Morgans AM: Recent Episodes
Morgans Financial Limited
A daily bulletin featuring an overnight sharemarket summary and economic news from across the globe, broadcast in the Morgans studio before the Australian stock market opens each morning.
- US equity markets rallied, snapping a three-session losing streak as semiconductor stocks rebounded strongly and as strong earnings releases also shifted some investor focus away from the ongoing hostilities in the Middle East that continued to drive oil prices higher – Dow gained +385-points or +0.74%. UnitedHealth Group Inc (+3.51%), Caterpillar Inc (+2.97%) and Goldman Sachs Group Inc (+2.89%) all traded particularly strongly. Boeing Co (down -2.23%) and Salesforce Inc (-2.15%) fell over >2%.
- Canadian Prime Minister Mark Carney said he and President Trump agreed to accelerate trade talks ahead of a potential US move to impose 50% tariffs on a range of Canadian goods next month. Mr Carney’s comments came after the Trump administration said after the close of the previous session that it would slap 50% tariffs on some goods imported from Canada, in an effort to end what it sees as discriminatory trade practices by Ottawa against the U.S. automobile, dairy and alcohol industries
US equity markets weaker with fresh falls for chip makers overshadowing generally upbeat economic data, down 106 points or 0.2%. Alphabet, Caterpillar and Goldman Sachs all dropping over 4%. On the upside, Nike rallied 4.2%, while Amgen, IBN, McDonald's, Merck & Co, and Salesforce all rallied over 3%.
- US equity markets firmer as investors digested another round of second quarter corporate earnings releases and weaker-than-expected wholesale inflation figures – Dow added +150-points or +0.29%, with the four (4) members of the ‘Magnificent Seven’ cohort of mega-capitalisation stocks that sit in the 30-stock index – Apple Inc (up +4.01%), Amazon.com Inc (+3.02%), Microsoft Corp (+2.78%) and Nvidia Corp (+0.33%) – all advancing. Cisco Systems Inc (down -4.54%) was the worst performing Dow component overnight.
- The broader S&P500 rose +0.38%, with Communication Services rallying +2.78% to lead five of the eleven primary sectors higher. Google parent Alphabet Inc gained +3.17%. Utilities (down -0.98%) and Energy (-0.77%) sat at the foot of the primary sector leaderboard. PayPal Inc soared +17.20% to US$55.52 and paced gains in the S&P500 after Reuters reported that payments firm Stripe and private equity company Advent offered to buy the digital payments giant for US$53B or US$60.50 per share earlier this month.
US equity markets logged modest gains as investors balanced rising US Iran tensions against cooler than expected June inflation data and a wave of major bank earnings. Dow edged 10 points higher as investors digested second quarter results from a number of components. Broader S&P 500 adding 0.4 of a percent.
US equity markets retreated and oil prices and bond yields jumped after President Trump said the U.S. was reinstating a blockade of Iranian ships in the Strait of Hormuz, reigniting inflation fears and dampening risk appetite – Dow lost -138-points or -0.26%, with Nvidia Corp (down -3.52%) and Boeing Co (-3.05%) falling over >3%.
- US equity markets advanced on Friday (10 July), with the S&P 500 closing in on fresh record highs ahead of the second quarter earnings season kicking into gear this week – Dow climbed +150-points or +0.29%. Nike Inc rallied +3.72%, while International Business Machines (IBM) Corp fell -2.62%
- The broader S&P500 rose +0.42% to 7,575.39,settling 0.42% below its 2 June record closing high (7,609.78). Materials (up +1.12%) and Communication Services (+0.92%) led ten of the eleven primary sectors higher. Meta Platforms Inc (up +5.97%) the leading performer in the S&P 500 on Friday (10 July) and climbing to its highest level since April. Health Care fell -0.81%, with Moderna Inc slumping -10.83% to US$68.27and booking its worst week since August 2025 (down -14.41%) after a strong rally earlier in the month that lifted the vaccine manufacturer above >US$85 per share.
US equity markets weaker after President Trump said the ceasefire with Iran was over, sending oil prices soaring to three-week highs. Dow down 577 points, or 1.1%. American Express and sherwin-williams Co. falling over 3%.On the upside, Nvidia Corp up 3.7%, leading performer in the 30 stock index after the Information reported that China will allow top AI companies including Alibaba, ByteDance and DeepSeq to buy a limited amount of Nvidia's H200 chips.
- US equity markets advanced after resuming trading following the Independence Day long weekend, led by a fresh rally for artificial intelligence (AI)-related stocks – Dow added +156-points or +0.29% to 53,055.91, booking its first close above >53,000 and 21st record closing high of 2026. It has been just four trading days since the index first closed above 52,000, marking the fastest 1,000 point milestone on record.
Boeing Co (up +3.55%), International Business Machines (IBM) Corp (+3.45%) and Goldman Sachs Group Inc (+3.36%) all rallied over >3%.
Amgen Inc (down -2.06%), Home Depot Inc (-2.03%) and Merck & Co Inc (-2.15%) declined over >2%. Microsoft Corp announcing it would cut ~4,800 jobs or ~2.1% of its global workforce.
- US equity and bond markets were CLOSED on Friday (3 July) for Independence Day
- U.S. stocks have delivered an 8.7% annualized return over the past 250 years, with gross domestic product (GDP) averaging 6% and annual inflation at 2.5%, according to analysis by Bank of America to mark the 250th anniversary of the adoption of the Declaration of Independence. US 10-year Treasury bonds have delivered a 5.1% average annualised return over the same timeframe.
- US equity markets weaker to open the new second half of the calendar year.
- Dow dipped -14-points or 0.03% after booking back-to-back record closing highs and just failing to secure its 20th record closing high of the year.
- US equity markets weaker on Friday (26 June) amid steep declines among artificial intelligence (AI)-related semiconductor stocks – Dow slipped -44-points or 0.09%. Caterpillar Inc fell -5.63%, while Cisco Systems Inc (-4.37%) and Goldman Sachs Group Inc (-4.27%) fell over >4%.
- US equity markets weaker as technology stocks came under fresh pressure and as investors eyed key inflation figures tonight AEST – Dow rose +182-points or +0.35%, with Home Depot Inc (up 5.67%) the leading performer in the 30-stock index. Chevron Corp shed -2.57% as crude prices tumbled.
- The broader S&P500 slipped -0.10%, with Energy (down -1.73%) leading five of the eleven primary sectors lower. Information Technology (-0.64%%) and Communication Services (-0.61%) both fell ~0.60%. Industrials (up +1.18%) and Utilities (+1.05%) sat atop the primary sector leaderboard.
US equity markets declined amid a deepening sell-off in technology stocks that spilled over into memory and chip stocks– Dow dipped -46-points or -0.09%. Nvidia Corp (down -4.13%) was the worst performer in the 30-stock index.
Caterpillar Inc fell -3.72%, unwinding the stock’s +3.72% in the previous session.
- US equity markets rallied sharply ahead of the holiday long weekend, underpinned by fresh gains for semiconductor stocks and as investors shrugged off concerns around rising interest rates following the Federal Reserve’s latest monetary policy meeting – Dow added +72-points or +0.14%, with Caterpillar Inc (up +3.13%) the leading performer in the 30-stock index. International Business Machines (IBM) Corp lost -5.05%. Salesforce Inc fell -2.09% to extend the client relationship management software company’s losing streak into a 13th consecutive session.
US equity markets fell sharply as investors digested the latest monetary policy pronouncements from the Federal Reserve – Dow lost -507-points or -0.98% to 51,492.55 after logging two consecutive record closing highs. The 30-stock index did hit a fresh record intra-day high (52,281.19) for a third day running earlier in the session after rising ~0.5% in early trading. Salesforce Inc fell -4.14% to be the worst performer in the Dow overnight and recording its 12th straight session decline to extend its longest losing streak on record. Amazon.com Inc (-3.46%), International Business Machines Corp (down -3.12%) and Microsoft Corp (-3.79%) all fell over >3%.
US equity markets closed mixed overnight– Dow rallied +329-points or +0.64% to a fresh record closing high of 51,999.67 after scaling a record intra-day peak of 52,190.29.
US equity markets steadied following a sharp sell-off last Friday ( 5 June) as Middle East headlines remained in focus and chip stocks rebounded from steep declines in the previous session - Dow slipped -81-points or -0.16%. Travelers Companies Inc (down -2.15%) was the worst performer in the 30-stock index, while Cisco Systems Inc (+2.06%) was the leading Dow component overnight. Apple Inc’s (down -1.89%) Worldwide Developers Conference (WWDC) kicked off overnight, with investors offering a tepid reception to the new Apple Intelligence system. Apple said that its new AI features won’t be available in China while the company “works through regulatory requirements”. It marks Tim Cook’s last WWDC as chief executive officer (CEO) as he prepares to hand over the reins to hardware chief John Ternus in September.
US equity markets firmer amid yet another bout of optimism around a resolution to the US-Iran conflict, while there was also a pivot from certain technology stocks into more defensive sectors – Dow rallied +875-points or +1.73% to a record closing high of 51,561.93. UnitedHealth Group Inc rose +5.16% to be the leading Dow component, with analysts at Bank of America upgrading their recommendation in the health insurer to ‘Buy’ and lifting their price target to US$450 (from US$420 previously), citing expectations of improving margins as a result of more favourable medical cost trends. Goldman Sachs Group Inc (+4.96%) and Merck & Co Inc (+4.85%) also gained ~5%.
US equity markets retreated, breaking a five session stretch of record closing highs for the three benchmark indices as oil prices and bond yields climbed. Dow was down 621 points or 1.2%. IBM down 7.2% to be the worst performer in the 30 stock index. Honeywell and Salesforce both fell 5.1%, while all of American Express, Boeing, Microsoft, and Nvidia fell over 3%. On the upside, Amgen and Walmart both gained over 3%. US Central Command, or CENTCOM, said that Iranian drones unsuccessfully attempted to attack American forces in Kuwait.
The three (3) main US equity benchmarks opened the new week and month with fresh record closing highs despite a fresh jump in oil prices, with technology stocks (particularly software names) continuing to drive the gains – Dow inched +46-points or +0.09% higher to 51,078.88. Salesforce Inc (up +9.68%) and International Business Machines (IBM) Corp (+7.60%) were the leading performer in the 30-stock index for a second session running.
- Benchmark US equity indices climbed and booked record highs after the U.S. and Iran agreed to extend their ceasefire, while investors also digested the latest U.S. inflation and revised economic growth figures – Dow added +25-points or +0.05% to a record closing peak of 50,668.97. Microsoft Corp +3.47% after news website The Information reported that the company would release a new coding model next week. International Business Machines (IBM) Corp (+3.53%) and Nike Inc +3.02% also gained over >3%. Caterpillar Inc (down -2.45%) was the worst performer in the 30-stock index.
The S&P500 and Nasdaq booked fresh record closing highs as equity and bond markets resumed trading following the Memorial Day long weekend, with a rally in memory-chip companies overshadowing fresh uncertainty around the Middle East peace negotiations – Dow eased -118-points or -0.23%. Chevron Corp (down -3.51%) and UnitedHealth Group Inc (-2.99%) were the worst performers in the 30-stock index. Caterpillar Inc rallied +3.26%.
US equity markets rallied on Friday (22 May) ahead of the holiday long weekend albeit finished off their best levels of the session – Dow rose +294-points or +0.58% to log a fresh record closing high of 50,579.70 for a second consecutive session after scaling a record intra-day peak (50,830.24). Merck & Co rallied +5.64% to be the leading performer in the 30-stock index following a report by STAT News that its lung cancer treatment being developed with China-based Kelun-Biotech, sacituzumab tirumotecan, cut tumour progression risk by 65% and also yielded a survival benefit in a Phase 3 study conducted in China. The drug was used on patients in combination with Merck’s Keytruda, the company’s immunotherapy used to treat a wide variety of cancers. However, Nvidia Corp (down -1.9%) declined for a second session running following the release of its first quarter result after the close last Wednesday (20 May).
- US equity markets advanced and shaped to cap another strong week ahead of the holiday long weekend despite heightened volatility – Dow gained +276-points or +0.55% to a record closing high of 50,285.66. International Business Machines (IBM) Corp soared +12.43% after the company said it would receive a US$1B CHIPS and Science Act award from the Commerce Department to build a quantum chip foundry. The Wall Street Journal reported that the U.S. government will award US$2B in grants to nine firms operating in the quantum computing space, lifting a host of companies in the wider sector. Nvidia Corp fell -1.77% despite the world’s largest market capitalisation reporting better-than-expected headline numbers for the first quarter after the close of the previous session. Part of the drag on Nvidia’s shares was attributed to investors seeking to build cash reserves ahead of pending initial public offerings (IPO) by SpaceX, OpenAI and Anthropic
US equity markets rallied as oil prices and Treasury yields fell sharply amid fresh optimism that the conflict in the Middle East could soon be resolved – Dow gained +645-points or +1.31%. Goldman Sachs Group Inc +5.75% was the leading performer in the 30-stock index, while Boeing Co (+3.34%) and Nike Inc (+4.17%) were among the leading components.
A fresh jump in bond yields weighed on US equity markets, with the S&P500 and Nasdaq booking a third straight session of declines – Dow lost -322-points or -0.65%. Cisco Systems Inc (down -2.94%) and Boeing Co (-2.54%) fell over >2.5%, while Amazon.com Inc (-2.08%) and 3M Co (-2.08%) fell over >2%. Walmart Inc (up +0.64% to US$134.20) set record intra-day (US$135.155) and closing highs, with the world's largest retailer skated to post its first quarter result on Thursday night AEST (21 May).
- US equity markets weaker but pared earlier, steeper losses after President Trump said he wanted to give “serious negotiations” a chance, hours after threatening to resume bombing and hours after both the US and Iran dismissed each other’s latest peace proposals – Dow added +160-points or +0.32%, with 3M Co (up +4.32%) the leading performer in the 30-stock index. Salesforce Inc (up +3.44) rallied over >3% for a second consecutive session. On the downside, Caterpillar Inc fell -2.74%. Nvidia Corp (down -1.33%), with Chief Executive Officer (CEO) Jensen Huang conducting an interview with Bloomberg Television days after he joined President Trump’s for a two-day summit in Beijing. Mr Huang said that his sense is that “over time the [China] market will open,” and noting that he didn’t discuss directly with Chinese officials the company’s effort to sell its H200 AI chips to customers in China. Nvidia is slated to post its first quarter result after the close of trading on Wednesday (20 May).
The S&P500 and Nasdaq ushered in May with fresh record intra-day and closing highs – Dow eased -153-points or -0.31%, with Amgen Inc down -4.75% a day after the biotechnology stock posted stronger-than-expected adjusted earnings per share (EPS) and revenue for the first quarter. 3M Co (-2.74%) McDonald’s Corp (-2.37%) fell over >2%. Salesforce Inc rallied +4.13% to be the leading performer in the 30-stock index on Friday (1 May). Apple Inc +3.24% after the technology giant’s first quarter result released after the close of the previous session topped Wall Street forecasts, thanks in part to strong sales of its iPhone 17.
- The S&P500 and Nasdaq edged higher to fresh closing records despite U.S.-Iran peace talks stalling yet again and pushing oil prices higher – Dow eased -63-points or -0.13%.
McDonald’s Corp fell -3.06% to be the worst performer in the 30-stock index.
Nvidia Corp pushed further into record territory, rallying +4% to US$216.61 after clinching its first new record close since 29 October last year last Friday (24 April) that lifted the chipmaking giant’s market capitalisation back above >US$5 trillion. Nvidia extended its advance from a year-to-date low in late March to more than >30%.
US equity markets rallied, with unconfirmed reports that Iran has privately reached out to the US to discuss terms for ending their escalating conflict. However, Iran later denied a New York Times article that suggested operatives from its Ministry of Intelligence had reached out indirectly to the Central Intelligence Agence (CIA) with an offer to discuss terms for ending the conflict. According to Bloomberg, Iran's Tasnim News Agency cited a ministry source as saying that the New York Times report was "pure falsehood and psychological warfare" - Dow rose +238-points or +0.49%, snapping a three-session losing streak. Amazon.com Inc gained +3.88% to be the leading performer in the 30-stock index. Nvidia Corp rose +1.66%.
- US equity markets settledmostly weaker on Friday (April) as investors eyed diplomatic talks over the weekend that were the highest level negotiations between Washington and Tehran since the 1979 Islamic revolution and that sought to build on the two-week ceasefire negotiated last week – Dow lost -269-points or -0.56%. Nike Inc fell -3.14% and hit a 12-year low. The company announced chief innovation officer, Tony Bignell, was departing the company “to pursue his creative and philanthropic passions” less than a year after Chief Executive Officer (CEO) Elliot Hill installed him in the role.
The S&P500 and Nasdaq booked a seventh consecutive session of gains, reversing opening declines after Israeli Prime Minister Benjamin Netanyahu said he has given an instruction for Israel to begin talks with Lebanon that would also include the disarming of Hezbollah, which is also linked to Iran – Dow rose +276-points or +0.58% to 48,185.80, moving back into positive territory for the calendar year (up ~0.25%) and climbing above its 50-day moving average (48,021.73) for the first time since 26 February.
US equity markets logged modest gains, climbing in the final hour of tradingamid hopes that a proposal brokered by Pakistan may result in an eleventh-hour deal between the U.S. and Iran– Dow slipped -85-points or -0.18%, with Nike Inc (down -3% and trading at lows not seen since October 2014)
- US equity markets opened the new week on the back foot following five consecutive weekly declines - Dow edged +50-points or +0.11% higher, with Salesforce Inc (up +3.19%) the leading component in the 30-stock index. However, Caterpillar Inc dropped -4.02% and Cisco Systems Inc -3.6%.
- President Trump said overnight on the Truth Social platform that the U.S. is “in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran.” That said, if the Strait of Hormuz is not “immediately” reopened and a peace deal is not reached “shortly,” the president threatened to “completely” obliterate the Middle Eastern country’s energy infrastructure, including its oil wells as well as Kharg Island. President Trump had told the Financial Times earlier that he could “take the oil in Iran,” and seize the country’s export hub of Kharg Island. “Maybe we take Kharg Island, maybe we don’t. We have a lot of options,” he said. Asked about the state of Iranian defence on Kharg Island he said: "I don't think they have any defence. We could take it very easily."
US equity markets fell sharply for a second consecutive session on Friday (27 March)as oil prices continued to soar and act as the dominant driver of investor sentiment as the war in the Middle East entered its fifth week with no sign of a resolution - Dow dropped -793-points or -1.73% to 45,166.64, joining the Nasdaq in official correction territory after settling a touch over >10% below its 10 February record closing high (50,188.14). Amazon.com Inc (down -3.95%), JPMorgan Chase & Co (-3.02%), Salesforce Inc (-3.41%), UnitedHealth Group Inc (-3.37%) and Visa Inc (-3.28%) all falling over >3%. Nvidia Corp fell -2.17% after being the worst performer in the 30-stock index a day earlier.
US equity markets fell sharply as investors digested the latest wholesale inflation figures, and the Federal Reserve’s latest monetary policy pronouncements and economic projections - Dow shed -768-points or -1.63% with Home Depot Inc (-3.08%), McDonald’s Corp (-3.24%), Procter & Gamble Co (-3.15%) and Visa Inc (-3.06%) all dropping over >3%. A further 10 Dow components fell over >2%. Only two (2) components in the 30-stock index – Chevron Corp (up +0.32%) and JPMorgan Chase & Co (+0.3%) – settled in positive territory.
- US equity markets rallied as oil prices retreated amid fresh efforts to reopen the Strait of Hormuz - Dow rose +392-points or +0.83%,,with Salesforce Inc (up +2.86%) the leading component in the 30-stock index. Nvidia Corp’s (+1.65%) four-day GPU Technology Conference kicked off overnight with a keynote speech from Chief Executive Officer (CEO) Jensen Huang, who said the semiconductor chipmaker expects to record $US1 trillion in AI chip sales through 2027. The company previously had said it expected chip sales to reach $US500 million by the end of 2026.
- President Trump that the White House will soon announce which countries have agreed to participate in a coalition to protect tankers in the Strait. But the president expressed frustration with countries who are not willing to join a coalition. “Some are very enthusiastic, and some are less than enthusiastic,” President Trump told reporters. “And I assume some will not do it. I think we have one or two that will not do it that we’ve been protecting for about 40 years at tens of billions of dollars.” Japan and France have already reportedly dismissed the prospect of sending vessels to help reopen Strait of Hormuz.
- US equity markets retreated on Friday (13 March), logging fresh closing lows for the year and booking their third consecutive weekly decline as oil prices continued to climb and investors digested a busy economic calendar - Dow -119points or -0.26%, with Salesforce Inc (down -3.24%) the weakest index component. Nvidia Corp (down -1.58%) hosts its GPU Technology Conference tonight AEST, where the AI chipmaker is expected to offer more details on its latest products. Chief Executive Officer (CEO) Jensen Huang is slated to give a keynote address
- The broader S&P500 fell -0.61%, with Information Technology (down -1.29%) and Materials (-1.04%) declining over >1% to lead seven of the eleven primary sectors lower.
- All three (3) major stock indexes erased their earlier gains to finish mostly lower in a volatile session on Tuesday.
- Dow fell 34.29-points or -0.07%.
- Notable stock moves included 3M CO (+2.39%), Cisco Systems Inc (+1.96%) and Caterpillar Inc (+1.68%) gaining over >1.5%.
US equity markets rallied, with unconfirmed reports that Iran has privately reached out to the US to discuss terms for ending their escalating conflict. However, Iran later denied a New York Times article that suggested operatives from its Ministry of Intelligence had reached out indirectly to the Central Intelligence Agence (CIA) with an offer to discuss terms for ending the conflict. According to Bloomberg, Iran's Tasnim News Agency cited a ministry source as saying that the New York Times report was "pure falsehood and psychological warfare" - Dow rose +238-points or +0.49%, snapping a three-session losing streak. Amazon.com Inc gained +3.88% to be the leading performer in the 30-stock index. Nvidia Corp rose +1.66%.
US equity markets steadied, reversing steep morning session losses - Dow slipped -73-points or -0.15%, paring an earlier decline of as much as 600-points. 3M Co (down -2.33%), Home Depot Inc (-2.6%) and Procter & Gamble Co (-2.21%) all fell over >2%. Nvidia Corp rose +2.99% and was the leading performer in the 30-stock index, arresting a two-day slide that saw the chipmaking giant drop over >9.5% despite. Microsoft Corp rose +1.48%. Apple Inc (+0.20%) kicked off a three-day stretch of new product announcements overnight unveiling its new iPhone 17e and a new iPad Air, refreshing its entry-level hardware offerings with updated chips to prepare for the rollout of new artificial-intelligence (AI) features later this year.
- US equity markets retreated and booked their steepest monthly declines in a year, with financial and Information technology stocks under pressure and with investors eyeing US-Iran hostilities that are poised to drive crude prices sharply higher - Dow lost 521-points or -1.05%. American Express Co (down -7.88%)and Goldman Sachs Group Inc (-7.47%) both dropped over >7%. Apple Inc fell -3.21% ahead of the company kicking off its first product launches of the year this week, culminating in a “special Apple experience" event on Wednesday night AEST (4 March). Microsoft Corp -2.24%
- The U.S. and Israel launched a joint military strike on Iran on Saturday (28 February) called “Operation Epic Fury”, while U.S. President Trump called on Iranians to overthrow their government. President Trump said “we have hit hundreds of targets” in a new video statement on the strikes on Iran, adding that that US Strikes had eliminated Iranian Revolutionary Guard facilities, air defences, and naval assets, echoing his earlier comments. “Iran’s former supreme leader Ali Khamenei is dead. This wretched and vile man had the blood of hundreds, even thousands of Americans on his hands,” President Trump said in the video that was posted to Truth Social. “The entire military command is gone.”
- US equity markets weaker as a strong results from Nvidia Corp and Salesforce after the close of the previous session weren’t enough to bolster the broader market - Dow inched +17-points or +0.03% higher Salesforce Inc - which has been one of the biggest victims of recent artificial intelligence (AI) disruption fears - gained +4.03% to pace gains in the 30-stock index a day after the customer service software maker reported healthy results for the fourth quarter, although its fiscal 2027 revenue forecast trailed Wall Street projections. However, Nvidia Corp shed -5.46% to book its largest single session decline since April last year despite reporting stronger-than-expected profit and revenue forecasts for the fourth quarter after the close of the previous session.
Technology stocks led US equity markets higher overnight ahead of Nvidia Corp’s much anticipated quarterly result after the closing bell - Dow rose +308-points or +0.63% International Business Machines (IBM) Corp (up +3.58%) and UnitedHealth Group Inc (+3.74%) rallied over >3.5%.
The broader S&P500 gained +0.81%. Information Technology (up +1.79%) and Financials (+1.68%) gained over >1.5% to lead just five of the eleven primary sectors higher. Industrials (down -0.79%) and Real Estate (-0.69%) sat at the foot of the primary sector leaderboard. Axon Enterprise Inc jumped +17.55% after the technology company in global public safety posted a stronger-than-expected fourth quarter result after the closing bell of the previous session.
US equity markets rebounded as Technology stocks steadied after a sharp sell-off amid artificial intelligence (AI) disruption concern - Dow rose +370-points or +0.76% Salesforce Inc rose +4.07% to be the leading performer in the 30-stock index, more than recouping the previous session’s -3.78% drop that came amid a broader decline on artificial intelligence (AI) disruption concerns from the likes of Anthropic. International Business Machines (IBM) Corp rose +2.67%a day afterslumping -13.15%. Microsoft Corp rose +1.18%.
US equity markets opened the new week on the back foot as investors digested President Trump’s move to raise global tariffs and amid fresh concerns around artificial intelligence (AI) disruptions to various industries - Dow fell -822-points or -1.66%, booking its worst one-day decline since 20 January. International Business Machines (IBM) Corp slumped -13.15% and was the worst performer in the 30-stock index on concerns advances in Anthropic's AI technology could affect its business. Anthropic is slated to host an event tonight AEST to discuss the capabilities of its next generation AI assistant, Claude, and potentially announce new features. Microsoft Corp (down -3.21%) and Salesforce Inc (-3.78%) fell over >3%
U.S. equity markets advanced on Friday to cap a positive week after the Supreme Court struck down the sweeping tariffs implement implemented by the Trump administration last year.
- US equity markets weaker after booking three straight sessions of gains, with oil prices climbing to six-month highs amid escalating tensions between the US and Iran - Dow fell -268-points or -0.54% Boeing Co (down -2.18%) and Sherwin-Williams Co (-2.23%) both fell over >2%.
- The broader S&P500 eased -0.28%, with Financials (down -0.86%) leading eight of the eleven primary sectors lower. Investors moved out of private credit stocks after private market and alternative assets manager Blue Owl Capital Inc (down -5.93%) announced it’s going to tighten investor liquidity following its sale of US$1.4B in loan assets, spurring worries among investors about losses in the murky private loans area. Blackstone Inc (-5.37%) and Apollo Global Management Inc (-5.21%) both fell over >5%. Information Technology fell -0.53%, with reports ChatGPT maker OpenAI is set to close a US$100B funding round. Utilities returned to the top of the primary sector leaderboard with a +1.13% gain. Bookings Holdings Inc -6.16% a day after the on-line travel agency posted higher sales and profit for the fourth quarter. However, Bank of America analysts noted strategic reinvestments will likely slow the company’s pace of margin expansion. Carvana Co shed -7.95% after the online used-car retailer recorded some weakness in some key profitability metrics that outweighed solid sales numbers for the fourth quarter released after the close of the previous session.
- The Nasdaq lost -0.31%.
- The small capitalisation Russell 2000 added +0.24%.
US equity markets advanced as technology stocks found their footing and investors digested the minutes from the Federal Reserve’s January monetary policy meeting - Dow rose +129-points or +0.26%, with Nvidia Corp rising +1.63% and moving back into positive territory year-to-date after Meta Platforms Inc (+0.61%) announced a new deal to buy millions of its chips as part of its data centre buildout. Meta CEO Mark Zuckerberg said in a statement that the expanded partnership continues his company’s push “to deliver personal superintelligence to everyone in the world,” a vision he announced in July. Financial terms of the deal were not provided. Amazon.com Inc rose +1.81% despite Berkshire Hathaway reporting via a 13F filing that it had sold nearly all of its stake in the e-commerce giant. Analysts at Morgan Stanley regard Amazon as a “top pick” and both Amazon Web Services and the company’s retail business are shaping up to be massive beneficiaries of the artificial intelligence (AI) wave Amgen Inc (+1.71%), Chevron Corp (+1.84%), Cisco Systems Inc (+1.73%), Salesforce Inc (+1.90%) and Walt Disney Co (+1.57%) all gained over >1.5%. 3M Co (down 2.06%) and Boeing Co (-2.09%) fell over >2%
US equity markets little changed after resuming trading following the President’s Day long weekend and after booked their worst weekly declines of 206 to date last week - Dow rose +32-points or +0.07% Apple Inc (up +3.17%) was the leading performer in the 30 stock index and paced gains in the ‘Magnificent Seven’ cohort of mega-capitalisation technology stocks a day after announced itwill hold a product launch event on 4 March, with the newest iPhone, a low-cost MacBook, and a faster iPad expected to be among the products featured. American Express Co and Nike Inc rose over >2%. Walmart Inc (down -3.76%) was the worst performing Dow component overnight, with the retail giant slated to release its fourth quarter result on Thursday night AEST (19 February).
- US equity and bond markets were CLOSED overnight for Presidents Day.
- Apple Inc announced itwill hold a product launch event on 4 March, with the newest iPhone, a low-cost MacBook, and a faster iPad expected to be among the products featured.
US equity markets settled little changed, losing steam in the final hour of Friday’s (13 February) - Dow eased -49-points or +0.10% Visa Inc (down -3.12%), while ‘Magnificent Seven’ mega-capitalisation technology stocks Apple Inc (-2.24%) and Nvidia Corp (-2.21%) fell over >2%. Nike Inc (+3.32%) and UnitedHealth Group Inc (+3.1%) climbed over >3%, Cisco Systems Inc (+2.47%) and Salesforce Inc (+2.31%) gained over >2%.
US equity markets retreated as investors digested weaker-than-expected retails sales figures and turned their attention to the potential threat artificial intelligence (AI) poses to the financial sector - Dow added +52-points or +0.10% to 50,188.14, booking its third consecutive record closing and intra-day high after climbing above the >50,000 level last Friday (6 February). Home Depot Inc (up +2.28%) and Walt Disney Co (+2.64%) both gained over >2%.
US equity markets retreated as investors digested weaker-than-expected retails sales figures and turned their attention to the potential threat artificial intelligence (AI) poses to the financial sector - Dow added +52-points or +0.10% to 50,188.14, booking its third consecutive record closing and intra-day high after climbing above the >50,000 level last Friday (6 February). Home Depot Inc (up +2.28%) and Walt Disney Co (+2.64%) both gained over >2%.
- US equity markets advanced after posting a sharp rebound last Friday (6 February), with technology again leading the gains - Dow inched +20-points or +0.04% higher to a fresh record closing high of 50,135.87 a day after the 30-stock index has climbed above the 50,000 level for the first time. Microsoft Corp (up +3.05%) was the leading Dow component, while Caterpillar Inc (+2.19%), Cisco Systems Inc (2.31%) and Nvidia Corp (2.5%) all climbed over >2%. Merck & Co Inc fell -3.51%, while Travelers Companies Inc (down -2.88%), Nike Inc (-2.36%) and Amgen Inc (-2.21%) all fell over >2%.
- The broader S&P500 added +0.47%, with Information Technology (up +1.59%) sitting atop the primary sector leaderboard for a second consecutive session. Health Care and Consumer Staples both declined -0.86%. AppLovin Corp soared +13.26% and was the leading performer in the S&P500 after a financial publisher retracted some of its most explosive claims regarding AppLovin’s alleged connections to transnational crime syndicates. Oracle Corp rallied +9.64% Kroger Inc rose +3.85% after the after the grocery giant named former Walmart Inc (down -1.63%) executive Greg Foran its new CEO. Micron Technology Inc fell -2.84%, with some traders citing South Korean press reports indicating that Micron’s HBM4 offerings aren’t fast enough for Nvidia Corp and thus will get shut out of the upcoming Vera Rubin graphics processing units (GPUs).
- US equity markets rebounded sharply as technology stocks rallied following a wave of selling in recent sessions - Dow jumped +1,207-points or +2.47% to a record closing high of 50,115.67, the first time the 30-stock index has climbed above the 50,000 mark. Nvidia Corp +7.87%, with Chief Executive Officer (CEO) Jensen Huang saying in a televised interview with CNBC that demand has been "going through the roof" as cloud heavyweights lead what he believes could become the “largest infrastructure buildout in human history.” Caterpillar Inc +7.07%. However, Amazon.com Inc fell -5.55% after the company forecast a more than 50% jump in capital expenditures this year as part of its fourth quarter result released after the close of the previous session, intensifying the AI-driven spending spree already underway among its "Magnificent Seven" mega-capitalisation peers.
- US equity indices declined as a "risk-off" selloff spared few corners of the market and with losses acerating in the closing hour of trading - Dow -593-points or -1.20% Microsoft Corp (down -4.97% and now down over >27% from its 28 October peak) and Salesforce Inc (-4.75%) both fell over >4.5%, while investment banks Goldman Sach Group Inc (-2.51%) and JPMorgan Chase & Co (-2.24%) fell over >2%.
- The broader S&P500 -1.23% and slipped into negative territory for the calendar year-to-date, with Materials (down -2.75%) and Consumer Discretionary (-2.59%) falling over >2.5% and leading nine of the eleven primary sectors lower. The Information Technology sector fell -1.22% after entering official correction territory a day earlier, down ~11.2% from its 29 October peak. Consumer Staples (up +0.25%) and Utilities (+0.11%) were the only primary sectors to settle in positive territory.
US equity markets retreated as the sell-off in technology stocks intensified - Dow rose +260-points or +0.53%, with Amgen Inc jumping +8.15%to be the leading performer in the 30-stock index after the biopharmaceutical company reported a better-than-expected fourth result after the close of the previous session. Nike Inc (up +5.4%) and 3M Co (+5.21%) both climbed over >5%. ‘Magnificent Seven’ mega-capitalisation technology names Nvidia Corp (down -3.41%) and Amazon.com Inc (-2.36%) were under pressure, along with technology peers Cisco Systems Inc (-2.35%) and International Business Machines (IBM) Corp (-1.79%
Technology stocks came under renewed selling pressure, dragging US equity markets lower - Dow fell -167-points or -0.34% to 49,240.99 after touching a record intra-day high of 49,653.13. Nvidia Corp fell -2.87%, with Chief Executive Officer (CEO) Jensen Huang saying in an interview with CNBC that the chipmaker’s plan to invest in OpenAI remains “on track” after recent reports suggested brewing tension between the two sides. Mr Huang said that Nvidia would invest in OpenAI’s next fundraising round, which he called the “largest private round ever raised in history.” OpenAI is engaging in fundraising discussions for a round that could raise as much as US$100B, according to a CNBC report last month. Retail giant Walmart Inc rose +2.94% and joined the club of stocks with a market capitalisation more than US$1 trillion. Only 11 other companies are larger, with Nvidia and Alphabet Inc (-1.22%) having market capitalisations greater than >US$4 trillion.
- US equity markets opened February on a firmer footingdespite fresh falls on metals markets and as investors continued to ponder President Trump’s nomination for the next Chair of the Federal Reserve - Dow rose +515-points or +1.05%. Caterpillar Inc (+5.1%), Walmart Inc (+4.13%) and Apple Inc (4.06%) all rallied over >4%. Nvidia Corp dropped -2.89% after The Wall Street Journal (WSJ), citing people familiar with the matter, that the chipmaking giant’s plans to pour US$100B into OpenAI had stalled, with company executives expressing doubt about the deal.
- President Trump announced on his Truth Social network that the U.S. had reached a trade deal with India. The Asian nation agreed to stop buying Russian oil, and in exchange the U.S. "will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%," President Trump wrote.
- The broader S&P500 added +0.54%, with Consumer Staples (up +1.28%), Industrials (+1.26%) and Financials (+1.02%) all rising over >1%. Energy (down -1.98%) and Utilities (-1.54%) fell over >1.5%. Sandisk Corp (up +15.44%) was the leading S&P500 performer overnight as investors continued to applaud the storage device maker’s stronger-than-expected fiscal second quarter result last Friday (30 January).
US equity markets retreated on Friday (30 January) as technology stocks remained under pressure, while precious metals markets saw some vicious volatility - Dow fell -179-points or -0.36% as a host of components in the 30-stock index posted quarterly results.
US equity markets settled narrowly mixed as investors absorbed another busy corporate earnings calendar - Dow edged +56-points or +0.11% higher, with International Business Machines Corp (IBM) rising +5.13% to be the leading performer in the 30-stock index after posting stronger-than-expected fourth quarter EPS and revenue after the close of the previous session. Microsoft Corp tumbled -9.99% and recorded worst daily performance since March 2020 following the release of the company’s fourth quarter result after the close of the previous session, with investors seemingly unnerved by record spending on artificial intelligence (AI) last quarter.
- US equity markets settled narrowly mixed as investors eyed quarterly results from mega-capitalisation technology companies after the closing bell and the Federal Reserve’s first interest rate decision of 2026 - Dow inched +12-points or +0.02% higher Nvidia Corp rose +1.59% and was the leading performer in the 30-stock index after The Wall Street Journal (WSJ) reported that China's government has given clearance to a few big technology companies in the country including ByteDance and Alibaba Group Holdings Ltd () to start placing orders for H200 AI chips. The initial approval would allow the companies to buy hundreds of thousands of chips worth ~US$10B, according to the WSJ. Nvidia did not respond to a request for comment in time for publication.
- US equity markets advanced as investors digested a busy corporate earnings calendar and eyed tomorrow morning’s AEST interest rate decision from the Federal Reserve - Dow lost -409-points or -0.83% despite ‘Magnificent Seven’ mega-capitalisation technology names Amazon.com Inc (+2.63%) and Meta Platforms Inc (+2.19%) along with Cisco Systems Inc (+2.17%) rising over >2%.
- The broader S&P500 gained +0.41% to a fresh record closing high of 6,978.60 after touching a record intra-day peak of 6,988.22. Information Technology (up +1.42%) and Utilities (+1.25%) rose over >1% to lead nine of the eleven primary sectors higher. Healthcare (down -1.66%) sat at the foot of the primary sector leaderboard after the Centres for Medicare and Medicaid Services estimated payments to private Medicare Advantage plans will rise just 0.09% next year, a much smaller increase than expected. Next year’s rate increase also pales in comparison to recent years; CMS estimated payments would rise by 5% this year and about 4% in 2025. Humana Inc slumped -21.13% and CVS Health Corp -14.15%. Corning Inc jumped +15.58% after the specialty glassmaker announced a deal with Meta Platforms Inc (+0.09%) to supply the Facebook and Instagram parent with fibre optic technology and cables for its AI data centres.
- US equity markets advanced as investors eyed a busy week of fourth quarter results and the Federal Reserve’s first-interest rate decision of 2026 – Dow rose +314-points or +0.64%. Cisco Systems Inc (up +3.24%) was the leading component in the 30-stock index. Nvidia Corp eased -0.64% after investing US$2B in CoreWeave Inc (up +5.73%) stock, reflecting its "confidence in CoreWeave's business, team and growth strategy as a cloud platform built on NVIDIA infrastructure, “according to the world’s most valuable public company. Nvidia climbed +1.53% last Friday (23 January) after CNBC reported that Chief Executive Officer (CEO) Jensen Huang is planning to visit China in the coming days.
- Dow fell -285-points or -0.58% last Friday (23 January), with Goldman Sachs Group Inc down -3.75%
- Canadian Prime Minister Mark Carney said on Sunday (25 January) that his country has no intention of pursuing a free trade agreement with China, after President Trump threatened to impose 100% tariffs on Ottawa if it signed a trade deal with China. Meanwhile, President Trump said he was increasing tariffs on South Korean imports into the United States related to autos, lumber, and pharmaceuticals to 25%, while accusing the ally’s legislature of “not living up” to its trade deal with Washington.
US equity markets resumed trading after the holiday long weekend with steep losses, with the benchmark indies booking their worst single session performance since October as investors were spooked by fresh tariff threats from President Trump against Europe amid a dispute over control of Greenland - Dow fell -871-points or +0.55% International Business Machines (IBM) Corp (down -4.68%) and Nvidia Corp (-4.38%) both dropped over >4%, while American Express Co (-3.45%), Apple Inc (-3.46%), Amazon.com Inc (-3.4%), JPMorgan Chase & Co (-3.11%), Salesforce Inc (-3.04%) and Sherwin-Williams Co (-3.04%) all fell over >3%.
- US equity markets resumed trading after the holiday long weekend with steep losses, with the benchmark indies booking their worst single session performance since October as investors were spooked by fresh tariff threats from President Trump against Europe amid a dispute over control of Greenland - Dow fell -871-points or +0.55% International Business Machines (IBM) Corp (down -4.68%) and Nvidia Corp (-4.38%) both dropped over >4%, while American Express Co (-3.45%), Apple Inc (-3.46%), Amazon.com Inc (-3.4%), JPMorgan Chase & Co (-3.11%), Salesforce Inc (-3.04%) and Sherwin-Williams Co (-3.04%) all fell over >3%.
- The broader S&P500 dropped -2.06% to book its steepest one-day decline since 10 October, with Information Technology (down -2.94%) and Consumer Discretionary (-2.82%) falling over >2.5% and leading ten of the eleven primary sectors lower. Consumer Staples (up +0.12%) was the only primary sector to settle in positive territory overnight. NetApp Inc (down -9.37%), Dell Technologies Inc (-7.45%) and Norwegian Cruise Line Holdings Ltd (-7.45%) all fell over >7%. Newmont Mining rallied +4.22%
US equity markets settled with modest losses on Friday (16 January) ahead of a holiday long weekend, with the benchmark indices hitting their session lows after President Trump delivered remarks in the White House in which the president said he’d rather have National Economic Council Director Kevin Hassett stay in his current role and that he might not be chosen to become the next Federal Reserve chair. Treasury yields climbed to a four-month high - Dow slipped -83-points or -0.17%
Salesforce Inc (down -2.75%) and UnitedHealth Group Inc (-2.34%) fell over >2%.
The broader S&P500 dipped -0.06%, with Health Care (down -0.84%) and Communication Services (-0.72%) leading five of the eleven primary sectors lower.
Real Estate (up +1.20%) sat atop the primary sector leaderboard.
Power providers Constellation Energy Corp (down -9.82%) and Vistra Corp (-7.54%) slumped following reports the Trump administration plans to shake up America's largest electricity grid.
- US equity markets climbed after two sessions of declines, underpinned by a rebound for bank stocks following a tough start to the week and renewed momentum in the artificial intelligence (AI) trade following a strong fourth quarter result from Taiwan Semiconductor Manufacturing Co (TSMC) Ltd - Dow rose +293-points or +0.60% Boeing Co (up +2.11%) and Nvidia Corp (+2.13%) both gained over >2%. However, International Business Machines (IBM) Corp dropped -3.59% and Salesforce Inc -2.52%.
