500 lost -1.45%, with Consumer Discretionary (down 2.59%), Information Technology (-2.54%) and Energy (-2.31%) all down over >2% and leading all eleven primary sectors lower. Tesla Inc dropped -8.88% after the company offered a US$7,500 discount on its Model 3 and Model Y vehicles delivered in the United States by year-end, as well as 10,000 miles of free supercharging for those vehicles. Separately, the National Highway Traffic Safety Administration has initiated two more special crash investigations into incidents that involved Tesla electric vehicles, and where the company’s advanced driver assistance systems are thought to have been a factor in the crash. Tesla is the biggest decliner during the December market sell-off, down -36% this month (and down more than >64% in 2022). The Nasdaq dropped -2.18%, with semiconductor companies under particular pressure following memory chip specialist Micron Technology Inc (down -3.44%) underwhelming fiscal first quarter result released after the close of the previous session. Advanced Micro Devices Inc fell -5.64%, Nvidia Corp -7.04% and Lam Research Corp -8.65%. The small capitalisation Russell 2000 lost -1.29%.

US equity markets rallied for a second session following upbeat earnings releases after the close of the previous session from FedEx Corp (up +3.43%) and Nike Inc (+12.18%), and strong consumer confidence data - Dow gained +527-points or +1.60%, The broader S&P500 rallied +1.49%, with Energy (up +1.89%) the leading sector performer for a second session running and lifting all eleven primary sectors (with eight logging gains of over >1%). Nike’s result boosted other athletic apparel and footwear makers, with Under Armour Inc up +5.21, Skechers USA Inc +4.16% and Lululemon Athletica Inc +3.13%. Tesla Inc slipped -0.17%, with Elektrek reporting that the electric vehicle maker is planning another round of layoffs for the first quarter and is instituting a hiring freeze. The Nasdaq climbed +1.54%. The small capitalisation Russell 2000 rose +1.62%.

US equity markets advanced, recovering from some initial weakness after the Bank of Japan (BoJ) surprised the market with a policy shift - Dow added +92-points or +0.28%, Boeing Co rose +1.41% after the 4,155 page omnibus spending package included an extension for the aircraft maker's 27 December deadline for 737 MAX 7 and 10 certification. The measure in the omnibus bill will require some safety improvements, but short of what current law would demand on all 737 MAX jets to be manufactured under certification rules by safety officials. Boeing has said it would be forced to scrap the MAX 7 and the MAX 10 if it had to meet a deadline of 27 December to get approval for new cockpit-alerting systems for pilots. The broader S&P500 edged +0.10% higher, with Energy (up +1.52%) comfortably the leading performer and lifting seven of the eleven primary sectors into positive territory. Consumer Discretionary (down -1.13%) was the wort performing primary sector overnight. Tesla Inc continued to slide, dropping a further -8.05% to US$137.80. Sources told CNBC that Chief Executive Officer (CEO) Elon Musk is searching for a new chief executive of Twitter. Mr Musk wrote on Sunday (18 December) that “The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive.” The latest drop pushed Tesla’s market capitalisation below Exxon Mobil Corp (up +1.45%) and left it as ninth most valuable equity by market capitalisation in the S&P 500 index after previously ranking as high as No. 5 on that list. The Nasdaq eked out a +0.01% rise. The small capitalisation Russell 2000 rose +0.54%.

US equity markets settled in the red for a fourth consecutive session, extending a drop last week sparked by a new round of interest rate rises and hawkish comments from central bankers - Dow fell -163-points or -0.49%, with Walt Disney Co (down -4.79%) and Nike Inc (-2.79%) among the biggest drags. A $1 move in any of the Dow's 30 components results in a 6.59-point swing. The broader S&P500 shed -0.90%, with Communication Services (down -2.19%) and Consumer Discretionary (-1.66%) both declining over >1.5% to lead ten of the eleven primary sectors lower. Energy was the only primary sector to advance overnight, edging +0.13% higher. Tesla Inc fell -0.24% to US$149.87, settling below <US$150 per share for the first time in more than two years as some analysts expressed concerns that Chief Executive Officer (CEO) Elon Musk is being distracted by his recent acquisition of social media group Twitter. Factoring in the stock’s 3-for-1 split in August, shares closed lower than they have since 15 October, 2020, when they finished at a split-adjusted US$149.63. The Nasdaq lost -1.49%, with Amazon.com Inc down -3.35%. Meta Platforms Inc -4.14% after the European Union (EU) issued the Facebook parent with a list of objections over of its online classifieds business, Facebook Marketplace. The European Commission, the EU’s executive arm, said that it found Meta breached EU antitrust rules by distorting competition in the markets for online classified ads. The small capitalisation Russell 2000 dropped -1.41%.