- The broader S&P500 added +0.26%. Energy (down -0.91%) sat at the foot of the primary sector leaderboard. Health Care fell -0.58%, with Eli Lilly & Co down -3.76% after a Reuters report that the Food and Drug Administration (FDA) extended its review on the firm's weight-loss pill orfoglipron. A decision on the drug's approval is now expected 10 April, whereas it was previously slated for 28 March, according to Reuters. Meanwhile, Strive Compounding Pharmacy, one of the nation's most celebrated providers of compounded medications, has filed a federal antitrust lawsuit against pharmaceutical giants Eli Lilly and Danish peer Novo Nordisk (-3.45%), alleging a coordinated effort to suppress competition and limit patient access to lawful compounded GLP-1 medications. Boston Scientific Corp fell -3.91% after the company agreed to buy medical-devices maker Penumbra for US$14.5B. Utilities (up +1.04%) and Industrials (+0.93%) both rose ~1% to sit atop the primary sector leaderboard. James Hardie Industries Plc (up +1.87%) reaffirmed its guidance for the third quarter after the closing bell and announced that it will close its manufacturing facilities in Fontana, California, and Summerville, South Carolina, within 60 days, as part of a plan to optimise its North American manufacturing footprint.
- Financial stocks weighed on US equity markets following warnings about potential changes to lending policy, with the Dow and S&P 500 pulling back from record highs as the fourth quarter earnings season got underway and investors digested the latest inflation data - Dow fell -398-points or -0.80% Salesforce Inc shed -7.07% and was the worst performer in the 30-stock index following an update to its virtual assistant Slackbot feature in Slack. Visa Inc fell -4.46%
- The broader S&P500 eased -0.19%. Financials (down -1.84%) led just four of the eleven primary sectors lower. Energy (up +1.53%) was the leading primary sector performer overnight following fresh gains on crude markets, with Exxon Mobil Corp rising +2.02% to US$126.50 and booking its first record closing high since 7 October, 2024. Moderna Inc soared +17.02% to be the leading S&P500 component after CEO Stéphane Bancel revealed a raised 2025 sales forecast at the J.P. Morgan Healthcare Conference. "We should land around the US$1.9 billion of sales for the year, which is $100 million better than the midpoint" of Moderna's prior guidance of $1.6B to $2.0B, Mr Bancel said
US equity markets advanced on Friday (9 February), with both the Dow and S&P500 booking fresh record closing highs - Dow rose +238-points or +0.48% to book a record closing high of 49,504.07, with Home Depot Inc (up +4.19%) the leading performer in the 30-stock index, while Boeing Co (+3.14%) and Sherwin-Williams Co (+3.59%) gained over >3%.
The broader S&P500 gained +0.65% to a fresh record closing high of 6,966.28 after touching a record intra-day peak (6,978.36).
Materials (up +1.80%) leading nine of the eleven primary sectors higher on Friday (9 January). Vistra Corp (up +10.47%) was the leading S&P500 performer, while Oklo Inc rose +7.90% after Facebook and Instagram parent Meta Platforms Inc (+1.08%) announced it had inked "landmark agreements" with the companies and privately held TerraPower to power its artificial intelligence (AI) projects.
- US equity markets advanced for a third consecutive session to open the holiday-shortened week - Dow rose +228-points or +0.47%, with Merck & Co (up +3.59%) the leading performer in the 30-stock index. Honeywell International fell -1.58% after the aerospace and industrial-automation company lowered its full-year earnings outlook and updated investors on its expectations surrounding the Flexjet lawsuit. Nike Inc -2.54%.
- The broader S&P500 gained +0.64%, with Materials (up +1.35%), Financials (+1.25%), Industrials (+1.11%) and Energy (+1.08%) all rising over >1% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.41%) was the only primary sector to settle in the red.
US equity markets were stronger overnight – Dow rose 0.14% driven by tech names Amazon up 2.4%, Nvidia up 1.8%, Microsoft up 1.65%, and Cisco 1.52%.
The broader S&P500 advanced 0.79% on the back of a lower-than-expected CPI report. Memory and storage names Sandisk Corporation, Western Digital and Seagate Technology were three of the top performers, up 6.1%, 5.26% and 5.17% respectively. The rally due to Micron Technology’s strong result and their outlook for AI-driven memory demand.
US equity markets rallied late in the session as investors digested the latest monetary policy pronouncements from the Federal Reserve - Dow rallied +497-points or +1.05%, with 26 of the 30 index components advancing. JPMorgan Chase & Co rebounded +3.19% after dropping -4.66% in the previous session after Marianne Lake, the investment bank’s Chief Executive Officer (CEO) of Consumer & Community Banking, disclosed higher-than-expected expense projections of US$105B for next year (versus current consensus forecasts of US$101B) at the Goldman Sachs Group Inc (up +1.44%) U.S. Financial Services Conference and saidthat she "would characterize the environment as being a little bit more fragile." American Express Co (+3.2%), Caterpillar Inc (+3.53%) and Nike Inc (+3.88%) also all rose over >3%.
- US equity markets opened the week on a softer footing ahead of the Federal Reserve’s latest interest rate decision on Thursday morning AEST (11 December) - Dow fell -216-points or -0.45%, with Nike Inc (down -3.52%) and Procter & Gamble Co (-3.56%) both falling ~3.5%. Boeing Co (up +2.17%) and Walt Disney Co (+2.21%) both climbed ~2.2%.
- The Dow Jones Transportation Average (down -0.26%), an index that tracks the stocks of companies that move goods and people around the country, snapped a ten session winning streak.
US equity markets advanced after a delayed, tame inflation report reinforced expectations that the Federal Reserve will cut interest rates at its final meeting of the year this week - Dow added +104-points or +0.22%, with Salesforce Inc (up +5.3%) the clear outperformer in the 30-stock index on Friday (5 December). Goldman Sachs Group Inc +2% Amgen Inc fell -3.02%
The Dow Jones Transportation Average (up +0.69%), an index that tracks the stocks of companies that move goods and people around the country, rose for a tenth consecutive day on Friday (6 December).
US equity markets retreated to open the final trading month of the calendar year, with technology and cryptocurrency-related stocks under particular pressure - Dow fell -427-points or -0.90%. Merck & Co Inc (-2.81%) was the worst performer in the 30-stock index, while Amgen Inc (-2.31%) and McDonald’s Corp (2.06%) both fell over >2%.
US equity markets advanced in an abbreviated trading session on Friday (28 November) to cap a strong, holiday-shortened trading week - Dow rose +289-points or +0.61% with Amazon.com Inc, International Business Machines (IBM) Corp and JPMorgan Chase & Co all rising +1.77%.
The broader S&P500 gained +0.54%. Energy (up +1.32%) led ten of the eleven primary sectors higher. Health Care (down -0.49%) was the only primary sector to settle in the red. Intel Corp jumped +10.19% after an analyst suggested that the company could become a foundry supplier for Apple Inc (+0.47%) processors, adding fuel to rumours earlier in the year about a possible deal with the iPhone maker. Broadcom Inc (+1.36%), General Motors (+0.98%), Hilton Worldwide Holdings Inc (-0.26%) and Walmart Inc (+1.29%) were among 12 S&P500 components to hit fresh record intra-day highs on Friday (28 November).
The Nasdaq rallied +0.65%, booking a fifth straight day of gains
- US equity markets rallied sharply to kick off a holiday-shortened trading week amid renewed optimism around a December interest rate cut from the Federal Reserve - Dow rose +203-points or +0.44%. Amazon.com Inc (up +2.53%) said it will spend as much as $US50B expanding its capacity to provide artificial intelligence (AI) and high-performance computing services to US government entities.Amazon Web Services (AWS) plans to break ground next year on what will ultimately be 1.3 gigawatts of additional capacity across data centres designed for federal agencies, the company said in a blog post overnight. Goldman Sachs Group Inc (+2.15%), International Business Machines (IBM) Corp (+2.25%), Merck & Co (+2.70%) and Nvidia Corp (+2.05%) also rallied over >2%. However, Procter & Gamble Co (-2.61%), Verizon Communications Inc (-2.47%) and Walt Disney Co (-2.24%) all fell over >2%.
US equity markets advanced after New York Federal Reserve President John Williams suggested the central bank could cut interest rates yet again this year - Dow rallied +493-points or +1.08%. Home Depot Inc (up +3.29%) was the leading performer in the 30-stock index. Nvidia Corp lost -0.97% after Bloomberg News reported, citing sources, that the Trump administration was mulling the sale of H200 AI chips to China. The report said President Trump held talks internally about possible shipments in recent days, though it added that a decision had not been made.
- US equity markets retreated on Thursday as the Dow was on pace for its worst week in a month as strong Nvidia earnings weren’t enough to cool investor fears. Dow fell -386.51 points or 0.84%.
- Notable stock moves included Cisco Systems Inc (-3.76%), Boeing Co (-3.4%) and Nvidia Corp (-3.15%) all falling >3%.
- The S&P500 and Nasdaq saw its largest intraday reversals since April’s tariff woes. The broader S&P 500 declined -103.40 points or -1.56%.
US equity markets advanced, with the Dow and S&P500 snapping four session losing streaks ahead of the release of Dow component Nvidia Corp’s (up +2.85% in the regular session) third quarter result after the closing bell and tonight’s AEST delayed September jobs report - Dow edged +47-points or +0.10% higher.
Boeing Co (down -2.07%) and Salesforce Inc (-2.41%) both fell over >2%.
The broader S&P500 added +0.38%. Information Technology (+0.93%) and Communication Services (+0.72%) returned to the top of the primary sector leaderboard.
Energy (down -1.30%) sat at the foot of the primary sector leaderboard.
US equity markets retreated as concerns about valuations for artificial intelligence (AI) stocks continued to weigh on sentiment and with investors eyeing Nvidia Corp’s (-2.81%) third quarter result after the closing bell of tonight’ AEST session - Dow rose -499-points or -1.07%, having been down almost -700-points at its worst levels of the session. E-commerce and cloud giant Amazon.com Inc lost -4.43%, while International Business Machines (IBM) Corp (-2.43%), Honeywell International (-2.36%) and UnitedHealth Group Inc (-2.17%) were among seven Dow components that fell over >2%.
The broader S&P500 extended declines into a fourth consecutive session, falling -0.83% and paring an earlier drop of as much as -1.5%. Consumer Discretionary (down -2.50%) and Information Technology (-1.68%) led five of the eleven primary sectors lower. Energy (up +0.61%) and Health Care (+0.54%) sat atop the primary sector leaderboard. The index now sits over >3% from its October peak. James Hardie Industries Plc +6.83% after the building materials supplier released its fiscal second quarter result after the close of the previous session and said the performance of the recently acquired AZEK business has exceeded its expectations and it has topped a target for cost savings from the deal in the current fiscal year. Eli Lilly and Co rose +0.82% and hit a record intra-day high (US$1,040.72) dating back to 1952 when the pharmaceutical company offered its first public shares of stock.
- US equity markets were mixed on Friday (14 November) but recovered from an early, steep sell-off to settled well of their worst levels of the session - Dow fell 310-points or -0.65%, having been down as much as -600-points or ~1.3% earlier in the session. UnitedHealth Group Inc (down -3.21%) was the worst performer in the 30-stock index. Nike Inc lost -2.82%, with Moody’s downgrading its ratings on debt issued by the footwear and athletic apparel company, pointing to elevated competition and cost pressures related to tariffs as factors behind its more cautious outlook. Walmart Inc dipped -0.06% after it announced Chief Executive Officer (CEO) Doug McMillon will retire on 31 January 2026, and be succeeded by Walmart U.S. CEO John Furner. Nvidia Corp (+1.77%) and Microsoft Corp (+1.37%) were the leading Dow components on Friday (14 November).
Benchmark US equity indices booked their worst single-session performance since 10 October, 2000 amid rising uncertainty about Federal Reserve interest rate cuts - Dow fell -798-points or -1.65% to 47,457.22 after settling above 48,000 for the first time a day earlier. Investment banks Goldman Sachs Group Inc (down -3.99%) and JPMorgan Chase & Co (-3.41%), Caterpillar Inc (-3.4%) and International Business Machines (IBM) Corp (-3.21%) all fell over >3%, as did Nvidia Corp (-3.58%), with the chipmaker slated to report its third quarter result on Wednesday next week (19 November). Infrastructure provider Cisco Systems Inc (up +4.62%) bucked the weaker trend posting better-than-expected earnings per share (EPS) and revenue of US$14.88B for its fiscal first quarter after the close of the previous session. Verizon Communications Inc +0.76% The Wall Street Journal reported that the company plans to eliminate about 15,000 jobs, mostly through layoffs. It would represent the largest cuts in the company's history, the newspaper added, noting the firm "also plans to transition about 200 stores into franchised operations, which will shift employees off its payroll.
- US equity markets mixed as investors continued to monitor progress on resolving the US government shutdown - Dow rose +327-points or +0.68% to 48,254.82, the 30-stock index’s first close above >48,000 after setting a fresh record intra-day peak (48,431.57). Goldman Sachs Group Inc (+3.54%) and United Health Group Inc (+3.55%) both rallied ~3.5%. International Business Machines (IBM) Corp +0.40% after the company the company announced several quantum-computing "breakthroughs."
- The Republican-controlled US House of Representatives is set to vote on a bill that would end the federal government shutdown at about 11am AEDT. If approved, it will go before President Trump for his signature.
US equity markets rallied amid signs that a historic U.S. government shutdown could be nearing its end - Dow rose +382-points or +0.81%
Nvidia Corp (up +5.79%) was the clear outperformer in the 30-stock index.
Late Sunday (9 November), the Senate advanced a procedural measure to allow other votes today on an agreement to end the US government shutdown, now at 41-days. Eight Democrats joined Republicans to reach the 60-vote threshold to advance the measure.
The broader S&P500 gained +104-points or +1.54%, logged its largest single-day point gain since 27 May, and its largest single-day percentage gain since 3 October.
US equity markets settled narrowly mixed on Friday (7 November), recovering from steeper declines earlier in the sessionto cap a volatile week - Dow added +75-points or +0.16%, recovering from an earlier slide of ~400-points or -0.9%. Coca-Cola Co (up +2.16%) and Sherwin-Williams Co (+1.95%) were the leading performers in the stock index.
Technology stocks led a rebound for US equity markets - Dow rose +226-points or +0.48% Amgen Inc (up +7.81%) was the leading performer in the 30-stock index after the pharmaceutical company posted a better-than-expected third quarter result and raised its full-year sales outlook after the close of the previous session Economic bellwether Caterpillar Inc gained +3.94%. Home Depot (down -2.41%) was the worst performing Dow component overnight.
The US government shutdown reached 36-days, surpassing the previous record of 35-days that ran from 22 December 2018 to 25 January, 2019. Investors are also eying the US Supreme Court as it determines whether President Trump has the authority to impose tariffs without Congress's approval under the International Emergency Economic Powers Act.
A mixed start to November for US equity markets ahead of another busy week of quarterly earnings releases - Dow fell -226-points or -0.48%, with Merck & Co Inc (down -4.06%) the worst performer in the 30-stock index.
3M Co (down -2.59%), UnitedHealth Group Inc (-2.27%) and Chevron Corp (-2.33%) all declined over >2%.
Microsoft Corp (down -0.15%) announced it has secured export licenses to ship Nvidia Corp (+2.23%) chips to the United Arab Emirates amid Gulf’s ambitions to become an AI leader.
Amazon.com Inc rallied +4.03% to be the leading Dow component overnight, hitting a fresh record high (US$258.60) after signing a multi-year US$38B deal to supply cloud computing services to OpenAI, affording the ChatGPT maker access to Nvidia's graphics processors. Amazon soared +9.58% in the previous session after releasing stronger-than-expected third-quarter earnings after the close last Thursday’s (30 October), underpinned by a sharp acceleration in cloud revenue.
US equity markets advanced on Friday (31 October) after a choppy session to cap a solid week and month for the benchmark indices - Dow edged +41-points or +0.09% higher Apple Inc settled -0.38% lower at US$270.37, unwinding an gain that saw the mega-capitalisation technology stock touch a fresh record intraday high of US$277.32 after reporting better-than-expected third quarter earnings after the close of last Thursday’s (30 October) session and forecast holiday-quarter iPhone sales and overall revenue that surpassed Wall Street expectations thanks to strong demand for its iPhone 17 models. Nvidia Corp slipped -0.20% following news it is partnering with Samsung and other South Korean firms to deploy 250,000 of its chips across the Asian country.
US equity markets retreated a dayafter logging record intra-day highs for a third straight session, with investors continuing to assess earnings from mega-capitalisation technology names and yesterday’s (30 October) meeting between President Trump and Chinese leader Xi Jinping - Dow fell -110-points or -0.23%, sliding in the closing hour of trading . Boeing Co dropped -6.32% to be the worst performer in the 30-stock index a day after the aircraft manufacturer posted a weaker-than-expected third quarter profit and flagged a US$4.9B charge "associated with updated 777X certification timing." Microsoft Corp -2.92% despite posting better-than-expected third quarter EPS and revenue (US$77.7B versus consensus US$75.5B) after the close of the previous session, underpinned by Microsoft Cloud and AI strength. UnitedHealth Group Inc shed -2.96%, while Nvidia Corp lost -2%) a day after becoming the first company to close with a US$5 trillion market capitalisation
US equity markets rebounded, with the S&P500 and Nasdaq booking fresh record intra-day and closing highs - Dow flat at 46,601.78. Caterpillar Inc (up +3.17%) was the leading performer in the 30-stock index. Nvidia Corp rose +2.20% after Chief Executive Officer (CEO) Jensen Huang said that demand has risen in recent months, telling CNBC that “this year, particularly the last six months, demand of computing has gone up substantially.” Mr Huang also confirmed the company’s involvement in funding Elon Musk’s artificial intelligence (AI) startup, xAI, and said that he’s “super excited about the financing opportunity they’re doing.” Investment banks Goldman Sachs Group Inc (-1.66%) and JPMorgan Chase & Co (-1.19%) fell over >1%.
US equity markets retreated overnight as the US government shutdown entered its second week but not before the S&P500 and Nasdaq scaled fresh record intra-day highs - Dow eased -92-points or -0.20%, with Nike Inc (down -3.18%) the worst performer in the 30-stock index, while Salesforce Inc fell -2.46% after the company said it won’t pay a ransom demand from a hacker who claimed to have stolen a large amount of client data and threatened to publish it, according to an email seen by Bloomberg. International Business Machines (IBM) Corp rose +1.54% following news it was partnering with Anthropic to integrate the artificial intelligence (AI) firm's Claude large language model into its enterprise software. Amazon.com Inc added +0.4% as the e-commerce giant began its two-day Prime Big Deal Days.
US equity markets advanced, with the S&P500 and Nasdaq booking fresh record closing highs despite the U.S. government shutdown entering its sixth day, with the White House threatening mass federal worker layoffs. - Dow eased -63-points or -0.14% Verizon Communications Inc -5.11% after Chief Executive Officer (CEO) Hans Vestberg stepped down, replaced by independent lead director and former PayPal Inc CEO Dan Schulman. Sherwin-Williams Co (-2.80%). Microsoft Corp (up +2.17%) and Salesforce Inc (+2.25%) rose over >2%, while Boeing Co gained +1.59% after Bloomberg reported that the airplane maker plans to accelerate its production of jets in its 737 Max line. The company could reach a 42-jet output per month for its 737 Maxs as soon as October, the report said.
US equity indices advanced for a fifth consecutive session, with the three (3) leading indices booking a fresh round of record closing highs amid a global rally for semiconductor stocks after OpenAI announced South Korean firms SK Hynix (+9.86%) and Samsung Electronics Co Ltd (+3.49%) would partner with the ChatGPT maker on its Stargate AI infrastructure project - Dow added +79-points or +0.17% to 46,519.72, tallying its first five-day winning streak since 2 May and marking the 30-stock index’s second consecutive record closing high and 10th of the calendar year-to-date.
Caterpillar Inc rose +2.003% to be the leading Dow component overnight.
Nvidia Corp rose +0.88% to a fresh record closing high of US$188.89, hitting a record intra-day high (US$191.05) after the chipmaker’s market capitalisation hit US$4.5 trillion.
US equity markets advanced, with the Dow and S&P500 posting record highs despite the federal government shutting down for the first time in six-years - Dow edged +88-points or +0.19% higher to book a second consecutive record closing high of 46,441.10. Nike Inc gained +6.41% after the athletic retail giant posted better-than-expected headline numbers for the fiscal first quarter after the close of the previous session. Nvidia Corp (+0.35%) hit a fresh record high that lifted the chipmaker’s market capitalisation above >US$4.5 trillion
- US equity markets retreated, with the S&P500 and Nasdaq declining for a third consecutive session - Dow fell -174-points or -0.38%, with Amgen Inc (-2.88%), Nike Inc (-2.78%) and Merck & Co Inc (-2.6%) all falling over >2.5%.International Business Machines (IBM) Corp gained +5.20% to be the leading performer in the 30-stock index after financial partner HSBC Holdings Plc said it had a "positive trial" using quantum computers from "Big Blue" for algorithmic bond trading.
- The broader S&P500 lost -0.50%, booking its largest three-day decline (-1.33%) since August. Health Care (down -1.67%) and Consumer Discretionary (-1.47%) led nine of the eleven primary sectors lower. Energy (up +0.87%) sat atop the primary sector leaderboard for a second straight session Intel Corp rallied +8.87% to be the leading S&P500 and Nasdaq performer overnight following a Wall Street Journal reports that the company has approached Taiwan Semiconductor Manufacturing Company about investments in manufacturing or partnerships. The latest report comes a day after Bloomberg reported that the chipmaker is seeking an investment from Apple Inc (up +1.81%).
US equity markets retreated from record highs, snapping a three-session streak that saw the three main indices post record intra-day and closing highs - Dow slipped -89-points or -0.19% to 46,292.78 after logging a fresh record intra-day high (46,447.13) shortly after the opening bell. Amazon.com Inc (down -3.04%) was the worst performer in the 30-stock index. The company squaring off against the Federal Trade Commission in court after the agency filed a lawsuit during the Biden administration alleging the company made it too onerous for customers to cancel their Prime memberships.
The benchmark US equity indices booked another round of fresh record intra-day and closing highs to open the week - Dow edged +66-points or +0.14% to 46,381.54. Apple Inc rallied +4.31% to be the leading performer in the 30-stock index following reports of strong demand for the iPhone 17 in its first weekend of sales, aided by consumers seeking to replace aging devices. The stock is closing in on a fresh record closing high (after touching their highest intra-day level since December 2024 overnight at US$256.64) and market capitalisation of US$4 trillion. ‘Magnificent Seven’ mega-capitalisation technology peer Nvidia Corp rallied +3.93% to a record closing high of US$183.61 after the company said it’s going to invest US$100B in OpenAI - the maker of ChatGPT - for the buildout of data centres based around the company’s artificial intelligence (AI) chips. The partnership "enables OpenAI to build and deploy at least 10 gigawatts of AI data centres with NVIDIA systems representing millions of GPUs [graphics processing unit] for OpenAI's next-generation AI infrastructure." Nvidia added it "intends to invest up to US$100B in OpenAI progressively as each gigawatt is deployed." However, Amazon.com Inc fell -1.66% as investors assessed the potential fallout from President Trump's shock decision late on Friday (19 September) to raise the H-1B visa application fee to US$100,000. Amazon employs ~14K staff on such visas.
Both the S&P 500 and Nasdaq hit fresh record intra-day and closing highs ahead of the Federal Reserve’s latest two-day monetary policy meeting kicking off that is expected to see the central bank cut benchmark interest rates for the first time this year - Dow edged +49-points or +0.11% higher, withso-called ‘Magnificent Seven’ mega-capitalisation technology names Amazon.com Inc (up +1.44%), Apple Inc (+1.12%) and Microsoft Corp (+1.07%) rising over >1% along with Caterpillar Inc (+1.02%) and International Business Machines (IBM) Corp (+1.10%). Merck & Co Inc (-1.20%) and McDonald's Corp (-1.09%) fell over >1% to be the worst performing Dow components overnight. Nvidia Corp dipped -0.04%, paring an earlier decline of almost -1.9% after China’s State Administration for Market Regulation (SAMR) announced that following a preliminary investigation the chip giant was found to be in breach of antitrust rules in relation to its acquisition of Israel-based networking-technology group Mellanox. Separately, Nvidia is reportedly among investors in artificial intelligence (AI) infrastructure company Firmus Technologies, which is targeting a listing on the Australian Securities Exchange (ASX) next year.
A mixed session for US equity markets last Friday (12 September) albeit all three benchmark indices booked weekly gains - Dow fell -274-points or -0.59% to 45,834.22 a day after settling above >46,000 for the first time. Amgen Inc (down -2.24%), Merck & Co Inc (-2.75%) and Sherwin-Williams Co (-2.33%) all fell over >2%. Microsoft Corp rose +1.77% and was the leading Dow component on Friday (12 September) after it reached an agreement with OpenAI that paves the way for the ChatGPT maker, currently a nonprofit with which Microsoft has a complex revenue and profit-sharing agreement, to convert to a for-profit company.
US stocks rose on Thursday as traders anticipated that the latest reading of a key consumer inflation gauge won't stand in the way of the Federal Reserve lowering its benchmark interest rate next week. A spark in US equities saw all three (3) major averages score new intraday all-time highs in the trading day and closed at record levels. The Dow Jones rising +617.08 points, or +1.36%.
Benchmark US equity indices booked fresh record highs - Dow gained +196-points or +0.43% to 45,711.34. UnitedHealth Group Inc (up +8.64%) was the leading component in the 30-stock index (and S&P 500) after the health insurer estimated that 78% of its Medicare Advantage membership will be in top-rated Medicare plans next year and are likely to qualify for bonus payments from the federal government. Microsoft Corp eked out a +0.04% gain following news it had inked a US$17.4B deal for Nvidia Corp (+1.46%)-backed Nebius Group NV (+49.42%) to provide artificial intelligence (AI) infrastructure for the software giant's new data centre in New Jersey. Apple Inc 1.48%after unveiling the new iPhone 17 models at its ‘Awe Dropping’ event along with a number of updates that Chief Executive Officer (CEO) Tim Cook called the company's “biggest leap ever for iPhone." The company showcased four models including the iPhone 17 Air, Apple's most durable and thinnest phone ever. Apple also announced its next generation of Airpods, highlighting live translation and hearing aid functions, and updates to its Apple Watch portfolio with new health-related features such as a "sleep score" and a blood pressure monitor that can alert users to hypertension.
- US equity markets advanced to open the new trading week, resuming a rally that has pushed benchmark indexes to a series of record highs in recent weeks - Dow rose +114-points or +0.25%, with International Business Machines (IBM) Corp (up +3.04%) the leading performer in the 30-stock index. Nvidia Corp (+0.77%) presentedat the annual Goldman Sachs Communacopia + Technology Conference overnight
- The broader S&P500 edged +0.21% higher. Information Technology (up +0.67%) and Consumer Discretionary (+0.53%) rose over >0.50% to lead five of the eleven primary sectors higher. Utilities (down -1.07%) sat at the foot of the primary sector leaderboard.
US equity markets resumed trading following the Labour Day holiday long weekend and opened September in negative territory amid fresh uncertainty around tariffs - Dow down -249-points or -0.55% Nike Inc (down -3.48%) was the worst performer in the 30-stock index, while Nvidia Corp (-1.95%) led losses among the so-called ‘Magnificent Seven’ cohort of mega-capitalisation technology stocks.
US equity markets recorded modest gains, with the S&P 500 climbing above 6,500 for the first time as investors digested Nvidia Corp’s (down -0.79%) second quarter result after the closing bell of the previous session, stronger-than-expected economic growth figures and eyed inflation figures tonight AEST - Dow added +72-points or +0.16%, with American Express Co (up +1.40%), Cisco Systems Inc (+1.45%) and Salesforce Inc (1.75%) all rising over >1%.
US equity markets advanced, with investors eyeing the release of artificial intelligence (AI) bellwether Nvidia Corp’s second quarter result after the closing bell - Dow rose +147-points or +0.32% Salesforce Inc +2.63% was the leading performer in the 30-stock index, while Chevron Corp (+1.19%) and UnitedHealth Group Inc (+1.15%) rose over >1%. Goldman Sachs Group Inc (+0.10%) touched a record all-time high (US$753.00).
The broader S&P500 added +0.24% to a fresh all-time closing high of 6,481.40, also touching a record intra-day peak (6,487.06). Energy (up +1.15%) led eight of the eleven primary sectors higher. Communication Services (down -0.09%), Health Care (-0.03%) and Industrials (-0.02%) dipped into the red. Albemarle Inc rallied +7.54% to be the S&P 500's leading performer overnight a day after UBS upgraded the world's largest lithium producer to "neutral" from "sell" and lifted its price target on the stock. UBS has raised its lithium price forecasts after warning that Chinese supply disruptions could be deeper and more prolonged than previously expected. Paramount Skydance Corp dropped -6.50%, falling the most of any S&P 500 constituent and extending the volatility recorded since the completion of the merger between Skydance Media and Paramount Global earlier this month. Morgan Stanley also trimmed its price target on Paramount Skydance stock, citing a steep valuation and muted growth expectations for adjusted operating income. Eli Lilly & Co has temporarily paused shipments of its weight-loss drug Mounjaro in the UK, ahead of a new price hike for the treatment set to come into effect starting next month. There are legal protections in place to prevent inappropriate stockpiling of medicines by providers, the pharmaceutical company said, adding that it will resume orders on 1 September.
US equity markets advanced as investors shrugged off President Trump’s removal of Federal Reserve Governor Lisa Cook from the central bank’s board and eyed Nvidia Corp’s (+1.09%) second quarter result after the closing bell of tonight’s AEST session - Dow rose +136-points or +0.30%. Boeing Co (up +3.51%) was the leading performer in the 30-stock index following news that Korean Air ordered 103 of the planemaker's passenger jets.
US equity markets rebounded strongly on Friday (22 August) after Federal Reserve Chair Jerome Powell hinted at a near-term interest-rate cut during his Jackson Hole Economic Policy Symposium speech - Dow rallied +846-points or +1.89% to a record closing high of 45,631.74, marking the 30-stock indice’s first record close since 4 December last year. Caterpillar Inc (+4.25) was the leading Dow component, while American Express Co (+3.57%), Goldman Sachs Group Inc (+3.62%), and Home Depot Inc (+3.79%) all gained over >3.5%. Nvidia Corp (+1.72%) has told suppliers to suspend production of its H20 chip, according to toa report by The Information citing unnamed sources, after Beijing asked local firms to avoid using the chip tailored for the Chinese market due to security concerns. Reuters separately reported that Nvidia had asked Foxconn to suspend work related to the H20 chips.
Technology stocks came under selling pressure for a second session to weigh on the benchmark US equity indices, while investors also digested the minutes from the Federal Reserve’s July monetary policy meeting - Dow edged +16-points or +0.04% higher. Travelers Companies Inc (up +2.02%) was the leading performer in the 30-stock index, while technology heavyweight Amazon.com Inc (-1.84%) and Apple Inc (-1.97%) were the key drags. Home Depot Inc fell -1.34% a day after the home improvement giant released its second quarter result.
- Major technology companies led declines on US equity markets overnight - Dow inched +10-points or +0.02% higher to 44,922.27, touching a fresh record intra-day high (45,207.39). Nvidia Corp (down -3.50%) and Boeing Co (-3.19%) both fell over >3%. Reuters reported that Nvidia could look to deliver samples of a new artificial intelligence (AI) chip, entatively known as the B30A, to Chinese clients for testing as early as next month. Separately, there were reports that Chief Executive Officer (CEO) Jensen Huang sold 150,000 shares in the AI semiconductor giant.
US equity markets opened the week little changed - Dow slipped -34-points or -0.08%. UnitedHealth Group Inc (up +1.47% after jumping +11.98% last Friday (15 August)) was the leading Dow component for a second session running after filings with the Securities and Exchange Commission (SEC) released late last week recorded that Berkshire Hathaway Inc took a new positions in the health insurer.
The broader S&P500 dipped -0.01%, with Real Estate (down -0.95%) leading seven of the eleven primary sectors lower. Industrials and Consumer Discretionary both rose ~0.4%. Dayforce Inc (up +25.98%) was the leading performer in the S&P 500 following a report that private equity firm Thoma Bravo is in discussions to acquire the human resources software provider. First Solar Inc (+9.69%) and other solar stocks gained in the wake of new guidance from the Treasury Department on federal tax incentives for clean energy projects.
US equity markets mixed to close out a strong week as Wall Street tempered its rate-cut hopes following the latest inflation and retail sales data - Dow added +35-points or +0.08% to 44,946.12, logging its first record intra-day high (45,203.52) since December in the opening minutes of last Friday’s (15 August) session. UnitedHealth Group Inc jumped +11.98% after filings released after the close of the previous session with the Securities and Exchange Commission (SEC) recorded that Berkshire Hathaway Inc took a new positions in the health insurer. Cisco Systems Inc (down -4.47%) was the worst performing Dow component, with HSBC downgrading the networking giant to a ‘hold’ recommendation from ‘buy’ following the company’s fiscal fourth quarter result a day earlier.
US equity markets settled little changed, paring earlier declines that came following wholesale inflation data that revived some concerns about tariffs inducing price pressures - Dow slipped -11-points or -0.02%, paring an earlier decline of more than >200-points. 3M Co -2.22% Amazon.com Inc +2.86%
President Trump overnight warned there would be "very severe consequences" if Russian president Vladimir Putin failed to agree to a ceasefire agreement at their meeting in Alaska tonight AEST. President Trump also said he hoped to use the Friday meeting to set up a "quick second meeting" with Ukraine leader Volodymyr Zelenskiy.
US equity markets settled with modest losses as investors digested the latest monetary policy pronouncements from the Federal Reserve and eyed results after the closing bell from two of the so-called ‘Magnificent Seven’ cohort of mega-capitalisation technology companies - Dow fell -172-points or -0.38% , with 3M Co (down -3.41%) the worst performer in the 30-stock index. Procter & Gamble Co lost -2.38% after the company posted better-than-expected fourth quarter results after the close of the previous session and named Shailesh Jejurikar as its new chief executive. Nvidia Corp (up +2.14%) was the leading Dow component overnight.
The S&P 500 and Nasdaq pulled back from record highs as investors waded through a fresh round of corporate earnings releases and eyed the Federal Reserve’s latest interest rate tomorrow morning AEST (31 July) - Dow fell -205-points or -0.46%
- US equity markets weaker as investors digested the latest inflation figures and a mixed bag of second quarter results from some major banks - Dow dropped -436-points or -0.98% to 44,023.29, with American Express Co (down -3.20%) and UnitedHealth Group Inc (-2.95%) both down ~3%. Nvidia Corp rallied +4.04% to a record closing high of US$170.70 and was the leading Dow component following news that the U.S. government plans to grant licenses for the chipmaker to sell its H20 graphics processing units in China.
US equity markets logged modest gains as investors continued to monitor trade headlines ahead of key inflation data and the beginning of second quarter earnings season tonight AEST - Dow rose +88-points or +0.20%
- US equity and bond markets were CLOSED on Friday night AEST (4 July) for Independence Day.
- For the shortened trading week, the Dow rallied +2.30%. The S&P 500 climbed +1.72% and the Nasdaq +1.62%
- The US corporate calendar this week sees Amazon.com Inc begin its annual “Prime Day” sale event on Tuesday night AEST (8 July). After sales hit an all-time high at last year’s event, Amazon has extended this year's sale to four days from two. Costco Wholesale Corp on Wednesday night AEST (9 July). Conagra Brands Inc, Delta Air Lines Inc and Levi Strauss & Co post quarterly results on Thursday night AEST (10 July).
US equity markets fell as the Israel-Iran conflict continued to dominate investor sentiment and drive volatility and a fresh spike in oil prices - Dow lost -299-points or -0.70%. Merck & Co Inc (down -3.31%) and Nike Inc (-3.07%) both fell over >3%. Amazon.com Inc (down -0.59%) said its Prime Day discount event for Prime members next month will extend to four days (8 July-11 July).
US equity markets rebounded amid reports that Iran is willing to negotiate over its nuclear program in an effort to contain the conflict with Israel - Dow rose +317-points or +0.75%, with American Express Co (+2.23%), Cisco Systems Inc (+2.22%), investment banks Goldman Sachs Group Inc (+2.33%) and JPMorgan Chase & Co (+2.04%), Nike Inc (+2.26%), and Salesforce Inc (+2.12%) Microsoft Corp +0.88% touched a record all-time intra-day high of US$480.69
US equity markets retreated on Friday (13 June) after Israel launched a wave of airstrikes on Iran and its nuclear facilities, pushing oil prices sharply higher - Dow dropped -770-points or -1.79% Sherwin-Williams Co -5.7% was the worst performer in the 30-stock index, with analysts at Citigroup cutting their recommendation on the stock to "neutral" from "buy," indicating that the persistence of high mortgage rates and softness in the housing market could weigh on the paint distributor's performance in the near term. Visa Inc fell -4.99% and American Express Co -3.42% after a report in The Wall Street Journal indicated that Walmart Inc (-0.41) and Amazon.com Inc (-0.53%) are considering issuing their own stablecoins, a move that could help the retail giants sidestep the interchange fees charged by credit-card providers. Nike Inc (-3.61%) and Salesforce Inc (-3.19%) also fell over >3%.
US equity markets settled with modest gains, building on last week’s advance that saw the benchmark indices log weekly gains of over >1% as investors awaited news from trade talks taking place between the U.S. and China - Dow flatat 42,761.76. Apple Inc -1.21% as its annual Worldwide Developers Conference kicked off overnight, with the company announcing its first new iPhone operating system redesign since 2013. However, there were no highly anticipated updates around artificial intelligence (AI)-enhanced Siri features, with Senior Vice President of Software Engineering Craig Federighi saying that the Siri features “need more time to reach our high quality bar” and that more information will be released “in the coming year.” Boeing Co (up +3.18%) aircraft manufacturer landed its first plane in China after the easing of trade tensions with the U.S. led Beijing to allow deliveries of its jets again. Nvidia Corp +0.64% Chief Executive Officer (CEO) Jensen Huang pledging to boost investment in the UK’s AI sector at London Tech Week, describing a “Goldilocks” opportunity. Meanwhile, the NVIDIA GTC 2025 - AI Conference for Developers kicks off in Paris tonight AEST.
US equity markets mixed as investors awaited concrete developments on the trade front and digested softer-than-expected employment data - Dow eased -92-points or -0.22%, snapping a four-session streak. Chevron Corp (down -1.56%) and Verizon Communications Inc (-1.35%) dropped over >1%.
President Trump was active on social media platform Truth Social overnight, observing "I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"
US equity markets settled little changed following a volatile session to close out a volatile month as U.S. President Trump slammed China before sounding upbeat about reaching a trade deal - Dow added +54-points or +0.13% Nvidia Corp -2.92%
US equity markets advanced and remain on track to log weekly and monthly gains, buoyed by a solid first quarter result from chip giant Nvidia Corp (up +3.25%) that saw its data centre business record . However, gains were capped as investors monitored judicial developments surrounding President Trump’s “reciprocal” tariffs - Dow rose +11-points or +0.28% Boeing Co +3.32% and hit a 52-week high after Chief Executive Officer (CEO) Kelly Ortberg said its airplane deliveries to China will resume next month after handovers were paused amid a trade war with the Trump administration. Mr Orberg also said Boeing could ramp up production of its best-selling Max jets to 47 a month by the end of the year. Salesforce Inc dropped -3.3% and was the worst performing Dow component overnight the cloud software giant
US equity markets retreated and settled near their session lowsahead of the highly anticipated first quarter result from ‘Magnificent Seven’ and Dow component Nvidia Corp after the closing bell - Dow fell -245-points or -0.58%
US equity and bond markets were CLOSED overnight in observance of Memorial Day. However, S&P 500 and Nasdaq futures were over >1% higher after President Trump delayed the 50% tariffs which were set to be imposed on the European Union (EU) on 1 June.
- US equity markets fell on Friday (23 May) after President Trump reignited tariff concerns with a series of social media posts - Dow lost -256-points or -0.61%, with Salesforce Inc (down -3.63%) the worst performer in the 30-stock index.
Apple Inc (down -3.02%) fell for an eighth straight session after President Trump posted on his Truth Social website that the technology giant will have to pay a tariff of at least 25% for iPhones made outside the United States. "I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," President Trump wrote. Bank analysts estimated that a $US1200 iPhone would, if made in America, jump in price anywhere from US$1,500 to US$3,500.
US equity markets steadied after steep losses in the previous session, - Dow flat, unwinding an earlier rally of as much a +-points. Nike Inc gained +2.23% and was the leading Dow component overnight after confirming that it will resume selling apparel and footwear on Amazon.com Inc’s (+0.98%) platform for the first time since 2019. Separately, Nike said it intends to increase the prices of certain items by 1 June. UnitedHealth Group Inc (down -2.08%) was the worst performer in the 30-stock index for a second session running, under fresh pressure after the Centres for Medicare & Medicaid Services said it plans to take a more "aggressive" approach to auditing Medicare Advantage plans.
US equity markets fell sharply, pushing the Dow and S&P 500 back into negative territory for the calendar year-to-dateas longer dated Treasury yields jumped and as investors kept close tabs on a sweeping tax and spending bill that's moving through Congress and could dramatically increase the federal deficit - Dow dropped -817-points or -1.91% UnitedHealth Group Inc (down -5.78%) was the worst performer in the 30-stock index overnight, having been the leading Dow component for the past three sessions. The Guardian reported that the health insurer giant had secretly paid nursing homes to reduce transfers of residents in need of care to hospitals. The company denied the allegations.
- US equity markets recent rally paused as Treasury yields ticked higher - Dow eased -114-points or -0.27%. Nvidia Corp fell -0.88% Chief Executive Officer (CEO) Jensen Huang said Monday (19 May) the company would be opening its artificial-intelligence server platform to rival chip makers but he also warned the U.S. government’s move to limit chip exports to China could hit revenue by $15B. UnitedHealth Group Inc (up +1.8%) was the leading Dow component for a third consecutive session, continuing to rebound from steep losses last week that was spurred by the departure of its CEO and reports that the health insurer faces a Department of Justice (DOJ) investigation and that saw the stock fall over >20% to hit 5-year low last Thursday (15 May).
- The broader S&P500 lost -0.39%, snapping a six-session winning streak. Energy (down -0.99%) sat at the foot of the primary sector leaderboard for a second consecutive session and led eight of the eleven primary sectors lower. Utilities (up +0.29%), Health Care (+0.27%) and Consumer Staples (+0.24%) all added ~0.3%.
US equity markets advanced as investors digested a cooler-than-expected inflation report that revived hopes of interest rate cuts later this year - Dow fell -270-points or -0.64%. UnitedHealth Group Inc slumped -17.79%, alone wiping ~410-points off the 30-stock index after the insurance giant withdrew its full-year outlook and announced the surprise exit of Chief Executive Officer (CEO) Andrew Witty after four years in the role. The withdrawal of the 2025 outlook comes less than a month after the company slashed its 2025 guidance, saying costs rose as Medicare Advantage care activity had increased at twice the expected rate. Nvidia Corp rallied +5.63% and climbed back above the US$3 trillion level in market capitalisation terms for the first time since February, buoyed by a Bloomberg report that President Trump is planning to unveil a deal that would afford Saudi Arabia more access to advanced chips manufactured by the company and the likes of Advanced Micro Devices (AMD) Inc (+4.01%). To deal with the U.S.’s national security concerns, the U.S. and Saudi governments have reportedly discussed creating data embassies, where data centres will fall under foreign regulations rather than local laws around data protection. Meanwhile, Nvidia Chief Executive Jensen Huang announced a deal to deploy 18,000 chips with newly launched Saudi AI firm Humain for a data centre that is expected to reach 500 megawatts. AMD also announced a US$10B partnership with the artificial intelligence (AI) company to build out its AI infrastructure over the next five years. Boeing Co rose +2.46% following reports that China had lifted its ban on deliveries of US-made aircraft.
A relatively mutedend to the week for US equity markets following two-days of gains as investors braced for news from highly anticipated trade talks that are scheduled for this weekend in Switzerland between U.S. and Chinese officials - Dow eased -119-points or -0.29%
U.S. Treasury Secretary Scott Bessent said “substantial progress” had been made in the weekend trade negotiations between US and China trade officials, adding that the Trump administration “will be giving details tomorrow, but I can tell you that the talks were productive.” In the same statement, U.S. Trade Representative Jamieson Greer agreed that it was “a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.” China’s delegation later described the weekend meetings as “candid, in-depth and constructive dialogue,” and said a joint statement would be issued Monday (12 May).No specific details of possible points of agreement were revealed by either side. On Friday (9 May), Trump floated the idea of bringing down China’s tariff rate to 80%.
US equity markets advanced but settled well off their session highs, with investor sentiment buoyed a new trade agreement forged between the United States and Britain, while President Trump indicated upcoming talks with China would be “very substantive” and, if productive, could lead to tariff reductions - Dow rose +254-points or +0.62% to 41,368.48, just failing to exit official correction territory. Boeing Co rallied +3.31% and was the leading performer in the 30-stock index after U.S. Commerce Secretary Howard Lutnick said the UK would buy US$10B of aircraft from the aerospace company. Walt Disney Co +2.97% a day after the entertainment giant posted a stronger-than-expected adjusted earnings per share (EPS) and revenue and unveiled a plan to build a theme park in Abu Dhabi, United Arab Emirates.
US equity markets advanced after a choppy session as investors digested the latest corporate earnings releases and the Federal Reserve’s monetary policy decision and soundbites from President Trump on tariffs and trade restrictions - Dow rose +285-points or +0.70%.
US equity markets advanced to cap as investors reacted to strong monthly employment data and news that China is evaluating the possibility of trade talks with the U.S. - Dow rose +564-points or +1.39% to 41,317.43. American Express Co (up +3.09%), 3M Co (+3.03%) and Nike Inc (+3.22%) all climbed over >3%. Nvidia Corp rose +2.59% a report in The Information that the artificial intelligence (AI) chipmaker is working to design semiconductors to sell in China that would comply with U.S. trade restrictions. Microsoft Corp rallied +2.32%, lifting its market capitalisation to ~US$3.235 trillion and pushed passed Apple Inc (down 3.74%, market capitalisation ~US$3.067 trillion) to become the largest company in the U.S. by market capitalisation as investors responded to the latest quarterly results from the technology giants last week. Apple CEO Tim Cook said Trump administration tariffs could cost the iPhone maker US$900M this quarter. Meanwhile, Microsoft closes Skype tonight AEST, the pioneering video-calling service it acquired for US$8.5B 14 years ago.
US equity markets made a positive start to May, with the Dow and S&P 500 extending their rally into an eighth consecutive session amid fresh gains for megacap technology stocks - Dow added +84-points or +0.21% Microsoft Corp +7.63% was the leading performer in the 30-stock index the technology giant reported better-than-expected third-quarter financials after the close of the previous session amid soaring cloud demand. Nvidia Corp rose +2.47% investors welcomed the news that Microsoft and Meta Platforms Inc expect to continue investing heavily in artificial intelligence (AI) infrastructure
A late rally lifted the Dow and S&P 500 into positive territory for a seventh consecutive session to cap a very volatile month, erasing earlier declines that followed data recording that the US economy contracted for the first time in three years in the first quarter - Dow rose +142-points or +0.35%, recovering from an earlier slide of more than >780-points. Verizon Communications Inc (up +2.58%) and Chevron Corp (down -2.33%) were the best and worst performers respectively in the 30-stock index overnight
The Dow and S&P 500 extended their rally into a sixth consecutive session after Commerce Secretary Howard Lutnick said the Trump administration has negotiated its first trade deal with an unnamed country - Dow rose +300-points or +0.75%, logging its longest winning streak since the period ended 17 July, 2024.
The Dow and S&P 500 posted a fifth consecutive session of gains, booking their longest winning streak of 2025 to date and settling well off their session lows in a muted trading to open a very busy week of corporate earnings and economic data - Dow rose +114-points or +0.28%. Boeing Co rose +2.44% to US$182.30, buoyed by an upgrade from analysts at Bernstein to ‘outperform with a target price of US$218 (from US$181 previously), and as its deal to reacquire Spirit AeroSystems Holdings (+2.61%) cleared another hurdle. International Business Machines (IBM) Corp +1.61% after pledging a US$150B investment over the next five years to aid the development of technology in the U.S. The company said it would invest more than US$30B in research and development to continue its domestic manufacturing of mainframe and quantum computers. Nvidia Corp fell -2.05% following a Wall Street Journal (WSJ) report that China's Huawei Technologies has developed a new chip called the Ascend 910D, with hopes it will become be more powerful than Nvidia’s H100. Huawei is already poised to ship more than 800,000 of its Ascend 910B and 910C chips to customers including state-owned telecommunications carriers and private AI developers, such as TikTok’s parent ByteDance, according to the WSJ. Nvidia’s H100 was released in 2022 and has since been superseded by later generations of its Hopper chips and its new Blackwell AI semiconductors. Nvidia is prohibited from selling its most powerful AI chips to Chinese companies.
US equity markets extended their strong rebound into a fourth consecutive session on Friday (25 April), lifting the S&P and Nasdaq to their highest settlements since 2 April (the day the Trump administration unveiled sweeping tariffs on America's trading partners) – Dow edged +20-points or +0.05% higher after climbing +487-points or +1.23% last Thursday (24 April). Nvidia Corp (up +4.30%) was the leading performer in the 30-stock index. Merck & Co Inc rose +3.63% a day after the pharmaceutical major delivered better-than-expected first-quarter financial result, with EPS of US$2.22 (versus consensus US$2.13) and revenue of US$15.5B (versus consensus US$15.4B) topping consensus analysts forecasts. The pharmaceutical major slightly lowered its earnings forecast for 2025 to account for a US$200M upfront payment to Hengrui Pharma in a licensing deal, now projecting non-GAAP EPS of between US$8.82 and US$8.97 (down from a range of between US$8.88 and US$9.03 previously).
US equity markets advanced, consolidating the strong gains recorded in the previous session and lifting the S&P 500 and Nasdaq to their highest settlements since 15 April as investors continued to cheer a cooling President’s rhetoric around tariffs and his criticism of Federal Reserve Chair Jerome Powell- Dow rose +420-points or +1.07% to 39,606.57, paring an earlier rally of as much as 1,189-points that lifted the index to 40,376.11. Amazon.com Inc (up +4.28%) and Nvidia Corp (+3.86%) both gained ~4%.
US equity markets rebounded strongly, more than recouping the previous session’s sharp declines as investors digested a busy corporate earnings calendar and comments from Treasury Secretary Scott Bessent - Dow rose +1,017-points or +2.66%, with all 30 index components advancing. Nvidia Corp +2.04% after Amazon.com Inc (+3.50%) pushed back against reports that it was pulling back on building artificial-intelligence (AI) infrastructure. “This is routine capacity management, and there haven’t been any recent fundamental changes in our expansion plans,” wrote Kevin Miller, vice president of global data centres (DC) at Amazon Web Services (AWS), in a post on LinkedIn late Monday (21 April) in response to reports that the Cloud business delayed several new DC leases. Boeing Co rose +2.00% after the aerospace company agreed to sell portions of its Digital Aviation Solutions business to private-equity firm Thoma Bravo in a deal worth US$10.55B.
US equity markets resumed trading following the Good Friday holiday with steep losses, with the so-called ‘Magnificent Seven’ cohort of large capitalisation technology stocks under particular pressure - Dow shed -972-points or -2.48%, extending its decline into a fourth consecutive session. UnitedHealth Group Inc (down -6.34%) was the worst performing Dow component overnight, extending the health insurer’s two-day decline to -27.3% - the stock’s worst two-day performance since 7 August, 1998 – after releasing its first quarter result last Thursday (17 April) and lowering its annual profit forecast on expectations of high medical costs for the rest of the year. Nvidia Corp lost -4.51% after Reuters reported that Huawei Technologies planned to begin mass shipments of an advanced artificial intelligence (AI) chip to customers in China as early as next month. Meanwhile, Chief Executive Officer (CEO) Jensen Huang met Japanese Prime Minister Shigeru Ishiba on Monday (21 April), following a meeting with Chinese leaders in Beijing last Thursday (17 April). Nike Inc (up +0.65%) was the only Dow component to advance overnight.
US equity markets tumbled as investors digested news of U.S. restrictions on chip exports to China and Federal Reserve Chair Jerome Powell's latest assessment of the economy - Dow dropped -700 or -1.73% Nvidia Corp -6.87% after disclosing in a filing with the Securities and Exchange Commission (SEC) after the close of the previous session that sales of its H20 chips to China would require licenses from the Department of Commerce “for the indefinite future”. The chipmaker said it would record charges in its fiscal first quarter of up to US$5.5B for inventory and cancelled sales.
US equity markets retreated in muted trading - Dow fell -156-points or -0.38% Boeing Co fell -2.36% and was the worst performer in the 30-stock index after a Bloomberg report said China ordered its airlines not to take any further deliveries of the company’s jets, marking the latest escalation in the trade war between Washington and Beijing.
Nvidia Corp fell over >5.5% in extended trading (after rising +1.35% in the regular session) after the company disclosed in a filing with the Securities and Exchange Commission (SEC) that future sales of its H20 AI accelerators to China would require a license from the U.S. Department of Commerce. The licenses are unlikely to be forthcoming. As a result, Nvidia will take a US$5.5B charge in the current (first) quarter for H20 inventory and cancelled sales.
US equity markets advanced as investors digested another busy slate of information including the latest developments in a trade war with China, earnings reports from major banks and economic data - Dow rose +619-points or +1.56%, with the 30-stock index trading in an 1,150 point range after swinging more than >2,000 points between its high and low for the day in each of the preceding four (4) trading sessions. Apple Inc (up +4.06%) was the leading Dow component on Friday (11 April) amid growing optimism the iPhone maker could win an exemption from the Trump administration’s tariffs. Nvidia Corp, which outsources manufacturing to Taiwan Semiconductor Manufacturing Company (TSMC) Ltd (up +3.94% on the New York Stock Exchange), gained +3.12% after the China Semiconductor Industry Association said chips made by U.S. firms with outsourced manufacturing operations would not be subject to tariffs on U.S. goods. Meta Platforms Inc (up +7.7%) and the Federal Trade Commission face off tonight AEST over antitrust allegations which could force the social media giant to unwind its acquisition of messaging platform WhatsApp and photo-sharing app Instagram. Chief Executive Officer (CEO) Mark Zuckerberg is expected to appear in the witness stand.
US equity markets retreated, handing back a portion of the huge gains logged in the previous session’s near record breaking rebound. Losses accelerated after the White House confirmed that the cumulative tariff rate on China would actually total 145% (consisting of the new 125% duty on goods, on top of the 20% rate levied in response to the fentanyl crisis), overshadowing cooler-than-expected inflation figures.
Dow fell -1,015-points or -2.50% Nike Inc (down -8.29%) was the worst performer in the 30-stock index, Nvidia Corp fell -6.79% after soaring +18.72% in the previous session. A report from NPR said the White House has paused plans to put additional restrictions on sales of Nvidia’s H20 artificial-intelligence chips after CEO Jensen Huang attended a dinner hosted by Trump and promised more investment in U.S.-based AI data centres. Separately, Morgan Stanley analyst Joseph Moore kept Nvidia as a top pick, reiterating his Overweight rating and price target of $162. Walt Disney Co fell -6.79%, with China said it would reduce the number of U.S. movies it imports. Amazon.com Inc (-5.17%), American Express Co (-5.9%), Goldman Sachs Group Inc (-5.24%), and Merck & Co Inc (-5.32%) all dropped over >5%.
A late session slide erased earlier strong gains on US equity markets to cap another volatile session after Beijing vowed to "fight to the end" in response to President Trump's threat of imposing new 50% tariffs unless China rapidly removed its retaliatory measures - Dow settled -320-points or -0.84% lower, having been up as much as +1,461-points or +3.85% at its session peak – marking the biggest erased percentage gain since April 2020. Apple Inc (down -4.98%) extended its decline into a fourth straight session, with White House press secretary Karoline Leavitt saying that President Trump “absolutely” wants iPhones to be manufactured in the U.S. (the company currently assembles a large majority of its products in China). The Times of Indiareported that Apple transported five planes full of iPhones and other products from India to the US in just three-days during the final week of March to avoid a 10% reciprocal tariff that took effect on 5 April. Nike Inc (-4.21%) also fell over >4%. Nvidia Corp (fell -1.37%)
- US equity markets mixed after another volatile as the sweeping Trump administration tariff measures continued to reverberate, with the president threatening even higher rates against China and the White House denying reports that they were considering a 90-day tariff pause on all countries except China - Dow fell -349-points or -0.91%, spiking as much as +2.3% during a brief morning session surge. The Dow swung more than >2,500 points between its intra-day low and high, its largest intra-day points swing on record and all within the opening hour of trading. Apple Inc fell -3.67% after declining -7.3% last Friday (4 April) and was the worst performing Dow component overnight. The iPhone maker, which assembles a large majority of its products in China, slumped -13.6% last week to see US$443.5B wiped off its market capitalisation, the largest weekly market cap decline on record, according to Dow Jones Market Data. Home Depot Inc (down -3.5%) and Travelers Companies Inc (-3.48%) both fell ~3.5%. Nvidia Corp (up +3.53%) was the leading performer in the 30-stock index.
Friday (4 April) marked another brutal session for US equity markets as China responded in kind to the Trump administration’s tariff measures and further fanned recession fears - Dow dropped -2,231-points or -5.50% , with Boeing Co (down -9.49%) and 3M Co (-9.18%) both fell over >9% to lead all 30-index components lower with the exception of Nike Inc (up +3%). The latter was buoyed by a friendly social-media post from President Trump about Vietnam, a country Nike relies on heavily to manufacture their products.
China’s finance ministry announced its own 34% tariff on all US imports, effective 10 April. The levy matches the 34% import duty the White House said it would impose on Chinese products slated to go into effect no later than 9 April. Beijing said Trump's tariffs were "inconsistent with international trade rules, seriously undermines China's legitimate rights and interests, and is a typical unilateral bullying practice." In addition to the tariffs, China imposed export bans on select rare earth materials and added two US drone manufacturers to its "unreliable entities" list, effectively restricting their access to Chinese components. It also expanded its “unreliable entity list” by 11 American companies and launched an anti-dumping investigation into imports of medical CT tubes from the U.S. and India.
US markets tumbled overnight as fears around a potential recession pick up. The US markets appearing to be the biggest losers after the tariff announcement. The Dow closeddown -3.98% to 40,545.Insurance company UnitedHealth Group was the top performer, up 3.3%. Meanwhile Nike was the worst impacted, dropping -14.44%. The vast majority of Nike’s imports into the US are from Southeast Asia, which will attract tariffs of between 25% and 54%.
The US stock market turned up late overnight, as investors await Trumps so called “Liberation Day” tariffs. However, since the announcement the markets have dropped in aftermarket trading, with the Dow futures down -1.8%, S&P500 futures down > -3%, and the Nasdaq futures down > -4%. So far Trump has promised a minimum 10% tariff on all countries, with larger tariffs on certain countries and industries. So far the major tariffs are 34% on China, 20% on the EU, 26% on India, and 10% on Australia and the UK. The Dow closedup 0.56% to 42,225.
The US stock was mixed overnight.
The Dow closed mostly flat, down -0.03% to 41,989 points.
Nike was the top performer, up 2.02%. While pharma companies were all sold off, with the three worst performing stocks including Johnson & Johnson down -7.59%, Merck down -2.94%, and Amgen down -1.49%. Johnson & Johnson has just had a federal judge reject a $10b class action settlement over cancer claims relating to its baby powder.
The US stock market fell for the third day in a row on Friday – the 2nd worst day for US equities in 2025 due to tariffs expected this week and hotter than anticipated inflation numbers.
The Dow fell -1.69% to 41,538 points, ending the week with a loss of -0.96%. 26 of the Dow 30 closed in the red.
Amazon was the worst among them, falling -4.29%, alongside fell consumer stock Nike which fell -3.81%.
- The US stock market fell for the second day in a row on Thursday after trading sideways for most of the session. Traders remained cautious ahead of Friday’s release of the Fed’s preferred inflation gauge.
- Dow fell -155-points to trade below 42,300 points. Shares of Goldman Sachs (-2.61%), 3M co (-2.78%) and NIVIDIA (-2.05%) each contributing to the decline, falling over >2.00%.
All three major U.S. stock indices snapped a three-day winning streak as an imminent tariff announcement from President Trump derailed the recovery from a month-long selloff - Dow fell -132.71-points or 0.31% lower. Nvidia Corp fell -5.74% amid concerns about possible new restrictions on the chipmaker's sales in China. Regulators in China have been discouraging the country’s large technology companies from purchasing Nvidia’s H20 chip - specifically designed to satisfy U.S. sanctions on exports - as it breaches energy-efficiency rules, the Financial Times reported, citing people with knowledge of the matter. Boeing Co fell -2.1% after a federal judge ordered the airplane maker to go to trial in June in a criminal case related to two 737 MAX crashes in 2018 and 2019. The Wall Street Journal reported Monday (24 March) that Boeing sought to withdraw an earlier agreement to plead guilty in the case that blamed it for deceiving regulators before the crashes. The broader S&P500 shed -1.1% and the biggest decline in almost 2 weeks. Consumer staples rose +1.42%, leading five of the eleven primary sectors higher. Information technology was the worst hit -down -2.46% and sat at the foot of the primary sector leaderboard followed by Communication services- down 2.04%
US equity markets climbed slightly on Tuesday, boosted by a late rally in big tech, however gains slowed after a strong start to the week. Investors shrugged off weaker March consumer confidence data, focusing instead on economic risks and the looming threat of a trade war.
US equity markets settled with modest gains on Friday (21 March) following a late-session rally, erasing earlier losses after comments from U.S. President Trump provided hope that previously announced tariffs expected to begin in early April may not be as burdensome as feared - Dow edged +32-points or +0.08% higher, with Boeing Co rising +3.06% after the Trump administration awarded the plane maker a contract to build the U.S. Air Force's most sophisticated fighter jet (to be called the F-47), beating out rival Lockheed Martin Corp (down -5.79%). While financial details were not disclosed, The Wall Street Journal estimated that research, development, and acquisition costs could exceed >US$50B. Nike Inc fell -5.42% and was the worst performing Dow component after posting its fiscal third quarter result after the close of the previous session and projected a sharper decline in fourth-quarter revenue than analysts had anticipated.The broader S&P500 inched +0.08% higher, with Communication Services (up +1.0%) leading just three of the eleven primary sectors higher. Real Estate (down -1.03%) and Materials (-1.0%) both fell ~1%. Economic bellwether FedEx Corp fell -6.45% to be the worst performer in the S&P 500 after the package delivery giant reported a solid quarter result after the close of last Thursday’s (20 March) session but cut its full-year profit and revenue forecasts, citing continued weakness and uncertainty in the U.S. industrial economy.
US equity market ticked lower on Thursday as uncertainty around the U.S. economy continued to weigh on equities, thwarting the market’s attempts at recovery from a monthlong rout.
The Dow Jones closed around the flatline -11.31 points, or 0.03%, closing at 41,953.32. The S&P 500 lost -12.40 points or 0.22%, to close at 5,662.89. The Nasdaq Composite dipped -59.16 points or 0.33% to 17,691.63.
The Small-cap Russell 2000 continued the trend losing -0.65%.
US equity markets rallied on Wednesday, with the S&P 500 clawing back more of the rout since late February that took the benchmark briefly into correction territory.
The Dow Jones climbed 383.32 points, or 0.92%, closing at 41,964.63. The S&P 500 added 60.63 points or 1.08%, to close at 5,675.29. The Nasdaq Composite jumped 246.67 points or 1.41% to 17,750.79.
The Dow and the S&P 500 are more than 6% and more than 7%, respectively, below their recent closing highs. The Nasdaq, meanwhile, is roughly 12% off its record close.
US equity markets rose on Monday, building on their comeback from a four-week rout on Wall Street after mixed economic data and ahead of talks between U.S. President Donald Trump and Russian President Vladimir Putin aimed at ending the Ukraine war. The S&P 500 gained 0.65% to close at 5,675.12, while the Nasdaq Composite climbed 0.31% and endedat 17,808.66. The Dow Jones Industrial Average also advanced 353.44 points, or 0.85%, to endat 41,841.63. The 30-stock index was bolstered by gains in Walmart and International Business Machines
US equity markets weaker on Wednesday, big tech continuing to hurt indices, with select Consumer names also being sold off. US PPI came in a touch below expectations, which followed a CPI print below expectations the day prior, but tariffs (and the threat of tariffs) were louder and seemed the focus of market moves.
The Dow fell 537 points or -1.30%.
Apple continued its negative trajectory, shares down another -3.36%, extending a string of recent losses on concerns over delayed Siri features and the impact of tariffs. The stock fell for the third-straight session after Apple on Friday reportedly pushed back the launch of certain Apple Intelligence features for Siri until 2026. The stock is -20% off its highs set in late December.
US equity markets mixed on Wednesday, select beaten up tech names in the green, while large Consumer Staples continued to pull back, as US annual inflation rate fell to 2.8% in February, below forecasts of 2.9%. The core rate, which excludes volatile food and energy prices, was 3.1% versus expectations of 3.2%.
The Dow slipped 82 points or -0.20%.
US equity markets were again weaker on Tuesday, tariffs (both actual and threatened) making investors skittish. The Dow fell 478 points or -1.14%.
Verizon Communications, the worst performer in the Dow, fell -6.58% after the telecommunications company said at a conference that it has "been a challenging quarter from a competitive intensity standpoint." Verizon anticipates first-quarter postpaid phone gross additions to be flat to slightly down from the prior-year period.
Citi became the latest Wall Street investment bank to downgrade its stance on U.S. equities, downgrading its recommendation to "neutral" from “overweight” and citing recession fears. Citi’s global head of macro strategy, Dirk Willer, cited two key market signals as factors signalling weakness ahead. Firstly, the S&P 500 broke below its 200-day moving average and secondly, the underperformance of market-leading stocks. He noted that while US equities may regain their edge once the artificial intelligence (AI)-driven rally resumes, near-term growth is expected to lag behind global markets.
US equity markets were again weaker on Monday, investors worried that tariff policy uncertainty would tip the economy into a recession, something President Donald Trump did not rule out over the weekend in an interview.'Risk-off' sentiment can definitely be seen in US market trading. The Dow fell 890 points or -2.08%, the 30-stock index dragged down by Nvidia, Goldman Sachs and Apple, down -5.07%, 5%, and 4.85% respectively.
Canada's next prime minister, former Bank of England Governor Mark Carney, took aim at President Trump in his victory speech. "There's someone who's trying to weaken our economy: Donald Trump," he said. Carney won with leadership of the Canadian Liberal party with 86% of the vote. He will be sworn in as the country's new prime minister in the coming days. He said he will seek new trading partnerships with "reliable partners." Carney has also vowed to maintain retaliatory tariffs "until the Americans show us respect."
US equity markets advanced, recovering from steep losses earlier in the session following a lacklustre jobs report and after Federal Reserve Chair Jerome Powell said the economy remains in good shape. The Dow was up 222 points or 0.52%, the 30-stock index led by IBM (up 5.1%), and Verizon Communications (up 4.14%) leading the charge.The broader S&P500 gained +0.55%, with Utilities (up +1.84%) and Energy (+1.64%) leading eight of the eleven primary sectors higher.
- U.S. equity markets were down overnight as the market digests Trumps whipsawing tariff decisions.
- The Dow was down -0.92% to 42,612 points.
- Nvidia was the main drag, falling -5.52% after CFO Colette Kress stated it would take some time for them to meet demand for their Blackwell chips.
- Goldman Sachs was also weak, falling -4.27%.
- The broader S&P500 fell -1.69% to 5,743 points. Energy was the top performing sector, up 0.63%. Consumer Discretionary and Real Estate sat at the foot of the primary sector leaderboard, down -3.01% and -2.61% respectively.
- Trading platform MarketAxess was the top performer, closing up 5.26% after reporting stronger institutional trading volumes.
- BestBuy closed up 4.21% to partially recover from its strong sell off earlier in the week.
US equity markets advanced following two session of heavy losses as investors eyed a near term reprieve for the automotive sector from President Trump’ tariff measures that may be a portent of further concessions - Dow rose +486-points or +1.14% Microsoft Corp (up +3.23%) and Caterpillar Inc (+3.59%) both rallied over >3% to be the leading performers in the 30-stock index.
US equity markets weaker, extending the steep losses recorded a day earlier albeit settling off their worst levels of the sessionas tariffs of 25% on Canada and Mexico took effect - Dow shed -670-points or -1.55% to 42,520.99, having fallen as much a -843 points at its session low. A close below 40,512.64 would mark a correction (defined as a 10% fall from the most recent peak) from the index’s record close of 45,014.04, set on 4 December. Boeing Co (down -6.56%) was the worst performer in the 30-stock index. Nvidia Corp rose +1.67%, recouping some of the previous session’s -8.81% decline that dragged the chipmaker into official correction territory (after settling more than >20% below its record all-time closing high of US$149.43 set on 6 January).
US equity markets fell sharply, unwinding opening gainsas President Trump said that tariffs against Mexico and Canada will go ahead as planned tonight AEST (and also signed an action to impose an additional 10% duty on China, according to an administration official), while investors also digested signs of a fresh spike in inflation pressures - Dow dropped -650-points or -1.48%. Nvidia Corp fell 8.81% to US$114.22 to be the worst performer in the 30-stock index overnight, with the stock falling into official correction territory after settling more than >20% below its record all-time closing high of US$149.43 set on 6 January. There were reports that Nvidia and Broadcom Inc (-6.05%) are testing Intel Corp’s (-4.17%) chip manufacturing process*. Separately, The Wall Street Journal reported on Sunday (2 March) that *Chinese buyers were finding ways to buy Nvidia’s chips despite President Trump’s attempts to limit sales to Beijing. Elsewhere, Amazon.com Inc (down -3.42%), Caterpillar Inc (-3.46%) and Chevron Corp (-3.49%) all fell over >3%.
Benchmark US equity indices settled with solid gains on Friday (28 February) on heavy volume to close out a dreary February on a brighter note, with investors digesting the latest inflation figures that pushed US Treasury yields to fresh multi-month lows - Dow rose +601-points or +1.39%, with 26 of 30 index components advancing.
- Wall Street trading got off to a negative start on Thursday following earnings from AI-darling Nvidia overnight and an update from Donald Trump regarding his proposed tariffs on a number of America's largest trading partners.
- The DOW falling 193 Points or -0.45% to 43,239 points (-3.30% for the month)
- The broader S&P500 fell 93 points or 1.57% to 5,862 points (-2.24% for the month)
- The Nasdaq fell 530 points or 2.78% to 18,544 points. (-4.12 for the month)
- US equity markets were mixed again on Wednesday trading with The DOW falling 188 Points or -0.43%
- The broader S&P500 was virtually unchanged settling one point higher at 5,956 points.
- The Nasdaq posted modest gains up 48 points or +0.26% to 19,075 points.
- The Russell 2000 Index was also marginally up by 4 Points to close at 2,174 down 0.20% for the session.
- US equity markets were mixed again on Tuesdays trading with The DOW up 159 Points or +0.37%
- The broader S&P500 was negative losing 27 Points or 0.45% to settle at 5,955 points
- And again, the Nasdaq was the worst performing index falling 260 points or -1.35% to 19,026 points. The Nasdaq’s loss today pushing it to a 4-day loss of around 5% the most since Sept 2024
- The Russell 2000 Index fell 8 Points to close at 2,170 down 0.38% for the session.
US equity markets retreated heavily on Friday The DOW down 750 Points or -1.7% amid reports of increased volatility and a potential correction sited by Goldman Sacs as being related to some 2.7 Trillion in derivatives that are set to expire. Only the consumer staples sector was positive during the session up 1% whilst Consumer discretionary was the worst sector down 2.77%. The Energy, IT and Industrials sectors all falling 2% or more.
Nvidia Corp pulled back 4% and will report this week. Also of note United Health was the biggest detractor down over 7% with Amazon and Amex also negative 2.8% each. Leading performers in the 30-stock index Merck 7 co, Coca Cola and Proctor & Gamble.
Stocks declined on Thursday after two consecutive record highs for the S&P 500, as investors sold off popular stocks following Walmart’s cautious forecast, raising concerns about the broader economic outlook. It was red across the board with all four major US indices closing down.
Dow: down 451pts or -1.01% (44,176pts)
S&P500: down 26.6pts or -.43% (6,117pts)
Nasdaq: down 94pts or -.47% (19,962 pts)
Russell 2000: down 20.7pts or -.8% (2264 pts)
US markets closed up slightly overnight, as investors looked beyond continued tariff threats by the Trump administration. The S&P 500 closed at yet another record high. Notably, the last two ‘record all time highs’ have been without the help of the Magnificent 7. Shares of Microsoft gained 1% and led the broader technology sector higher after the company unveiled its first ever quantum computing chip. Nvidia added 1% while Tesla climbed more than 2%. Analog Devices stock surged nearly 10% after posting better-than-expected quarterly results on the top and bottom line. Apple announced that it would be releasing a version of the iPhone 16e that will be powerful enough to run AI technology.
Outgoing Federal Reserve Bank of Philadelphia President Patrick Harker sounded an upbeat note on the state of the U.S. economy on Monday, and said he saw no reason to change interest rate policy right now as the central bank continued to work to lower inflation levels. This preceded comments by Fed Reserve Governor Bowman who noted that while monetary policy “is now in a good place,” she wants to see data reflect more progress on inflation before cutting interest rates further.
- Global financial markets were mixed on Friday, influenced by ongoing geopolitical tensions, trade policy developments, and economic data releases.
- The S&P 500 index was unchanged on the day, closing at 6114pts. AirBnB rallied 14.5%, having released strong Q4 earnings results after the closing bell the previous day. The company noted that they are “continuing to build on 2024 momentum, executing a multi-year strategy to perfect the core service, accelerate growth in global markets, and launch and scale new offerings.”
U.S. stocks were gathering more steam Thursday after President Trump's tariff update left open key questions about when they might be applied, and which countries may be impacted. Dow rose 342.87 points or +0.77%, with NVIDIA Corp (up +2.98%) and Cisco Systems Inc (up +2.17%) both gaining over +2%.
The broader S&P 500 rose +0.99%. Materials (up +1.75%) lead all 11 of the primary sectors higher, with Information Technology (up +1.39%) and Consumer Discretionary (up +1.39%) not far behind.
All (3) three major stock indexes were off their lowest levels of Wednesday's session after President Trump suggested that Russian President Vladimir Putin was receptive to talks about its war with Ukraine.
Wall Street's main indexes were mixed on Tuesday as gains in Coca-Cola Co (NYSE: KO) and Apple Inc (NASDAQ: AAPL) offset losses in Tesla Inc (NASDAQ: TSLA), while investors analysed Federal Reserve Chair Jerome Powell's latest comments. The S&P 500 was down -0.01% at 6,066.07 points. The Nasdaq declined -0.21% to 19,672.22 points, while the Dow Jones Industrial Average was up +0.08% at 44,506.82 points.
Six (6) of the 11 primary sectors rose led by energy up +1.09%, followed by a +0.51% gain in materials.
All three (3) U.S. stock indexes fell on Friday after President Donald Trump's reciprocal tariff announcement followed weak jobs and consumer sentiment data.
The broader S&P 500 index closed down 57.58 points or 0.95% on Friday, leaving the U.S. large cap stock index with a loss for the week of 0.2%, according to Dow Jones Market Data.
The S&P 500 snapped a three-day winning streak and logged back-to-back weekly declines.
U.S. equity markets were mixed overnight as investors wait for January’s jobs data. • The Dow 30 was down -0.29% to 44,744 points. • Honeywell the worst performer down -5.64% after reporting weak earnings outlook that was not enough to offset plans to separate into 3 separate companies. • Salesforce was also weaker down -4.91% after the announcement that 25-year Salesforce Veteran and COO Brian Millham was retiring.
- U.S. equity markets were up overnight in choppy trading. No fresh tariffs to speak of for a change as Trump shifts his focus to the Gaza strip.
- The Dow 30 was up 0.71% to 44,873 points.
- Nike fell -2.80% as it continues to struggle. Now down over 25% the last 12 months.
- Shares in Disney were down -2.44% after reporting a beat to earnings expectations off the back of strong performance in their streaming segment, despite losing 700,000 subscribers. However, their parks business lagged due to multiple hurricanes and greater cruise ship investments.
- U.S. equity markets were up as the investors heaved a sigh of relief after Trump agreed to hit pause on his planned tariffs with Canada and Mexico. However he then announced tariffs on China due to kick in on Tuesday. China has responded by announcing its own tariffs on U.S coal, LNG and crude, as well as a probe into Google.
- The Dow 30 was up 0.30% to 44,556 points. Merck fell -9.05% despite beating quarterly forecasts. The stock fell after 2025 guidance was weaker than expected due to weaker than expected demand for their vaccine Gardasil.
- Chevron rose 2.60% to partially recover some of the ground it lost after disappointing results last week.
- U.S. equity markets were down heavily in early trading, before paring losses as Trump promised a 1-month delay to any tariffs to be placed on Mexico.
- The Dow 30 down -0.28% to 44,421.91 points. Apple fell -3.39% as reports emerge that iPhone sales are still lagging in China. IBM was up just under 2% to be the top performer on the index.
- The broader S&P500 fell -0.76% to 5,994 points after recovering from a 1.9% fall in early trading. Consumer Staples, Utilities and Energy were the top performing sectors, up 0.68%, 0.46% and 0.42% respectively. Information Technology and Consumer Discretionary say at the foot of the primary sector leaderboard, down -1.80% and -1.37% respectively.
U.S. equity markets finished lower on Friday after President Trump said he would place 25% tariffs on imports from Canada and Mexico, and a 10% tariff on goods from China, now due to go into effect on Tuesday.
The NASDAQ fell 0.28% and the Dow 30 closed down 337 points or -0.75%. The two biggest falls being Chevron down 4.56% after missing earnings estimates, and Nvidia down 3.67% on continued uncertainty surround the impact of DeepSeek.
- U.S. equity markets finish higher overnight, the Dow and S&P 500 traded near session highs in a choppy trading session. Investors remained focused on earnings despite lower-than-expected GDP growth data.
- U.S. President Donald Trump earlier this morning AEST said he would likely decide by the end of the day whether to put a 25% tariff on imports of Mexican and Canadian oil that would take effect on 1 February. "We may or may not. We're going to make that determination probably tonight," Trump told reporters at the White House.
US equity markets rose overnight to recover from its previous session falls. U.S. stocks rose on Tuesday, with artificial intelligence-linked and other technology shares bouncing back from sharp losses the previous day as investors snapped up bargains.
US equity markets declined sharply overnight with a large sell off in the Information Technology sector to kick of the week’s trading. Investors await a slew of key earnings reports this week along with the release of a competitive AI model from a Chinese start up Deep Seek- a competitor to ChatGPT.
US equity markets rallied to record highs on Thursday after President Donald Trump called for lower interest rates and cheaper oil prices.
The 30-stock Dow added +408 points, or +0.92% to end at 44,565.07. The S&P 500 gained +32.34 points of +0.53% to close at 6,118.71, while the Nasdaq Composite rose +44.34 points or +0.22% to 20,053.68.
US equity markets Stocks climbed on Wednesday, with the S&P 500 hitting all-time high again, as technology shares such as Oracle and Nvidia rallied on artificial intelligence optimism
The 30-stock Dow added +130 points, or +0.30% to end at 44,156. The S&P 500 gained +37.13 points of 0.61% to close at 6,086.37, while the Nasdaq Composite rose +252.56 points or +12.8% to 20,009.34.
US equity markets the Dow Jones advanced on Tuesday as Wall Street viewed President Donald Trump’s comments and first-day actions around international trade as softer than initially believed.
The 30-stock Dow added +538 points, or +1.24% to end at 44,025. The S&P 500 gained +52.58 points of 0.88% to close at 6,049.24, while the Nasdaq Composite rose +126.58 points or +0.64% to 19,756.78.
US equity markets were closed overnight for the Martin Luther King Day holiday, as Donald Trump was sworn in a second time as U.S. president
US equity markets climbed on Friday, as the three major averages posted their first weekly gain of the new year.
Major US indexes were little changed at midday on Thursday but closed slightly down, as investors reacted to quarterly reports, while major tech companies gave back some of the previous session’s gains. Dow slipped -68 points or -0.16%, the 30-stock index dragged down by United Health (down -6.04%) and Apple (down -4.04%).
US equity markets up strongly on Wednesday, driven by a lower-than-expected consumer inflation print, and strong earnings released by the big financials. Dow up 703 points or 1.65%, the 30-stock index led by Goldman Sachs (up 6.02%), and American Express (up 3.98%).
The broader S&P500 closed up, 1.83% higher, having its best trading day since November, following the tame inflation report. Consumer Discretionary the top sector performers, up 3.02%.
US equity markets seesawed between gains and losses on Tuesday as investors digested a surprisingly soft wholesale inflation report and awaited more inflation data on Wednesday. Every number in the PPI report, both headline and core gauge for the monthly and yearly time frame came in softer than expected. This weak appetiser should ease expectations a touch for the main course – the upcoming CPI data for December – released tonight. The Dow up 221 points or 0.52%, the 30-stock index again being led by for a second straight session by non-tech shares, Caterpillar (up 2.5%), and 3M (up 1.94%) leading the charge.
US equity markets mixed on Monday, The Dow Jones climbing higher, outperforming, while the Nasdaq Composite slipped as traders continued to sell off major tech stocks that have powered the recent bull market. The 30-stock Dow rose 358 points, or 0.86%, as investors rotated into non-tech shares like Caterpillar, JP Morgan, and United Health (up 3.28%, 1.81%, and 3.93% respectively). Meanwhile, the tech-heavy Nasdaq dropped -0.38%, and the S&P500 inched up 0.16%. All three benchmarks are down for the last two weeks, with tech shares causing most of the damage.
US equity markets down on Friday, with a surge in bond yields after a much hotter-than-expected December jobs report putting prospects for further rate cuts by the Federal Reserve in doubt, The 10-year yield finished up 9.2 basis points to 4.772%, its highest since Nov. 1, 2023. Conversely, the Dow bled -697 points or -1.63%.
US equity markets were CLOSED overnight in observance of a National Day of Mourning for former President Jimmy Carter, who passed away aged 100 late last year.
The US fourth quarter corporate earnings season tentatively begins tonight AEST, with Constellation Brands Inc, Delta Air Lines Inc, Walgreens Boot Alliance Inc and WD-40 Company posting quarterly results. The fourth quarter earnings season starts in earnest on Wednesday next week (15 January), with major banks Citigroup, Goldman Sachs Group Inc, JPMorgan Chase & Co and Wells Fargo among companies slated to report.
US equity markets mixed ahead of the release of the latest non-farm payrolls report on Friday night AEST (10 December) - Dow rose +107-points or +0.25% CNN reported that President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, citing unnamed sources familiar with the matter.
US equity markets retreated and bond yields climbed following the release of economic data that raised fresh inflation concerns - Dow fell -178-points or -0.42%.
Nvidia Corp dropped -6.22% after hitting an all-time high (US$153.13) in early trading after Chief Executive Officer (CEO) Jensen Huang delivered a keynote speech at the annual Consumer Electronics Show (CES) in Las Vegas and provided several noteworthy technology updates.
US equity markets advanced albeit the major indices settled well off their session highs, with chipmakers trading particularly strongly - Dow slipped -26-points or -0.06% Nvidia Corp rallied +3.43% to be the leading performer in the 30-stock index for a second straight session ahead of Chief Executive Officer (CEO) Jensen Huang delivering a keynote speech at the annual Consumer Electronics Show (CES) in Las Vegas. Chip-related stocks more broadly traded strongly after Taiwanese electronics giant Foxconn Technology Co Ltd - whose customers include Apple Inc (+0.67%) and Nvidia Corp – reported record fourth-quarter revenue (up +15% year-on-year to 2.132 trillion New Taiwan dollars or ~US$65.09B). Amazon.com Inc (+1.53%) and Microsoft Corp (+1.06%) both gained over >1%. Procter & Gamble Co (down -2.43%) was the worst performing Dow component overnight.
US equity markets advanced amid light trading volume to conclude a holiday-shortened week, with the S&P 500 and Nasdaq snaping five-session losing streaks - Dow rose +340-points or +0.80%, ending a run of four consecutive session declines.
Nvidia Corp rallied +4.45% to be the leading performer in the 30-stock index ahead of Chief Executive Officer (CEO) Jensen Huang delivering a keynote speech at the annual Consumer Electronics Show (CES) in Las Vegas tonight AEST which is expected to highlight how Nvidia's semiconductors are powering some of the most advanced products being shown off at the conference.
US equity markets rebounded on Friday (20 December) following tame inflation figures,recouping some of the steep losses recorded earlier in the week after the Federal Reserve signalled a potentially smaller reduction in interest rates in 2025 than Fed officials previously projected - Dow rallied +498-points or +1.18%, with Nvidia Corp (up +3.08%) the leading performer in the 30-stock index.
US equity markets fell sharply after the Federal Reserve cut rates as expected but pumped the brakes on future rate cuts - Dow dropped -1,123-points or -2.58%, logging its tenth consecutive session decline. Amazon.com Inc (down -4.6%), American Express Co (-4.5%) and Goldman Sachs Group Inc (-4.25%) all fell over >4%, with all 30 index components settling in the red with the exception of Unitedhealth Group Inc (+2.92%). Nvidia Corp fell -1.14%, unwinding an earlier rally of ~4.8%% and falling deeper into official correction territory. The stock was buoyed earlier in the session by a report that gave an optimistic outlook about the chipmaker's production, especially of its Blackwell NVL / GB200 system.
US equity markets declined ahead of the latest inflation figures tonight AEST - Dow retreated for a fourth straight session, down -154-points or -0.35%. Nvidia Corp fell -2.69%, extending its two-day slide to over >5% after China’s State Administration for Market Regulation said it was investigating the company over possible violations of the country’s antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition. Nvidia’s revenue in China totalled US$13.5B in the past four quarters, accounting for ~12% of its global total, according to The Wall Street Journal (WSJ). Caterpillar Inc (-2.72%) and Merck & Co Inc (-2.69%) both fell over >2.5%. Boeing Co rallied +4.50% after the aerospace giant said it had restarted production of its 737 MAX jets. Production was paused for more than 12 weeks because of a seven-week labour strike that began in mid-September and settled in early November.
US equity markets retreated, with the S&P 500 and Nasdaq pulling back from record closing highs set last Friday (6 December) - Dow fell -241-points or -0.54%, with International Business Machines (IBM) Corp (down 3.38%) and Travelers Companies (-3.53%) both down over >3%. Nvidia Corp fell -2.55% after China’s State Administration for Market Regulation said it was investigating the company over possible violations of the country’s antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition.
Benchmark US equity indices retreated from record highs ahead of the release of key employment figures tonight AEST - Dow fell -248-points or -0.55%. Unitedhealth Group Inc fell 5.21% after day after the CEO of the US’s largest health insurer, Brian Thompson, was murdered on the streets on New York in a seemingly targeted attack.
Technology stocks led a fresh rally on US equity markets, lifting all three (3) benchmark indices to fresh record highs - Dow rose +309-points or +0.69% to 45,014, the first close above the >45,000 level. Salesforce Inc jumped +10.99% following the release of the enterprise software company’s third quarter result after the close of the previous session that saw revenue top consensus expectations and the full year revenue guidance range lifted. Nvidia Corp rose +3.48% and Amazon.com Inc +2.21%.