The S&P500 and Nasdaq extended losses into a third consecutive session on Friday (16 December) amid a volatile ‘Quadruple Witching’ session that saw the simultaneous expiration of stock index futures, stock index options, stock options and single-stock futures worth ~US$4 trillion (including US$2.4 trillion tied to S&P 500 index futures) - Dow fell -282-points or -0.85%, paring an earlier session decline of ~548-points. Goldman Sachs Group Inc lost -0.99% following reports that the US investment bank is preparing to lay off as many as 3,900 employees starting in January as chief executive David Solomon seeks to boost profitability amid economic headwinds. The plans are still being drawn up, and it is possible that the current target for a cull of “up to 8 per cent” of its 49,000 global workforce will be slimmed down if the business outlook improves, according to three people familiar with the discussions. The broader S&P500 lost -1.11%, with Real Estate (down -2.96%), Consumer Discretionary (-1.74%) and Utilities (-1.66%) all down over >1.5% and leading all eleven primary sectors lower. Tesla Inc dropped -4.72% to cap the worst weekly performance (down -16.1%) for the electric vehicle maker’s shares since 2020 and fourth-worst week in history for the shares after a series of three weeks in late February and early March 2020, when investors sold stocks in fear of the COVID-19 pandemic’s effects. Tesla ended the week with a market capitalisation of less than <US$500B for the first time since November 2020. Chief Executive Officer (CEO) Elon Musk disclosed the sale of more than >US$3.5B in Tesla stock late last Wednesday (14 December), after performing the trades over the three previous trading sessions, when the price declined a cumulative 12.4%. In total, the Tesla CEO has sold US$39.3B worth of Tesla stock in the past 13 months. The Nasdaq shed-0.97%. However, Meta Platforms Inc rose +2.82%, buoyed by an upgrade to ‘overweight’ from ‘neutral’ by JPMorgan. The small capitalisation Russell 2000 lost -0.63%.

US equity markets tumbled as investors digested a wave of interest rate rises and hawkish commentary from global central banks - Dow fell -764-points or -2.25%, The broader S&P500 dropped -2.49%, with Communication Services (down -3.84%), Information Technology (-3.78%) and Materials (-3.02%) all down over >3% and leading all eleven primary sectors lower. Shoe Carnival Inc over >3.2% in after-hours trading after the shoe retailer said its board of directors approved a new US$50M share buyback program. The Nasdaq slumped -3.23%. Netflix Inc dropped -8.63% following a report in Digiday citing five agency executives that the streaming giant is falling short of ad-supported viewership guarantees made to advertisers and allowing advertisers to take their money back for ads that have yet to run. The small capitalisation Russell 2000 lost -2.52%.

US equity markets settled lower as investors digested the latest Federal Reserve interest rate decision and monetary policy pronouncements - Dow fell -142-points or -0.42%, The broader S&P500 lost -0.61%, with Financials (down -1.29%), Materials (-1.11%) and Real Estate (-1.01%) all declining over >1% to lead ten of the eleven primary sector lower. Health Care (up +0.14%) was the only primary sector to advance. The S&P 500 is on track for its biggest three-month gain since the second quarter of 2020, having risen by ~11.3% since the start of October. Delta Air Lines Inc rose +2.79% after the carrier raised its earnings guidance and highlighted robust demand for air travel as the industry recovers from the widespread disruption caused by the COVID-19 pandemic. The airline raised its 2022 adjusted earnings per share (EPS) guidance to US$3.07 to US$3.12 versus current consensus forecasts for US$2.88. For 2023, Delta forecast a near doubling of adjusted earnings to US$5 to US$6 per share, and revenue growth at 15% to 20% compared with 2022 and said it is on track to meet its 2024 earnings target of more than >US$7 a share. However, Tesla Inc (down -2.58%) continued to trade around two year lows. Chief executive Elon Musk tweeted that he “will make sure Tesla shareholders benefit from Twitter long-term”. The technology-centric Nasdaq fell -0.76%. The small capitalisation Russell 2000 lost -0.65%.

US equity markets tallied a second consecutive session of gains albeit settled well off their session highs as investors digested the latest monthly inflation report and eyed key central bank meetings later in the week - Dow added +104-points or +0.30%, paring an earlier rally of over >700-points. Chevron Corp (up +2.23%) was the leading Dow performer. Boeing Co added +0.46% after United Airlines Holdings Inc (down -6.94%) announced it had agreed to buy 100 787 Dreamliner planes, with the option to purchase 100 more, and also committing to buying 100 737 Max jets. Boeing said the order was the largest 787 Dreamliner order in the company’s history. The broader S&P500 rose +0.73%, having climbed as much as +2.77% earlier in the session. Real Estate (up +2.04%) lead ten of the eleven primary sectors higher, with Consumer Staples (down -0.17%) the only primary sector to settle in the red. Tesla Inc (down -4.09%) continued to slide, logging its sixth session decline in the past seven The Nasdaq gained +1.01%, settling well off session highs that the saw the technology-centric index up as much as +3.84% earlier in the session. The small capitalisation Russell 2000 advanced +0.97%.

US equity markets rallied, clawing back some of last week’s steep losses as investors eye key inflation figures tonight AEST and a brace of key central bank meetings later in the week - Dow gained +529-points or +1.58%. Boeing Co rose +3.75% amid reports that Air India is close to signing an order with the planemaker to acquire up to 150 737 Max jets. The broader S&P500 rose +1.43%, with Energy (up +2.49%), Utilities (+2.27%) and Information Technology (+2.17%) all advancing over >2% to lead all eleven primary sectors higher. Tesla Inc (down -6.27% at US$167.82) settled at its lowest level since 20 November, 2020 and a fresh 52-week low. Investors remain concerned about Tesla’s production, particularly in China, even though the company has denied earlier reports that suggested production cuts in the world’s biggest auto market. The Nasdaq climbed +1.26%. The small capitalisation Russell 2000 gained +1.22%.

US equity markets retreated on Friday (9 December) as investors assessed the latest wholesale-inflation and consumer-sentiment data ahead of the Federal Reserve’s monetary policy meeting next week - Dow fell -305-points or 0.90%. Walt Disney Co rose +0.9% after the company made its ad-supported streaming subscription available in the U.S. The broader S&P500 lost -0.73%, with Energy (down -2.33%) once again leading the downside and with ten of the eleven primary sectors closing lower. Communication Services (up +0.02%) was the only primary sector to advance. The Nasdaq fell -0.70%. Microsoft Corp fell -0.80% after the company announced in a Friday morning (9 December) blog post that it had acquired Lumenisity Limited, which makes hollow core fibre solutions, as its battle with the FTC over the Activision Blizzard Inc (up +0.54%) deal deepens. The small capitalisation Russell 2000 lost -1.19%.

US equity markets rebounded - Dow gained +184-points or +0.55%, The broader S&P500 added +0.75%, arresting a five session losing streak (which marked the longest losing streak since the six sessions of consecutive losses ended 12 October). Information Technology (up +1.59%) and Consumer Discretionary (+1.05%) rose over >1% to lead nine of the eleven sectors higher. Energy (down -0.46%) and Communication Services (-0.50%) were the only primary sectors not to advance. The Nasdaq rose +1.13%, with Nvidia Corp and Amazon.com Inc adding +6.51% and 2.14%, respectively. The small capitalisation Russell 2000 gained +0.63%.

US equity markets retreated as an easing of some of China’s COVID curbs failed to lift broader sentiment - Dow settled flat. The broader S&P500 slipped -0.19%, extending losses into a fifth consecutive session and marking the indices longest losing streak since the six sessions of consecutive losses ended 12 October. Communication Services (down -0.93%) and Information Technology (-0.51%) fell over >0.5% to lead eight of the eleven primary sectors lower. The more defensive Health Care (up +0.85%), Consumer Staples (+0.38%) and Real Estate (+0.26%) were the only primary sectors to advance. The technology-centric Nasdaq fell -0.51%. Apple Inc fell -1.38%,with mobile industry bellwether Murata Manufacturing Co expecting the company to reduce production plans further for the iPhone 14 in the coming months because of weak demand. Murata expects this year’s drop in smart phone sales to keep going well into 2023. The small capitalisation Russell 2000 lost -0.31%.