The S&P 500 and Nasdaq logged fresh intra-day and record closing highs - Dow eased -76-points or -0.17%, with Procter & Gamble Co (down -2.38%) the worst performer in the 30-stock index. Honeywell International Inc fell -1.3% after the industrial conglomerate cut its full-year outlook after signing a strategic agreement with Bombardier to supply advanced avionics, propulsion, and satellite communications technologies for Bombardier’s aircraft. Nvidia Corp rose +1.18%, with the chipmaker’s Chief Financial Officer (CFO) Colette Kress addressing the UBS Global Technology and AI Conference and saying the company would consider some mergers and acquisition (M&A) activity.
- US equity markets settled little changed as investors digested a benign October inflation report - Dow added +47-points or +0.11%, unwinding an earlier rally of as much as +230-points. Amazon.com Inc (up +2.48%) and Chevron Corp (+2.21%) both gained over >2%. Boeing Co (down -3.58%) was the worst performer in the 30-stock index overnight.
US equity markets retreated, with the post Trump election rally fadingahead of inflation figures tonight AEST - Dow fell 382-points or 0.86% to 43,911, having closed above >44,000 for the first time a day earlier. Amgen Inc slumped -7.14% to be the worst performer in the 30-stock index after investment bank Cantor Fitzgerald flagged possible safety issues with MariTide, the biotechnology firm's experimental anti-obesity drug. According to analysts, data from clinical trials increased concerns about bone mineral density loss among patients taking the weight-loss treatment. Honeywell International Inc rose +3.87% to a record high following news that activist investor Elliott Investment Management had taken a US$5B stake in the company. Nvidia Corp rose +2.10%
The benchmark US indices edged their way to fresh record highs, with the Dow and S&P 500 settling above 44,000 and 6,000 respectively for the first time ever - Dow gained +304-points or +0.69% to 44,293.13. Salesforce Inc (up +6.14%) was the leading performer in the 30-stock index, while Goldman Sachs Group Inc (+2.22%) and Honeywell International Inc (+2.62%) gained over >2%.
The broader S&P500 edged +0.10% higher to 6,001.35, recording its fifth consecutive session gain and longest winning streak since mid-September. Consumer Discretionary (up +1.75%) and Financials (+1.41%) leading six of the eleven primary sectors higher. Information Technology (down -0.89%) sat at the foot of the primary sector leaderboard overnight. Bristol Myers Squibb Co rallied+10.55% after rival pharmaceutical company Abbvie Inc (down -12.58%) reported a disappointing Phase 2 trial result of an experimental schizophrenia drug purchased as part of an US$8.7B acquisition last year. In September, the U.S. Food and Drug Administration (FDA) approved Bristol Myers Squibb’s schizophrenia drug Cobenfy. Monolithic Power Systems Inc dropped -14.97% after analysts at Edgewater Research warned that Nvidia Corp (-1.60%) has cancelled orders with the power solutions company.
US equity markets extended their rally, lifting the benchmark indices to fresh record highs to cap their best week in a year following Donald Trump’ sweeping election victory and after the Federal Reserve cut its benchmark interest rate by -25 basis points - Dow rose +260-points or +0.59% to 43,988.99, briefly crossing 44,000 for the first earlier in the session. Salesforce Inc +3.59% was the leading performer in the 30-stock index on Friday (8 November). Nvidia Corp (down -0.84%) became a member of the Dow on Friday (8 November), replacing beleaguered chipmaker Intel Corp (-0.11%). Paint maker Sherwin-Williams Co (up +0.70%) also joined the blue-chip index, supplanting chemical giant Dow Inc (-4.93%).
The post-election rally rolled on, lifting the S&P 500 and Nasdaq to fresh record highs for a second session in-a-row as investors also digested the latest rate cut and monetary policy pronouncements from the Federal Reserve. - Dow flat.
Goldman Sachs Group Inc (down -2.32%) and JPMorgan Chase & Co (-4.32%) handed back some of the previous session’s double-digit gains.
The broader S&P500 +0.74% to 5,973.10,logging its 49th record closing high of 2024. Communication Services (up +1.92%), Information Technology (+1.83%), Consumer Discretionary (+1.37%) and Real Estate (+1.19%) all gained over >1% to lead eight of the eleven primary sectors higher.
Large capitalisation technology stocks led US equity markets higher as investors awaited the results U.S. presidential election - Dow rose +427-points or +1.02%. Intel Corp rose +3.55%, more than recouping the previous session’s -2.93% decline to be the leading performer in the 30-stock index. Goldman Sachs Group Inc rose +3.03%. Boeing Co lost -2.62% despite workers voting by 59% to end their strike and return to work, securing a 38% raise over the next four years and paving the way for the troubled manufacturer’s Washington factories to restart production.
US equity markets made a positive start to November as investors digested the latest results from large technology companies and labour market data that reinforced expectations that the Federal Reserve will continue cutting interest rates - Dow gained +289-points or +0.69%. Intel Corp (up +7.81%) and Amazon.com Inc (+6.19%) were the leading performers in the 30-stock index, with both companies posting quarterly results after the close of the previous session. Boeing Co +3.54% after the aircraft manufacturer reached a tentative deal with International Association of Machinists (IAM) on a new contract, potentially ending a crippling seven-week strike. The new offer includes a 38% general wage increase over four years, higher than the previous offer of 35%, with union members expected to vote on the deal tonight AEST.
US equity markets firmer as investors eyed earnings from a number of large capitalisation technology companies and key economic data - Dow lost -155-points or -0.36%. Home Depot Inc (down -1.94%) and Coca-Cola Co (-1.66%) both fell over >1.5%.
The broader S&P500 edged +0.16% higher to settle ~0.5% below its record all-time closing high. Communication Services (up +1.56%) and Information Technology (+1.12%) both climbed over >1% to be the only primary sectors to advance overnight. Utilities (down -2.13%) and Energy (-1.44%) sat at the foot of the primary sector leaderboard. Ford Motor Co dropped -% after the carmaker reported lower-than-expected third-quarter profits after the close of the previous session.
US equity markets mixed on Friday (25 October) to cap off a bumpy few days of trading as investors eye a huge week of economic data and earnings reports - Dow fell -260-points or -0.61%.
McDonald’s Corp fell -2.97% and was the worst performer in the 30-stock index on Friday (25 October) and the stock has been under pressure in recent days following news that an E. coli outbreak in several states was tied to onions on the fast food chain's Quarter Pounder burgers.
US equity markets declined as bond yields continued to climb - Dow dropped -410-points or -0.96%, paring an earlier decline of as much as 632 points but still marking the 30-stock index’s largest one-day decline since 6 September. McDonald’s Corp fell -5.12% to be the worst performer in the 30-stock index after the Centers for Disease Control and Prevention (CDC)said they were investigating an E. coli outbreak. Amazon.com Inc (down 2.6%) and Apple Inc (-2.16%) both fell over >2%. Verizon Communications Inc rose 3.28% to be the leading Dow component overnight, recouping some of the previous session’s -5.3% decline in the wake of telecom giant’s third quarter result falling short of consensus expectations despite continuing to add wireless phone and internet subscribers
- US equity markets settlednarrowly mixed after a morning session rally for the semiconductor sector, spurred by solid quarterly results from the world's largest contract chipmaker, lost some steam - Dow rose +161-points or +0.37% to 43,239.05 to book its 39th record closing high of the year. American Express Co (up +1.46%) and Chevron Corp (+1.66%) were the leading performers in the 30-stock index.
- The broader S&P500 dipped -0.02%, with Utilities (down -0.93%) leading six of the eleven primary sectors lower. Energy (up +0.4%) sat atop the primary sector leaderboard. Expedia Group Inc gained +4.75% after the Financial Times reported Uber Technologies Inc (down -2.44%) was considering a bid to buy the online travel company.
US equity markets settled with modest declines in the wake of slightly stickier inflation data for September - Dow slipped -58-points or -0.14%. Boeing Co fell -1.84% to be the worst performer in the 30-stock index. International Business Machines (IBM) Inc (-0.55%) touched a record all-time high (US$235.83) earlier in the session. Amazon.com Inc rose +0.80% after the on-line retailing giant said that sales and number of items sold during Prime Big Deal Days on Tuesday (8 October) and Wednesday (9 October) were the most ever for one of its October events. Doug Herrington, Chief Executive Officer (CEO) of Worldwide Amazon Stores, said it “marked a strong start to the holiday shopping season.” Amazon was in trying to get a jump on the key sales period heading into Christmas. Target Corp’s (up +1.06%) second Target Circle Week of the year kicked off on Sunday (6 October) and runs through Saturday (12 October). Dow component Walmart Inc’s (down -0.98%) Holiday Deals event runs until Sunday (13 October).
US equity markets retreated, handing back the previous session’s post jobs report surge as expectations for big interest rate cuts subsided and oil prices continued rising on concerns about Middle East tensions - Dow shed 399-points or -0.94%. Travelers Companies Inc (down -4.34%) was the worst performer in the 30-stock index. Amazon.com Inc (down -3.06%) and Walt Disney Co (-2.9%) . Apple Inc fell -2.25% after Jefferies downgraded the company to “hold” from “buy”, saying expectations for sales of the iPhone 16 and 17 are too high.
US equity markets settled little changed on the second trading day of the fourth quarter, with investors in a generally cautious mood against the backdrop of rising tensions in the Middle East and a strike at U.S. East Coast and Gulf ports - Dow added +40-points or +0.09%, advancing for the eight time in the past ten sessions.
US equity markets mixed on Friday (27 September) albeit tamer inflation figures lifted the Dow to a fresh record peak and buoyed small capitalisation stocks - Dow added +138-points or +0.33% to 42,313, booking its 32nd record close of 2024. Chevron Corp +2.46%.
US equity markets advanced ahead of tonight’s AEST key inflation figures, buoyed by fresh China stimulus measures and a strong gains for chipmakers - Dow gained +260-points or +0.62% to 42,175.11, logging its second highest close ever. Caterpillar Inc (up +3.36%) and Dow Inc (+3.56%) rose over >3%.
The S&P 500 and Dow logged record closing highs, building on last week's Federal Reserve rate cut-induced momentum and after data showed steady business activity in September - Dow added +61-points or +0.15% to 42,124.65, logging a record closing high for a third consecutive session. Intel Corp gained +3.30% to be the leading performer in the 30-stock index after Bloomberg reported on Sunday (22 September) that Apollo Global Management has offered to invest as much as US$5B in the struggling chipmaker. Intel got a boost last week from a company update on its transformation plans as well as a Wall Street Journal report Friday (20 September) that Qualcomm Inc (down -1.75%) had made a "takeover approach". Boeing Co (+1.96%) has made its “best and final” offer to striking workers, offering a 30% raise as it tries to end a work stoppage that threatens its recovery. The 33,000 members of the International Association of Machinists and Aerospace Workers District 751 walked off the job 11 days ago after rejecting a contract negotiated by the union’s leadership.
US equity markets ended a strong week on a mixed note, with trading relatively subdued despite Friday’s (20 September) session being a “triple witching” event - the simultaneous expiration of stock options, stock index futures, and stock index options contracts that saw option contracts tied to more than >US$5 trillion in tradeable stocks expire - Dow edged +38-points or +0.09% higher to a fresh record closing high of 42,062.81. Nike Inc rallied +6.84% to be the leading Dow component on Friday (20 September) after announcing after the close of the previous session that chief executive John Donahoe will retire next month and will be succeeded by company veteran Elliott Hill, an abrupt leadership change punctuating a period of dour economic performance at the world’s largest sportswear maker. Initial sales data for Apple Inc’s (down -0.29%) iPhone 16 will be released tonight AEST after the new device went on sale for the first time last Friday (20 September). The technology giant's AI model, Apple Intelligence, won't be available immediately but will come later as a free software update.
US equity markets failed to hold initial gains that came after the Federal Reserve delivered -50 basis point interest rate cut and that had lifted both the S&P 500 and Dow to fresh record intra-day highs - Dow fell -103-points or -0.25%, having rallied ~376-points immediately following the Fed’s rate announcement and lifting the 30-stock index to a record intra-day peak just shy of 41,982. Intel Corp fell -3.26% to be the worst performing Dow component, having rallied over >10% in the preceding three sessions.
US equity markets mixed ahead of the latest interest rate decision and monetary policy pronouncements from the Federal Reserve tomorrow morning AEST - Dow dipped -16-points or 0.04% to 41,606.18, snapping a four session winning streak after hitting a fresh record intra-day high (41,835.28) earlier in the session. Intel Corp rallied +2.68% to be the leading Dow component for a second session running after Chief Executive Officer (CEO) Pat Gelsinger provided an update on the company's restructuring efforts, citing progress on cost-cutting and unveiling plans to turn its chipmaking arm into a separate subsidiary. The company also said it would produce chips for Amazon.com Inc’s (+1.08%) Amazon Web Services and the U.S. military. Microsoft Corp rose +0.88% after the company announced a US$60B stock buyback programme and boosted its dividend (to US$0.83c per share, up from US$0.73c previously) after the close of the previous session. Separately, BlackRock is preparing to launch a more than >US$30B artificial intelligence (AI) investment fund (via its infrastructure investment unit, Global Infrastructure Partners) with Microsoft to build data centres and energy projects to meet growing demands stemming from AI.
US equity markets mostly firmer in cautious trade of key central bank meetings later this week - Dow rose +228-points or +0.55% to 41,622.08, logging its 27th record close of the year-to-date. Intel Corp rallied +6.36% to be the leading Dow component after confirming press reports late last Friday (13 September) that it has been granted up to US$3B in Chips Act funding to “expand the trusted manufacturing of leading-edge semiconductors for the U.S. government.” Specifically, this award covers defence work. This deal is separate from the ~US$20B in funding that Intel announced earlier this year that it was eligible for through the Chips Act. Apple Inc fell -2.78% amid concerns about early sales for the just-launched iPhone 16. Analysing delivery lead times and whether models of the iPhone 16 will be available in stores on Friday (20 September) as scheduled, several analysts said that early indications appear disappointing for Apple's latest smartphone. Separately, the tech giant also received FDA approval for the sleep apnoea detection feature in its newest smartwatch operating system. Meanwhile, Amazon.com Inc (-0.86%) told employees to return to in-person work five days a week next year, barring any ”extenuating circumstances” or exceptions.
US equity markets extended their recovery from an early September sell-off on Friday (13 September), with the S&P 500 and Nasdaq recording their best weekly gains of 2024 - Dow rallied +297-points or +0.72%.
Boeing Co shed 3.69% to be the worst performer in the 30-stock index after the aerospace company’s biggest union, the International Association of Machinists and Aerospace Workers representing ~33K workers, went on strike after voting down a new, four-year labour deal. The strike will halt work on the company’s best-selling 737, 777, and 767 jets.
The S&P 500 and Nasdaq extended gains into a fourth straight session after the latest wholesale inflation figures helped reinforce expectations for an interest rate cut when the Federal Reserve convenes its latest monetary policy meeting next week (17-18 September) - Dow rose +235-points or +0.58%.
US equity markets recovered from earlier losses to advance and settle near their session highs as investors weighed the implications of the latest CPI data and the presidential debate - Dow rose +125-points or +0.31%, with American Express Co (up +3.57%) and Intel Corp (+3.48%) both rallying over >3%.
US equity markets mixed ahead of the first presidential debate later this morning AEST and inflation figures tonight AEST - Dow eased -93-points or -0.23%. JPMorgan Chase & Co shed -5.19% to be the biggest decliner in the 30-stock index after president Daniel Pinto, speaking at a Barclays financial services conference in New York, tempered full-year net interest income (NII) expectations for the largest US bank by assets. The current forecast of US$91.5B in 2024 was, he said, “not very reasonable” in light of the Federal Reserve’s impending interest rate cuts. Goldman Sachs Group Inc fell -4.39% after chief executive David Solomon warned investors at the same conference a day earlier that the investment bank’s trading business was on track to see revenues fall about 10% in the third quarter due to a “more challenging macro environment, particularly in the month of August”. Boeing Co lost -1.74%, with Reuters reporting that the aircraft manufacturer had informed its suppliers that it now expects MAX production to reach 42 planes per month in March 2025, compared with its prior estimate of September 2024. Apple Inc, which unveiled its new artificial intelligence (AI)-enabled iPhone on Monday (9 September), lost -0.36% after the Court of Justice of the European Union (EU) overturned a lower court ruling on Irish tax breaks for the tech giant.
US equity markets rebounded from their biggest weekly losses of the year last week, with investors eyeing key inflation figures in the coming days - Dow rallied +484-points or +1.20%, more than recouping last Friday’s (6 September) -410-point or -1.01% fall. Boeing Co gained +3.36% after the aircraft manufacturer and its biggest union (the International Association of Machinists and Aerospace Workers) reached a tentative deal covering more than 32,000 workers, averting a possible strike. Apple Inc inched +0.04% higher following its product launch event called “It’s Glowtime” that saw the unveiling of the iPhone 16, Apple Watch Series 10 and AirPods 4. Chief executive Tim Cook said the iPhone 16 - which will go on sale on 20 September with pre-orders starting this Friday (13 September) - was the first of its smartphones to be “designed from the ground up” for artificial intelligence “and its breakthrough capabilities”. Goldman Sachs Group Inc fell ~1% in extended trading (after rising +1.87% in the regular session) after chief executive David Solomon warned investors that the investment bank’s trading business was on track to see revenues fall about 10% in the third quarter. “With respect to trading . . . we had an extremely strong third quarter in 2023,” Mr Solomon said at an industry conference organised by Barclays. “This quarter, given what I’d say is a more challenging macro environment, particularly in the month of August, that business is trending down close to 10 per cent, largely due to FICC [fixed income, currencies and commodities trading],” Mr Solomon said. Mr Solomon also flagged that Goldman’s earnings in the third quarter would also take a US$400M hit from its continued pullback from consumer trading.
US equity markets retreated sharply on Friday (6 September) as the latest employment report underscored labour market weakness and spurred further debate about how aggressive the Federal Reserve will be when it starts cutting interest rates - Dow lost -410-points or -1.01%, with Amazon.com Inc (down -3.65%) and American Express Co (-3.09%) both falling over >3%. Intel Corp fell -2.63%, with Reuters reporting that Qualcomm Inc (-3.37%) is looking at buying segments of the company, potentially including its PC chip design business. Separately, Bloomberg reported that Intel is considering selling off some of its stake in MobilEye Global (-8.48%), which provides hardware and software for self-driving vehicles, as part of the chipmaker's effort to improve its financial position. Apple Inc (down -0.7%) hosts its product launch event called “It’s Glowtime” tonight AEST and is expected to announce its new iPhone 16 lineup alongside new Apple Watch models, and potentially other products. Boeing Co (-2.79%) and its largest union said Sunday (8 September) they reached agreement on a new contract that, if ratified, will avoid a strike that threatened to shut down aircraft production by the end of the coming week.
US equity markets ended mostly to the downside overnight as the S&P 500’s September struggles continued following weak labour market data - Dow was the outlier rising -38-points or +0.09%. Intel Corp (down -3.33%) was amongst the worst performers in the 30-stock index, amid a broader selloff of chip stocks as well as Reuters reporting that recent tests of the chip giant's most advanced manufacturing process conducted by Broadcom (AVGO) failed.
US equity markets resumed trading after the Labor Day long weekend and settled sharply lower to kick-off what is a historically tough month for equities, with investors assessing some weak manufacturing data while eyeing Friday’s (6 September) key non-farm payrolls figure - Dow shed -626-points or -1.51%. Intel Corp (down -8.8%) was the worst performer in the 30-stock index. The chipmaker is the worst performing Dow component calendar year-to-date (down -60%) and is in danger of losing its status as a member of the Dow Jones Industrial Average (DJIA). Intel is the lowest-weighted component of the index, making up just 0.3% of the DJIA as of last week. Boeing Co lost -7.32%, with Wells Fargo downgrading the planemaker to "underweight" from "equal weight" and cutting its target price to US$119 from US$185. The analyst pointed to Boeing's "extensive delays and added cost" impacting aircraft production cash flow .
US equity markets advanced on Friday (30 August) to cap one of the most volatile months of trading in years - Dow rose +228-points or +0.55% to 41,563.08 to log its fourth record closing high of the week. Intel Corp rallied +9.49% following a Bloomberg report that the chipmaker is considering the spin-off or sale of its foundry business. Goldman Sachs Group Inc rose +0.62%, with the Wall Street Journal reporting that the investment bank is cutting as many as 1,800 of its employees as part of a planned 3% to 4% staff reduction following the bank’s annual performance-review process.
US equity markets mixed, with both the S&P 500 and Nasdaq losing ground late in the session and selling in Nvidia Corp intensified - Dow gained +244-points or +0.59% to 41,335.05, logging its third record closing high in the past four sessions. Apple Inc rose +1.46% with after Citigroup nominating the iPhone maker its top artificial intelligence (AI) pick. Meanwhile, Nikkei reported that Apple is telling suppliers to prepare components and parts for some 88M to 90M smartphones, according to multiple sources familiar with the plan. That is more than last year's initial component orders for around 80M new iPhones. Apple is preparing for sales of its first iPhone with Apple Intelligence, which includes generative AI features. The company has announced it will host its flagship product launch event on 9 September. Salesforce Inc fell -0.73%, giving back earlier gains after the enterprise software company reported results after the close of the previous session that exceeded expectations on both the top and bottom lines.
US equity markets retreated ahead of the much anticipated release of chip giant Nvidia Corp’s second quarter result after the close, and with a batch of US retailers cutting outlooks amid a challenging consumer environment - Dow fell -159-points or -0.39%, paring an earlier decline of more than >400-points. Nike Inc (down -2.93%) was the worst performer in the 30-stock index.
US equity markets settled little changed as investors eye Nvidia Corp’s (up +1.46%) second quarter result tonight AEST - Dow inched+10-points or +0.02% higher to a fresh record closing high of 41,250.50.
The broader S&P500 added +0.16%, with Information Technology (up +0.63%) leading six of the eleven primary sectors higher. Eli Lilly & Co rose +0.42% after the pharmaceuticals giant announced it would launch single-dose vials of Zepbound, one of the company's popular weight-loss drugs. Warren Buffett’s investment vehicle Berkshire Hathaway is on the cusp of becoming just the ninth company in the world to achieve a US$1 trillion valuation. The conglomerate’s total market capitalisation stood at nearly US$993B as of last night’s close, with Berkshire Class A shares up +1.34% (at US$691,350) and Class B stock +1.35% (at US$460.63). Berkshire Hathaway has seen its total market cap increase by ~US$218B since the start of 2024, according to Dow Jones data. ResMed Inc rallied +7.26% on large volume (~1.9M shares versus a daily average of 1.08M), buoyed by a bullish research note from US independent investment bank and financial services company William Blair & Company that cited a “tidal wave” of new sleep apnoea and continuous positive airway pressure (CPAP) patients coming from weight loss drugs beginning in 2025. Paramount Global dropped -7.15% following news that Edgar Bronfman Jr. has withdrawn from bidding for Shari Redstone's media empire, setting the stage for the entertainment giant to be sold to David Ellison's Skydance Media.
US equity markets eased in a quiet session following last Friday’s (23 August) strong gains, with investors eyeing chip giant Nvidia Corp’s (down -2.25%) second quarter result on Wednesday night AEST (28 August) and inflation figures at the back end of the week - Dow added +65-points or +0.16% to 41,240.52, notching its 23rd record close of 2024. Apple Inc (up +0.15%) is likely to unveil its newest phones and the next generations of the Apple Watch and AirPods at an event on 9 September reportedly called “It’s Glowtime”. The iPhone maker is expected to officially announce the long-anticipated iPhone 16, supercharged with artificial intelligence (AI) capabilities. Intel Corp fell -2% following a report from CNBC that said the chip maker has hired advisors, including some with Morgan Stanley (up +0.43%), to help defend the company against potential shareholder activism.
US equity markets rallied on Friday (23 August) after Federal Reserve Chair Jerome Powell said “the time has come” for monetary easing - Dow rose +462-points or +1.14% to 41,175.08, closing within 0.1% of a fresh record close.
The broader S&P500 gained +1.15% to 5,634.61, settling just 0.6% below its all-time closing high recorded in mid-July. Construction materials supplier Builders FirstSource Inc rallied +8.75% to be the leading performer in the S&P 500
US equity markets retreated as central bankers will gather in Jackson Hole, Wyoming for the Federal Reserve’s annual Monetary Policy Symposium, with the S&P 500 and Nasdaq logging their worst daily decline since 5 August - Dow fell -178-points or -0.43%. Intel Corp slumped -6.12% to be worst performer in the 30-stock index overnight following reports that the semiconductor giant's progress on constructing two new chip fabrication facilities in Germany may be stalled. Intel expected the Magdeburg plants to be online and producing high-performance semiconductors as soon as 2027. However, according to media reports this week, the schedule now appears uncertain. Amazon.com Inc (-2.21%) and Microsoft Corp (-2.03%) both fell over >2%.
US equity markets logged modest gains as investors digested earnings reports from various retailers, the minutes from the Federal Reserve’s late July monetary policy meeting and a sharp downward revision to annual payrolls data - Dow edged +56-points or +0.14% higher, with Intel Corp (up +2.0%) the leading performer in the 30-stock index. American Express Co fell -2.68% to US$246.30 after Bank of America Securities downgraded the payments giant to ‘Neutral’ from ‘Buy’ with a US$263 price target, with the analysts pointing to the stock’s current premium valuation and the potential for subdued growth in billings volume.
US equity markets logged modest declines, with the S&P 500 and Nasdaq snapping eight session winning streaks - Dow slipped -62-points or -0.15%, snapping a five session winning streak. Boeing Co shed -4.2% after the aerospace company said it would be grounding its four-plane test fleet of the 777x after finding cracks in the jet’s structure. Intel Corp lost -2.46%, unwinding much of the previous session’s +3.11% gain.
US equity markets advanced on Friday (16 August) to cap their best week of 2024 to date, with the S&P 500 and Nasdaq - Dow added +97-points or +0.24%, rising for a sixth time in seven sessions.
The broader S&P500 rose +0.20%, with Financials (up +0.62%) leading eight of the eleven primary sectors higher. Ulta Beauty Inc rose +3.12% and extended gains after regulatory filing late last week revealed Warren Buffett's investment vehicle Berkshire Hathaway Inc had acquired an ~US$266M stake in the cosmetics retailer. Amcor Plc lost -3.69% to be the worst performer in the S&P 500 after the packaging giant missed revenue estimates and provided weak guidance after the close of the previous session as volumes for healthcare and North American beverage companies remained soft.
The Nasdaq edged +0.21% higher.
US equity markets rallied following the release of a fresh batch of economic data that eased concerns about the health of the economy and some further robust corporate earnings releases - Dow gained +555-points or +1.39%, rising for the fifth time in six sessions. Cisco Systems Inc jumped +6.8% to be the leading performer in the 30-stock index after the software and networking company posted better-than-expected adjusted earnings per share (EPS) and revenue for its fiscal fourth quarter and outlined a restructuring plan that will see its worldwide workforce shrink by ~7% after the closing bell of the previous session. Intel Corp rose +3.87% despite the Financial Times (FT) reporting that talks with Japan’s Softbank Group Corp (+2.16%) to manufacture chips rivalling those made by Nvidia Corp (+4.05%) fell apart in recent months. SoftBank blamed Intel for the collapse of the talks due to its inability to meet demands for volume and speed, and has now held talks with Taiwan Semiconductor Manufacturing Co (down -0.53%), according to the FT. Boeing Co rose +4.69% after El Al Israel Airlines confirmed a US$2.5B deal to buy up to 31 of the aerospace giant's 737 Max planes. Nike Inc gained +5.07% after Bill Ackman’s Pershing Square Capital Management disclosed a new stake in the company. A U.S. Securities and Exchange Commission (SEC) filing recorded that the hedge fund investor bought just over 3M shares in the athletic apparel major.The broader S&P500 rallied +1.61% to 5,543.22 and now sits +0.34% higher for August after booking its worst start to a month in eight years. The index also settled ~2.1% below its record closing high of 5,667.2 recorded on 16 July. Consumer Discretionary climbed +3.38% to lead nine of the eleven primary sectors higher following stronger-than-expected retail sales figures for July and strong earnings from sector bellwether Walmart. Ulta Beauty Inc soared +11.17%, with a regulatory filing from Warren Buffett's investment vehicle Berkshire Hathaway Inc (up +0.61%) recording that the firm had acquired an ~US$266M stake in the cosmetics retailer. Lithium producer Albemarle Inc rebounded +8.63% after being the worst performer in the broader index on both Monday (August) and Wednesday (August) of this week. Paramount Global jumped +7.14% following multiple reports that media executive Edgar Bronfman Jr. is set to make a bid for the entertainment giant. Last month, Paramount agreed to the terms of a merger with production company Skydance Media after prolonged talks.
US equity markets advanced after the annual rate of headline consumer inflation fell below 3% for the first time since March 2021 - Dow gained +243-points or +0.61%, with American Express Co (up +2.0%) the leading performer in the 30-stock index.
The broader S&P500 added +0.38%, extending gains into a fifth straight session that has lifted the index +4.83%. Financials (up +1.29%) led eight of the eleven primary sectors higher.
The Nasdaq inched +0.03% higher, shaking of earlier session declines to log a fifth straight session advance that has lifted the technology-centric index +6.05% over that stretch. Google-parent company Alphabet Inc fell -2.31% following news after the close of the previous session that the U.S. Department of Justice was weighing an effort to break up the technology behemoth.
US equity markets rallied strongly following tamer-than-expected wholesale inflation data, with the S&P 500 and Nasdaq booking their biggest four-day percentage gains of 2024 - Dow gained +409-points or +1.04%. Intel Corp jumped +5.73% to be the leading performer in the 30-stock index. A filing showed the company had divested its stake (~1.8M shares) in chip designer Arm Holdings Plc (+5.69%). Nike Inc rallied +5.17% to US$78.50, with analysts at Bernstein Research reiterating their "buy" rating for the stock along with a US$112 price target.
The broader S&P500 rallied +1.68%, taking its 4-day gain to +4.45%. The broader index now sits ~4.1% below its record closing high set on 16 July. Information Technology (up +3.00%) and Consumer Discretionary (+2.42%) to lead ten of the elven primary sectors higher. Energy (down -1.02%) was the only sector to settle in the red. Starbucks Corp soared +24.50% after ousting Chief Executive Officer (CEO) Laxman Narasimhan and announcing the current CEO of Chipotle Mexican Grill Inc (down -7.50%) Brian Niccol as his replacement. Mr Niccol will start in the role on 9 September, with Starbucks Chief Financial Officer (CFO) Rachel Ruggeri set to take the interim CEO title for the next month. The announcement follows recent pressure from activist investor including Elliott Investment Management.
A mixed and muted session for US equity markets as investors eye inflation and retail sales figures later in the week - Dow fell -141-points or -0.36%, with Boeing Co (down -2.25%) and Procter & Gamble Co (-2.19%) both down over >2%.
The broader S&P500 settled flat . Real Estate (down -0.64%) and Communication Services (-0.62%) both fell over >0.6% to lead eight of the eleven primary sectors lower. Information Technology (up +0.92%) and Energy (+0.49%) sat atop the primary sector leaderboard overnight. KeyCorp jumped +9.1% to be the leading performer in the S&P 500 following news that Bank of Nova Scotia (down -3.42%) acquired a 14.9% stake in the bank for US$2.8B. Starbucks Corp rose +2.58% after The Wall Street Journal (WSJ) reported that hedge fund Starboard Value has taken a stake in the world's biggest coffee chain and was calling for changes. The WSJ noted that the move came as Starbucks is in settlement discussions with activist investor Elliott Investment Management, which it previously reported had taken a large stake in the company and also called for changes. Albemarle Corp shed -6.92% to be the worst-performing stock in the S&P 500 as the world's biggest lithium producer continues to feel the negative effects of slumping lithium prices (which have slumped more than >80% since the start of 2023).
US equity markets logged modest gains on Friday (9 August) and continued to mount a comeback that saw the S&P 500 and Nasdaq all but erase Monday’s (5 August) rout that saw both indices register their sharpest daily losses since 13 September 2022 - Dow edged +51-points or +0.13% higher, with American Express Co (up +1.85%), Apple Inc (+1.37%) and Salesforce Inc (+1.37%) all rising over >1%. Intel Corp shed -3.81% to be the worst performer in the Dow last Friday (9 August).
US equity markets rallied sharply amid a broad-based rally that saw the S&P 500 and Nasdaq record their strongest session since 30 November, 2022 after the latest weekly jobless claims figures soothed nerves in some quarters around the strength of the labour market - Dow gained +683-points or +1.76%, logging its strongest session since 16 July.
The broader S&P500 rallied +2.3%. Information Technology rallied +3.31% to lead all eleven primary sectors higher, six of which logged gains of more than >2%. Palantir Technologies jumped +11.25 after the company announced an agreement with Microsoft Corp (+1.07%) to provide the U.S. government with secure cloud, artificial intelligence (AI), and analytics capabilities for national security. The agreement provides the U.S. government agencies including the Central Intelligence Agency (CIA) with large language models (LLMs) through Azure OpenAI Services, Microsoft's cloud offerings through its partnership with OpenAI, and Palantir's AI Platform (AIP). Warner Bros. Discovery Inc shed -8.95% after the entertainment giant posted a loss of nearly -US$10B for the second quarter after the close of the previous session.
US equity markets retreated, relinquishing earlier session gains and capping the worst 5-day start to a month for the Dow and S&P 500 since January 2016 - Dow fell -234-points or -0.60%,. Intel Corp fell -4.24% following a fresh broker downgrade (with analysts at Mizuho Securities cutting their recommendation to ‘Neutral’ from ‘Outperform’ and writing of “a tough road ahead to regain leadership”), extending the semiconductor company’s 5-day slide to -43.6%.
The broader S&P500 lost -0.77%, with Consumer Discretionary (-1.39%), Materials (-1.39%), Information Technology (-1.36%) and Health Care (-1.07%) all declining over >1% to lead seven of the eleven primary sectors lower. Super Micro Computer Inc tumbled -20.14% after the artificial intelligence (AI) server company – and a customer and close partner of Nvidia Corp (-5.12%) – reported its fiscal fourth-quarter result after the close of the previous session as the cost of transitioning to more expensive AI chips weighed on the bottom line.
US equity markets rebounded amid a broad-based recovery a day after the Dow and S&P 500 registered their sharpest daily losses since 13 September 2022 - Dow rose +294-points or +0.76%, clawing back some of the previous session’s -1,033.99-points or -2.6% tumble.
The broader S&P500 +1.04%, with Real Estate (up +2.3%) leading all eleven primary sectors higher. Palantir Technologies Inc jumped +10.38% after reporting a better-than-expected second quarter result and lifted its full-year guidance on strong demand for its Artificial Intelligence Platform (AIP) after the close of the previous session. Royal Caribbean Cruises Ltd rallied +7.51% after JPMorgan analysts labelled the company “best in class” among the cruise lines and raised their full year earnings per share (EPS) forecast to US$11.50 from US$11.43.
US equity markets extended their steep declines to cap their worst three-day performance since 2022, with the Dow and S&P 500 registering their sharpest daily losses since 13 September 2022 - Dow tumbled -1,033.99-points or -2.6% to 38,703.27, with all 30 components settling in the red. Intel Corp (down -6.38%) was the worst Dow performer overnight. Apple Inc (down -4.82%) continued to slide after Warren Buffett’s investment vehicle Berkshire Hathaway Inc (down -3.34%) halved its stake in the technology giant and boosted its cash pile to a record high of US$277M, according its second-quarter financial results released on Saturday (3 August),
Markets have become increasingly concerned following last Friday’s (2 August) non-farm payrolls report for July that the Federal Reserve may be moving too slow when it comes to interest rate cuts if it wants to avoid a recession. Indeed, some analysts are now calling for ‘emergency’ rate cuts from the Federal Reserve. Also a lot of talk around the unwinding of the Yen carry trade triggered by the Bank of Japan's (BoJ) unexpected rate hike on Wednesday last week (31 July),
US equity markets tumbled for a second straight session after a weak jobs report further stocked fears of a recession – Dow fell -611-points or -1.51%. Intel Corp tumbled -26.06% after the chipmaker announced a wider-than-expected quarterly loss after the close of last Thursday’s (1 August) session and said it would lay off 15% of its staff as part of a massive cost-cutting effort. Amazon.com Inc -8.78% after the e-commerce giant reported weaker-than-anticipated quarterly revenue and issued soft guidance for the current quarter after the close of the previous session.
The broader S&P500 dropped -1.84% to 5,346.56, with 74% of index components settling in the red. The index settled 5.66% below its 16 July closing high (5,667.20). It marks the 29th correction of great than >5% off of a high since the March 2009 low.
US equity markets logged sharp declines amid a fresh sell off for the technology sector and following the release of some weak economic data - Dow fell -495-points or -1.21%, paring an earlier decline of ~744 points.
The broader S&P500 dropped -1.37%, with Information Technology falling -3.36% and handing back much of the previous session’s +3.95% rally.
Energy (down -2.56%) and Consumer Discretionary (-2.25%) both fell over >2% to be among six of the eleven primary sectors that settled in the red.
The more defensive Utilities (up +1.85%) and Real Estate (+1.58%) sectors sat atop the primary sector leaderboard overnight.
The Nasdaq -2.3%. Nvidia Corp fell -6.67%.
US equity markets retreated, with chip stocks under particular pressure ahead of earnings from a number of large capitalisation technology companies - Dow gained +203-points or +0.50%, with Travelers Companies Inc (up +3.03%), and investment banks Goldman Sachs Group Inc (+2.63%) and JPMorgan Chase & Co (+2.06%) leading the 30-stock index’s advance.
US equity markets settled little changed ahead of a defining week that sees 171 S&P 500 companies post second quarter results (including ten (10) Dow components and four (4) of the so-called ‘Magnificent Seven’ of large capitalisation technology stocks) along with key global central bank meetings and the latest Non Farm payrolls report - Dow slipped -49-points or -0.12%, with Caterpillar Inc (down -1.7%), Intel Corp (-1.66%), 3M Co (-1.57%) and Salesforce Inc (-1.57%) all falling over >1.5%.
US equity markets soared on Friday (26 July) to cap a turbulent week, with the S&P 500 and Nasdaq snapping three session losing streaks as the technology sector recovered, corporate earnings news provided a big boost to several companies and inflation data reinforced expectations that the Federal Reserve will cut interest rates soon - Dow rallied +654-points or +1.64%, American Express Co (up +2.38%), with Travelers Companies Inc (+2.21%), Salesforce Inc (+2.%) and Visa Inc (+2.35%) all rising over >2%The broader S&P500 gained +1.11%, with Industrials (up +1.72%), Materials (+1.68%), Real Estate (+1.67%) and Financials (+1.49%) leading all eleven primary sectors higher.
The S&P 500 and Nasdaq Composite retreated for a third straight session amid a fresh rotation out of large cap technology into small capitalisation and value stocks - Dow added +81-points or +0.20% but settled well off its session highs. International Business Machines (IBM) Corp climbed +4.33% and was the leading performer in the 30-stock index. Boeing Co (up +2.38%), Caterpillar Inc (+2.46%) and Salesforce Inc (+2.7%) all rallied over >2%. Microsoft Corp shed -2.45%.
US equity markets settled with modest declines as investors digested a busy corporate earnings calendar and eyed second quarter results from the first of the so-called “Magnificent Seven” of large capitalisation technology stocks after the closing bell - Dow slipped -57-points or -0.14%. Walt Disney Co (down -.39%) was the worst performer in the 30-stock index, while McDonald’s Corp (-2.12%), Nike Inc (-1.95%) and Chevron Corp (-1.85%) were also notable underperformers. Boeing Co (up +4.24%) was the best performing Dow component overnight after receiving an additional airplane order from Qatar Airways.
Technology stocks led a rebound on US equity markets following steep losses last week - Dow added +128-points or +0.32%, with Nike Inc (up +2.97%) and Salesforce Inc (+2.6%) both gaining over >2.5% to be the leading performers in the 30-stock index.
The broader S&P500 gained +1.08%, logging its best session since 5 June as more than >77% of index constituents advanced. Information Technology (up +1.96%), Communication Services (+1.21%) and Industrials (+1.07%) all rose over >1% to lead nine of the eleven primary sectors higher. Energy (down -0.72%) and Consumer Staples (-0.04%) were the only primary sectors to settle in the red overnight. Reddit Inc gained +5.3% after the social media company announced partnerships with the NBA, NFL, and other major U.S. sports leagues that will give its users access to official highlights and other content. CrowdStrike Holdings Inc slumped -13.46% to be the worst performer in the S&P 500 for a second session running as the fallout after from an update to the cybersecurity firm's software that caused a global outage in Microsoft Corp’s (-0.74%) cloud services late last week continued.
US equity markets retreated on Friday (19 July) as technology stocks came under fresh pressure and investors digested the impact of a global technology outage - Dow dropped -377-points or -0.93%, extending its decline over the past two sessions to over >900 points or ~2.2%. Intel Corp shed -5.42% to be the worst performer in the 30-stock index on Friday (19 July).
The broader S&P500 fell -0.71%, with Energy (down -1.29%), Information Technology (-1.27%) and Financials (-1.00%) all fell 1%+ to lead nine of the eleven primary sectors lower. Health Care (up +0.50%) and Utilities (+0.11%) were the only primary sectors to advance. Starbucks Corp rallied +6.85% after the Wall Street Journal reported that activist investor Elliott Management has taken a significant stake in the global coffee chain and is engaging with management to find ways to improve the company’s share price.
US equity markets retreated amid fresh weakness for a number of large capitalisation technology companies and as the rally among small capitalisation stocks stalled - Dow dropped -533-points or -1.29%, having logged consecutive record closing highs. Investment banks Goldman Sachs Group Inc and JPMorgan Chase & Co both fell -3.18% to be the worst performers in the 30-stock index overnight. Amazon.com Inc (down -2.22%) and Apple Inc (-2.05%) both fell over >2%.
The broader S&P500 fell -0.78% Healthcare (down -2.29%) leading ten of the eleven primary sectors lower. Energy (up +0.33%) was the only primary sector to advance overnight. Eli Lilly & Co fell -6.26%, extending the previous session’s -3.8% decline amid concerns about intensifying competition among obesity-drug developers. Swiss pharmaceutical company Roche Holding AG announced positive early-stage trial data for its experimental obesity pill a day earlier. Ozempic manufacturer Novo Nordisk A/S fell -3.48%., taking its two-day slide to almost 9%.
US equity markets rallied as the rotation into value stocks, which have underperformed their growth peers and the broader S&P 500, gained momentum amid building expectations of interest rate cuts - Dow rallied +743-points or +1.85% to a fresh record closing high of 40,954.48, booking its largest one-day percentage gain since June 2023, and largest daily point gain since November 2022, according to Dow Jones Market data. The Dow Jones transportation average (up +3.28% at 16,298.98) outperformed the broader indexes, logging its biggest one-day percentage gain since November and reaching its highest closing level since August 2023 as investors increasingly focused on undervalued areas of the market. Caterpillar Inc (up +4.28%) and Boeing Co (+3.87%)
US equity markets opened the new week on a positive footing- Dow gained +211-points or +0.53% to record closing high of 40,211.72 - the first record close for the 30-stock index since 17 May and 20th this year. American Express Co (up +2.25%), Caterpillar Inc (+3.03%) and JPMorgan Chase & Co (+2.49%) all climbed over >2%.