US equity markets retreated amid fresh concerns around a recession - Dow fell -351-points or -1.03%, with Boeing Co (down -3.60%), Goldman Sachs Group Inc (-2.32%) and Walt Disney Co (-3.79%) among notable decliners. The broader S&P500 shed -1.44%, with Energy (down -2.65%), Communication Services (-2.57%) and Information Technology (-2.14%) all down over >2% and leading ten of the eleven primary sectors lower. The index booked a fourth straight session of declines and logged its seventh negative session in eight. Utilities (up +0.66%) was the only primary sector to advance. Tesla Inc fell -1.44% after Reuters reported that the electric vehicle manufacturer planned to cut output of its Model Y by more than >20% in its Shanghai plant this month. The company said the media reports were “untrue”. Bank of America Corp dropped -4.26% to US$2,456.92 and the lowest level since mid-October. Morgan Stanley fell -2.56%, with various reports the investment bank had cut ~20% of its staff on Tuesday (6 December). The moves, reported first by CNBC, impacted about 1,600 of the company’s 81,567 employees and touched nearly every corner of the global investment bank, according to people familiar with the situation. The technology-centric Nasdaq dropped -2.00%, recording its worst two-day performance (down -3.41%) since early November, according to Dow Jones Market Data. Meta Platforms Inc shed -6.79% after the Wall Street Journal reported that European Union (EU) privacy regulators may apply restrictions to the company’s targeted advertising strategy. The small capitalisation Russell 2000 lost -1.5%.

US equity markets fell following a hotter-than-expected services sector activity report - Dow fell -483-points or -1.40%. Salesforce Inc dropped -7.35%, touching its lowest level in more than 2-years intra-day (US$133.36) after the company confirmed a report in The Wall Street Journal that Slack co-founder and chief executive Stewart Butterfield was leaving the company and that Lidiane Jones, who is part of the Salesforce executive team, would take over for him. The broader S&P500 shed -1.79%, with Consumer Discretionary (down -2.95%), Energy (-2.94%) and Financials (-2.50%) all falling 2.5%+ to lead all elven primary sectors lower. The Nasdaq lost -1.93%. The small capitalisation Russell 2000 dropped -2.78%.

A mixed session to end the week for US equity markets as investors digested the latest monthly jobs report, although all three benchmark indices booked a second straight week of gains - Dow added +35-points or +0.10%, The broader S&P500 slipped -0.12%, with Energy (down -0.60%) and Information Technology (-0.55%) both falling over >0.5% to lead six of the eleven primary sectors lower. Materials (up +1.10%) was the leading primary sector performer on Friday (2 December). The Nasdaq lost -0.18%, paring an earlier decline of as much as -1.6% The small capitalisation Russell 2000 rose +0.59%.

US equity markets eased following the powerful rally recorded in the final hour pf the previous session, with investors eyeing tonight’s AEST key jobs data - Dow fell -195-points or -0.56%. Salesforce Inc fell -8.27% after the business software provider released its quarterly result after the closing bell of the previous session and announced that co-chief executive officer (CEO) Bret Taylor is stepping down. The broader S&P500 dipped -0.09%, with Financials (down -0.71%) leading eight of the eleven primary sectors lower. Communication Services (+0.29%), Health Care (+0.24%) and Information Technology (+0.07%) were the sectors to advance. Costco Wholesale Corp dropped -6.56% after the pace of November sales slowed to a 5.7% gain from the prior year. In October, sales climbed 7.7% from a year ago. The wholesale retailer also reported a -10.1% decline in e-commerce sales during the period. The Nasdaq edged +0.13% higher. The small capitalisation Russell 2000 eased -0.26%.

US equity markets rallied strongly in the final hour of the session following Federal Reserve Chair Jerome Powell’s speech at the Hutchins Centre on Fiscal and Monetary Policy at The Brookings Institution in which he confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign - Dow rallied +737 points or +2.18%. The broader S&P500 climbed +3.09%, snapping a three session losing streak. Information Technology (up +5.03%) and Communication Services (+4.91%) both rallied ~5% to lead all eleven primary sectors higher. Energy (+0.54%) was the relative laggard. The Nasdaq jumped +4.41%. The small capitalisation Russell 2000 rose +2.72%. The U.S.-listed shares of China-based e-commerce giant Alibaba Group Holding Ltd capped a strong month, rallying +9.64% and posting its second-best monthly performance (+37.72%) since it went public in September 2019 and the best since the record monthly rally of +42.2% in October 2015.