The broader S&P500 added +0.28% to 5,631.22, touching a fresh record intra-day peak (5,666.94). Energy (up +1.56%) and Financials (+1.42%) lead six of the eleven primary sectors higher. Utilities (down -2.39%) sat at the foot of the primary sector leaderboard overnight.
US equity markets advanced on Friday (12 July), rebounding from the previous session’s sell-off albeit finished off their best levels of the session that saw all three benchmark indices more than >1% higher - Dow rallied +247-points or +0.62% to 40,000.90, touching a fresh record all time intra-day high of 40,257.24. International Business Machines (IBM) Corp (up +2.53%) and Intel Corp (+2.96%) both rose over >2.5% to be the leading performers in the stock index.
The S&P 500 and Nasdaq snapped a seven-session winning streak and logged their worst single session declines since 30 April as investors digested the latest inflation figures that triggered a rotation out of large capitalisation technology stocks - Dow edged +32-points or +0.08% higher, with Home Depot (up +2.79%) the leading performer n the 30-stock index. However, Intel Corp slumped -3.93%, while Amazon.com Inc (down -2.37%) and Apple Inc (-2.32%) and Microsoft Corp (-2.48%) all fell over >2%.
The S&P 500 and Nasdaq extended their respective rallies into a seventh consecutive session, boosted by the continued strong performance of technology stocks and recording a fresh round of record peaks that lifted the S&P 500 above >5,600 for the first time - Dow rose +429-points or +1.09% to 39,721.36, marking the 30-stock index’s best single session advance since 31 May.
The S&P 500 and Nasdaq edged higher to fresh record closing peaks, extending gains that have been fuelled by the strong performance of technology stocks and hopes the Federal Reserve will cut interest rates soon - Dow eased -53-points or -0.13%, with Dow Inc (down -2.31%), Microsoft Corp (-1.44%) and Salesforce Inc (-1.77%) among the key index drags. Intel Corp (up +1.77%) booked a five-session winning streak, while Goldman Sachs Group Inc (+1.72%) also rose over >1.5%. Apple Inc added +0.38% to a fresh record closing high of US$228.68 that lifted the company’s market capitalisation above >US$3.5 trillion. Amazon.com Inc inched +0.03% higher, with founder and executive chair Jeff Bezos selling s further US$863.5M in stock. A filing after the market close last Tuesday (3 July) disclosed the proposed sale of 25M shares (or almost US$5B), which would still leave Mr Bezos owning an ~8.8% stake.
US equity markets opened the week with modest gains, lifting the S&P 500 and Nasdaq to fresh record closing highs - Dow slipped -31-points or -0.08%. Nike Inc (down -3.16%) was the worst performer in the 30-stock index, while Salesforce Inc (-2.21%) and Visa Inc (-1.46%) were also notable underperformers. Intel Corp soared +6.15% to be the leading Dow component overnight. Boeing Co rose +0.55% despite news the aircraft manufacturer had agreed to plead guilty to a charge of defrauding the federal government over the 2018 and 2019 crashes of a pair of 737 Max planes that killed more than 300 people. The company will pay another US$243.6M in fines, and be required to spend ~US$455M on its safety and compliance programs over the next three years while facing a three-year probationary period where it will be monitored by a government-appointed compliance monitor.
US equity markets rallied on Friday (5 July), lifting both the S&P 500 and Nasdaq to fresh record closing highs as the latest jobs data pointing to a cooling but not collapsing economy, and with the second quarter earnings season kicking off later in the week - Dow added +68-points or +0.17%, with both Apple Inc (up +2.16% to US$226.34) and Microsoft Corp (+1.47% to US$467.56) climbing to fresh record highs. Intel Corp (up +2.53%) and Walmart Inc (+2.64%) both rallied over >2.5%.
Earnings for S&P 500 companies are forecast to grow 8.8% year-on-year in the second quarter according to FactSet, which would mark the highest year-over-year earnings growth rate reported by the index since the first quarter of 2022 (when earnings grew 9.4%).
US equity markets advanced as Treasury yields retreated, lifting the S&P 500 and Nasdaq to back-to-back record closing highs in an abbreviated trading session ahead of the Independence Day holiday - Dow slipped -24-points or -0.06%, with healthcare stocks trailing the broader market. UnitedHealth Group Inc fell -1.68%, while Merck & Co Inc lost -1.46% and Amgen Inc -0.45%. Salesforce Inc (up +1.86%) was the leading performer in the 30-stock index.
US equity markets rallied, with the S&P 500 and Nasdaq closing above the 5,500 and 18,000 milestones respectively for the first time ever - Dow rose +162-points or +0.41%.
The broader S&P500 gained +0.62% to 5,509.01, logging its 32nd record close of 2024. Consumer Discretionary (up +1.81%) and Financials (+1.10%) rose over >1% and led ten of the eleven primary sectors higher. However, Health Care (down -0.40%) extended losses into a sixth straight session, the sector’s longest losing streak since January 2022. Tesla Inc jumped +10.20% to US$231.26 to be the best performer in the S&P 500 for second session running and log it highest close since 10 January after the electric-vehicle giant stronger-than-expected second quarter deliveries.
US equity markets advanced to kick off the second half of 2024, with the Nasdaq climbing to a fresh record high - Dow edged +51-points or +0.13% higher, with Merck & Co Inc (up +3.31%) the leading performer in the 30-stock index. Boeing Co rose +2.58% after announcing a long-awaited deal to reacquire parts supplier Spirit AeroSystems Holdings Inc (+3.35%). UnitedHealth Group Inc (down 2.87%) and Home Depot Inc (-2.34%) were the worst performing Dow components overnight.
US equity markets relinquished early gains that saw both the S&P 500 and Nasdaq touch fresh record intra-day highs to close out the month, quarter and half with a whimper on Friday (28 June) - Dow slipped -45-points or -0.12%. Nike Inc tumbled -19.98% recording its largest single session percentage decline on record after reporting a disappointing fourth quarter result and cutting full year guidance after the close of the previous session that prompted multiple broker downgrades. Boeing Co (down -.27%) will be charged with fraud by the US Justice Department, according to a Bloomberg report that was published over the weekend. The decision comes after the Justice Department said Boeing violated the terms of a 2021 deferred prosecution agreement in May.
US equity markets ended relatively unchanged as investors await fresh inflation data and what comes of the presidential debate scheduled for today- Dow rose +36 points or +0.09% to 39,164. Walgreens Boots Alliance slumped -22.16% after cutting its 2024 profit forecast and announcing plans to close more underperforming US stores. Nike shares were down -6% in extended trading, reporting its slowest annual sales growth in 14 years, excluding the Covid-19 pandemic, citing a slowdown in lifestyle stales, among other factors such as losing market share to start-ups On Running and Hoka.
US equity markets closed with modest gains after a choppy trading session, with investors holding their cards close to their chest ahead of a presidential debate and an inflation report closely watched by Federal Reserve policy makers - Dow rose +16.10 points or +0.04%, to 39,128.26.
The broader S&P500 +0.16% to 5,477.91. Shares of major US banks including Morgan Stanley, Citigroup and Bank of America have been boosted by the results of the Fed’s annual banking sector stress test with each of the 31 banks absorbing losses while maintaining capital requirements in an environment assuming 10% unemployment, commercial real estate values plunging 40% and housing prices falling -36%.
The S&P 500 and Nasdaq snapped three session losing streaks as Nvidia Corp (+6.76%) arrested a 3-day slide saw the chip giant enter official correction territory less than a week after hitting a record all time high - Dow dropped -299-points or -0.76%, snapping a five session winning streak and booking its worst single session decline since 30 May. Home Depot Inc fell -3.58% amid a broader sell-off of stocks exposed to the U.S. housing market. Boeing Co lost -2.23% following a Bloomberg report it had altered its offer to reacquire supplier Spirit AeroSystems (-3.96% to US$31.76) from an all-cash to all-stock offer that valued the target at US$35 per share.
US equity markets logged modest declines on Friday (21 June) as semiconductor stocks retreated for a second straight session - Dow inched +16-points or +0.04% higher, with Intel Corp (up +1.53%) and Nike Inc (+1.68%) rising over >1.5%. Boeing Co edged +0.15% higher amid reports it was nearing a deal to acquire supplier Spirit AeroSystems (+6%). Apple Inc dropped -1.04%, falling in the final minutes of the session - possibly a byproduct of Friday night AEST’s triple witching (the simultaneous expiration of stock options, stock index futures, and stock index options contracts) or a sizeable rebalancing of the US$70B Technology Select Sector SPDR Fund.
Goldman Sachs Group Inc (down -1.72%) and JPMorgan Chase & Co (-1.19%) were both under pressure after the U.S. Federal Deposit Insurance Corp (FDIC) and the Federal Reserve Board on Friday (21 June) said they have found “shortcomings” in the so-called living wills of four of the eight largest U.S. banks. Since the 2008 financial crisis and the Dodd-Frank legislation to shore up the U.S. banking system, big banks have been required to file living wills with regulators to lay out plans for an orderly bankruptcy. Meanwhile, New York Fed's Liberty Street Economics blog cautioned last Thursday (20 June) that the big US banks face growing spillover risks from non-banks that could trigger "vectors of shock transmission and amplification, forcing authorities to intervene and do so en masse," the post said, adding that the disruptions "could be rather severe."
US equity markets retreated as last week’s artificial intelligence (AI) and semiconductor sell-off continued amid some tentative signs of a change in market leadership - Dow rose +261-points or +0.67%, with Amgen Inc (up +3.24%), Chevron Corp (+2.60%) and Goldman Sachs Group Inc (+2.65%) all gaining over >2.5%. Apple Inc added +0.31% despite the iPhone maker being charged by the European Union for failing to comply with a new digital-competition law. Meanwhile, The Wall Street Journal reported that Apple has held discussions with Meta Platforms Inc (+0.83%) about potentially integrating Meta’s generative AI model into Apple Intelligence, the company’s AI strategy for iPhones, iPads, and Macs.
US equity markets mixed after resuming trading following the Juneteenth holiday, with semiconductor stocks weighing on the Nasdaq - Dow gained +300-points or +0.77%. Salesforce Inc (up +4.31%) and Chevron Corp (+2.2%) were the leading performers in the 30-stock index. Amazon.com Inc +1.8% as Anthropic, the OpenAI competitor it backs, unveiled a more advanced version of its Claude chatbot.
US equity and bond markets were CLOSED overnight AEST in observance of Juneteenth National Independence Day.
In US economic data, the National Association of Home Builders (NAHB) Housing Market Index for June. A preliminary reading of Building Permits for May, the Philadelphia Fed Manufacturing Index for June, and the latest weekly jobless claims figures are released tonight AEST.
The S&P 500 and Nasdaq booked fresh record closing highs ahead of the Juneteenth public holiday. The Dow edged +57 points or +0.15% higher. Goldman Sachs Group Inc (up +1.61%), Verizon Communications Inc (+1.57%), Home Depot Inc (+1.25%) and JPMorgan Chase & Co (+1.04%) all rising over >1%. Boeing Co lost -1.91% as outgoing CEO David Calhoun called the company culture “less than perfect” in Senate testimony related to the jet maker’s manufacturing and safety standards.
US equity markets rallied, buoyed by fresh gains for the technology sector - Dow rose +189-points or +0.49% to snap a four session losing streak, with Apple Inc (up +1.97%) the leading performer in the 30-stock index after scrapping its “buy now, pay later” service, which it launched in the US only last year. The tech giant says it is pivoting to a new instalment loans service offered through third-party credit and debit cards. Merck & Co rose over >1% in after-hours trading (having declined -0.94% in the regular session) after receiving US regulatory approval for its next-generation vaccine (Capvaxive) to protect adults from pneumococcal disease, which is set to challenge Pfizer Inc’s (down -2%) blockbuster Prevnar shot
US equity markets settled mixed on Friday (14 June) to close out a big week of inflation updates and Federal Reserve interest rate forecasts, with the technology sector powering to fresh records - Dow fell for a fourth straight session, easing -58-points or -0.15%. Caterpillar Inc (down -1.50%) and Dow Inc (-1.86%) both fell 1.5%+ to be the worst performers in the 30-stock index on Friday (14 June).
US equity markets logged modest gains, with fresh gains for technology stocks lifting the S&P 500 and Nasdaq to their fourth consecutive record close - Dow eased -65-points or -0.17%, with Salesforce Inc (down -2.87%) and Amazon.com Inc (-1.64%) the worst performers in the 30-stock index. Boeing Co fell -1.08% said it has found improperly torqued fasteners on some of its undelivered 787 Dreamliners, the latest in a series of quality problems. The fastener problem does not make the wide-body plane unsafe to fly, and it has not stopped delivering the aircraft to customers. Apple Inc rose +0.55% to US$214.24, lifting the company’s market capitalisation to US$3.285 trillion to usurp Microsoft Corp (+0.12%, market cap US$3.282 trillion) as the most valuable US company. Apple hadn’t closed with a market cap above Microsoft’s since 24 January, according to Dow Jones Market Data.
The S&P 500 and Nasdaq posted record closing highs for a third straight session, buoyed by a softer-than-expected consumer inflation reading for May and signs that Federal Reserve officials could start to cut interest rates this year - Dow slipped -35-points or -0.09%. Apple Inc gained +2.86%, logging a record closing high (US$213.07) for a second straight session and settled US$12B shy of Microsoft Corp (+1.94%) in market capitalisation terms. Caterpillar Inc added +0.43% the board of the manufacturer of construction and mining equipment approved an additional US$20B in share buybacks and raised its dividend (by +US$0.11c to US$1.41). Nike Inc fell -2.28% after a European court dismissed its bid to trademark the term “Footware,” a portmanteau combining “foot” and “software” or “hardware.”
US equity markets ticked higher, with the S&P 500 and Nasdaq logging fresh record closing highs ahead of US inflation figures and the Federal Reserve’s latest monetary policy decision later in the week - Dow added +69-points or +0.18%. Walmart Inc gained +1.64%, buoyed by an upgrade from analysts at Bank of America, who cited the potential benefits from “a new wave of tech diffusion.” Apple Inc shed -1.91% after the company’s latest Worldwide Developers Conference (WWDC) kicked off overnight (running through until Friday night AEST (14 June)) with a with a demonstration of Apple Intelligence, the tech giant's highly anticipated custom artificial intelligence (AI) system built into the newest iPhone, iPad, and Mac operating systems.
US equity markets settled little changed ahead of the release of the key non-farm payrolls figures tonight AEST - Dow added +79-points or +0.20%, with Amazon.com Inc (up +2.05%) and Salesforce Inc (+2.63%) rising over >2%.
The broader S&P500 dipped -0.02%, with Utilities (1.03%), Industrials (-0.60%) and Information Technology (-0.47%) settling in the red. Consumer Discretionary (up +0.97%) and Energy (+0.55%) both climbed over >0.50%. PayPal Inc rallied +5.49%, logging its largest single-day percentage increase since 19 January, after striking a bullish tone at an investor conference and as investors become more positive on the company’s new Fastline product. Uber Technologies Inc gained +4.68% after competitor Lyft Inc (+1.03%) offered an optimistic forecast for future bookings at its first investor day.
US equity markets rallied, with the S&P 500 and Nasdaq hitting fresh record highs after several pieces of economic data pointed to a slowing U.S. economy, raising hopes for interest rate cuts later this year - Dow added +96-points or +0.25%. Intel Corp rose +2.50% after announcing after the close of the previous session that it would sell a 49% stake in Irish manufacturing venture Fab34 to Apollo Global Management for US$11B. The investment is part of Intel's "Smart Capital" strategy, its plan to revitalize and expand its supply chain without putting too much strain on its own balance sheet by bringing in outside investments. Intel will retain a 51% controlling stake in the Fab 34 facility.
US equity markets edged higher in choppy trading following some soft manufacturing data and with traders eying the non-farm payrolls report at the end of the week - Dow fell -115-points or -0.30%. Chevron Corp dropped -2.98%, tracking crude prices lower. Heavy industry stalwarts Dow Inc (down -2.71%) and Caterpillar Inc (-2.12%) retreated following some weak manufacturing data.
US equity markets edged higher after fresh job openings data suggested the labour market continued to cool in April - Dow gained +140-points or +0.36%. Cisco Systems Inc rose +1.65% after it launched a US$1B fund to invest in artificial intelligence (AI) startups. Intel Corp fell -0.86% slipped 0.9% after unveiling its next-generation Xeon 6 AI data centre chips at the Computex trade fair in Taipei alongside other leading chipmakers. The next-generation chips come in two types: a more powerful processor to handle the workload of larger AI infrastructure requirements, and an efficiency model, which the company has positioned as a replacement for earlier-generation chips.
US equity markets advanced to cap another strong month - Dow rallied +575-points or +1.51%. Salesforce Inc rebounded +7.54% after slumping almost 20% a day earlier after the cloud client relationship management software group provided weaker-than-expected fiscal second quarter and full year guidance. Consumer brands that have been struggling with sticky inflation and under pressure consumers also traded strongly, with McDonald’s Corp up +2.71%, Home Depot Inc +1.73% and Coca-Cola Co +1.55%.
- US equity markets - Dow fell -330-points or 0.86%. Salesforce Inc slumped over >19.74% in extended trading after the cloud client relationship management software group provided weaker-than-expected fiscal second quarter and full year guidance after the close of the previous session. Technology giants Microsoft Corp (down -3.38%) and Amazon.com Inc (-1.48%) were weaker amid a broader sell-off for the sector. Verizon Communications Inc rose +3.15% after being awarded a 10-year U.S. Navy contract valued at more than >US$2.6B.
- The broader S&P500 lost -0.60%, with the losses concentrated in the Information Technology sector (down -2.45%).Nine of the elven primary sectors advanced, with Real Estate (up +1.51%) and Utilities (+1.41%) rising over >1%.
- The Nasdaq dropped -1.08%. Nvidia Corp fell -3.77% amid reports U.S. officials had slowed the issuing of licenses to advanced chipmakers sending shipments to the Middle East. Fellow chipmakers Broadcom Inc and Qualcomm Inc lost -1.91% and -1.66%, respectively. Only two of the so-called ‘Magnificent Seven’ large capitalisation technology stocks advanced overnight, with Tesla Inc up +1.48% and Apple Inc +0.53%.
- The small capitalisation Russell 2000 gained +0.69%.
US equity markets retreated, led lower by declines in rate-sensitive sectors as concerns around the timing and the scale of the Federal Reserve's interest rate cuts pushed Treasury yields higher and pressured risk assets - Dow dropped -411-points or -1.06%. Unitedhealth Group Inc dropped -3.76% after Chief Executive Officer (CEO) Andrew Witty said at the Bernstein 40th Annual Strategic Decisions Conference in New York that he expected some “disturbance” in the company’s Medicaid profitability models from the resumption of eligibility reviews following the lifting of the COVID-19 emergency declaration.
US equity markets resumed trading on a mixed note following the Memorial Day long weekend, although Nvidia Corp continued to power ahead and push the Nasdaq to fresh record highs - Dow fell -217-points or -0.55%, paring an earlier decline of over >300-points. Healthcare names led the 30-stock index lower, with Merck & Co down -2.63%, Amgen Inc -1.85% and Johnson & Johnson -1.76%. Just seven stocks in the Dow finished in positive territory. Chevron Corp rose +0.82% after its US$53B acquisition of Hess Corporation (+0.44%) was approved by the target’s shareholders.
In US corporate earnings, Cava Group and Hewlett Packard Enterprise post quarterly results tonight AEST. In US economic data, the S&P Core Logic Case-Shiller Home Price for March, the Federal Housing Finance Agency (FHFA) House Price Index for March, the Conference Board’s Consumer Confidence survey for May,and the Dallas Fed Manufacturing Index for May are released tonight AEST.
US equity markets retreated, reversing earlier gains as the latest ‘flash’ purchasing managers indices (PMIs) fuelled fresh interest rate concerns and overshadowed a renewed rally for chipmaking giant Nvidia Corp - Dow dropped -606-points or -1.53%, marking the largest daily percentage decline since 22 March and with all of the 30-stock index’s components settling in the red. Boeing Co shed -7.55% after Chief Financial Officer (CFO) Brian West addressed an investor conference in New York and warned investors that the company’s second-quarter cash burn could match or be worse than the first quarter’s US$3.9B burn and that production struggles are likely to continue in the current quarter. Moreover, Boeing is unlikely to see positive cash flow this year. The comments came after Boeing undertook a US$10B corporate-debt issuance in late April. Intel Corp fell -426%, while Johnson & Johnson (-2.48%), McDonald’s Corp (-2.95%) and Walt Disney Co (-2.29%) all fell over >2%.
- US equity markets retreated, falling in the afternoon session after the minutes from the Federal Reserve's early May monetary policy meeting put a spotlight on inflation risks - Dow fell -202-points or -0.51%, logging its worst session of the month to date.
- The broader S&P500 eased -0.27% Energy (down -1.83%) and Utilities (-1.18%) falling over >1% to lead eight of the eleven primary sectors lower. Lululemon Athletica slumped -7.23% to their lowest level in more than a year a day after the maker of fashion workout clothes shook up its organisational structure and announced the departure of Chief Product Officer Sun Choe.
- The Nasdaq slipped -0.18%. PayPal Holdings Inc fell -2.98% after the Consumer Financial Protection Bureau issued a rule stipulating that Buy Now, Pay Later users are entitled to the same consumer protections as credit card users
- The small capitalisation Russell 2000 fell -0.79%.
US equity markets mostly firmer to open the week, with technology stocks underpinning the gains - Dow fell -197-points or -0.49%. JPMorgan Chase & Co dropped -4.50% after Chief Executive Officer (CEO) Jamie Dimon hinted during the bank’s annual investment meeting that he was preparing to retire after nearly 20 years at the helm of America's largest bank. Mr Dimon also said the bank would not repurchase shares at their current levels. Microsoft Corp gained 1.22% after the technology giant unveiled a new line of personal computers equipped with artificial-intelligence (AI) chips and the company’s CoPilot AI software.
US equity markets ticked higher as investors digested results from retailers and eyed the released of semi-conductor giant Nvidia Corp’s (up +0.64%) first quarter result after the closing bell tonight AEST - Dow edged +66-points or +0.17% higher. International Business Machines (IBM) Corp rose +2.09%after it said it was expanding several artificial intelligence (AI) partnerships with companies including Meta Platforms Inc (down -0.90%) and Salesforce Inc (-1.15%). Microsoft Corp added +0.87% to US$429.04 to close just cents shy of a record high after it unveiled new tools to develop AI software during the first day of its Microsoft Build developer conference.
US equity markets settled with modest declines a day after all three (3) benchmark indices logged record closing highs - Dow slipped -39-points or -0.10% to 39,869.38, briefly topping >40,000 for the time earlier in the session.
American Express Co (-0.16%) and Amazon.com Inc (-1.27%) are the two top performing Dow stocks so far this year, up +28.81% and +20.86% respectively year-to-date. However, given the Dow is a price-weighted average it’s Caterpillar Inc (down -2.59%) and Goldman Sach Group Inc (-0.34%) that have been the biggest points contributors to the 30-stock index this year to date.
All three (3) benchmark US equity indices rallied to record highs, with investor sentiment buoyed by the first cooler-than-expected consumer inflation print in four months accompanied by softer retail sales in April - Dow climbed +350-points or +0.88% to 39,908.00, settling with its 18th record close of 2024. Salesforce Inc (up +3.88%) was the leading performer in the 30-stock index, while Amgen Inc (+2.45%), Home Depot Inc (+2.4%) and Merck & Co Inc (+2.39%) climbed ~2.5%. On the downside, Walt Disney Co fell 2.45% after Chief Executive Officer (CEO) Bob Iger said the company had invested too much in its streaming service and was taking steps to address enduring profitability challenges. Boeing Co fell 2.09% after the Department of Justice said the jet maker had violated a 2021 settlement stemming from two fatal 737 crashes.
US equity markets advanced, shrugging off stronger-than-expected wholesale inflation data and with investors’ focus now turning to the latest consumer price inflation figures tonight AEST - Dow rose +127-points or +0.32%. Boeing Co rose +1.30% despite delivering fewer jets in April amid quality problems that forced a slowdown in production. The company reported that it shipped 24 jets in April (including 16 737 MAX jets), down from a total of 29 jets in March (including 24 MAX jets). In April 2023, Boeing delivered 26 jets, including 17 MAX jets. Thus far in 2024, Boeing has delivered 107 jets, including 82 MAX jets. That compares with 156 jets in the first four months of 2023, including 128 MAX jets. Intel Corp (up +1.77%), American Express Co (+1.21%) and JP Morgan Chase & Co (+1.4%) also all rose over >1%.
US equity markets mixed following a session absent any major news or data, and with investors eyeing the latest round of inflation figures - Dow eased -81-points or -0.21%, snapping an eight session winning streak. Intel Corp rose +2.21% after The Wall Street Journal reported that the company is in talks with Apollo Global Management about providing US$11B in funds to help the chipmaker build a plant in Ireland.
- US equity markets advanced although investor sentiment was kept in check after consumer sentiment data (including inflation expectations) deteriorated and ahead of inflation data later this week - Dow rose +125-points or +0.32%, booking an eighth consecutive session advance and best weekly performance of 2024 to date. Goldman Sachs Group Inc settled -0.18% lower after touching a record intra-day high of US$458.75.
- The broader S&P500 added +0.16%, with Consumer Staples (up +0.64%), Information Technology (+0.48%) and Financials (+0.46%) the leading primary sector performers on Friday (10 May). Consumer Discretionary (down -0.61%) and Energy (-0.55%) were the laggards.
- The Nasdaq dipped -0.03%.
- The small capitalisation Russell 2000 lost -0.67%.
US equity markets advanced as the latest weekly jobless claims figures fuelled fresh optimism around Federal Reserve interest rate cuts - Dow rallied +331-points or +0.85% to 39,387.76 to book its seventh consecutive session advance and highest close since 1 April. The 30-stock index also settled within 1.1% of its 28 March record closing high (39,807.37). Home Depot Inc (up +2.54%) and Caterpillar Inc (+2.11%) climbed over >2% to be the leading index components overnight.
US equity markets were mixed following a subdued session - Dow sealed its sixth consecutive session advance, rising +172-points or +0.44% to 39,056.39 to book its longest winning streak since the period that ended on 19 December (when the index rose for nine straight trading days). It also marked the first time that the 30-stock index closed above >39,000 since 3 April.
US equity markets advanced, building on last Friday’s (3 May) strong gains - Dow extended gains into a fourth straight session, up +177-points or +0.46%. Walt Disney Co (up +2.47%) was the leading performer in the 30-stock index ahead of the release of its fiscal second quarter result tonight AEST.
Apple Inc fell -0.91% following news over the weekend that Berkshire Hathaway Inc, the largest shareholder in the iPhone maker, had reduced its stake in the company by ~13% (albeit it still comfortably remains the investment conglomerate’s largest position). The company hosts a product launch event tonight AEST called ‘Let Loose’ (with some expecting the release of a new iPad tablet). Meanwhile, iPhone manufacturer Foxconn - which trades as Hon Hai Precision Industry in Taiwan – jumped +7.37% and hit a record intra-day high (NT$168.50) after the company reported a 19.03% year-on-year rise in April revenue (to 510.9B New Taiwan dollars). The company said that its component business, as well as its cloud and networking products “delivered strong growth,” while its smart consumer electronics and computing products segment “showed significant year on year growth in revenue.”
US equity markets rallied on Friday (3 May) after the latest jobs data printed weaker-than-expected for the first time in four months, with all three benchmark indices rising over >1% on the same day for the first time since 22 February - Dow rallied +450-points or +1.18%. Apple Inc gained +5.98%, with the iPhone maker logging its best single session gain since 30 November, 2022 after unveiling stronger-than-expected fiscal second quarter result after the close of the previous session that included a record US$110B share buyback programme. Amgen Inc +11.82% - its best single session advance since 2009 - after the biopharmaceutical giant posted quarterly earnings that came in ahead of expectations and provided a positive update about trials of its injectable weight-loss drug MariTide after the close of last Thursday’s (2 May) session.
US equity markets retreated overnight, reversing earlier gains as investors digested the latest monetary policy announcements from the Federal Reserve - Dow added +87-points or +0.2%, unwinding an earlier rally of over >500-points. Amazon.com Inc climbed +2.17% after reporting better-than-expected first-quarter earnings after the close of the previous session, underpinned by growth in its cloud computing and advertising businesses. Johnson & Johnson rose +4.56% after proposing a US$6.5B settlement that would resolve nearly all outstanding talc ovarian cancer lawsuits it faces.
US equity markets advanced, building on last week’s rally ahead of the busiest week on the US first quarter earnings calendar and employment data and the Federal Reserve’s latest monetary policy meeting - Dow added +146-points or +0.38%. Boeing Co rose +3.75% amid reports it had tapped the bond market to raise US$10B after last week reporting it burned through nearly $4 billion in cash in the first quarter.
US equity markets rallied on Friday (26 April), shrugging off fresh evidence of sticky inflation as investors cheered strong earnings from technology majors - Dow rose+153-points or +0.4%. Amazon.com Inc (up +3.43%) was the leading performer in the 30-stock index, buoyed by strong first quarter results from artificial intelligence (AI) hyperscaler peers, including Microsoft Corp (+1.82%). Goldman Sachs Group Inc rose +1.79% to US$427.57, touched a record all-time high of US$428.53.
US equity markets retreated, paring earlier steeper losses as investors digested the latest economic growth data and another swathe of major corporate earnings releases - Dow fell -375-points or 0.98% (after slipping -43-points or 0.11% on Wednesday (24 April)). International Business Machines (IBM) Corp shed -8.25% after the hardware, software and consulting provider reported softer-than-expected first quarter revenue (up +1.5% year-on-year at US$14.46B versus consensus US$14.55B) after the close of the previous session and confirmed earlier media speculation in announcing that it was acquiring cloud software maker HashiCorp Inc (up +4.49% at US$32.82) in a deal with an enterprise value of US$6.4B (paying US$35 per share).
US equity markets rallied as investors poured over another busy corporate earnings calendar - Dow extended gains into a fourth consecutive session, rising +264-points or +0.69% to book its longest winning streak since 21 March. Verizon Communications Inc rebounded +2.85% after dropping -4.67% a day earlier following the release of the telecommunications giant’s first quarter result. American Express Co gained +2.56%.
US equity markets rebounded to open a busy week headlined by a host of major corporate earnings releases, and gross domestic product (GDP) growth and inflation data - Dow gained +254-points or +0.67%, extending its advance into a third consecutive session. Goldman Sachs Group Inc (up +3.3%) was the leading performer in the 30-stock index, with just five components settling in the red. Salesforce Inc rose +1.27% following reports that talks to acquire data management firm Informatica (down -10.51%) had broken down. News of the possible acquisition sent Salesforce’s stock tumbling last week.
US equity markets retreated, with large capitalisation technology stocks under particular pressure and with traders continuing to assess the latest developments in the Middle East and quarterly earnings - Dow gained +211-points or +0.56%.
The S&P 500 and Nasdaq fell for a fifth straight session as a slew of earnings reports lifted pockets of the market, including insurers and airlines, while technology stocks underperformed - Dow edged +22-points or +0.06% higher, with UnitedHealth Group (up +2.96%) the leading performer in the 30-stock index for a third straight session, getting a further boost after health insurance peer Elevance Health Inc (+3.19%) raised its full-year earnings forecast after topping first quarter earnings and revenue estimates thanks to premium rate hikes. However, Microsoft Corp (down -1.84%), Intel Corp (-1.79%) and Salesforce Inc (--1.59%) all fell over >1.5.
US equity markets retreated, with both the S&P 500 and Nasdaq notching their first four-day losing streaks since January and hitting 2-month lows - Dow eased -46-points or -0.12%, unwinding an earlier rally of +238-points and logging its seventh negative session in the past eight. UnitedHealth Group Inc rose +2.15%, leading the gainers list for the 30-stock index for a second day after posting a stronger-than-expected first quarter result on Tuesday (16 April). Goldman Sachs Group Inc (up +1.78%) and Nike Inc (+1.55%) both rose over >1.5%.
US equity markets settled mostly in the red following a choppy session as markets continue to adjust interest rate expectations - Dow added +64-points or +0.17%. Boeing Co (up +1.63%) snapped an 11-session losing streak -the stock’s equal longest stretch of consecutive declines.
US equity markets retreated as a fresh rise in bond yields and ongoing concerns around instability in the Middle East overshadowed a strong first quarter result from investment banking major Goldman Sachs - Dow fell -248-points or -0.65%, relinquishing an earlier rally of over >1% to log a sixth straight session decline - the longest losing streak since June. Five (5) Dow components touched lows not seen in more than a year – Biogen Inc (down -0.70%), Boeing Co (-1.02%), Brown-Forman Corp (-0.08%), Verisign Inc (-1.20%) and Walgreens Boots Alliance Inc (-1.12%).
US equity markets retreated after major U.S. bank results failed to impress, capping a week marked by market-moving inflation data, evolving expectations for U.S. Federal Reserve policy, and escalating geopolitical tensions - Dow shed -476-points or -1.24% after falling as much as -582-points or -1.51% earlier in the session. Chevron Corp -1.81% after Hess, which it has agreed to acquire, warned arbitration with ExxonMobil over Guyanese oilfield assets could push the acquisition into 2025.
US equity markets advanced, rebounding from the previous session’s sell-off that was triggered by a hotter than expected US consumer price inflation reading for March - Dow dipped -2-points or -0.01%.
US equity markets retreated following a stronger-than-expected March inflation report that prompted federal-funds futures markets to quickly price out rate cuts for the Federal Reserve’s June and July monetary policy meetings - Dow shed -422points or -1.09%, with Home Depot Inc (down -3.00%) and Intel Corp (-2.95%) falling ~3%. Boeing Co fell -1.96% a day after the New York Times reported a whistleblower raised concerns about the safety of its Dreamliner 787s. On the positive side of the ledger, Walmart Inc (up +1.39%) was the strongest performer in the 30-stock index, while Chevron Corp (+0.41%) logged a record closing high (US$162.67).
US equity markets edged higher, rebounding late in the session ahead of key inflation figures for March tonight AEST - Dow dipped -9-points or -0.02%. Boeing Co (down -1.89%) fell for a seventh straight session – its longest losing streak since 3 September 2023 - after the company reported that it delivered 83 commercial airplanes in the first quarter, which was its lowest quarterly total in nearly three years and below consensus analyst forecasts for 105 planes. It marked a steep decline from the 157 units it delivered in the fourth quarter and the 130 units it delivered in the first quarter of 2023. Meanwhile, a New York Times report said the US aviation regulator was investigating whistleblower claims about safety issues in the production of Boeing’s 787 Dreamliner plane. The company said the claims were “inaccurate”. Intel Corp rose +0.92% after unveiling its latest artificial intelligence (AI) chip, called Gaudi 3. Intel says the new Gaudi 3 chip is over twice as power-efficient as Nvidia Corp’s H100 GPU, and can run AI models one-and-a-half times faster than its competitor’s product. It also comes in different configurations like a bundle of eight Gaudi 3 chips on one motherboard or a card that can slot into existing systems.
US equity markets settled little changed in a subdued start to the week as investors eye key inflation figures on Wednesday night AEST (10 April) - Dow dipped -11-points or -0.03%. Nike Inc (up +1.31%) and Home Depot Inc (+1.17%) both rose over >1%. However, Intel Corp fell -1.89% as R2 Semiconductor filed a patent infringement lawsuit against its French unit and two of its customers, Dell Technologies Inc (-4.20%) and Hewlett-Packard Enterprise Co (up +0.78%), in a case that could see the technology giants blocked from importing certain microchips to the country.
US equity markets climbed on Friday (5 April) after a strong jobs report reinforced the view that the economy remains healthy even as it suggested the Federal Reserve could delay cutting interest rates - Dow rose +307-points or +0.80%. Amazon.com Inc climbed +2.82% as a Wedbush survey showed nearly 60% of respondents intended to increase their spending on the platform in 2024, the most of any retailer in the survey. However, Intel Corp fell -2.57%, extending losses into a fifth consecutive session as investors continued to digest its disappointing foundry business financials.
US equity markets fell sharply amid fresh concerns Federal Reserve's ability to cut interest rates this year against a backdrop of inflationary pressures including climbing oil prices, and ahead of key jobs figures tonight AEST - Dow down -530-points or -1.35%, extending its decline into a fourth straight session and marking the index’s worst daily percentage drop since 22 March, 2023. Only two of the index’s 30 components settled in positive territory, with Chevron Corp up +0.16% and +%. Boeing Co fell -0.88% following reports it was in talks with competitor Airbus SE to divide the operations of contractor Spirit AeroSystems Holdings Inc (+0.47%). Walt Disney Co (down -1.59%) Chief Executive Officer (CEO) Bob Iger aid Disney+ will be cracking down on password sharing in June, following Netflix Inc's (down -2.05%) lead to boost streaming service profitability.
US equity markets settled little changed following a slew of mixed economic data - Dow slipped -43-points or -0.1%, unwinding an earlier rise of over >135-points to log a third consecutive session decline. Walt Disney Co fell -3.13% after shareholders re-elected all 12 of the entertainment giant's directors at the annual shareholder meeting overnight, dealing activist investor Nelson Peltz defeat in his months-long campaign to claim spots on the board for himself and former chief financial officer Jay Rasulo. Intel Corp tumbled -8.22% as analysts and investors mulled yesterday’s announcement that its foundry business recorded a $7 billion operating loss in 2023. However, Amazon.com Inc rose +0.95% after it said it would lay off hundreds of employees in its Amazon Web Services unit.
US equity markets extended their lackluster start to the new quarter, with the Dow and S&P 500 logging their worst single session performance since 5 March - Dow shed -397-points or -1.00% after falling over >500-points earlier in the session. UnitedHealth Group slumped -6.44% after the government finalised a January proposal to raise payments to Medicare Advantage plans by 3.7% in 2025, a modest increase that analysts expect will crimp insurers’ profits. Honeywell International Inc fell -0.88% amid a report from Bloomberg that the industrial conglomerate was exploring a sale of its personal protective equipment unit.
US equity markets resumed trading following the Good Friday holiday, opening the new quarter on a subdued note following positive manufacturing data that lifted Treasury yields – Dow fell -241-points or -0.60%, marking the sharpest single session decline for the 30-stock index since 22 March.
US equity markets rallied, logging a broad advance in the final hour of the session - Dow rallied +478-points or +1.22%, and is on pace for its best first quarter gain since 2021. Merck & Co rallied +4.96% to be the leading component in the 30-stock index a day after the U.S. Food and Drug Administration (FDA) approved its drug (which will be marketed as Winrevair) to treat a rare, progressive and life-threatening lung condition called pulmonary arterial hypertension.
US equity markets retreated, with investors eyeing key inflation figures on Friday night AEST (29 March) - Dow slipped -31-points or -0.08%. Boeing Co fell 2.04% as credit rating agency Moody’s said it was considering downgrading some of the jet maker’s debt. Johnson & Johnson added +0.35% amid reports it was in talks to acquire medical device maker Shockwave Medical Inc (+10.04%). Visa Inc slipped -0.22% as it agreed to lower swipe fees to settle a legal battle it and peer Mastercard (up +0.16%) have fought with retailers for decades.
US equity markets were mostly weaker on Friday (22 March) but capped their biggest weekly advance in three months - Dow fell -305-points or -0.77%. Nike Inc sank -6.90% after the world's largest sportswear maker warned that its revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage, as it scales back on franchises to save costs. However, FedEx Corp rallied +7.35% after the economic bellwether raised its 2024 guidance and said it would continue to cut costs and trim its spending for the year after the close of the previous session.
The benchmark US equity indices rallied to fresh all-time highs after the Federal Reserve signaled that it remains on track to lower interest rates three times this year - Dow rallied +401-points or +1.03% to 39,512.13. Boeing Co gained +3.67% to be the leading performer in the 30-stock index, while American Express Co (+2.81%) and 3M Co (+2.65%) climbed over >2.5%.
US equity markets advanced as investors eyed the conclusion of the Federal Reserve’s latest two-day monetary policy meeting tomorrow morning AEST (21 March) - Dow rallied +320-points or +0.83%, booking its largest one-day point and percentage gains since 22 February. Home Depot Inc (up +2.02%) was the leading performed in the 30-stock index.
US equity markets advanced despite Treasury yields hitting three week highs ahead of a busy week of key global central bank meetings - Dow added +76-points or +0.20%, with Salesforce Inc (up +2.1%) and Walt Disney Co (+1.7%) rising over >1.5 to be the leading performers in the 30-stock index.
US equity markets retreated on Friday (15 March), with mega capitalisation technology names a key drag and with investors eyeing key central bank meetings this week - Dow fell-191-points or -0.49%, with Salesforce Inc (down -2.96%) and Amazon.com Inc (-2.42%) leading losses in the 30-stock index. Microsoft Corp fell -2.07% a day after closing at a record high. McDonald’s Corp fell -0.92% after reporting system outages worldwide that caused the temporary closure of some restaurants.
US equity markets retreated as stronger-than-expected producer prices undermined an early rally, and with some major chipmakers recording fresh declines - Dow eased -138-points or -0.35%, with Amgen Inc (down -1.61%), Honeywell International (-1.69%), International Business Machines (IBM) Corp (-1.66%) and JPMorgan Chase & Co (-1.78%) all falling over >1.5%.
US equity markets mostly weaker amid selling of chipmakers and ahead of wholesale inflation data tonight AEST - Dow added +38-points or +0.10%, paring an earlier rally of almost +200-points. Intel Corp dropped -4.44% after Bloomberg reported that the Pentagon had pulled out of a plan to spend as much as US$2.5B on a chip grant to the company. McDonald’s Corp -3.89% after the chief financial officer (CFO) said the fast-food giant's international sales could fall sequentially in the current quarter, pressured by the conflict in the Middle East and demand weakness in China.
US equity markets rallied despite mildly hotter-than-expected inflation figures - Dow rose +236-points or +0.61%. International Business Machines (IBM) Corp rose +3.16% following reports that it had notified employees in its marketing and communications division that it’s making cuts, becoming the latest large technology company to trim its payroll. Last year, IBM Chief Executive Arvind Krishna said the company was “massively upskilling all of our employees on AI [artificial intelligence]” as it replaces nearly 8,000 jobs with AI. 3M Co (up +4.97%), Microsoft Corp (+2.66%), Amazon.com Inc (1.99%) and Walmart Inc (+1.24%) also traded strongly.
US equity markets opened the new trading week mixed amid subdued trading ahead of key inflation figures tonight AEST - Dow added +47-points or +0.10%. Boeing Co fell -3.02% after The Wall Street Journal reported over the weekend the Justice Department has opened a criminal investigation into the Boeing 737 MAX jet that experienced a blowout on an Alaska Airlines flight in early January.
US equity markets retreated but not before both the S&P500 and Nasdaq touched fresh intra-day record peaks - Dow eased -68-points or -0.18%. Apple Inc rose +1.02%, snapping a seven session losing streak (its longest losing streak since early 2022). Meanwhile, the Department of Justice has launched a criminal investigation into the Boeing Co (down -2.24%) jetliner blowout that left a gaping hole on an Alaska Air Group Inc (-1.85%) plane on 5 January, the Wall Street Journal reported on Saturday (10 March).
US equity markets rallied, lifting both the S&P500 and Nasdaq back to record highs - Dow rose +130-points or +0.34%.
US equity markets advanced but trimmed gains in the closing hour of trading as investors digested Federal Reserve Chair Jerome Powell’s first day of congressional testimony - Dow added +76-points or +0.20%.