The S&P500 and Nasdaq extended losses into a third straight session as investors look ahead to some key economic releases and Federal Reserve Chair Jerome Powell’s scheduled speech at the Hutchins Centre on Fiscal and Monetary Policy at The Brookings Institution tonight AEST - Dow eked out a +0.01% gain. The broader S&P500 slipped -0.16%, with Information Technology (down -0.98%) leading six of the eleven primary sectors lower. Real Estate (up +1.71%) and Energy (+1.28%) both climbed over >1%.The Nasdaq -0.59%. The small capitalisation Russell 2000 added +0.31%.

US equity markets posted their steepest single session losses since 9 November – the first session after the US midterm elections - as social unrest from China’s prolonged COVID restrictions and some hawkish commentary from Federal Reserve speakers weighed on sentiment - Dow fell -498-points or -1.45%. UnitedHealth Group Inc edged ~0.5% lower in the extended session (after a -1.0% decline in the regular session) after the health-care and insurance company issued guidance ahead of its investor day tonight AEST, with some elements falling short of analysts’ expectations. The broader S&P500 -1.54%, with Real Estate (down -2.80%), Energy (-2.74%, with Exxon Mobil down -3.00%, Chevron Corp -2.91%, and Occidental Petroleum Corp -2.92%), Materials (-2.20%) and Information Technology (-2.13%) all fell over >2% to lead all eleven primary sectors lower. The Nasdaq -1.58%. Turmoil at Apple Inc’s (down -2.63%) key manufacturing hub of Zhengzhou is likely to result in a production shortfall of close to 6M iPhone Pro units this year, according to a person familiar with assembly operations, according to a Bloomberg report citing a person familiar with assembly operations. The small capitalisation Russell 2000 dropped -2.05%.

US equity markets mixed following a muted, shortened Black Friday trading session - Dow gained +153-points or +0.45% to 34,347.03, the highest close for the 30-stock index since 21 April. The broader S&P500 dipped -0.03%, The Nasdaq fell -0.52%. Apple Inc fell -1.96% after Wedbush Securities said that iPhone shortages have gotten worse in the past week as protests continue at Foxconn, which builds the smart phones for Apple. Microsoft Corp dipped -0.04%, with Politico reporting the Federal Trade Commission is likely to sue to block the company’s US$69B acquisition of video game company Activision Blizzard Inc (down -4.07%) The small capitalisation Russell 2000 rose +0.30%.

European bourses extended their recent rally in thin volume trade, with the Chemicals sector (up +1.1%) leading all major sectors into positive territory and lifting the pan-European Stoxx 600 index (which includes UK equities) +0.46%. Germany's DAX gained +0.78%. France's CAC added +0.42%. Remy Cointreau dipped -0.06% despite reporting a stronger-than-expected +27.2% organic jump in first-half operating profit, driven by strong demand for its premium cognac in China and the US and cost controls. In broader stock moves, Credit Suisse Group AG (down -1.91%) confirmed the final terms of its 4B Swiss franc (~US$4.2B) capital raise, making 889M shares available to existing investors at 2.52 Swiss francs. Switzerland’s second largest bank also confirmed it has issued 462M new shares to qualified investors via a placement, with Saudi National Bank the largest investor (buying 307M new shares to afford it a 9.9% stake). In economic data, The German Ifo Business Climate index rose to 86.3 in November from a revised reading of 84.5 in October, better than economists’ forecast for a reading of 85.0. The index of the current situation fell to 93.1 in November from 94.2 in October, while the gauge assessing companies’ expectations rose to 80.0 from 75.9.