Technology stocks led declines on US equity markets overnight, with investors also eyeing Federal Reserve Chair Jerome Powell’s congressional testimony tonight AEST and labour market data later in the week - Dow fell -405-points or -1.04%. Apple fell -2.84% after a report by Counterpoint Research reported that the company sold 24% fewer iPhones in in China in the first six weeks of 2024 versus a year earlier. Overall smartphone sales declined 7% in the period, though sales for rival firm Huawei jumped 64%, according to the report. Apple is still rapidly losing market share in China, a country that also serves as a manufacturing base for the company, after Beijing last year banned government officials from using Apple phones. In another sign of weakness, Foxconn (or Hon Hai Precision Industry Co., Ltd), the Taiwanese company that assembles iPhones for Apple, said on Tuesday (5 March) that February sales fell -12% from a year earlier. Meanwhile, Intel Corp (down -5.37%) and Salesforce Inc (-5.05%) both declined over >5% to be the worst performers in the 30-stock index.
The US equity market rally stalled overnight, with both the S&P 500 and Nasdaq retreating from record highs - Dow eased -98-points or -0.25%. Apple Inc fell -2.54% after the European Commission, the European Union’s executive arm, hit the company with a €1.8B antitrust fine for abusing its dominant position in the market for the distribution of music streaming apps. Separately, the Federal Aviation Administration said its audit of 737 Max manufacturing at airplane-maker Boeing Co (up +0.27) and its key supplier turned up “multiple instances” of them failing to make sure manufacturing met quality standards.
US equity markets opened March with a bang, with both the S&P500 and Nasdaq logging fresh record highs - Dow added +91-points or +0.23%. Boeing Co fell -1.83% after confirming it is in “preliminary” talks to acquire Spirit AeroSystems Holdings Inc (+15.31%), the troubled fuselage supplier it spun off nearly 20 years ago, as the plane maker faces pressure to improve its safety record. Boeing said it believed that the “reintegration” of Spirit “would further strengthen aviation safety, improve quality and serve the interests of our customers, employees, and shareholders”.
US equity markets closed out the month with modest gains as investors digested the latest inflation data, with both the S&P 500 and Nasdaq recording record closing highs - Dow edged +15-points or +0.04%.
US equity markets weaker ahead of key inflation figures tonight - Dow slipped -23-points or -0.06%. UnitedHealth Group Inc (down -2.95%) led losses on the 30-stock index, while Intel Corp (-1.73%) and Alphabet Inc (-1.91%).
US equity markets mostly firmer as investors digested the latest round of corporate earnings releases and eye gross domestic product (GDP) figures tonight AEST and inflation figures on Thursday night AEST (29 February) - Dow fell -97-points or -0.25%. UnitedHealth Group Inc (down -2.27%) after the Wall Street Journal (WSJ) reported that the Justice Department has launched an antitrust investigation into the health-insurance giant. Antitrust investigators have asked how UnitedHealth’s acquisitions of doctor groups might affect competitors and consumers, the Journal reported, citing people familiar with the meetings.
US equity markets settled with modest declines following the recent Nvidia Corp (up +0.35%) fuelled rally, with traders eyeing gross domestic product (GDP) and inflation data later in the week - Dow eased -62-points or -0.16% to 39,069.23 after logging its 14th record close of 2024 last Friday (23 February). Amazon.com Inc (down -0.15%) joined the 30-stock index overnight, replacing Walgreens Boots Alliance Inc (-3.41%). The Dow’s holdings are weighted according to stock price, not market capitalisation. Chevron Corp (down -0.14%) warned that its $53B acquisition of Hess Corp (fell over >4% in extended trading after rising +0.57% in the regular session) could be thwarted by rival oil groups ExxonMobil Corp (+0.39%) and China National Offshore Oil Corporation, which are asserting their right to pre-empt its purchase of a stake in a massive oil project off the coast of Guyana.
The Dow and S&P500 eked out fresh record highs on Friday (26 February) - Dow added +62-points or +0.16% to a fresh record losing high of 39,131.53. Amazon.com Inc (up +0.23%) will replace Walgreens Boots Alliance (up +0.74%) as one of the 30 members of the Dow before the start of trading tonight AEST.
A bumper fourth quarter earnings release from Nvidia Corp after the close of the previous session drove a strong rally on US equity markets and global markets more broadly - Dow rose +457-points or +1.18% to a fresh record closing high of 39,069.11, pushing above >39,000 for the first time. Salesforce Inc (up +3.56%), Visa Inc (+2.53%), International Business Machines Corp (+2.51%) and Microsoft Corp (+2.35%) all climbed over >2%, with just seven stocks closing in the red in the 30-stock index.
US equity markets settled mostly firmer, paring losses in the final hour of trading as investors digested minutes from the Federal Reserve’s late-January monetary policy meeting and awaited technology titan Nvidia Corp’s fourth quarter result - Dow edged +48-points or +0.13% higher.
US equity markets resumed trading following the Presidents’ Day holiday on the backfoot - Dow slipped -64-points or -0.17%. Caterpillar Inc fell -2.54% to be the worst performer in the 30-stock index.
The Financial Times (FT) and Bloomberg News reported Sunday (18 February) that European Commission antitrust regulators are preparing to impose an ~ €500M fine against Apple, after finding that it created an anticompetitive environment by failing to inform iPhone users that cheaper, alternative music-streaming apps were available outside its App Store. The investigation was sparked by a complaint that Spotify SA filed in 2019. The FT reported the fine is expected to be announced in early March.
US equity markets retreated on Friday (16 February) after another hotter-than-expected inflation reading undermined the case for interest rate cuts - Dow fell -145-points or -0.37%. Nike Inc fell -2.4% after the company announced 1,700 job cuts as part of a plan to cut costs.
US equity markets climbed, with investors looking past some mixed economic data - Dow rallied +349-points or +0.91%. Chevron Corp rallied +3.4% to be the leading component in the 30-stock index, with a filing with the Securities and Exchange Commission (SEC) revealing that Berkshire Hathaway lifted its stake in the oil giant to more than >US$18B.
US equity markets rebounded, recovering from sharp declines recorded in the previous session following a hotter-than-expected consumer price inflation figures - Dow rallied +151-points or +0.40%, with Salesforce Inc (up +2.85%) and Intel Corp (+2.39%) leading the upside.
A hotter-than-expected consumer price inflation (CPI) print weighed heavily on US equity markets - Dow fell -525-points or -1.35%, slightly paring an earlier decline of as much as 758-points or almost -2%. It marked the worst session for the 30-stock index since March 2023. Walgreen Boots Alliance (down -4.77%) and Goldman Sachs Group Inc (-3.54%) were the worst index performers overnight. Boeing Co fell -% after Chief Financial Officer (CFO) Brian West discussed 737 production at the Cowen Aerospace Conference and reportedly said Boeing 737 MAX production would be below 38 a month for the first half of the year and trend back to 38 by the end of 2024.
US equity markets mixed ahead of the latest consumer price inflation figures tonight AEST - Dow gained +126-points or +0.33% to a fresh record closing high of 38,797.38, the 30-stock indices 12th of 2024.
US equity markets advanced on Friday (9 February), with a fresh march higher for mega-capitalisation technology stocks seeing the S&P 500 settling above the 5,000 for the first time - Dow eased -55-points or -0.14%. Chevron Corp fell -1.96% amid reports Venezuela had built up its military presence along its border with Guyana. Chevron last year announced a US$53B acquisition of Hess () in part to take ownership of Hess’s assets in the newly oil-rich country. Cisco Systems Inc added +0.36% after Reuters reported that the networking giant is planning thousands of job cuts as it restructures its business to focus more on high-growth markets. Intel Corp rose +1.91% after the White House said it would invest $5 billion in a new public-private consortium for the research and development of advanced semiconductors. International Business Machines (IBM) Corp rose +1.07% and Microsoft Corp +1.56%.
US equity markets advanced as a narrow group of companies lifted the S&P500 above the 5,000 level for the first time late in the session - Dow added +49-points or +0.13% to log yet another record closing high of 38,726.33. Walt Disney Co jumped +11.50% after reporting better than expected fiscal first-quarter earnings and guidance for fiscal 2024 that was well ahead of Wall Street estimates after the close of the previous session.
US equity markets rallied, with the S&P 500 climbing to within touching distance of the 5,000 mark as investors parsed through another slate of quarterly results - Dow climbed +156-points or +0.40% to a record close of 38,677.36.
US equity markets rallied on Friday (2 January) as strong earnings and a blowout January employment report boosted confidence in the economy, even while lowering the likelihood that the Federal Reserve will cut interest rates any time soon – Dow gained +135-points or +0.35% to a record closing high of 38,654.42.
US equity markets rebounded after logging their worst two-day decline since October, with gains accelerating in the final hour of the session as investors eyed results from three (3) of the so-called ‘Magnificent Seven” large capitalisation technology stocks after the closing bell - Dow rallied +370-points or +0.97%.
US equity markets logged their worst single session performance of 2024 to close out January as investors digested the latest monetary policy pronouncements from the Federal Reserve and served up a lacklustre response to some solid earnings from some technology mega-caps - Dow lost -317-points or -0.82%, the 30-stock index’s biggest one-day point decline since December. Microsoft Corp (down -2.69%). Cisco Systems Inc (-3.94%), International Business Machines (IBM) Corp (-2.24%), Nike Inc (-2.54%) and Salesforce Inc (-2.31%) also declined over >2%.
US equity markets mixed after consumer-confidence numbers and job-opening data pointed to a sturdy U.S. economy, and with investors eyeing some major earnings releases after the closing bell and the Federal Reserve’s latest interest rate decision tomorrow morning AEST - Dow rose +134-points or +0.35% to 38,467.31, sealing its seventh record closing high of 2024. Walmart Inc rose ~1% in extended trading (after rising +0.33% in the regular session) after the retail giant announced a three-for-one stock split, with the stock sitting just below all-time highs.
US equity markets advanced, extending gains in the afternoon session after a Treasury Department funding update underpinned a rally on bond markets that spread to stocks - Dow rose +224-points or +0.59% to 38,333.45, logging its sixth record close of 2024.
US equity markets logged modest declines on Friday (26 January) to close out the opening week of the fourth quarter earnings season with solid gains, with both the S&P 500 and Nasdaq snapping six-day winning streaks as investors weighed the latest inflation data and quarterly earnings releases - Dow added +60-points or +0.16% to a fresh all-time closing high of 38,109.43.
US equity markets settled with modest gains as investors digested another busy earnings calendar and eyed tonight’s AEST fourth quarter gross domestic product (GDP) - Dow eased -99-points or -0.26%, having climbed as much as +159-points earlier in the session. Verizon Communications (down -2.25%) and 3M Co (-2.98%) were key drags a day after both companies posted quarterly results.
US equity markets mixed as investors digested a busy corporate earnings calendar that included quarterly results from a number of major companies - Dow eased -96-points or -0.25% to 37,905.45, a day after climbing above >38,000 for the first time.
US equity markets extended their recent rally, with both the Dow and S&P500 recording fresh record highs - Dow added +138-points or +0.36% to 38,001.81, settling above >38K for the first time. Including the overnight session, it has been 25 trading days since the last 1,000-point milestone for the Dow, which is the shortest time between milestones since the period between 33,000 and 34,000, according to Dow Jones Market Data.
US equity markets rallied, buoyed by fresh gains for heavyweight technology stocks and a strong University of Michigan Consumer Sentiment survey - Dow climbed +395-points or +1.05% to 37, 863.80, logging its second record closing high of 2024.
US equity markets advanced, with the benchmark indices booking their best session in almost two weeks despite a fresh rise in Treasury yields - Dow gained +202-points or +0.54%, recovering from an earlier slide of over >140-points. Boeing Co rallied +4.21% top be the leading performer in the stock index overnight. India’s newest airline, Akasa Air, has ordered 150 Boeing 737 MAX planes.
US equity markets retreated as traders continued to wind back hopes for interest rate cuts, echoing markets in Europe following comments from various central bankers - Dow eased -94-points or -0.25%, with Walgreens Boots Alliance Inc (down -3.06%) and Caterpillar Inc (-2.99%) both falling ~3% to be the worst performers in the 30-stock index.
US equity markets resumed trading following the holiday (Martin Luther King Day) long weekend on the back foot, with investors weighing the latest fourth quarter corporate earnings releases and comments from Federal Reserve official Christopher Waller - Dow dropped -232-points or -0.62%. Boeing Co (down -7.89%) was the worst performer in the 30-stock index.
Benchmark oil prices weaker, with traders watching out for supply disruption risk in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea - WTI lost -US$0.32c or -04% to US$72.36/barrel. Brent fell -US$0.34c or -0.4% to US$77.98/barrel.
European bourses the pan-European Stoxx 600 index (which includes UK equities) -0.54%. Germany's DAX lost -0.49%. France's CAC shed -0.72%. Atos tumbled -% after the French information technology group said free cash flow would come in around €100M below target, but reaffirmed it would meet its other financial benchmarks amid growing concerns about its liquidity.
US equity markets settled little changed following the latest inflation figures - Dow edged +15-points or +0.04% higher, recovering from an earlier -271-point fall. Boeing Co fell -2.27% after the Federal Aviation Administration said it formally launched an investigation into whether the aerospace giant failed to complete safety tests on the certain products.
US equity markets climbed ahead of key December inflation figures tonight AEST - Dow gained +171-points or +0.45%, with Home Depot Inc (up +3.06%) the leading performer in the 30-stock index. Analysts at Wedbush upgraded their recommendation on the home improvement retail giant to ‘Outperform’ from ‘Neutral’, with the firm saying that weak home-improvement retail demand from last year was “bottoming or reversing, which should translate to stronger demand in 2024.
US equity markets settled with modest declines as investors continue to eye inflation figures and fourth quarter earnings releases later in the week - Dow fell -158-points or -0.42%, snapping a three session winning streak. Boeing Co continued to slide, falling -1.41% after dropping -8.03% after the Federal Aviation Administration (FAA) on Saturday (6 January) ordered the immediate grounding of 737-9 Max jetliners after an Alaska Airlines plane suffered a blowout that left a gaping hole in the side of the fuselage. Alaska Air Group Inc (-1.32%) and United Airlines Holdings Inc (up +1.44%) said they had discovered loose parts on 737 MAX 9 jets that they inspected.
US equity markets rallied, with gains accelerating into the close following a strong session for the technology sector - Dow gained +217-points or +0.58%, recovering from an earlier decline of over >200-points. Boeing Co dropped -8.03% after the Federal Aviation Administration (FAA) on Saturday (6 January) ordered the immediate grounding of 737-9 Max jetliners after an Alaska Airlines plane suffered a blowout that left a gaping hole in the side of the fuselage.
US equity markets ended a choppy Friday (5 January) session with modest gains, with the S&P500 and Nasdaq posting their first positive session of 2024 as investors digested the latest jobs data and eyed the beginning of the fourth quarter earnings season - Dow added +26-points or +0.07%. Walgreens Boots Alliance rebounded +3.09% a day after the release of its first quarter result that saw the after the pharmacy chain nearly halve its quarterly dividend and provide a downbeat outlook on consumer spending.
US equity markets advanced, extending their rally in the final hour of the session ahead of the release of key inflation figures tonight AEST - Dow gained +322-points or +0.87%. Intel Corp gained +2.88%, leaving the chipmaker on track to record its best quarterly performance since the third quarter of 2003, according to Dow Jones Market Data.
US equity markets retreated despite fresh falls for bond yields as the so-called ‘Santa rally’ paused - Dow fell -476-points or -1.27%, snapping a nine session winning streak that saw the 30-stock index book five consecutive record closing highs. Walt Disney Co (down -2.83%) and American Express Co (-2.75%) both fell over >2.5% to be worst performing Dow components overnight.
US equity markets advanced as investors continued to bank of interest rate cuts in the new year - Dow climbed +252-points or +0.68% to 37,557.92, rallying for a ninth straight session – the longest such streak since July – and logging a fifth straight record close. Walgreens Boots Alliance Inc (up +4.2%) was the leading performer in the 30-stock index overnight, while Caterpillar Inc (+2.54%) and Intel Corp (+2.12%) gained over >2%.
US equity markets advanced to kick of the final full week of trading for 2023 - Dow inched +0.86 of a point higher to a fresh record closing high of 37,306.02, logging its eighth consecutive positive session.
US equity markets settled with modest gains, with comments from New York Fed President John Williams tempering hopes of imminent interest rate cuts - Dow added +57-points or +0.15% to log its third consecutive record closing high of 37,305.16. Boeing Co gained +3.13% and logged its seventh consecutive weekly gain (up +8%) – the aircraft manufacturer’s longest weekly winning streak since late 2005.
The three main US equity benchmarks advanced for a sixth consecutive session as Treasury yields continued to slide - Dow climbed +158-points or +0.43% to 37,248.35, scoring back-to-back record closing highs and hitting a record intra-day peak of 37,287.50. Caterpillar Inc (up +6.42%) and Goldman Sachs Group Inc (+5.72%) were the leading performers in the 30-stock index.
All three benchmark US equity indices hit fresh 52-week highs as investors processed the latest dovish monetary pronouncements from Federal Reserve policymakers - Dow rallied +512-points or +1.40% to 37,090.24, logging its first record closing high since January 2022 and eclipsing >37,000 for the first time. It has been 531 trading days since the Dow’s last 1,000-point milestone, the longest time between milestones since 14,000 to 15,000. Walgreens Boots Alliance Inc (up +7.41%) was the leading performer in the 30-stock index overnight, while Amgen (up +2.78%), Dow Inc (+2.97%), Goldman Sachs Group Inc (+2.87%), Home Depot Inc (+3.06%), and Merck & Co (+2.68%) all gained over >2.5%.
US equity markets advanced, with all three benchmark indices hitting fresh intra-day 52-week highs despite data highlighting stubborn inflationary pressures and with investors eyeing the latest interest rate decision and monetary policy pronouncements from the Federal Reserve tomorrow morning AEST (14 December) - Dow gained +173-points or +0.48% to 36,577.94, with the 30-stock index touching its highest intra-day level (36,596.11) since January 2022 and logging its third highest close in history. The Dow is closing in on its record high of 36,799.65 set on 4 January, 2022.
The benchmark US equity indices climbed to settle at fresh 52-week highs overnight ahead of tonight’s AEST inflation figures and a host of global central bank monetary policy meetings later in the week - Dow rallied +157-points or +0.43% to 36,404.93, the 30-stock index’s highest close since 5 January, 2022. Chipmaker Intel Corp (up +4.31%) was the leading Dow component overnight. Nike Inc rallied +2.33% after Citi upgraded the athletic apparel brand to ‘Buy’ from Neutral and increased their price target to US$135 from US$110, citing optimism around Nike’s 2024 product lineup for the Paris Olympics and the company’s position in China, along with the positive impact of a decline in freight costs, lower promotions, and direct to consumer strength on gross margins. Citi’s upgrade comes 10 days before the company reports second-quarter financial results.
US equity markets closed out the first full trading week of December on a positive footing as investors assessed the latest jobs data - Dow rallied +130-points or +0.36% to 36,247.87, the 30-stock index’s highest close since 12 January, 2022. Boeing Co (up +3.11% to US$244.70) was the leading performer, hitting a fresh closing high for the year.
US equity markets advanced, with the both the Dow and S&P 500 snapping a three session losing streak ahead of tonight’s AEST latest non-farm payrolls report - Dow rose +63-points or +0.17% to 36,117.38, lifting the 30-stock index to within 2% of its record closing high of 36,799.65 set on 4 January, 2022.
US equity markets retreated, with the Dow and S&P 500 logging their first three-session losing streak since October - Dow slipped -70-points or -0.19%, unwinding an earlier rally of as much as +170-points. American Express Co (down -1.86%) and Intel Corp (-1.55%) both fell over >1.5% to be the worst index performers.
US equity markets settled with modest declines although mega-capitalisation technology stocks resumed their outperformance amid fresh falls for Treasury yields - Dow fell -80-points or -0.22%, logging back-to-back losses for the first time in nearly a month American Express Co fell -1.48% after Chief Executive Officer (CEO) Stephen Squeri addressed the Goldman Sachs financial services conference in New York and said October trends had softened. “If you just go back in the second quarter, we had about 8% overall billings growth. Third quarter, it came down to 7%. And in October, everybody got a little bit skittish, and I think other people have said the same thing that growth wasn’t as strong in October. And we didn’t see growth in October like it was in the third quarter.”
US equity markets retreated amid rising Treasury yields, although a ‘catch-up’ rally for small capitalisation stocks extended into a fourth day - Dow slipped -41-points or -0.11%, snapping a four session winning streak that had lifted the 30-stock index above >36,000 for the first time since 13 January, 2022.
US equity markets opened December on a positive footing on Friday (1 December), with investors shrugging off the latest tough talk on inflation by Federal Reserve Chair Jerome Powell - Dow rallied +295-points or +0.82% to 36,245.50, climbing above >36,000 for the first time since 13 January, 2022 and settling ~1.5% below its record close of 36,799.65 set on 4 January, 2022. Salesforce Inc (up +3.22%) extended its gains into a sixth straight session, and climbing over >12.5% since posting a strong fiscal third quarter result after the close of last Wednesday’s (29 November) session).
US equity markets rallied to cap a strong November performance as investors pondered the latest inflation figures - Dow rallied +520-points or +1.47% to 35,950.89, logging a fresh 2023 high and highest close since 13 January, 2022. Salesforce Inc jumped +9.36% following the company’s better-than-expected fiscal third quarter result after the close of the previous session. Walt Disney Co (up +0.21%) declared its first dividend since early 2020 as the company faces fresh activist pressure from investor Nelson Peltz, announcing a cash dividend of US$0.30c per share.
US equity markets settled with modest declines, running out of steam in the final half hour of trading as investors eye tonight’s AEST inflation data - Dow inched +13-points or +0.04% higher and is on course to record its best monthly gain since October 2022, up +7.19% so far in November.
US equity markets edged higher and remained on track to post solid monthly gains as bond yields retreated, with investors eyeing Thursday night’s AEST (31 November) inflation data - Dow added +84-points or +0.24%. Boeing Co gained +1.4%, buoyed by an upgrade to ‘Outperform’ from ‘Sector Perform’ by RBC Capital (who also lifted their target price on the airplane manufacturer to US$275 from US$200). “After another year of supply-chain disruptions and lowered expectations, we believe the set-up into 2024 is favourable,” the analysts said in a research note.
- US equity markets settled with modest declines following a muted session absent any major leads to open the week - Dow fell -57-points or -0.16%.
- The broader S&P500 eased -0.20%. Health Care (down -0.64%) and Industrials (-0.58%) fell over >0.50% to lead seven of the eleven primary sectors lower. Real Estate (up +0.38%) sat atop the primary sector leaderboard.
- The Nasdaq dipped -0.07%.
- The small capitalisation Russell 2000 lost -0.35%.
US equity markets settled little changed following an abbreviated, low volume post-Thanksgiving Holiday session on Friday (24 November), although both the Dow and S&P 500 logged their highest closes since 1 August - Dow rose +117-points or +0.33% to 35,390.15, with 27 of the 30 index components advancing.
European bourses recorded another round of modest gains, with the Oil and Gas sector (up +1.4%) advancing despite fresh falls on crude markets and lifting the pan-European Stoxx 600 index (which includes UK equities) +0.30%. The Travel and Leisure sector fell -1.0%. Germany's DAX edged +0.23% higher. France's CAC rose +0.24%.
US equity markets advanced as investors digested durable goods orders and consumer sentiment data ahead of the Thanksgiving holiday - Dow rallied +185-points or +0.53% to 35,273.03, the highest level since 14 August.
US equity markets eased as investors digested the latest monetary policy meeting minutes from the Federal Reserve and eyed the release of mega-capitalisation chipmaker Nvidia Corp’s third quarter result after the close - Dow eased -63-points or -0.18%, with Intel Corp (down -2.46%) snapping a five-session winning streak that saw the stock rally over >16%.
US equity markets advanced, with the S&P 500 and Nasdaq extending gains into a fifth consecutive session - Dow rose +204-points or +0.58%, with Boeing Co (up +4.65% to US$217.71) the leading performer in the 30-stock index, buoyed by an upgrade at Deutsche Bank (who raised their target price to US$270 from US$204). Microsoft Corp climbed +2.05% to a record closing high of US$377.44 after Chief Executive Officer (CEO) Satya Nadella said former OpenAI CEO Sam Altman will be joining the technology giant to lead a new artificial intelligence (AI) research team. The news of Mr Altman’s hiring at Microsoft came after fraught efforts to restore him at OpenAI faltered late Sunday (19 November), with the ChatGPT developer’s board refusing to agree to the proposed terms of his reinstatement. Microsoft has a 49% stake in OpenAI but couldn’t overcome resistance to Altman’s return from the board that fired him last week.
US equity markets edged higher on Friday (17 November) to record a third straight week of gains - Dow settled flat. The broader S&P500 edged +0.13% higher, with Energy (up 2.12%) returning to the top of the primary sector leaderboard on Friday (17 November) and leading six of the eleven primary sectors higher. Citigroup Inc is poised to announce the first big round of lay-offs tonight AEST in a sweeping restructuring that will eventually result in thousands of positions being eliminated, according to various media reports. The Gap Inc soared +30.58% after the retailer posted a better-than-expected third quarter result after the close of the previous session.
US equity markets mixed as investors digested the latest round of earnings releases from various retailers - Dow eased -46-points or -0.13%, snapping a four session winning streak. Cisco Systems Inc dropped -9.83% after the company slashed its full year revenue forecast (to US$53.8B to US$55B, down from a previous forecast of US$57B to US$58B, and implying a revenue decline of almost 5%) after the close of the previous session. Intel Corp (up +6.75%) was the best performing Dow component.
US equity markets logged modest gains, building on the strong rally of the previous session as investors weighed another round of subdued inflation data - Dow rose +164-points or +0.47% to 34,991.24, extending gains into a fourth straight session and logging its highest close since 14 August.
A cooler-than-expected inflation report for October fuelled strong gains on US equity markets, and saw Treasury yields drop sharply - Dow gained +490-points or +1.43%.
US equity markets mixed ahead of the latest consumer price index (CPI) report tonight AEST - Dow added +55-points or +0.16% 34,337.87, its highest close since 20 September. Boeing Co gained +4.01% following a Bloomberg report that the Chinese government was considering lifting a commercial freeze for the plane maker’s 737 MAX jet later this week when President Joe Biden and China’s President Xi Jinping meet during the APEC Summit in San Francisco. Also boosting the stock was an announcement from Emirates at the Dubai Airshow that it would buy US$52B of Boeing aircraft, while SunExpress, a joint venture of Turkish Airlines and Lufthansa, announced it would buy 90 737 MAX jets.
US equity markets logged strong gains on Friday (10 November), boosted by heavyweight technology and growth stocks as Treasury yields calmed, while investors looked ahead to a this week's reports on inflation - Dow rallied +391-points or +1.15% to 34,283.10, marking the 30-stock index’s highest close since 20 September. Intel Corp (up +2.80%) was the leading Dow component on Friday (10 November).
US equity markets retreated, sliding in the closing hour of the session following a poor Treasury auction and after Federal Reserve Chaine Jerome Powell indicated more work may need to be done to bring down inflation - Dow fell -220-points or -0.65%, with Amgen Inc (down -3.37%), Home Depot Inc (-2.72%) and Walgreens Boots Alliance (-2.62%) all declining over >2.5%. Bloomberg reported that Walgreens is to engage in another round of layoffs representing ~5% of the company’s total corporate workforce. However, Walt Disney Co jumped +6.91% after posting a stronger-than-expected third quarter result after the close of the previous session that included better-than-expected subscriber growth for its Disney+ streaming service.
US equity markets climbed, extending the S&P 500 and Nasdaq’s longest winning streaks in two years - Dow slipped -40-points or -0.12%, snapping a seven-session winning streak (its longest since 26 July).
US equity markets advanced, logging their longest winning streak in two years as longer dated Treasury yields retreated for a fifth time in the past six sessions - Dow added +57-points or +0.17%, extending gains into a seventh consecutive session to mark its longest winning streak since 26 July (when the 30-stock index rose for 13 straight days). Intel Corp (up +2.16%) and Salesforce Inc (+2.13%) both climbed over >2%.
A late rally lifted the benchmark US equity indices and saw them notch up some of their longest winning streaks this year - Dow +35-points or +0.10%, with Apple Inc (up +1.46%) the leading performer in the 30-stock index. Intel Corp rose over >% in extended trading (after slipping -0.17% in the regular session) following a report the chip maker is the front-runner to land billions of dollars in funding for secure facilities producing microchips for U.S. military and intelligence applications. The as-yet unannounced facilities are intended to reduce the U.S. military’s reliance on chips imported from East Asia, particularly Taiwan, which some say is vulnerable to Chinese invasion, according to a Wall Street Journal report, citing people familiar with the matter.
US equity markets rallied on Friday (3 November) to cap their best weekly performance of the year after a softer-than-expected October jobs report pushed Treasury yields further lower - Dow climbed +222-points or +0.66%, with Goldman Sachs Group Inc (up +4.42%) the leading performer in the 30-stock index.
US equity markets rallied and bond yields fell a day after the Federal Reserve’s latest monetary policy meeting - Dow gained +565-points or +1.70%, with American Express Co (up +3.0%), Caterpillar Inc (+3.14%), Chevron Corp (+3.32%), and Nike Inc (+4.16%) all rising 3%+.
US equity markets advanced and Treasury yields retreated as investors digested the latest monetary policy pronouncements from the Federal Reserve along with the latest corporate earnings releases - Dow rose +222-points or +0.67% to record its best three day advance (up +2.63%) since April.
US equity markets advanced ahead of the latest monetary policy pronouncements from the Federal Reserve tomorrow morning AEST, still logged a third straight month of declines - Dow rose +124-points or +0.38%, with Boeing Co (up +2.45%) and Intel Corp (+2.27) both gaining over >2%.
US equity markets rallied, with the Dow and S&P 500 snapping three session losing streaks - Dow rallied +511-points or +1.58%, logging its best single session advance since 2 June. Nike Inc (up +3.9%), Goldman Sachs Group Inc (+3.77%), Verizon Communications (+3.53%) and Travelers Companies Inc (+3.01%) all rallied over >3%.
US equity markets retreated on Friday (27 October), with the S&P 500 index joining the Nasdaq in official correction territory - Dow dropped -367-points or -1.12% to 32,417.59, logging its lowest settlement since 28 March.
US equity markets recorded a second straight session of sharp declines, with technology majors again leading the downside - Dow fell -252points or -0.76%, with Microsoft Corp (down -3.75%) and Nike Inc (-3.40%) both down over >3%.
US equity markets fell sharply as investors digested the quarterly earnings from mega-capitalisation technology stocks and as bond yields resumed their march higher - Dow fell -105-points or -0.32%, and has dropped for five of the past six sessions.
US equity markets rebounded as investors digested a flood of corporate earnings releases from Dow components and technology heavyweights - Dow gained +205-points or +0.62%, snapping a four-day losing streak.
US equity markets settled mostly lower, with the Dow and S&P500 recording their lowest closing levels since 31 May - Dow fell -191-points or -0.58%, settling lower for a fourth straight session. However, Walgreens Boots Alliance (WBA) Inc rallied +3.29% to US$21.96 after JPMorgan turned bullish on the healthcare-services and pharmacy chain, citing a “new era” for the company under Chief Executive Officer (CEO) Tim Wentworth. WBA hit a 25-year intra-session low of US$20.48 last Friday (20 October).
US equity markets retreated on Friday (20 October) as Middle East tensions and elevated US bond yields steered the benchmark indices to their largest weekly percentage declines since the week ending 22 September - Dow fell -287-points or -0.86%, logging a third straight session decline of more than >250-points and dipping into negative territory for the year. Intel Corp (down -2.10%) and Salesforce.com Inc (-2.20%) both fell over >2%. However, Merck & Co Inc rallied +2.23% after it signed a US$5.5B deal with Daiichi Sankyo for the rights to jointly develop and commercialise three of the Japanese company's candidate cancer drugs.
US equity markets retreated as long bond yields continued to march higher and investors continued to cast a wary eye on the Middle East - Dow declined -333-points or -0.98%, snapping a three session winning streak. The Dow Jones Transportation Average dropped -3.44%, logging its worst single session decline since 26 April.
US equity markets settled little changed after a subdued session as investors digested stronger-than-expected retail sales data that fuelled concerns over tighter monetary policy - Dow edged +13-points higher . According to reports earlier this morning AEST, Chevron Corp (up +1.32%) has ended a dispute on pay and working conditions with labour unions at its liquefied natural gas (LNG) facilities in Australia. The agreement by workers to accept the terms effectively resolves a dispute that triggered strikes last month at Chevron’s Gorgon and Wheatstone facilities, which accounted for ~7% of global LNG supply last year.
US equity markets advanced, retracing sharp moves at the end of last week as investors looked ahead to a flurry of economic data and US corporate earnings - Dow rose +314-points or +0.93%, market the 30-stock indices sixth advance in the past seven sessions and best single session gain since September. Nike Inc (up +2.13%) and Travelers Companies Inc (+2.09%) both climbed over >2% to be the leading Dow components overnight.
US equity markets weaker on Friday (13 October) as investors digested consumer sentiment data and kept a wary eye on the unfolding conflict in the Middle East – Dow added +39-points or +0.12% despite Boeing Co (down -3.34%) and Walgreens Boots Alliance Inc (-3.89%) dropping over >3%. UnitedHealth Group Inc gained +2.64% after the healthcare-services and insurance giant posted better-than-expected third quarter adjusted EPS (US$6.56 versus consensus US$6.33) and revenue (US$92.361B, up from US$80.894B a year earlier and versus consensus US$91.414B), and again raised its full year adjusted EPS guidance (to US$24.85-to-US$25.00 versus current consensus US$24.83). On a call with analysts, UnitedHealth faced several questions about coverage of popular diabetes and weight-loss drugs such as Ozempic and Wegovy. “We’re struggling, and frankly our clients are struggling, with the list prices which have been demanded on these products in the U.S.,” CEO Andrew Witty said on the call. Regarding whether customers are seeking increased coverage of the drugs, CEO of the company’s UnitedHealthcare unit Brian Thompson said “it’s a mixed bag”, noting that “Some are seeking coverage, albeit dissatisfied with the price point. Some are backing off, given the cost.” Clients see the cost of the drugs as an “open-ended financial risk,” Mr Witty added on the call. “We’re trying to put forward to manufacturers a variety of options, but we need the manufacturers to move. It’s as simple as that.”
US equity markets retreated, and bond prices fell following the latest monthly inflation figures from the Bureau of Labor Statistics, and with investors eyeing the beginning of the third quarter earnings season - Dow fell -174-points or -0.51%, with Boeing Co dropping -2.43%.
US equity markets extended their advance into a fourth straight session as investors digested the minutes from the Federal Reserve’s September monetary policy meeting and September wholesale price inflation figures - Dow added +66-points or +0.19%, with Amgen Inc jumping +4.55% following an analyst upgrade that cited an expanding earnings multiple and pipeline news flow as catalysts.
US equity markets extended gains into a third consecutive session as oil prices and bond yields retreated, and with investors seemingly not concerned about the Middle East conflict widening - Dow rose +135-points or +0.40%, with Boeing Co (up +2.67%) and Coca-Cola Co (+2.17%) gaining over >2%.
US equity markets advanced, recovering from opening losses as investors continued to digest terrorist group Hamas’ barbaric attacks in Israel and the scope for the conflict to broaden - Dow up +197-points or +0.59%, with energy giant Chevron Corp (up +2.77% the leading index performer. Walt Disney Co gained +2.12% after The Wall Street Journal reported, citing sources, that activist investor Nelson Peltz’s Trian Fund Management has lifted its stake in a bid to get several more seats on the company’s board.
US equity markets climbed on Friday (6 October), reversing earlier session declines as investors digested the latest non-farm payrolls data - Dow gained +288-points or +0.87%, recovering from an earlier decline of as much as -272-points but settling of its best levels of the session that saw the 30-stock index up more than >400-points. Caterpillar Inc (up +2.01%), Honeywell International (+2.58%), Microsoft Corp (+2.47%), Salesforce.com Inc (+2.65%) and Walt Disney Co (+2.64%) all gained over >2%.
US equity markets settled little changed ahead of the release of key jobs data tonight AEST - Dow dipped -10-points or -0.03%. Coca Cola Co dropped -4.83%, logging its steepest one-day decline since 18 May, 2022 to be the worst Dow component overnight.
US equity markets advanced as US Treasury yields pulled back from multi-year highs following weaker-than-expected labour market data - Dow added +127-points or +0.39%, snapping a three session losing streak. Microsoft Corp (up +1.78%) was the leading Dow component overnight.
US equity markets fell sharply, with the Dow cementing its sharpest single session decline since the March banking crisis as the bond market came under renewed selling pressure following the latest stronger-than-expected labour market data - Dow fell -431-points or -1.29% to 33,002.38, marking the 30-stock index’s lowest close since 31 May. Goldman Sachs Group Inc (down -3.89%) and American Express Co (-2.96%) were the worst performing Dow components overnight. The latest fall also pulled the index into negative territory for the year (down -0.44%).
The broader S&P500 eked out a +0.01% rise, with Communications Services (up +1.47%) and Information Technology (+1.33%) leading a narrow advance that saw just three of the eleven primary sectors settle in positive territory. Utilities (down -4.72%) was the worst performing primary sector overnight, while Energy (-1.91%) and Real Estate (-1.75%) both declined over >1.5%. Tesla Inc added +0.55%, recovering from a loss of as much as 3% despite the electric vehicle (EV) manufacturer reporting third quarter deliveries that were well below already-lowered expectations. Tesla said it produced 430,488 vehicles during the third quarter (up +17.6% year-on-year) and delivered 435,059 vehicles (up 26.5% year-on-year, and versus consensus 461K). Analysts had been lowering their expectations amid concerns over slowing demand in China, and as the lower-priced Model 3 was getting a refresh in some regions.
US equity markets were mostly weaker on Friday (29 September), with all three benchmark indices booking monthly and quarterly declines as investors the latest inflation figures - Dow fell -159-points or -0.47%, unwinding an earlier rally of as much as +227-points with Travelers Companies Inc falling -2.57%. However, Nike Inc rallied +6.68% after posting stronger than expected fiscal first quarter earnings per share (EPS) after the close of the previous session.
The Dow and S&P500 booked their largest daily percentage gains since 14 September as Treasury yields and oil prices pulled back ahead of key inflation figures tonight AEST - Dow rose +116-points or +0.35%, with chipmaker Intel Corp (up +1.65%), investment banks Goldman Sachs Group Inc (+1.01%) and JPMorgan Chase & Co (+1.24%) and Caterpillar Inc (+1.29%) among the notable performers.
US equity markets settled little changed after a volatile session once again headlined by rising oil prices and Treasury yields - Dow eased -69-points or -0.20%, having been up as much as +113-points earlier in the session. Caterpillar Inc (up +3.19%) and Chevron Corp (+3.24%) were the leading performers in the 30-stock index, both gaining over >3%.
US equity markets retreated amid a fresh rise in longer dated Treasury yields, and as investors digested the lates home sales and consumer confidence data - Dow fell -388-points or -1.14%, logging its largest one day point and percentage decline since 22 March. The 30 stock index also fell below its 200-day moving average, with the index last breaking that support level on 25 May.
The benchmark US equity indices logged their first advance in five sessions, rebounding from their lowest settlements since early June last Friday (22 September) and shaking off fresh multi-year highs for longer dated Treasury yields - Dow added +-43 points or +0.13%, underpinned by gains for Dow Inc (up +1.67%) and energy majors Chevron Corp (+1.46%) and Honeywell International (+1.10%).
US equity markets logged modest declines, capping a week in which equities were dragged down by the effects of rising oil prices and growing expectations that interest rates will stay higher for longer - Dow fell -107-points or -0.31%, with Walgreens Boots Alliance (down -1.54%) and Walt Disney Co (-1.79) both falling over >1.5%.
US equity markets fell sharply, with the S&P 500 and Nasdaq posting their lowest settlements since June as Treasury yields continued to climb in the wake of the hawkish pronouncements at the conclusion of Federal Reserve’s latest monetary policy meeting. Losses intensified following news that House Republican leaders sent the chamber into recess overnight, bolstering fears that federal lawmakers won’t pass a bill to avert a government shutdown. Market participants are concerned that a shutdown would hurt fourth-quarter GDP. Dow fell -370-points or -1.08% to 34,070.42, the lowest close for the 30-stock index since 10 July.
US equity markets retreated as investors digested the latest interest rate decision and monetary policy pronouncements from the Federal Reserve that saw short dated Treasury yields hit fresh 17-year highs - Dow eased -77-points or -0.22%. Intel Corp (down -4.54%) was the worst performing Dow component for a second straight session after the company’s new artificial-intelligence (AI) chips unveiled overnight on the opening day of the company’s developer conference were overshadowed by management’s tempered expectations for gross margin improvement. Chief Financial Officer (CFO) David Zinsner told the conference that he thinks “year over year, we’ll see gross margin expansion. It may not be hundreds and hundreds of basis points next year. It may be more modest for the reasons I talked about from a headwind perspective. But we do expect margin expansion next year.” Current consensus expectations are for a 550-basis-point improvement in gross margins for calendar 2024.
US equity markets retreated, logging their lowest close September to date as Treasury yields climbed ahead of the conclusion of the Federal Reserve’s two-day monetary policy meeting - Dow fell -107-points or -0.31%. Walt Disney Co fell -3.62% after announcing plans to nearly double its investment in its cruise and parks business.
US equity markets eked out slight gains in volatile trade as investors eyed the latest advance in crude prices and looked ahead to a busy week of central bank meetings including interest-rate decisions from the Federal Reserve, Bank of England and Bank of Japan - Dow eked out a +6-points gain.
US equity markets retreated on Friday (15 September), with technology stocks under pressure - Dow fell -289-points or -0.83%. Cisco Systems Inc (down -0.59%) announced another round of job cuts, with the networking company announcing that it will lay off 350 employees in Silicon Valley next month. Last year, Cisco announced it would slash ~5% of its workforce, roughly 4,000 jobs, and laid off nearly 700 more Silicon Valley employees in March, according to state filings.
US equity markets rallied as investors digested strong wholesale prices and retail sales data - Dow gained +332-points or +0.96%, booking its largest daily point and percentage gain since 7 August.
The broader S&P500 rose +0.84%, with all of Real Estate (up +1.71%), Utilities (+1.17%), Materials (+1.40%), Energy (+1.26%) and Communication Services (+1.18%) rising over >1% to lead all eleven primary sectors higher. The Nasdaq climbed +0.81%. The small capitalisation Russell 2000 lost -0.49%. Tonight’s AEST expiration is set to be the sixth-largest monthly expiration on record, in addition to being the largest September.
US equity markets edged higher and Treasury yields declined as investors digested the latest inflation figures - Dow eased -70-points or -0.20%, The broader S&P500 +0.12%, with Utilities (up +1.21%) and Consumer Discretionary (+0.90%) leading seven of the eleven primary sectors higher. Real Estate (down -1.03%) and Energy (-0.76%) sat at the foot of the primary sector leaderboard overnight. Citigroup Inc. gained +1.66% after the major bank said it would reorganize into a flatter structure, with the heads of its five major business units reporting directly to Chief Executive Jane Fraser. American Airlines Group Inc dropped -5.67% after cutting its third-quarter earnings outlook, citing higher fuel prices and costs associated with a new labour agreement. The company said it now expects adjusted earnings per share of ~US$0.20c to US$0.30c, down from previous guidance of ~US$0.85c to US$0.95c and versus current consensus of US$0.69c. Delta Air Lines Inc fell -2.80% and United Airlines Holdings Inc -3.80%.