US equity markets climbed amid a choppy session, gaining ground after minutes of the Federal Reserve's early November policy meeting reinforced expectations that policy makers will shift to smaller rate increases at their December meeting - Dow rose +96-points or +0.28%, The broader S&P500 +0.59%, with Consumer Discretionary (up +1.33%), Communication Services (+1.21%) and Utilities (+1.04%) all rising over >1% to lead ten of the eleven primary sectors higher. Energy (down -1.16%) was the only primary sector to settle in the red. Tesla Inc rebounded +7.82%, buoyed an upgrade from Citi to ‘neutral’ from ‘sell’. The Nasdaq +0.99%. The small capitalisation Russell 2000 added +0.17%.

US equity markets rallied as investors looked past a fresh tightening of COVID policies in China and the latest downgraded economic growth forecasts from the Organisation of Economic Development (OECD), and focussed on some upbeat quarterly results from a number of retailers - Dow rose +398-points or +1.18%, The broader S&P500 climbed +1.36% to 4,003.58, settling above 4,000 for the first time since September. Energy (up +3.18%) and Materials (+2.23) both rallied over >2% to lead all eleven primary sectors higher. The Nasdaq +1.36%. The small capitalisation Russell 2000 +1.16%.

US equity markets after a choppy session to open the holiday-shortened trading week - Dow fell -45-points or -0.13%, Walt Disney Co rose +6.30% after announcing that Chief Executive Officer (CEO) Bob Chapek is stepping down from the post and will be replaced by his predecessor, Robert Iger. Mr Iger served as Disney’s CEO from 2005-2020, and has served as executive chairman and chairman of the board since 2021. The broader S&P500 -0.39%, with Consumer Discretionary (down -1.41%), Energy (-1.39%) and Information Technology (-1.13%) all falling over >1% and leading four of the eleven primary sectors lower. More defensive sectors outperformed for a second straight session, with Consumer Staples up +0.98%, Real Estate +0.72% and Utilities +0.50%. Tesla Inc fell -6.84%, with the electric vehicle company’s shares touching their lowest level since July 2020. The Nasdaq -1.09%. The small capitalisation Russell 2000 lost -0.57%.

US equity markets ticked higher in the after afternoon session last Friday (November) to end the week on an upbeat note - Dow up +199-points or +0.59%. The broader S&P500 +0.48%, with the more defensive Utilities (up +2.00%), Real Estate (+1.29%), Health Care (+1.20%) and Consumer Staples (+1.04%) leading nine of the elven primary sectors higher. Energy (down -0.90%) and Communication Services (-0.35%) were the only primary sectors to settle in the red. The Nasdaq settled flat. The small capitalisation Russell 2000 rose +0.58%.

US equity markets logged their first back-to-back losses in two weeks following some hawkish commentary from Federal Reserve officials - Dow dipped -8-points, The broader S&P500 -0.31%, with Utilities (down -1.79%) and Consumer Discretionary (-1.27%) leading eight of the eleven primary sectors lower. Information Technology sat atop the primary sector leaderboard with a +0.21% rise. General Motors (up +0.17%) hosted its annual investor day and raised its full year guidance, noting it expects its electric vehicle (EV) portfolio in North American to be profitable in a couple of years as it ramps up EV capacity in the region to more than 1>M EVs per year. The automaker projected full year adjusted earnings before interest and tax (EBIT) will be in a range between US$13.5B and US$14.5B compared to a prior guidance of US$13B and US$15B. The Nasdaq -0.35%. Cisco Systems Inc gained +4.96% after the networking-technology company delivered better-than-expected numbers on the top and bottom line, accompanied by encouraging guidance after the close of the previous session. The small capitalisation Russell 2000 lost -0.76%.

US equity markets retreated after a choppy session, with investors parsing the latest earnings results from retailers - Dow slipped -39-points or -0.12%, The broader S&P500 fell -0.83%, with Energy (down -2.15%), Consumer Discretionary (-1.46%) and Information Technology (-1.45%) all fell over >1.5% to lead nine of the eleven primary sectors lower. The more defensive Utilities (up +0.87%) and Consumer Staples (+0.46%) were the only primary sectors to advance. The Nasdaq -1.52%. The small capitalisation Russell 2000 lost -0.49%.

US equity markets advanced, climbing late in the session as investors pondered a cooler-than-expected wholesale inflation report and some upbeat earnings from major retailers - Dow added +56-points or +0.17%, The broader S&P500 rose +0.87%, with seven of the eleven primary sectors recording gains of over >1%. Only two primary sectors – Materials (down -0.11%) and Health Care (-0.07%) – settle in the red. The technology-centric Nasdaq rallied +1.45%. The small capitalisation Russell 2000 gained +1.50%.