US equity markets declined and oil prices hit fresh 2023 highs ahead of the release of the latest monthly inflation figures tonight AEST - Dow dipped -18points or -0.05%, The broader S&P500 eased -0.57%, with Information Technology (down -1.75%) and Communication Services (-1.06%) falling over >1% to lead eight of the eleven primary sectors lower. Energy (up +2.31%) was the clear outperformer overnight. Oracle Corp tumbled -13.50% to be the worst performing S&P500 component after the business software giantposted weaker-than-expected second quarter earnings and revenue guidance after the close of the previous session.
US equity markets advanced, with both the S&P500 and Nasdaq booking their biggest daily percentage gains since 29 August ahead of US inflation and retail sales figures later in the week - Dow up +87-points or +0.25%. Walt Disney Company rose +1.15% after CNBC reported that the media and entertainment giant has come to an agreement with cable giant Charter Communications Inc (+3.18%) to restore popular channels such as ESPN to the cable operator’s nearly 15M subscribers following an 11-day long channel blackout.
US equity markets advanced on Friday (8 September) but settled off their session highs as investors eyed inflation data later this week - Dow up +76-points or +0.22%, Goldman Sachs Group Inc settled +1.11% higher on the news that the investment banking giant would cut underperformers as soon as October - a regular practice that it had paused in during the pandemic - according to the Financial Times.
US equity markets logged modest gains, advancing for a fourth consecutive session and further curtailing August’s losses as investorsweighed signs of cooling in the labour market and revised data on economic growth in the second quarter - Dow edged +38-points or +0.11% higher, with Apple Inc gaining +1.92% a day after confirming 12 September as the date for its latest product event where the company is expected to debut its latest smartphone line-up.
US equity markets retreated, continuing the sluggish start to September as fresh rises in Treasury yields weighed on risk assets - Dow fell -199-points or -0.57%, with Apple Inc (down -3.58%), Amgen Inc (-1.97%) and Boeing Co (-2.08%).
US equity markets resumed trading following the Labor Day long weekend, with value stocks under particular pressure as investors digested some disappointing manufacturing orders data - Dow fell -196-points or -0.6%, The broader S&P500 -0.42%, with Materials (down -1.81%), Industrials (-1.69%) and Utilities (-1.54%) all declining over >1.5% to lead eight of the eleven primary sectors lower. Energy (up +0.49%) and Information Technology (+0.39%) sat atop the primary sector leaderboard. The Nasdaq dipped -0.08%. The small capitalisation Russell 2000 lost -2.10% as rising Treasury yields added pressure.
US equity markets and bonds rallied following data that showed signs of a cooling labour market that could further ease pressure on the Federal Reserve to raise interest rates - Dow up +293-points or +0.85%. The broader S&P500 rallied +1.45% to log its best day since June, with Communication Services (up +2.46%) and Consumer Discretionary (2.35%) rallying over >2% to lead all eleven primary sectors higher. Tesla Inc jumped +7.69% to a near three week high of US$257.18, logging its largest one-day percentage increase since 21 March. Analysts at Oppenheimer reported that the electric vehicle maker launched a US$300M AI Computing cluster, saying the supercomputer “will employ 10,000 Nvidia H100 GPUs and is more powerful than the world’s third highest-performing supercomputer.”
US equity markets advanced to kick off the final trading week of August, picking up from where they left off last Friday (25 August) following Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium. A number of analysts felt that the central bank chief had set a high bar for further interest rate hikes, whilst eyeing key inflation and employment data at the back end of the week - Dow gained +213-points or +0.62%. 3M Co gained +5.22% after The Wall Street Journal reported that the multinational conglomerate was nearing an agreement on an ~US$5.5B plan to settle more than 300,000 lawsuits over defective military earplugs.
US equity markets logged their biggest drop in three weeks,with losses accelerating into the close as rising Treasury yields and a stronger U.S. dollar weighed on the benchmark indices - Dow dropped -374-points or -1.08%, Boeing Co fell -4.93% after the company warned of potential delivery delays of its 737 MAX jets.
US equity markets advanced as investors eyed the release of chipmaker Nvidia Corp’s latest quarterly result after the close and the beginning of the Jackson Hole Economic Symposium tonight AEST - Dow gained +184-points or +0.54%, Nike Inc (down -2.67%) fell for a tenth consecutive session, its longest slide on record. The broader S&P500 rose +1.10%, snapping a streak of 36 consecutive sessions without a gain of 1% or more in the process - longest such streak since the 42 trading day streak from 26 July, 2021 to 22 September, 2021, according to Dow Jones Market Data. It also marked the index’s best one day gain since 30 June. Information Technology (up +1.92%), Communication Services (+1.90%) and Real Estate (+1.46%) all gained over >1% to lead all primary sectors higher with the exception of Energy (down -0.30%).The Nasdaq rallied +1.59%, marking the technology-centric index’s largest one-day point and percentage gain since 28 July. The small capitalisation Russell 2000 rose +1.04%.
The Dow and S&P500 logged modest losses as a fresh ratings agency downgrade weighed on the financial sector - Dow fell -175-points or -0.51%. Nike Inc fell -1.36% to log its ninth consecutive session decline, with the latest decline coming following a disappointing quarterly update from Dick’s Sporting Goods.
US equity markets advanced, led by technology stocks despite longer dated Treasury yields climbing to levels not seen in over a decade - Dow eased -37-points or -0.11%, paring an earlier slide of as much as -252-points. Johnson & Johnson (down -2.98%) and Nike Inc (-1.86%) were the worst performing Dow components overnight. The broader S&P500 rose +0.69%, with Information Technology (up +2.26%) leading five of the eleven primary sectors higher. The more defensive Real Estate (down -0.88%) and Consumer Staples (-0.64%) sat at the foot of the primary sector leaderboard overnight. Tesla Inc jumped +7.33% buoyed by an upbeat research note from analysts at Baird that highlighted some positive developments ahead of the electric vehicle maker in the second half of the year, including the launch of the Cybertruck and “a wider-scale adoption of [Full Self Driving, Tesla’s suite of advanced driver assistance systems to navigate city streets], continued growth in the energy business, expanding into new markets, and a possible AI [Artificial Intelligence] Day.” Palo Alto Networks Inc soared +14.84% after the cybersecurity firm’s fiscal fourth quarter result released after the close of last Friday’s (18 August) session topped consensus analysts forecasts, as did forecasts for profit and billings.
US equity markets little changed on Friday (18 August) as gains for more defensive sectors and Energy offset fresh weakness among megacap technology names - Dow edged +26-points or +0.07% higher, snapping a three-session losing streak. The broader S&P500 dipped -0.01%, with Communication Services (down -0.98%) leading five of the eleven primary sectors lower. Energy (up +0.94%) sat atop the primary sector leaderboard, with Devon Energy up +1.90%, Marathon Oil +1.49% and Occidental Petroleum +1.44%. The Nasdaq slipped -0.20%, with Alphabet Inc (-1.80%), Amazon.com Inc (-0.57%), Meta Platforms Inc (down -0.65%) and Microsoft Corp (-0.13%) all weaker. The small capitalisation Russell 2000 rose +0.51%.
US equity markets retreated, once again selling off late in the session as longer dated Treasury yields continued to climb - Dow fell -291-points or -0.84% to 34,474.83, closing below its 50-day moving average for the first time since 1 July. The broader S&P500 dropped -0.77%, with Consumer Discretionary (down -1.27%) and Consumer Staples (-1.01%) leading ten of the eleven primary sectors lower overnight. Energy (up +1.11%) was the only primary sector to advance. The Nasdaq shed -1.17%, with Alphabet Inc (up +0.95%) the only member of the so-called ‘Magnificent Seven’ of technology megacaps to advance. Meta Platforms Inc (down -3.13% at US$285.09) joined Apple Inc (-1.46%), Microsoft Corp (-1.10%) and Nvidia Corp (-0.33%) in official correction territory, down at least 10% from its most recent peak (US$325.48 set on 28 July). Tesla Inc (down -2.83%) is in official bear market territory, down more than >20% from its most recent peak. Only Alphabet and Amazon.com Inc (down -0.81%) remain in bull market territory. Meta Platforms still remains the second best performer in the S&P500 year-to-date, up +136.9%. The small capitalisation Russell 2000 lost -1.15%.
US equity markets retreated to five week lows and longer term Treasury yields hit their highest levels since October last year as strong retail sales figures stirred concerns that US interest rates could remain higher for longer - Dow fell -361-points or -1.02%, snapping a three session winning streak. The broader S&P500 fell -1.16% to 4,437.86, sliding below its 50-day moving average for the first time since 28 March (snapping a 96-day streak of closes above the 50-day, the index’s longest since a 102-session streak ended on 17 September, 2020) and logging its lowest close since 11 July. Energy (down -2.44%) led all eleven primary sectors lower. Financials (-1.91%), Utilities (-1.69%), and Materials (-1.65%) all fell over >1.5%. The technology-centric Nasdaq lost -1.14%. The small capitalisation Russell 2000 lost -1.29%.
US equity markets recovered from earlier session losses, buoyed by a rebound for some megacap technology names and with investors eying earnings reports from some major retailers and along with the latest retail sales figures that could shed some light on the health of the US consumer - Dow edged +26-points or +0.07% higher, The broader S&P500 rose +0.58%, with Information Technology (up +1.85%) and Communication Services (+1.04%) rising over >1% and leading six of the eleven primary sectors higher. The more defensive Utilities (down -0.83%), Real Estate (-0.54%) and Consumer Staples (-0.52%) sat at the foot of the primary sector leaderboard. Tesla Inc fell -1.19% after the electric-vehicle maker cut the cost of two versions of its Model Y SUVs by ~US$1,900 in China. In early August, Tesla reported China deliveries slumped -31% in July to their lowest point of the year.
The S&P500 and Nasdaq fell on Friday (11 August) and posted their second straight weekly losses, as hotter-than-expected U.S. producer prices data pushed Treasury yields higher and pressured rate-sensitive megacap growth stocks – Dow rose +105-points or +0.30%, with energy giant Chevron Corp (up +2.06%) and pharmaceutical major Merck & Co (+1.77%) The broader S&P500 slipped -0.11% to 4,464.05, with Information Technology (down -0.88%) leading four of the eleven primary sectors lower. Energy (up +1.56%) sat atop the primary sector leaderboard. Tesla Inc fell -1.10% a day after a pair of exchange-traded funds (ETF) managed by Cathie Wood’s ARK Investment sold more shares in the electric vehicle manufacturer. Through Friday’s (11 August) close, the S&P500 index is still up nearly 25% from its bear-market closing low of 3,577.03 hit on 12 October. The Nasdaq fell -0.68%, with semiconductor stocks particularly weak including Advanced Micro Devices Inc -2.41%, Nvidia Corp -3.62% and Micron Technology Inc -1.64%. Foxconn Technology Group (also know as Hon Hai Technology Group), the company responsible for manufacturing Apple Inc’s (up +0.03%) iPhone in China, reports its second quarter result today. The small capitalisation Russell 2000 edged +0.13% higher.
US equity markets settled little changed, with all three benchmark indices relinquishing earlier gains of over >1% as investors balanced softer inflation figures against a weaker-than-expected 30-year bond auction - Dow eked out a +3-point gain to 35,126.12, paring an earlier rally of as much as +450-points. Walt Disney Co rallied +4.88% despite a mixed fiscal third quarter result released after the close of the previous session, with the company announcing an upcoming price hike for ad-free Disney+ subscriptions. The broader S&P500 inched +0.03% higher, with gains for Communication Services (up +0.43%) and Consumer Discretionary (+0.28%) largely offset by declines for Utilities (down -0.32%) and Real Estate (-0.31%). The technology-centric Nasdaq edged +0.08% higher. Among the so-called “Magnificent Seven” stocks credited with being the biggest contributors to this year’s rally, Apple Inc (down -0.12%), Nvidia Corp (-0.39%), Microsoft Corp (up +0.22%) and Tesla Inc (+1.30%) all closed below their 50-day averages this week. The small capitalisation Russell 2000 lost -0.42%.
US equity markets retreated as investors’ attention turned to tonight’s AEST inflation figures - Dow fell -191-points or -0.54%, with Salesforce.com Inc (down -2.70%) and Intel Corp (-2.11%), while Goldman Sachs Group Inc (-1.60%) and JPMorgan Chase & Co (-1.34%) were also notable underperformers. The broader S&P500 lost -0.70%, with Information Technology (down -1.51%), Communication Services (-1.24%) and Consumer Discretionary (-1.20%) all down over >1% to lead seven of the eleven primary sectors lower. Energy (up +1.22%) sat atop the primary sector leaderboard. The technology-centric Nasdaq shed -1.17%, with Apple Inc falling -0.90% and Amazon.com Inc -1.49%. Nvidia Corp -4.72% amid concerns the chipmaker is facing supply constraints for popular graphics chips. Super Micro Computer Inc (down -23.39%) Chief Executive Charles Liang told analysts on the company’s earnings call that the company is seeing supply constraints for the graphics chips coming from Nvidia that are designed for artificial intelligence (AI) applications.. The small capitalisation Russell 2000 lost -0.86%.
US equity markets retreated following the release of weak China international trade data for July that heightened concerns about a slowing global economy, while Moody’s Investors Service downgraded the credit ratings of 10 banks and placed six banking giants on review for potential downgrades - Dow fell -159-points or -0.45%, paring an earlier decline of as much as -465-points. Goldman Sachs Group Inc fell -2.05%. The broader S&P500 lost -0.42%, with Materials (down -1.05%) leading eight of the eleven primary sectors lower. Healthcare (up +0.78%), Utilities (+0.49%) and Energy (+0.49) were the only primary sectors to advance overnight. The Nasdaq declined -0.79%. Both the S&P500 and Nasdaq were down over >1% at their session lows and have declined for five of the past six sessions. The small capitalisation Russell 2000 lost -0.59%.
US equity markets rebounded, with the Dow recording its best session since mid-June, while the S&P500 and Nasdaq arrested a four session slide - Dow rallied +408-points or +1.16%, logging its largest one-day point and percentage gain since 15 June. The broader S&P500 rose +0.90% in a broad-based rally that saw ten of the eleven primary sectors advance, led by Communication Services (up +1.88%). Utilities (down -0.02%) was the only primary sector to settle in the red. Tesla Inc lost -0.95% after the electric vehicle maker announced the immediate departure of its Chief Financial Officer (CFO) Zachary Kirkhorn after four years in the role and thirteen years with the company more broadly. Mr Kirkhorn was replaced by Vaibhav Taneja, previously Tesla’s chief accounting officer. The Nasdaq +0.61%. The small capitalisation Russell 2000 lost -0.49%. Berkshire Hathaway Inc class B shares closed at a record high (up +3.60% at US$362.58) following the release of the conglomerate’s second quarter result on Saturday (5 August).
US equity markets retreated on Friday (4 August) as the dust settled on some major technology results and investors digested the latest non-farm payrolls report - Dow fell -150-points or -0.43%, with The broader S&P500 lost -0.53%, with Information Technology (down -1.4%), Utilities (-1.21%) and Consumer Staples (-1.02%) falling over >1% to lead nine of the eleven primary sectors lower. Consumer Discretionary (up +1.91%) and Energy (+0.03%) were the only primary sectors to advance on Friday (4 August). It’s been 113 trading sessions since the S&P 500 has seen a daily drop of 2% or more, the longest such stretch since 21 February, 2020, according to Dow Jones Market Data. When measured by the total number of 2% swings in either direction, last year was the most volatile for U.S. stocks since 2009. The S&P 500 recorded 46 daily swings of 2% or more in either direction last year, compared with 55 in 2009, according to Dow Jones Market Data. Of those, roughly half were down days.
US equity markets retreated as longer dated Treasury yields climbed to nine month highs - Dow slipped -67-points or -0.19%, The broader S&P500 eased -0.25%, with Utilities (down -2.29%) and Real Estate (-1.35%) leading nine of the eleven primary sectors lower and dragging the index lower for a third straight session. PayPal Holdings Inc tumbled -12.32% Energy (up +0.95%) and Consumer Discretionary (+0.34%) were the only primary sectors to advance. The Nasdaq dipped -0.10%. Qualcomm Inc shed -8.18% The small capitalisation Russell 2000 eased -0.28%.
US equity markets retreated a day after Fitch Ratings lowered its U.S. debt ratings to AA+ from the top AAA category, pointing to its growing debt burden and “erosion of governance” over the past two decades - Dow fell -348-points or -0.98%, with Intel Corp down -3.94% and Walt Disney Co -3.07%. The broader S&P500 dropped -1.38%, booking its biggest daily percentage decline since 25 April. The technology-centric Nasdaq shed -2.17%. Advanced Micro Devices Inc dropped -7.02% despite the chipmaker posting better-than-expected second quarter adjusted earnings per share and revenue after the close of the previous session. Amazon.com Inc (-2.64%) and Apple Inc (-1.55%) declined ahead of the release of their quarterly results tonight AEST, while Alphabet Inc (down -2.41%), Microsoft Corp (-2.63%) and Nvidia Corp (-4.81%) all fell over >2%. The small capitalisation Russell 2000 lost -1.37%. Chinese tech names JD.com Inc (down -4.47%) and Baidu Inc (-4.24%) fell more than >4% after China proposed limits on smartphone use for minors.
A mixed session for US equity markets to open August as investors continued to assess a raft of quarterly earnings releases and eyed Friday night’s AEST (4 August) key non-farm payrolls report - Dow added +71-points or +0.20%, touching its highest intra-session level since February 2022 earlier in the session. The broader S&P500 eased -0.27%, pulling back from a 16-month high. Utilities (down -1.26%) and Consumer Discretionary (-1.15%) both declined over >1% to lead nine of eleven primary sectors lower overnight. Tesla Inc fell -2.38% following reports that almost 300K Tesla Model 3s and Model Ys are the subject of a fresh investigation by the National Highway Traffic Safety Administration into their steering after a dozen complaints alleging loss of steering control. Industrials (up +0.32%) and Information Technology (+0.09%) were the only primary sectors to advance. The Nasdaq -0.43%. Apple Inc (down -0.43%) and Amazon.com Inc (-1.49%) The small capitalisation Russell 2000 lost -0.45%.
US equity markets logged modest gains to close out July amid optimism over corporate earnings and a resilient economy, and ahead of a busy week in terms of quarterly results and economic releases - Dow up +100-points or +0.28% at 35,559.53, the 30-stock index’s highest settlement since 9 February, 2022. The broader S&P500 edged +0.15% to 4,588.96, logging its highest close since 30 March, 2022 and settling ~4.3% below its record closing high of set on 3 January, 2022. Energy rallied +2.0% to lead eight of the eleven primary sectors higher. Health Care (down -0.79%) and Consumer Staples (-0.46%) sat at the foot of the primary sector leaderboard overnight The Nasdaq added +0.21%. The small capitalisation Russell 2000 rallied +1.09%.
US equity markets closed out the week on positive note on Friday (28 July), with investors buoyed by upbeat corporate earnings releases and cooling inflation data - Dow rose +177-points or +0.5%, Intel Corp rallied +6.60% after the chipmaker’s second-quarter earnings released after the close of last Thursday’s (27 July) session recorded a return to profitability after two straight quarters of losses, accompanied by stronger-than-expected third quarter forecast The broader S&P500 gained +0.99% to 4,582.23, logging its highest close since 4 April, 2022. Communication Services (up +2.30%) sat atop the primary sector leaderboard on Friday (28 July) for a third straight session, while Consumer Discretionary (+1.85%) and Information Technology (+1.48%) gained over >1%. The more defensive Real Estate and Utilities sectors both declined -0.26% and were the only primary sectors to settle in the red. The Nasdaq rallied +1.90%, with Alphabet Inc rising +2.46% to log its highest close in more than a year (US$132.58), and extending its weekly gain to +10.56% following their strong second quarter result earlier in the week. The small capitalisation Russell 2000 gained +1.36%. Roku Inc soared +31.41% ) after the streaming company’s second quarter results released after the close of the previous session topped consensus estimates at the top and bottom line.
US equity markets retreated, with the Dow Jones Industrial Average snapping it longest winning streak since 20 January, 1987 as Treasury yields climbed following stronger-than-expected second quarter economic growth figures - Dow lost -237-points or -0.67% after rising for thirteen consecutive session. The broader S&P500 fell -0.64%, with Real Estate (down -2.12%), Utilities (-1.73%) and Financials (-1.29%) all falling over >1% to lead ten of the eleven primary sectors lower. Communication Services (up +0.85%) was the only primary sector to settle in positive territory. The Nasdaq eased -0.55%. Meta Platforms Inc rallied +4.40% The small capitalisation Russell 2000 lost -1.29%.
US equity markets settled little changed after a choppy session that saw investors digest a host of quarterly results and the latest interest rate decision and monetary policy pronouncements from the Federal Reserve - Dow added -82-points or +0.23%, marking the 30-stock index’s 13th consecutive gain and longest winning streak since 20 January, 1987. One more day in the green and the blue-chip gauge will be able to claim its longest winning streak in more than 125 years (noting that the Dow was created in May 1896). The broader S&P500 dipped -0.02%, with Information Technology (down -1.30%) leading six of the eleven primary sectors lower. Communication Services sat atop the primary sector leaderboard with a +2.65% rally, underpinned by a strong gain for Alphabet Inc (up +5.78%) after the search giant reported better-than-expected second quarter earnings per share and revenue after the close of the previous session. The Nasdaq slipped -0.10%. Microsoft Corp fell -3.76% as investors continued to digest the company’s latest quarterly result released after the close of the previous session. The small capitalisation Russell 2000 gained +0.72%.
US equity markets drifted higher ahead of the release of second quarter results from major technology companies after the closing bell - Dow edged +27-points or +0.08% higher to 35,438.07, extending its rally into a 12th consecutive session to and recording its highest close since February, 2022. The broader S&P500 added +0.28%, with Materials (up +1.76%) and Information Technology (+1.19%) rising over >1% and leaving five of the eleven primary sectors higher overnight. Financials (down -0.83%) sat at the foot of the primary sector leaderboard. The Nasdaq rose +0.61%. The small capitalisation Russell 2000 eked out a +0.02% gain.
US equity markets advanced to kick off a busy week of key quarterly earnings releases, central bank meetings and inflation data - Dow rose for an eleventh straight session, up +184-points or +0.52% to 35,411.24. The 30-stock index logged its highest close since 9 February, 2022 and secured its longest winning streak since the 12-day trading period that ended on 27 February, 2017. The broader S&P500 gained +0.40% to 4,554.64, settling ~5% shy of it record closing high of 4,796.56 set on 3 January, 2022. Energy (up +1.66%) led nine of the eleven primary sectors higher, while the more defensive Utilities (down -0.28%) and Health Care (-0.23%) sectors sat at the foot of the primary sector leaderboard. Chevron Corp gained +1.97% after releasing a second-quarter performance update on Sunday (23 July) that was better than expected ahead of the oil major’s earnings announcement this Friday night AEST (28 July). Adjusted earnings per share (EPS) of US$3.08 (down ~47% year-on-year) topped consensus forecasts for US$2.97. The Nasdaq edged +0.19% higher, with investors eyeing second quarter earnings from a number of technology heavyweights this week including Alphabet Inc (up +1.26%), Meta Platforms Inc (down -0.90%) and Microsoft Corp (+0.39%). The small capitalisation Russell 2000 added +0.28%.
US equity markets little changed on Friday (21 July) after a choppy trading session that saw the monthly expiration of US$2.3 trillion of listed stock options (the largest on record), and with investors preparing for a major rebalancing of the Nasdaq-100 after the closing bell (designed to diminish the concentration risk) - Dow eked out a +2.5-point or +0.01%, securing its tenth consecutive session advance and longest winning streak since 7 August, 2017. The broader S&P500 inched +0.03% higher. The Nasdaq slipped -0.22%. Nvidia Corp (down -2.66%) and Microsoft Corp (-0.89%) are the two companies most affected by the Nasdaq rebalancing. The small capitalisation Russell 2000 lost -0.35%.
US equity markets weaker, with the Nasdaq recording its biggest one-day drop in more than four months as investors reacted to second quarter results - Dow rose +164-points or +0.47%, recording its first 9-day rally since 2017.
The broader S&P500 fell -0.68%, with Consumer Discretionary (down -3.40%), Communication Services (-2.48%) and Information Technology (-2.04%) all falling over >2% to lead four of the eleven primary sectors lower. The more defensive Utilities (up +1.85%) and Health Care (+1.85%) sat atop the primary sector leaderboard after underperforming earlier in the week. Twenty stocks in the S&P 500 touched 52-week highs overnight (including three homebuilders and investment bank JPMorgan Chase & Co up +1.23%), and 11 of them also reached all-time highs. Tesla Inc tumbled -9.74% after the electric vehicle manufacturer released its second quarter result after the close of the previous session and profit margins that lagged expectations. Chief Executive Officer (CEO) Elon Musk and other executives said on the company’s earnings call that vehicle production would slow during the third quarter due to shutdowns for factory improvements.
US equity markets settled modestly firmer as investors continued to digest second quarter results, including some heavyweight names after the closing bell - Dow up +109-points or +0.31% to 35,061.21, extending its rally into a eighth consecutive session (its longest winning streak in 4-years) and marking the first time that the 30-stock index has settled above 35,000 since 20 April, 2020. The broader S&P500 added +0.24%, with Real Estate (up +1.12%) and Utilities (+1.02%) rising over >1% and leading eight of the eleven primary sectors higher. Materials (down -0.52%) and Information Technology (-0.27%) sat at the foot of the primary sector leaderboard overnight. The Nasdaq inched +0.02% higher. Apple Inc closed 0.71% higher, rising as much as 2.3% earlier in the session after a media report said it was building generative artificial intelligence tools, which could challenge products such as OpenAI’s ChatGPT. Microsoft Corp fell -1.23% to snap a six session winning streak. The small capitalisation Russell 2000 added +0.45%.
The S&P 500 and Nasdaq Composite closed at 15-month highs, while the Dow Jones Industrial Average notched a sixth straight session of gains as investors shrugged off the latest round of soft China economic data and braced for a wave of second quarter results later this week - Dow added +76-points or +0.22% to 34,585.35, marking the highest close since 30 November, 2022.
A mixed session on Friday (14 July) to close out a strong week for US equity markets as investors digested second quarter results from some of America’s largest financial institutions - Dow rose +114-points or +0.33%, The broader S&P500 slipped -0.10%, snapping a four session winning streak. The index settled above the >4,500 level for the first time since 5 April, 2022 last Thursday (13 July), and hit a record close of 4,796.56 in January last year. The Energy sector (down -2.45%) led eight of the eleven primary sectors lower. Health Care (up +1.50%) sat atop the primary sector leaderboard. The Nasdaq eased -0.18%. The small capitalisation Russell 2000 lost -0.49%.
US equity markets climbed for a fourth consecutive session as wholesale inflation cooled further, and ahead of the release of second quarter results from some of the US’ biggest banks tonight AEST - Dow added +47-points or +0.10%. Walt Disney Co added +0.35% after the company’s board extended Chief Executive Bob Iger’s contract for two more years, through December 2026. The broader S&P500 +0.85% to 4,510.04, settling above the >4,500 level for the first time since 5 April, 2022. Communication Services rallied +2.32% to lead nine of the elven primary sectors higher. Energy (down -0.45%) sat at the foot of the primary sector leaderboard. The Nasdaq +1.58%. Amazon.com Inc rallied +2.68% after the company said the first day of its Prime Day shopping event drove its best sales performance yet. The small capitalisation Russell 2000 gained +0.91%.
US equity markets extended their rebound into a third consecutive session as investors digested a cooler-than-expected inflation report - Dow added +86-points or +0.25%. The broader S&P500 climbed +0.74% to 4,472.16, recording its highest settlement since 8 April, 2022. Domino's Pizza Inc jumped +11.09% after the pizza chain said it entered into a new global agreement with Uber Technologies Inc (+0.36%) that allows U.S. customers to order Domino’s products through Uber Eats and Postmates apps. Domino’s will still be making the deliveries. The technology-centric Nasdaq outperformed, rallying +1.15% to 13,914.48 and logging its highest close since 5 April, 2022. Nvidia Corp (up +3.53%) and Intel Corp (+2.04%), with the Financial Times reporting that UK chip designer Arm is in talks to bring both US semiconductor companies onboard as anchor investors as the SoftBank-owned company presses ahead with plans for a New York listing as soon as September. Nvidia, the world’s most valuable semiconductor company, was forced last year to abandon its planned US$66B acquisition of Arm after the deal was challenged by regulators. The small capitalisation Russell 2000 rose +1.05%.
US equity markets logged back-to-back session gains following a late rally ahead of key inflation figures tonight AEST - Dow rallied +317-points or +0.93%, marking its biggest daily percentage gain since 15 June. Salesforce.com Inc logged its biggest one day advance in four months (up +3.93%) after the client relationship software management group announced it was raising prices for some of its products, the first increase in seven years. The San Francisco-based company said that it would raise list prices in August by an average of 9% across its suite of products, which include Sales Cloud and Tableau. Boeing Co gained +2.55% after the commercial aerospace giant delivered more jets (136 commercial airliners, including 60 jets in June) than expected in the second quarter. The broader S&P500 gained +0.67%, with Energy (up +2.20%) leading all eleven primary sectors higher. The Nasdaq rose +0.55%.
US equity markets logged their first advance in four session overnight as investors eye key US inflation figures and the start of the US second quarter earnings season later this week - Dow rose +210-points or +0.62%, The broader S&P500 added +0.24%, with Industrials (up +1.39%) leading seven of the eleven primary sectors higher. Communication Services sat at the foot of the primary sector leaderboard with a -0.92% decline. The Nasdaq edged +0.18% higher. The small capitalisation Russell 2000 outperformed with a +1.64% rally.
Stocks fell on Friday, and finished lower for the week, as Wall Street struggled to shake off fears that the Federal Reserve may start hiking rates again later this month. The S&P 500 lost -0.29%, the Nasdaq dipped -0.13% while the Dow dropped 187 points, or -0.55%. Energy went from worst to best sector gaining +2.06%, while materials gained +0.88%. Consumer staples fell -1.34% and health care lost -1.16%.
U.S. stocks ended off session lows but suffered broad losses Thursday after data showed the private sector created nearly half a million new jobs in June, sending Treasury yields higher as investors recalibrated interest-rate expectations.
US equity markets slid on Wednesday as Wall Street resumed a holiday-shortened week and digested the latest Federal Reserve meeting minutes for insights into the state of monetary policy. The Dow Jones lost 129.83 points, or 0.38%, to finish at 34,288.64. The S&P 500 fell 0.20% to end at 4,446.82, and the Nasdaq Composite slipped 0.18% to 13,791.65. The small capitalisation Russell 2000 lost -23.87 or -1.26%.
European bourses closed mixed on Tuesday, with investors in a cautious mood ahead of data releases and the start of second-quarter earnings season. The pan-European Stoxx 600 ended +0.32 points of 0.07% higher after a day of muted trade. Health-care and tech stocks led gains, up 0.5%, as banking stocks dropped 0.6%. Germany's DAX was down +0.42% and France's CAC was down 0.17%.
US equity markets rose slightly Monday in a shortened session that kicked off the second half of what’s already been a stellar year on Wall Street. The Dow Jones added 10.87 points, or 0.03%, to finish at 34,418.47. The S&P 500 climbed 0.12% to end at 4,455.59, while the Nasdaq Composite advanced 0.21% to 13,816.77. The small capitalisation Russell 2000 added +8.05 or +0.43%.
US equity markets rose Friday and technology names continued their staggering run to cap off a strong start to the year, and the best first half for the Nasdaq Composite since 1983 US equity markets – The Dow up +285.18 points or +0.84% . The broader S&P500 edged 53.94 points or +1.23%. The Nasdaq +1.45% to finish at 13,787.92. The small capitalisation Russell 2000 was up 0.38%.
US equity markets rose overnight, led by the major banks after passing the Federal Reserve’s annual stress test - Dow rose +269.76-points or +0.80%.
US equity markets were little changed, after Federal Reserve Chairman Jerome Powell said he won’t rule out back-to-back rate increases, in a meeting with other global central bankers - Dow shed -72-points or -0.2%. The broader S&P500 edged -0.04% lower. Energy (+1.02%) and Communications Services (0.80%) leading four of eleven sectors in the green. Apple shares added +0.6% to record highs, edging its way to a US$3 trillion valuation, whilst Google parent Alphabet rose +1.74%. The Nasdaq gained +0.03%, on track for its best start to a year in 40 years. Shares of NVIDIA ended -1.81% down after reports of a potential new export restrictions on sales to China. Tesla shares jumped +2.4%, ahead of the company’s second-quarter deliveries expected this week. Netflix gained +3.06% after broker upgrades. The small capitalisation Russell 2000 was up +0.47%.
US equity markets rose on Tuesday, as technology shares climbed, and housing data pointed to continued resilience in the US economy. Dow up +211 points or +0.6%. Walgreens shed -9.3% after slashing its full-year profit guidance and reporting weaker-than-expected earnings. The broader S&P500 edged +1.1%, posting its best daily percentage gain since June 15. Information technology (+2%) and Consumer Discretionary (+2%) led 10 of the 11 sectors higher. Delta Air Lines surged +6.8% after they boosted its financial guidance, signalling a continued post-pandemic travel boom. This lifted competitors United Airlines (+5.08%) and American Airlines (+5.54%). The technology centric Nasdaq rose +1.7%, NVIDIA (+3.06%), Meta (+3.08%) and Microsoft (+1.82%) contributing to the index gains. Friday marks the end of the second quarter and first half of 2023. The Nasdaq has gained 10.9% since April and 29.5% this year. It’s on pace for its best first half in 40 years. The S&P and Dow are on track to finish the quarter up +6.6% and +2% respectively. The small capitalisation Russell 2000 rose +1.46%.
US equity markets closed lower overnight, as investors enter the final trading week of the first half of the year. The Dow dipped -12.72 points or -0.04%. The broader S&P500 lost -0.45%. Gains in Energy (+1.71%) and Real Estate (+2.21) were outweighed by declines in Communication Services (-1.88%) and Technology (-1.25%). Cruise operator Carnival led the way lower, dropping -7.7% after reporting a second-quarter loss and higher costs. The sell-off spilled over into shares of Norwegian Cruise Line, which fell -4.5%. The daily losses notwithstanding, both stocks (Carnival & Norwegian) have performed solidly in June. The Nasdaq shed -1.2% after a pullback in technology giants Nvidia (-3.74%), Alphabet (-3.93%), Meta (3.55%), while Tesla (-6.06%) fell as Goldman Sachs downgraded the electric car maker, citing pricing headwinds.
US equity markets slid on Friday to end the week on the red. Dow fell -219.28 points or -0.65% . The broader S&P500 slid -0.77%. The Nasdaq closed down -1.01%. The small capitalisation Russell 2000 ended -1.44% lower. The pullback was broad-based with all 11 sectors of the S&P500 closing in the red. Chip stocks underperformed after surging this year on investor enthusiasm over artificial intelligence. Nvidia, the best-performing stock in the S&P 500 this year, fell -1.9% on Friday, while Advanced Micro Devices fell -0.6%. Goldman Sachs shares declined -1.5% after CNBC reported the investment bank likely faces a large write down for its 2021 acquisition of fintech firm GreenSky. In contrast, CarMax shares jumped +10% after the used car retailer exceeded first quarter expectations. Other notable declines were US-based resource companies, Anglo-American down -3.56%, Glencore down -2.99%, Freeport McMoran -3.4%.
US equity markets finished mostly higher on Thursday, with both the Nasdaq and S&P 500 bringing a three-day losing streak to an end as investors digested fresh commentary from Federal Reserve Chairman Jerome Powell and a raft of interest-rate hikes from global central banks - Dow fell -4-points or -0.01% with Boeing Company leading the losses down -3.05% after Spirit AeroSystems (-9.43%) said that its unionized workers have voted for a strike, which is causing Spirit to suspend factory operations. Boeing Company has now fallen -6.5% for the week.
US equity markets closed lower on Wednesday, for a third session in a row, retreating after recently touching their highest levels in more than a year - Dow fell -102-points or -0.30% to 33,951 with Intel suffering a further 6% fall after the company gave investors an update on the company’s turnaround plan to become a chip manufacturing company competing with Taiwan Semiconductor Manufacturing Company.
US equity markets closed lower on Tuesday, after the S&P 500 on Friday booked a fifth straight week of gains with some stocks touching their highest level in more than a year - Dow fell -245-points or -0.72%. Intel, Nike and Boeing, each down by more than 3%. The broader S&P500 shed 18 points or +0.47%, as investors await testimony from Federal Reserve chair Jerome Powell to Congress this week. Energy (-2.29%) and Materials (-1.26%) were the biggest laggards that saw ten of the eleven primary sectors close lower overnight. Consumer discretionary rose. PayPal Holdings (PYPL) shares gained 3.7% after the digital payment platform announced a deal in which KKR - managed funds and accounts will purchase up to €40 billion of buy now, pay later loan receivables originated in Europe. The technology-centric Nasdaq fell +0.18%. Intel (INTC) declined -3.8%. The Israeli government said the chip maker was investing $25 billion to manufacture semiconductors in the country, just days after Intel announced a new facility in Poland. Electric vehicle maker Rivian Automotive (RIVN) climbed 5.5% after the company announced it would adopt Tesla’s (TSLA) charging plug and technology. Tesla shares also finished 5.3% higher after the announcement. US depositary Alibaba (BABA) fell 4.5% after the Chinese e-commerce giant said Daniel Zhang will be stepping down as chairman and chief executive. He will remain as leader of the company’s cloud intelligence group, which the company announced last month would be spun off. The small capitalisation Russell 2000 lost -0.34%.
European bourses started the week in the red amid caution following the previous weeks big gains and regarding China’s growth prospects. Thepan-European Stoxx 600 index (which includes UK equities) fell -1.02% to 462.04 with basic resources leading the losses (-2.2%), while Germany’s DAX fell by 0.96% at 16,201.20. France's CAC meanwhile slipped +1.01%.
US equity markets retreated ahead of the holiday long weekend, taking a breather following a six-session winning streak that had lifted the S&P500 and Nasdaq to 14-month highs - Dow fell -109-points or -0.32%, The broader S&P500 -0.37%, with Communication Services (down -1.00%) and Information Technology (-0.83%) leading eight of the eleven primary sectors lower. Utilities outperformed on Friday (16 June) with a +0.53% gain. The Nasdaq -0.68%. Apple Inc (down -0.59%) and Microsoft Corp (-1.66%) retreated from record highs. The small capitalisation Russell 2000 lost -0.73%.
US equity markets rallied, with both the S&P500 and Nasdaq climbing to fresh 14-month highs as economic data showed signs of the labour market softening and consumer spending moderating, potentially lessening the need for further interest rate rises from the Federal Reserve - Dow gained +429-points or +1.26% to 34,408.06 and a fresh 2023 high. The broader S&P500 +1.22% to 4,425.84, recording a sixth consecutive session of gains and lifting the index above the >4,400 level a week after the large capitalisation benchmark exited its the longest bear market since 1948. It also marked the longest stretch of straight gains since November 8, 2021, according to Dow Jones Market Data. Health Care (up +1.55%), Communication Services (+1.54%) and Industrials (+1.51%) all gained over >1.5% to lad all eleven primary sectors higher. The Nasdaq climbed +1.15% to 13,782.82, marking the highest settlement for the technology centric index since 7 April, 2022. Microsoft Corp gained +3.19% to US$348.10, extending gains into a sixth consecutive session and booking a record closing high as investors seemingly focused more on the tech giant’s artificial-intelligence (AI) roadmap instead of the stalled US$69B acquisition of videogame publisher Activision Blizzard Inc (+0.27%). The small capitalisation Russell 2000 rose +0.81%. The US-listed shares of Alibaba Group Holding Ltd gained +3.18% after announcing that it will expand one of its key China e-commerce sites, Tmall, into Europe. The announcement comes just over two months after Alibaba, China’s biggest e-commerce firm, announced plans to split its business into six units, a move designed to give each unit more autonomy and faster decision-making powers.
US equity markets mixed after a volatile trading session that saw both the S&P500 and Nasdaq log their highest intra-session peaks since April 2022 - Dow fell -233-points or -0.68%, UnitedHealth Group Inc shed -6.40% after executives addressed a Goldman Sachs investor conference and said that seniors had begun to catch up on pandemic-delayed surgeries for hips and knees, meaning rising costs for health insurers. The broader S&P500 inched +0.08% higher, logging its fifth consecutive advance and longest winning streak since November 2021. Information Technology (up +1.14%) led a narrow advance that saw four of the eleven primary sectors close higher overnight. Health Care and Energy both declined -1.12%. Tesla Inc eased -0.74%, snapping a record 13 session winning streak that had lifted the electric vehicle manufacturer’s share price. However, Delta Air Lines Inc (up +1.52%) extended its rally into a 14th straight session. The technology-centric Nasdaq added +0.39%. Nvidia Corp rallied +4.81% a day after the chipmaker officially became just the seventh public US company to close with a market capitalisation above >US$1 trillion. Oracle Corp gained +4.79% to US$122.24, logging a fresh record closing high for a fifth straight day and eighth time this month. The enterprise software company posted a better-than-expected fiscal fourth quarter result earlier this week. The small capitalisation Russell 2000 lost -1.17%.
US equity markets advanced to fresh 14-month highs after the pace of inflation eased to its lowest level in more than two years, bolstering investors’ view that the Federal Reserve will not raise interest rates when their latest two day monetary policy meeting concludes tomorrow morning AEST - Dow rose +146-points or +0.43%, Home Depot Inc (down -0.26%) hosted an Investor Conference overnight The broader S&P500 gained +0.69%, with Materials (up +2.33%) leading ten of the eleven primary sectors higher. Utilities (down -0.06%) was the only primary sector to settle in the red overnight. Tesla Inc extended its rally into a record thirteenth consecutive session, rallying +3.55% to US$258.71 and its highest close since 30 September. The electric vehicle manufacturer’s was also the most actively traded stock in both the S&P500 and Nasdaq 100 overnight. The Nasdaq rallied +0.83%. Nvidia Corp gained +3.90% to US$410.22, officially becoming just the seventh public US company to close with a market capitalisation above >US$1 trillion after previously flirting with that milestone on an intra-day basis. The chipmaker is up ~181% year-to-date. Only Apple Inc (down -0.26%), Amazon.com Inc (up +0.07%), Google parent Alphabet Inc (+0.15%), Tesla, Meta Platforms Inc (+0.10%) and Microsoft Corp (+0.74%) previously crossed the US$1 trillion threshold at the close of a trading day, according to Dow Jones Market Data. Tesla and Meta have since dropped out of the US$1 trillion club. Advanced Micro Devices shed -3.61% after officially unveiling several products at its Data Centre & AI Technology Premiere event in San Francisco overnight meant to take on Nvidia Corp and Intel Corp (up +2.54%) The small capitalisation Russell 2000 climbed +1.23%.