US equity markets retreated, with losses accelerating in the final hour of trading - Dow fell -211-points or -0.63%, The broader S&P500 -0.89%, with Real Estate (down -2.65%), Consumer Discretionary (-1.71%) and Financials (-1.54%) leading ten of the eleven primary sectors lower. Health Care eked out a +0.03% gain to be the only primary sector to advance. The Nasdaq lost -1.13%. Amazon.com Inc (down -2.28%) is reportedly the latest big tech name poised to announce employee layoffs. The company is expected to announce it is cutting ~10K employees as soon as this week – which would be the largest in the company’s history – and primarily affect Amazon’s devices organization, retail division and human resources, according to The New York Times. The small capitalisation Russell 2000 lost -1.14%.

US equity markets extended their rally to cap a strong week that saw a cooler-than-expected October inflation print fuel speculation that the Federal Reserve may slow the pace of monetary policy tightening - Dow edged +32-points or +0.10% higher. Walgreens Boots Alliance Inc jumped +7.2% after Deutsche Bank upgraded the stock to ‘buy’ from ‘hold’. Walt Disney Co (up +5.03%) plans to institute a targeted hiring freeze as well as some job cuts, according to an internal memo sent to executives on Friday (11 November). The news comes after Chief Financial Officer Christine McCarthy said during Disney’s earnings call last Tuesday (8 November) that the company was looking for ways to trim costs. The broader S&P500 rose +0.92% to 3,992.93, with Energy (up +3.06%), Communication Services (+2.47%) and Consumer Discretionary (+2.46%) all rising over >2% to lead six of the eleven primary sector higher. The more defensive Health Care (down -1.28%) and Utilities (-1.15%) sectors were the key laggards. The Nasdaq gained +1.88%, with Amazon.com Inc gaining +4.31% and Google parent Alphabet Inc +2.72%. The small capitalisation Russell 2000 added +0.79%.

US equity markets soared, logging their single session gains since stocks were emerging from the depths of the pandemic bear market 2020 following a cooler-than-expected October inflation report - Dow soared +1,201.43-points or +3.70%, with Salesforce Inc (up +10.02%) and Apple Inc (+8.90%) combining for an ~171-point bump for the bluechip index. The broader S&P500 +5.54%, recording its biggest one-day rally since April 2020. Information Technology (up +8.33%), Real Estate (+7.74%) and Consumer Discretionary (+7.70%) all climbed over >7% to lead all eleven primary sectors solidly higher. The Nasdaq +7.35%. 54 S&P 500 index constituents settled with gains of 10%+. The small capitalisation Russell 2000 jumped +6.11%.

Regards US equity markets retreated ahead of the key inflation figures for October tonight AEST, and as the midterm elections provided no clear answers and with control of Congress still hanging in the balance - Dow fell -647-points or -1.95%, Walt Disney Co slumped -13.15% after the entertainment giant posted lower-than-expected earnings per share (US$0.30c versus consensus US$0.55c) and revenue (US$20.15B versus consensus US$21.24B) for the fiscal fourth quarter after the closing bell of the previous session. The broader S&P500 dropped -2.08%, with Energy (down -4.88%), Consumer Discretionary (-3.12%) and Information Technology (-2.65%) leading all eleven primary sectors lower. Tesla Inc fell -7.17% following news that Chief Executive Elon Musk sold ~US$3.95B worth of shares a week after closing his ~US44B acquisition of Twitter Inc. The Nasdaq shed -2.46%. Meta Platforms Inc rose +5.22% after the technology giant confirmed it was planning to lay off over >11,000 employees, or ~13% of the company’s workforce. Chief Executive Mark Zuckerberg observed that “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” adding “I got this wrong, and I take responsibility for that.” In addition to the layoffs, Meta confirmed its forecast for fourth-quarter revenue of US$30B to US $32.5B. Meta said the outlook for 2022 expenses it provided on the call to discuss its latest earnings already contemplated the newly announced cuts, and remains unchanged at US$85B to US$87B. However, the company also said it now sees 2023 expenses of US$94B to US$100B, which compares with a previous forecast of $96 billion to $101 billion, reflecting reduced hiring plans for next year. The small capitalisation Russell 2000 lost -2.34%.