US equity markets built on the modest gains of last Friday’s (9 June) quiet session as investors turn their attention to this week’s May US inflation data and some key central bank monetary policy decisions (including from the Federal Reserve, European Central Bank and Bank of Japan) - Dow gained +189-points or +0.56%, extending gains into a fifth consecutive session. It marks the longest stretch of gains for the 30-stock index since the six-day trading period that ended 27 January. The broader S&P500 rose +0.93% to 4,338.93, the highest close since 21 April, 2022. Information Technology sat atop the primary sector leaderboard for a second consecutive session with a +2.07% gain, leading eight of the eleven primary sectors higher. Energy (down -0.97%) was the worst performing primary sector. Tesla Inc rallied +2.22% to US$244.40, extending gains into a record 12th consecutive session and recording its highest close since 30 September, 2022. The Nasdaq rallied +1.53% 13,461.92, the technology centric index’s highest close since 19 April, 2022. Apple Inc gained +1.56% to US$183.79, extending its rally into a third straight session and logging a fresh record closing high a week after the company’s Worldwide Developer Conference. Apple is up +41.45% year-to-date. Netflix Inc gained +0.94% after data analytics company Antenna late last week reported that the streaming company’s password-sharing crackdown already appears to be working in the US. Netflix saw a huge spike in subscribers (up +73K, or a +102% over the previous 60-day average) in the four days after it notified users about its paid sharing policies on 23 May, and also added +100K subscribers on both 26 May and 27 May. That’s more subscribers than Netflix raked in once the COVID-related lockdowns went into effect in March and April 2020, according to Antenna. The small capitalisation Russell 2000 added +0.40%.
US equity markets settled mostly lower after the Bank of Canada joined the Reserve Bank of Australia (RBA) a day earlier in raising interest rates - Dow rose +92-points or +0.27%, The broader S&P500 eased -0.38% a day after logging its highest close since 16 August, 2022. Communication Services (down -1.87%) and Information Technology (-1.62%) led five of the eleven primary sectors lower. The Energy sector sat atop the primary sector leaderboard overnight with a +2.65% rally. Tesla Inc rose +1.47% after the electric vehicle maker posted an update on its website that showed new Model 3 and Model Y cars are eligible for a US$7,500 tax credit from the Inflation Reduction Act. The Nasdaq shed -1.29% a day after the technology-centric index recorded its highest close since 20 April, 2022. The small capitalisation Russell 2000 advanced +1.78%, extending a recent rally that that lifted it to the highest close since 9 March. The index is outperforming the Nasdaq Composite by 5.04% so far this month, its largest outperformance in the first five trading days of a month since October 2020, according to Dow Jones Market Data.
US equity markets advanced despite a dearth of fresh catalysts, with small capitalisation stocks outperforming - Dow eked out a +10-point or +0.03% rise, with losses for Merck & Co Inc (down -2.74%) and UnitedHealth Group Inc (-2.13%) capping gains. Boeing Co lost -0.71% after the aerospace and defence company said it found new problems with its 787 Dreamliner jets. The defect, which is not a flight safety concern, is connected with a stabilizer fitting, and will lead the company to inspect every plane in inventory before delivery, the company said, adding that “at this time we do not expect that this issue will change our full-year guidance regarding 787 deliveries.” The broader S&P500 added +0.24% to 4,283.85, marking its highest close since 16 August, 2022 but falling just short of entering a technical bull market. A close above 4,292.48 for the S&P500 would mark a 20% rally off the bear-market closing low of 3,577.03 set on 12 October, 2022, meeting the widely accepted definition of the end of a bear market. Financials (up +1.25%) and Consumer Discretionary (+0.99%) led seven of the eleven primary sectors higher overnight. Regional bank stocks traded strongly as did bellwethers like Goldman Sachs Group Inc (up +1.55%) and Morgan Stanley (+2.53). More defensive Health Care (down -0.88%) and Consumer Staples (-0.47%) underperformed. The Nasdaq rose +0.35% to 13,276.42, the highest settlement for the technology-centric index since 20 April, 2022. Apple Inc slipped -0.% a day after the company debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference. The small capitalisation Russell 2000 rallied +2.69% to 1,855.40, logging its highest close since 9 March. The Russell 2000 has gained +5.4% so far in 2023, compared with an +11.6% gain for the large-capitalisation benchmark S&P 500 and a +26.8% jump for the Nasdaq. Coinbase Global Inc dropped -12.09% after the Securities and Exchange Commission (SEC) sued the cryptocurrency exchange, alleging it has been operating an unregistered securities exchange.
US equity markets eased, trimming earlier session gains - Dow fell -200-points or -0.59%, The broader S&P500 slipped -0.20% to 4,273.79, reversing earlier gains that briefly lifted the index into technical bull market territory. The index touched an intra-session high of 4,299.28, which is 20.19% above the near two-year closing low of 3,577.03 set on 12 October last year. Declines for the Industrials (down -0.71%) and Financials (-0.65%) sectors offset gains for the Communication Services (up +0.58%) and Utilities (+0.45%) sectors. The Nasdaq dipped -0.09%. Apple Inc settled –0.76% lower at US$179.58 after briefly touching a fresh record intra-day high (US$184.95). The iPhone maker unveiled its highly anticipated virtual reality headset (Vision Pro) and a slew of software updates at its annual Worldwide Developers Conference overnight. Intel Corp shed -4.63% as Apple said an upcoming Mac Pro computer will include a new homemade chip (M2 Ultra), representing the completion of the company’s effort to bring its own processors to its entire PC line-up. The small capitalisation Russell 2000 lost -1.32%, handing back some of last Friday’s (2 June) +3.56% rally.
US equity markets rallied, starting Friday’s (2 June)on the front-foot after the US Senate on Thursday (1 June) approved a deal between the White House and congressional Republicans to lift the debt ceiling for two years in exchange for cuts to government spending, and then further buoyed by a robust May jobs report - Dow jumped +701-points or +2.12%, logging its biggest daily points gain since the end of November last year and largest percentage rise since 6 January. The broader S&P500 rallied +1.45% to 4,282.37, and on the cusp of exiting its longest bear market run since 1948. It marked the highest close for the S&P500 since 18 August, 2022 after the index touched its highest intra-day level (4,290.67) since April 2022. Palo Alto Networks Inc gained +5.38% in extended trading (after adding +0.21% in the regular session) after it was confirmed that the cybersecurity platform company would replace Dish network Inc (+16.24%) in the S&P500 as part of the quarterly rebalancing of the index when it takes effect on 20 June. The Nasdaq gained +1.07%. Apple Inc added +0.48% to US$180.95, recording its second highest close on record ahead of its Worldwide Developer Conference tonight AEST at which it’s expected to unveil new product and operating system releases. The small capitalisation Russell 2000 jumped +3.56%, logging its best daily performance since November 10, 2022 and rising above its 200-day moving average for the first time since 8 March, just before Silicon Valley Bank collapsed. The Russell has gained +3.96% year-to-date, well behind the S&P 500′s advance of +11.53%.
US equity markets opened the new month on the front foot as concerns around a US debt default faded, with the S&P500 and Nasdaq logging their highest closes since August 2022 - Dow rose +153-points or +0.47%, The broader S&P500 rose +0.99% to 4,221.02, with Information Technology (up +1.33%) resuming its place at the top of the primary sector leaderboard and leading nine of the eleven primary sectors higher. Utilities (down -0.78%) and Consumer Staples (-0.09%) were the only two primary sectors to settle in the red. The Nasdaq rallied +1.28% to 13,100.98. The small capitalisation Russell 2000 climbed +1.05%.
US equity markets retreated but settled off their worst levels of the session ahead of a House vote on the federal debt-ceiling deal this morning AEST to prevent a potential default - Dow fell -135-points or -0.41%, The broader S&P500 lost -0.61%, with Energy (down -1.88%), Industrials (-1.40%), Financials (-1.22%), Materials (-1.12%) and Information Technology (-1.09%) all falling over >1% to lead seven of the eleven primary sectors lower. More defensive sectors outperformed, including Utilities (up +0.96%), Health Care (+0.85%) and Real Estate (+0.66%) all advancing over >0.50%. The Nasdaq -0.63%. The small capitalisation Russell 2000 lost -1.00%.
US equity markets were mixed after resuming trading following the Memorial Day long weekend fell on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling - Dow fell -51-points or -0.15%, The broader S&P500 unchanged, with gains for the Consumer Discretionary (up +0.76%) and Information Technology (+0.63%) sectors offsetting declines for the Consumer Staples (down -1.08%) and Energy (-0.94%) sectors. Tesla Inc rallied +4.14% as excitement built around Chief Executive Elon Musk’s first visit to China in about three years. Mr Musk is expected to spend time meeting key officials in Beijing, which may even include Premier Li Qiang. The Nasdaq added +0.32% to 13,017.43, paring an earlier rally of as much as +1.4% but still marking the technology-centric index’s highest close since August, 2022. The small capitalisation Russell 2000 lost -0.32%.
European bourses settled with modest losses, with the Technology sector (down -0.7%) handing back some of last Friday’s (26 May) +3% gain and leaving the pan-European Stoxx 600 index (which includes UK equities) -0.12% lower. The Oil and Gas sector added +0.2%. Germany's DAX slipped -0.20%. France's CAC eased -0.21%. In broader stock moves, Swedish property group SBB SE rose +2.62% after announcing it was exploring strategic options including a sale of the company or of specific assets and segments. Shares of the company have sunk ~80% over the last year as it struggles with the higher interest rate environment. Elsewhere, President Tayyip Erdogan secured victory in a presidential election in Turkey on Sunday (28 May), extending his increasingly authoritarian rule into a third decade. In economic data, a final reading of eurozone Consumer Confidence for May, and Consumer Inflation Expectations for May are released tonight AEST.
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US equity markets rallied ahead of the Memorial Day long weekend - Dow rose +329-points or +1.00% to snap a five-session losing streak, with Intel Corp (up +5.84%) and American Express (+4.08%) notable performers. The broader S&P500 gained +1.30% to its highest level since mid-August, with the Information Technology (up +2.68%) and Consumer Discretionary (+2.38%) popping over >2% to lead eight of the eleven primary sectors higher. Energy (down -0.37%) was the worst performing primary sector on Friday (26 May). Broadcom jumped +11.52% to a record closing high of US$812.73 - touching a record intra-day high of US$814.98 – to be the leading S&P500 performer on Friday (26 May) ahead of the chipmaker’s second quarter result later this week. Ford Motor Co rallied +6.24% after Chief Executive Jim Farley and Tesla Inc (+4.72%) Chief Executive Elon Musk held a Twitter Spaces livestream to reveal an agreement which would allow Ford owners to access Tesla Superchargers in the U.S. and Canada starting early next year, in addition to Ford’s own charging network. Ford electric vehicles (EVs) would use an adapter at first, but in a couple of years the EVs would have built-in connectors and no adapters would be needed. The Nasdaq rallied +2.19%. Marvell Technology Inc surged +32.4% after the chip company posted a solid quarterly result after the close last Thursday (25 May) and said it expected revenue from artificial intelligence (AI) to at least double this fiscal year. The Philadelphia Semiconductor index has added ~40% since the start of the year, driven by the booming AI industry. The small capitalisation Russell 2000 gained +1.05%.
US equity markets advanced, led by fresh solid gains for the technology sector - Dow slipped -35-points or -0.11%, extending declines into a fifth consecutive session. The broader S&P500 rose +0.88%, with Information Technology (up +4.45%) comfortably the leading primary sector performer and leading five of the eleven primary sectors higher. The Nasdaq jumped +1.71%, posting its best daily percentage gain since 5 May as the artificial intelligence (AI) thematic continued to power gains. Advanced Micro Devices Inc rallied +11.16% and Palo Alto Networks Inc +1.80%. The small capitalisation Russell 2000 lost -0.70%.
US equity markets retreated as concern about the impasse in the debt-ceiling talks continued to grow - Dow fell -256-points or -0.77%. The broader S&P500 lost -0.73%, with Real Estate (down -2.21%) leading ten of the eleven primary sectors lower. Financials (down -1.31%), Financials (-1.31%) and Industrials (-1.27%) all fell over >1%. Energy (up +1.04%) was the sole primary sector to advance for a second straight session. The Nasdaq eased -0.61%. The small capitalisation Russell 2000 lost -1.16%.
US equity markets retreated after a volatile session as the drawn out debt ceiling negotiations continued to weigh on sentiment, with losses accelerating in afternoon trading - Dow fell -231-points or -0.69%, The broader S&P500 -1.12%, with Materials (down -1.54%) and Information Technology (-1.50%) falling ~1.5% to lead ten of the eleven primary sectors lower. Energy (up +1.04%) was the sole primary sector to advance overnight. The Nasdaq -1.26%. Apple Inc lost -1.52% after announcing a multibillion-dollar chip production deal with Broadcom Inc (up +1.20%). Apple said the partnership, which centres on 5G radio frequency components and builds on its existing relationship with Broadcom, was part of its 2021 commitment to spend US$430B with US suppliers and manufacturers over five years. The small capitalisation Russell 2000 lost -0.43%. The American Depository Receipts (ADRs) of Alibaba Group Holdings Ltd fell -3.74% after a strong session a day earlier, with reports that the company’s cloud and artificial intelligence (AI) arm has begun cutting 7% of staff (source: Barron’s). The move is a bid to optimise business operations on strategic areas - like AI - in the midst of a historic restructuring, and not representative of a wider downsizing, a person familiar with the matter and cited in the report said. Alibaba announced earlier this year the biggest restructuring in its history, a bid to unlock value by splitting into six units and to foster market competitiveness, a nod to regulators who have hammered the Chinese tech sector since late 2020.
US equity markets mixed in what was a muted session as investors continued to eye developments around the debt ceiling negotiations, although the Nasdaq scaled a nine month high - Dow fell -140-points or -0.42%. JPMorgan Chase & Co (down -0.83%) hosted an investor day and said it is planning an “unmatched” spending spree on new initiatives this year of more than $15B, which would include hiring, marketing and investment in technology. JPMorgan also lifted its outlook for how much it expects to earn this year from its lending business following the recent purchase of First Republic. The investment bank raised its 2023 target for net interest income, excluding its trading division, to ~US$84B from $81B previously. The broader S&P500 eked out a +0.02% gain, recording its second highest settlement (4,192.63) this year. Communication Services rose +1.17% to lead seven of the eleven primary sectors higher. Consumer Staples sat at the foot of the primary sector leaderboard with a -1.47% decline. Chevron Corp fell -1.80% after announcing an agreement to buy Colorado-based oil and gas producer PDC Energy Inc (up +7.22%) in an all-stock deal valued at US$6.3B. Exxon Mobil Corp lost -1.21%, with The Wall Street Journal reporting that the company spent ~US$100M buying land from an exploration company called Galvanic Energy, a firm created for development of lithium from the brine-rich Smackover Formation of Southern Arkansas. The technology-centric Nasdaq gained +0.50% to 12,720.78, logging its highest close since 18 August last year. Meta Platforms Inc settled+1.09% higher, shaking off pre-market weakness seen after the social-media giant was fined €1.2B by Ireland’s Data Protection Commission over allegations it violated European Commission rules on data protection. Micron Technology Inc fell -2.85% following a weekend report that China’s government told users of computer equipment deemed sensitive to stop buying products from the biggest U.S. memory chipmaker. The small capitalisation Russell 2000 rallied +1.22%.
US equity markets retreated as policymakers paused negotiations over the debt ceiling deal and nerves over the health of the US regional banking sector resurfaced - Dow fell -109-points or -0.33%, The broader S&P500 slipped -0.14%, with Consumer Discretionary (down -0.84%) leading seven of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard on Friday (19 May) with a +0.73% gain. The Nasdaq eased -0.24%. The small capitalisation Russell 2000 lost -0.62%.
US equity markets rallied, with the S&P500 and Nasdaq logging their highest closes since August last year amid reports of further progress in resolving the debt-ceiling debate in Congress - Dow rose +115-points or +0.34%, The broader S&P500 gained +0.94%, with Information Technology (up +2.06%) leading seven of the eleven primary sectors higher. The Nasdaq rallied +1.51%. Apple Inc (+1.37%) and Google-parent Alphabet Inc (+1.68%) advanced to log their highest settlements since April last year. Nvidia Corp gained +4.97% to US$316.78, marking the chipmaker’s highest close since 8 December, 2021 and ~5% below its all-time closing high of US$333.76 set on 29 November, 2021. The latest rally – which sees the stock up ~116.76% year-to-date - came after the company announced a slew of high-performance gaming cards aimed at budget shoppers. The small capitalisation Russell 2000 added +0.58%.
US equity markets rallied as optimism emerged from Republican congressional leadership over averting a default on the debt ceiling - Dow rebounded +409-points or +1.24%, The broader S&P500 rose +1.19%, with Energy (up +2.07%), Consumer Discretionary (+2.04%) and Financials (+2.0%) all gaining 2%+ to lead nine of the eleven primary sectors higher. Utilities (down -0.36%) and Consumer Staples (-0.10%) were the only primary sectors to settle in the red. The Nasdaq rallied +1.27%. The small capitalisation Russell 2000 outperformed with a +2.21% gain after the lagging the other indices recently.
US equity markets retreated as investors focussed on debt ceiling talks between President Joe Biden and House Speaker Kevin McCarthy, which concluded shortly before market close - Dow fell -336-points or -1.01%, falling back into negative territory for the year-to-date for the first time since 4 May and closing below its 50-day average for the first time since 30 March. The broader S&P500 lost -0.64%, with Real Estate (down -2.61%), Energy (-2.54%) and Utilities (-2.30%) all dropping over >2% to lead nine of the eleven primary sectors lower. Communication Services (up +0.59%) and Information Technology (+0.16%) were the only primary sectors to advance. The technology-centric Nasdaq slipped -0.18%. The small capitalisation Russell 2000 shed -1.44%.
US equity markets edged higher in subdued trading as investors awaited news about debt ceiling negotiations and assessed fresh data pointing to a cooling economy - Dow added +48-points or +0.14%, snapping a five session losing streak. The broader S&P500 rose +0.30%, with Materials (up +0.85%) and Financials (+0.82%) both rose over >0.8% to lead six of the eleven primary sectors higher. Utilities sat at the foot of the primary sector leaderboard with a -1.24% decline. The Nasdaq advanced +0.66%, with chipmaker NVIDIA Corp rallying +2.16%. Apple Inc (down -0.29%) saw its market capitalisation (~US$2.7 trillion) surpass that of the entire small capitalisation Russell 2000 on 27 April and has retained this premium for two weeks. The Russell 2000 gained +1.19%.
US equity markets drifted lower on Friday (12 May), forfeiting earlier gains in late morning trade after consumer sentiment data from the University of Michigan recorded a notable increase in consumer inflation expectations - Dow dipped -9-points or -0.03%, The broader S&P500 reversed earlier gains to settle -0.16% lower, Consumer Discretionary (down -0.89%) leading four of the eleven primary sectors lower on Friday (12 May). The more defensive Utilities (up +0.44%) and Consumer Staples (+0.36%) sectors outperformed. The Nasdaq fell -0.35%, with Apple Inc down -0.54% and Meta Platforms Inc -0.84%. The small capitalisation Russell 2000 lost -0.22%. Small cap stocks have struggled since turmoil in U.S. regional banks erupted in early March, with the Russell 2000 down ~7% since 8 March.
US equity markets slipped amid fresh concerns around regional banks and weaker commodity prices - Dow fell -222-points or -0.66%, extending declines into a fourth straight session. The Walt Disney Company dropped -8.73% after the media giant released its fiscal second-quarter results after the close of the previous session and recorded a decline in subscribers to its streaming business, Disney+. The broader S&P500 slipped -0.17%, with Energy (down -1.24%), Utilities (-1.14%) and Real Estate (-1.02%) all falling over >1% to lead eight of the eleven primary sectors lower. Communication Services (up +1.65%) sat atop the primary sector leaderboard. The technology-centric Nasdaq edged +0.18% higher. Google-parent Alphabet Inc rallied +4.31% to its highest level since August on the heels of its I/O developer conference that saw the company unveil new gadgets and software, with a particular focus on artificial intelligence. The small capitalisation Russell 2000 lost -0.84%. Livent Corp.
US equity markets advanced and treasuries rallied as the latest headline inflation data printed slightly weaker-than-expected, with value stocks lagging growth names following a choppy session - Dow slipped -30-points or -0.09%, with American Express Co (down -3.06%) and Nike Inc (-1.27%) notable drags. The broader S&P500 +0.45%, with Communication Services (up +1.69%) and Information Technology (up +1.22%) leading seven of the eleven primary sectors higher. Energy and Financials sat at the foot of the primary sector leaderboard, down -1.15% and -0.67% respectively. The technology-centric Nasdaq +1.04%, logging its highest settlement since June. Alphabet Inc rose +4.10% as Google kicked off its I/O developer conference and unveiled new gadgets and software, with a particular focus on artificial intelligence. The small capitalisation Russell 2000 rose +0.56%.
US equity markets logged modest losses following a muted session as investors eye tonight’s AEST inflation figures - Dow eased -57-points or -0.17%. Boeing Co rose +2.34%, with confirmation that the company had struck a deal with Ryanair Plc that will see the Irish low-cost carrier buy up to 300 Boeing aircraft. The deal comes after discussions collapsed more than 18 months ago over a disagreement on price. The aircraft will be delivered between 2027 and 2033. The broader S&P500 fell -0.46%, with Materials (down -0.93%) and Information Technology (-0.86%) leading eight of the eleven primary sectors lower. The Nasdaq lost -0.63%. The small capitalisation Russell 2000 lost -0.27%.
US equity markets settled narrowly mixed as an early rally in regional banking stocks faded, and with investors eyeing pivotal inflation figures later in the week - Dow eased -56-points or -0.17%, The broader S&P500 inched +0.05% higher, with Communication Services (up +1.27%) leading four of the eleven primary sectors higher thanks to solid gains from Google parent Alphabet Inc (+1.91%) and Walt Disney Co (+2.44%). The Nasdaq eked out a +0.18% gain to 12,256.91, its highest close since 12 September and enough to lift the technology centric index out of official bear market territory once again (up +20.01% from its 28 December closing low of 10,213.29). The last such exit from a bear market for the Nasdaq was 10 August last year and proved short-lived, with the index peaking just a few trading days later on 15 August before slumping back into a bear market - dropping 20% from that high - by 11 October. The small capitalisation Russell 2000 lost -0.31%. Amcor Plc fell over >2% in extended trading (after adding +0.38% in the regular session) after announcing it had signed a deal to buy Moda Systems, a maker of automated protein packaging machines. The packaging major did not disclose the size of the deal.
US equity markets rallied on Friday (5 May) to snap a four session losing streak, with regional bank shares rebounding from steep losses, and as investors digested the latest monthly jobs figures - Dow rallied +547-points or +1.65%, The broader S&P500 +1.85%, with Energy (up +2.75%), Information Technology (+2.71%), Financials (+2.44%) and Consumer Discretionary (+2.5%) gaining 2%+ to lead all elven primary sectors higher. The Nasdaq +2.25%. Apple Inc jumped +4.69% after posting better-than-expected first quarter numbers after the close of the previous session. Advanced Micro Devices (AMD) Inc gained +3.73% capping a two rebound of +9.84% that saw the chipmaker recoup a fall of over >9% last Wednesday (3 May) after better-than-expected first quarter headline numbers were overshadowed by an underwhelming outlook. The rebound came following a report that AMD was partnering with Microsoft Corp (+1.72%) to develop an in-house chip to handle artificial intelligence (AI) workloads. Microsoft has relied mostly on AMD’s larger rival Nvidia Corp (+4.06%) for its data-centre needs. The small capitalisation Russell 2000 rose +2.39%. Atlassian Corp fell -9.54% after the collaboration- and productivity-software company said late last Thursday (4 May) it expected business to get worse as companies keep cutting jobs. The company forecast revenue of US$900M to US$920M for the fiscal fourth quarter versus analysts’ consensus estimates for US$919.4M, stating in its letter to shareholders that cloud revenue faced “increasing macroeconomic impacts on paid seat [a paid user of Atlassian software] expansion from existing customers and new customer conversions, as well as headwinds in areas [where] we have yet to see significant impact.”
US equity markets retreated, with the benchmark indices extending losses into a fourth straight session - Dow dropped -287-points or -0.86%, dipping into the red for the year. The broader S&P500 fell -0.72%, with Financials (down -1.29%), Communication Services (-1.26%), Energy (-1.11%) and Industrials (-1.09%) all falling over >1% to lead nine of the eleven primary sectors lower. Real Estate (up +0.92%) and Utilities (+0.73%) were the only primary sectors to advance overnight. The Nasdaq lost -0.49%. Qualcomm Inc shed -5.54% after the chipmaker’s fiscal third quarter outlook released after the close of the previous session fell short of Wall Street estimates. Advanced Micro Devices Inc rallied +6.11% following a Bloomberg report that indicated the chip maker was working with Microsoft Corp (+0.33%) as it expands into processors for artificial intelligence. The small capitalisation Russell 2000 lost -1.18%.
US equity markets settled lower after a volatile session as investors digested the latest interest rate decision and monetary policy pronouncements from the Federal Reserve - Dow fell -270-points or -0.80%, The broader S&P500 lost -0.70%, with Energy (down -1.92%), Financials (-1.27%) and Materials (-1.11%) all fell over >1% to lead all eleven primary sectors lower. The Nasdaq eased -0.45%. Advanced Micro Devices Inc dropped -9.22% The small capitalisation Russell 2000 rose +0.41%.
US equity markets declined under the weight of fresh falls for regional banks and the energy sector - Dow down -367-points or -1.08%, The broader S&P500 lost -1.16%, with Energy (down -4.28%) and Financials (-2.30%) leading ten of the eleven primary sectors lower. Consumer Discretionary (+0.16%) was the only primary sector to settle in positive territory. The technology-centric Nasdaq fell -1.09%. The small capitalisation Russell 2000 dropped -2.10%.
US equity markets slipped in muted trading, giving up modest early gains as investors pondered the news that JPMorgan Chase & Co (up +2.14%) had agreed to buy the bulk of embattled of Californian lender First Republic Bank - Dow eased -46-points or -0.14%, unwinding an earlier rally of as much as +160-points. The broader S&P500 dipped -0.04%, with Energy (down -1.26%) and Consumer Discretionary (-1.06%) leading seven of the eleven primary sectors lower. Healthcare (up +0.59%) and Industrials (+0.55%) were the leading primary sector performers overnight. The Nasdaq slipped -0.11% to 12,212.60, with Amazon.com Inc down -3.22% and extending its two day slide to over >7% since the release of the e-commerce and cloud-computing giant’s first quarter result. However, chipmaker Nvidia Corp gained +4.18%. The technology-centric index has been in a bear market for 138 trading days, and needed to close above >12,255.95 to exit bear-market territory, according to Dow Jones Market Data. The small capitalisation Russell 2000 eked out a +0.01% gain.
US equity markets advanced on Friday (28 April) despite another crushing session for First Republic Bank, with investors continuing to digest corporate earnings and the latest inflation reports - Dow rose +272-points or +0.80%, The broader S&P500 gained +0.83%, with Energy (up +1.47%), Financials (+1.19%), Real Estate (+1.15%), Materials (+1.13%) and Information Technology (+1.07%) rising over >1% to lead nine of the eleven primary sectors higher. Utilities (down -0.19%) and Consumer Discretionary (-0.04%) were the only primary sectors to settle in the red. Both the Dow and S&P500 logged their best single session advance since 6 January. The Nasdaq added +0.69% to settle at 12,226.58, logging its best single session gain since 16 March and marking the highest close for the technology-centric index since 12 September, 2022. Intel Corp rallied +4.02% as the once dominant chipmaker posted first quarter numbers after the closing bell of last Thursday’s (27 April) session that were a touch a head of consensus analyst forecasts. However, Amazon.com Inc fell -3.98% after the e-commerce and cloud-computing giant’s first quarter headline numbers released after the close of the previous session comfortably surpassed consensus estimates, but with analysts concerned about revenue growth in the Cloud unit. The small capitalisation Russell 2000 lost -0.49%.
Strong first quarter earnings from technology majors fuelled the best rally for US equity markets since January - Dow gained +524-points or +1.57%, The broader S&P500 rallied +1.96% to log its best single session gain since 6 January, with Communications Services (up +5.53%) the clear outperformer and underpinned by Meta Platforms Inc soaring +13.93% after Facebook’s parent company reported better-than-expected earnings per share (EPS) of US$2.20 for the first quarter after the close of the previous session and provided a revenue forecast that suggested reinvigorated sales growth. Consumer Discretionary (+2.77%), Real Estate (+2.43%) and Information Technology (+2.17%) all gained over >2% amid a broad-based rally that saw all eleven primary sectors advance. The Nasdaq jumped +2.43%, with Microsoft Corp up +3.20% and Alphabet Inc +3.75%. The small capitalisation Russell 2000 gained +1.20%.
US equity markets mixed as strong earnings from some technology heavyweights competed with persistent concerns around the banking sector - Dow fell -229-points or -0.68%, unwinding an earlier gain of over >100-points. Home Depot Inc (down -2.79%), Honeywell International (-2.58%) and Merck & Co Inc (-2.66%) all declined over >2.5%. The broader S&P500 eased -0.38%, with Utilities (down -2.37%) leading ten of the eleven primary sectors lower. Information Technology was the sole standout performer with a +1.78% gain. The Nasdaq rose +0.47%, paring an earlier rally of ~1.4%. Microsoft Corp rallied +7.24% after the software giant released first quarter earnings per share (EPS) and revenue after the close of the previous session that topped Wall Street’s estimates, underpinned by strong Cloud demand. The company ell narrowly short of topping its daily record for market-capitalisation gains, adding +US$148.34B in market cap overnight – just shy of the company’s record one-day market-cap haul of US$150.37B achieved 13 March, 2020. It also marked the seventh-largest daily increase in market value for a U.S. company, according to Dow Jones Market Data. Microsoft also shrugged off news that the U.K.’s Competition and Markets Authority would prohibit the company from merging with Activision Blizzard Inc (down -11.45%), a decision Microsoft plans to appeal. Google parent Alphabet Inc slipped -0.15% after trading in positive territory for most of the session despite the Google parent posting better-than-expected first quarter EPS after the close of the previous session. The small capitalisation Russell 2000 lost -0.89%.
US equity markets retreated amid a flood of corporate earnings releases and with investors eying results from some technology majors after the closing bell - Dow fell -344-points or -1.02%, The broader S&P500 lost -1.58%, with Materials (down -2.15%), Information Technology (-2.09%) and Consumer Discretionary (-2.05%) down over >2% and leading all eleven primary sectors lower. The Nasdaq dropped -1.98% to 11,799.16, marking the technology-centric indice’s lowest settlement since 28 March. The small capitalisation Russell 2000 slumped -2.40%.
US equity markets edged higher in what was another muted session to conclude the week as investors assessed mixed earnings from corporate America and political negotiations over the country’s debt ceiling - Dow added +22-points or +0.07%, The broader S&P500 edged +0.09% higher, with the Consumer Discretionary (up +1.20%) leading six of the eleven primary sectors higher. The Materials (down -0.90%) and Energy (-0.59%) sectors sat at the foot of the primary sector leaderboard on Friday (21 April). The Nasdaq +0.11%. Meta Platforms Inc dipped -0.08% after Chief Executive Officer (CEO) Mark Zuckerberg reportedly said the company may not be through laying off workers, as its latest round of 4,000 landed this week and another batch looms for Ma. The small capitalisation Russell 2000 +0.10%.
US equity markets retreated following some mixed corporate earnings releases - Dow fell -110-points or -0.33%. The broader S&P500 -0.60%, with Consumer Discretionary (down -1.48%), Real Estate (-1.19%) and Energy (-0.89%) lead ten of the eleven primary sectors lower. Consumer Staples (up +0.06%) was the only primary sector to eke out a gain. Tesla Inc dropped -9.75% as Chief Executive Officer (CEO) Elon Musk made clear he was willing to sacrifice margins in a push for market share in statements made following the release of the electric vehicle manufacturer’s first quarter result released after the close of the previous session. The Nasdaq lost -0.80%. Meta Platforms Inc fell -1.22% but still overtook Tesla Inc in market capitalisation terms for the first time since 20 December 2021. Meta is now the seventh largest public US company by market capitalisation at US$552.4B, pushing Tesla back to eighth spot (US$515.7B). The small capitalisation Russell 2000 lost -0.54%.
US equity markets little changed for a second consecutive session as investors assessed the latest round of quarterly earnings releases, including from a couple of Dow components - Dow fell -80-points or -0.23%. Walt Disney Co fell -2.16% after Bloomberg reported that the media and entertainment giant was planning to lay off thousands of employees next week, including ~15% of the entertainment division’s workforce. The broader S&P500 dipped -0.01%, with Communication Services (down -0.72%) leading six of the eleven primary sectors lower. The more defensive sectors outperformed overnight, with Utilities (up +0.78%) and Real Estate (+0.55%) sitting at the top of the primary sector leaderboard. United Airlines Holdings Inc rallied +7.50% after the carrier projected stronger-than-expected second quarter and full year earnings after the close of the previous session. The Nasdaq eked out a +0.03% rise. Netflix Inc fell -3.17% after the streaming giant provided a disappointing second quarter outlook after the close of the previous session. The small capitalisation Russell 2000 added +0.22%.
US equity markets settled little changed overnight, struggling for direction as the first quarter corporate earnings season ramps up - Dow dipped -11-points or -0.03%, The broader S&P500 inched +0.09% higher, with Industrials (up +0.46%), Energy (+0.45%), Information Technology (+0.41%) and Materials (+0.40%) all up 0.4%+ and leading seven of the eleven primary sectors higher. The Nasdaq -0.04%. Meta Platforms Inc fell -0.44%, with Vox reporting that the company is expected to cut a further 4K jobs on Wednesday (19 April) in the latest round of layoffs. Meta Chief Executive Mark Zuckerberg has announced Meta’s intention to eliminate 10,000 jobs this northern hemisphere spring The small capitalisation Russell 2000 lost -0.40%.
US equity markets shook off a mixed opening to the first session of the week to push higher in the final hour of trading and settle with modest gains ahead of the first quarter earnings season shifting fully into gear this week - Dow rose +101-points or +0.30%, The broader S&P500 added +0.33%, with Real Estate (up +2.23%) and Financials (+1.04%) leading eight of the eleven primary sectors higher. Communication Services and Energy were the worst performing primary sectors overnight, both declining -1.27%. The Nasdaq +0.28%. Google parent Alphabet Inc fell -2.66% after The New York Times reported that Samsung is weighing making Bing its default search engine. The small capitalisation Russell 2000 rallied +1.22%.
US equity markets retreated on Friday (14 April) as investors assessed a weak retail sales report and some hawkish comments from Federal Reserve Governor Christopher Waller that dented enthusiasm around a stronger-than-expected start to the first quarter corporate earnings season - Dow fell -143-points or -0.42%, Boeing Co dropped -5.56% after the company warned after the close of the previous session that a manufacturing hang-up could cause problems for production and delivery of “a significant number” of 737 Max planes. The broader S&P500 eased -0.21%, with the more defensive sectors leading the declines. Real Estate (down -1.68%), Utilities (-1.11%) and Health Care (-0.79%) were the worst performing sectors on Friday (14 April), leading seven of the eleven primary sectors lower. Financials (up +1.05%) sat atop the primary sector leaderboard. The Nasdaq fell -0.35%. The small capitalisation Russell 2000 lost -0.86%.
US equity markets erased earlier gains in the final hour of trading following the release of the Federal Reserve’s March monetary policy meeting minutes, and as investors digested the latest inflation figures.- Dow slipped -38-points or -0.11%, snapping a four session winning streak after unwinding an earlier rally of over >200-points. International Business Machines (IBM) Corp (down -1.44%) is considering selling its weather operation, the Wall Street Journal (WSJ) reported after the market close. Any sale would come as IBM tries to become a leaner company trained on artificial intelligence (AI) and cloud infrastructure, the WSJ noted. The broader S&P500 eased -0.41% albeit recording its biggest intraday move in approximately three weeks, with the index swinging nearly 50 points from its intraday high to low. Consumer Discretionary (down -1.54%) led seven of the eleven primary sectors lower. Industrials (up +0.3%) sat atop the primary sector leaderboard overnight. American Airlines Group Inc dropped -9.22% after the carrier released weaker-than-expected updated guidance for the first quarter. The company now projects adjusted earnings per share (EPS) of US$0.01c to US$0.05c for the quarter, above prior guidance of breakeven, but below the average analyst projection for US$0.05c. United Airlines Holdings Inc shed -6.50%. The technology-centric Nasdaq lost -0.85%. The small capitalisation Russell 2000 fell -0.72%.
US equity markets mixed ahead of the release of the latest monthly inflation figures tonight AEST - Dow rose +98-points or +0.29%, extending the 30-stock index’s gain into a fourth straight session. The broader S&P500 settled flat, with every sector in positive territory except Information Technology (down -1.03%) and Communication Services (-0.43%). Energy (+0.89%) sat atop the primary sector leaderboard overnight. Moderna Inc shed 3.06% after the biotech firm hosted a virtual investor conference and said it’s delaying its ‘flu vaccine. The Nasdaq eased -0.43%, with Microsoft Corp (down -2.27%) and Amazon.com Inc (-2.20%) both declining over >2%. The small capitalisation Russell 2000 climbed +0.80%.
US equity markets resumed trading after the Good Friday long weekend with modest gains, climbing in the final hour of the session as investors digested last Friday’s (7 April) non-farm payrolls report and eyed the latest inflation figures and the start of the first quarter earnings season later this week – Dow rose +101-points or +0.30%. The Wall Street Journal (WSJ) reported Friday (7 April) that Exxon Mobil Corp (down -0.44%) has held informal talks with Pioneer Natural Resources Co (up +5.79%) about a possible acquisition. If a deal happens, it likely won’t come until later this year or next year, the WSJ report said. The broader S&P500 edged +0.10% higher, with Industrials (up +0.90%) and Energy (+0.65%) leading six of the eleven primary sectors higher overnight. Tesla Inc lost -0.30% after the company announced another round of price cuts on some vehicles in an attempt to spur demand. The electric vehicle maker also confirmed plans to build a megapack battery factory in Shanghai capable of assembling 10,000 giant batteries annually. The Nasdaq dipped -0.04% after dropping as much as -1.40% earlier in the session, with Apple Inc down -1.60% after market intelligence provider International Data Corp reported that global personal-computer shipments sank 29% from a year ago on weak demand, excess inventory and a worsening economic environment. Google parent Alphabet Inc lost -1.83%. Micron Technology Inc rallied +8.04% after its rival Samsung Electronics announced that it plans to cut memory chip production in the near term. A number of Wall Street analysts said the move could accelerate a return to supply-demand balance and potential rebound in the chipmaking sector. The small capitalisation Russell 2000 edged 0.13% higher. Tupperware Brands Corp sank -48.76% after the food-storage products maker issued a going-concern warning late Friday (7 April), saying it had hired financial advisers to help steer it through near-term challenges.
US equity markets weaker following a pair of soft economic reports - Dow added +80-points or +0.24%. The broader S&P500 slipped -0.25%, with Consumer Discretionary (down -2.04%) leading seven of the eleven primary sectors lower. The more defensive Utilities (up +2.57%) and Health Care (+1.73%) sectors sat at top of the primary sector leaderboard, while the Energy sector rose +1.42%. FedEx Corp rose +1.52% after the logistics giant announced plans to consolidate its operating companies into one organisation as part of an initiative called ‘Drive’, with the transition expected to be fully implemented in June 2024. The company expects the overall initiative to drive US$4B in permanent cost reductions in fiscal 2025. FedEx also plans to boost its annual dividend by +10% to US$0.44c per share. Costco Wholesale Corp fell over >2% in extended trading (after slipping -0.12% in the regular session) after the membership warehouse retailer reported its first monthly same-store sales (SSS) drop (down -1.1%) in nearly three years in March. The Nasdaq lost -1.07%, extending the technology centric indice’s decline into a third straight session. The small capitalisation Russell 2000 lost -0.99%.
US equity markets retreated as investors weighed fresh declines in factory orders, and data hinting at a softening labour market ahead of Friday’s (7 April) March jobs report - Dow fell -199-points or -0.59%. Walmart Inc slipped -~0.9% in extended trading (after falling -0.98% in regular trading) after the world’s largest retailer reiterated its guidance for the first three months of the 2023 and the full year at its investor day. In February, the Walmart forecast consolidated net sales in the first quarter to be 4.5% to 5% higher than a year ago, and adjusted earnings per share (EPS) of US$1.25-US$1.30. Johnson and Johnson rose over >2.5% in extended trading (extending a +1.05% rise in the regular session) after said it will pay US$8.9B over the next 25 years to settle allegations that the company’s baby powder and other talc products caused cancer. The company proposed the settlement in a securities filing. J&J’s subsidiary LTL Management also refiled for Chapter 11 bankruptcy protection after its first attempt was thwarted, the filing said. The broader S&P500 -0.58%, with Industrials (down -2.25%) and Energy (-1.72%) leading seven of the eleven primary sector lower. Ford Motor Co (up +0.32%) reported a +10.1% bump in U.S. vehicle sales during the first quarter as it sold 475,906 units. The Nasdaq -0.52%. The small capitalisation Russell 2000 lost -1.81%.
Both the Dow and S&P500 extended their rally into a fourth consecutive session as investors digested news of surprise crude production cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and their key producing allies (a group known as OPEC+) that saw oil prices soar and potentially muddy the inflation picture - Dow gained +327-points or +0.98%. Health insurance giant UnitedHealth Group Inc was the leading index performer, rallying +4.57% after the Center for Medicare & Medicaid Services on Friday (31 March) announced updated payment rates. The agency said that Medicare Advantage plans would see an increase in revenue of more than 3% from 2023 to 2024. The advance notice of the payment scale had pegged the increase at just over 1%. Separately, Chevron Corp gained +416%, tracking strong crude prices. Walmart Inc (+0.84%) convenes a two-day investor meeting beginning tonight AEST . The broader S&P500 added +0.37%, with Energy (up +4.91%) the clear outperformer and leading seven of the eleven primary sectors higher. Marathon Oil Corp jumped +9.93% and Conocophillips +9.26%. Tesla Inc fell -6.12% after reporting on Sunday (2 April) that it delivered 422,875 vehicles in the first quarter, just shy of the 432K units projected by analysts. The technology centric Nasdaq eased -0.27%. The small capitalisation Russell 2000 dipped -0.01%.
US equity markets staged a broad-based rally on Friday (31 March) to close out a volatile March with monthly and quarterly gains - Dow gained +415-points or +1.26%. McDonald’s Corp (+up 0.66%) is temporarily closing its U.S. offices this week as it prepares to inform corporate employees about its layoffs as part of a broader company restructuring, The Wall Street Journal reported on Sunday (2 April).The broader S&P500 rose +1.44%, with Consumer Discretionary (up +2.62%), Real Estate (+2.18%) and Communications Services (+2.08%) all gaining over >2% to lead all eleven primary sectors higher. Tesla Inc (up +6.24%) reported on Sunday (2 April) that it delivered 422,875 vehicles in the first quarter, just shy of the 432K units projected by economists. The electric vehicle manufacturer also reported production of 440,808 units for the quarter. Tesla is due to report first-quarter earnings after the close of trading on 19 April. The technology-centric Nasdaq rallied +1.74%. The small capitalisation Russell 2000 climbed +1.93%. US equity and bond markets are CLOSED on Friday night AEST (7 April) for Good Friday.
US equity markets mostly advanced as investors welcomed waning signs of banking sector stress - Dow rose +195-points or +0.60%, with International Business Machines (IBM) Corp (up +3.21%) and JPMorgan Chase & Co (+2.87%) among the notable positive contributors. The broader S&P500 added +0.20%, with the Energy (up +2.10%) leading eight of the eleven primary sectors higher. Communication Services (down -1.08%) and Information technology (-0.85%) sat at the bottom of the primary sector leaderboard. The Nasdaq settled -0.47% lower. Apple Inc fell -1.23%, with a filing with the Securities and Exchange Commission (SEC) revealing that Chief Operating Officer (COO) Jeff Williams sold US$30M in stock last week. Mr Williams sale of 187,730 shares at an average price of US$159.76 was made in conjunction with a 10b5-1 trading plan, which lets executives and other company insiders arrange for stock sales to take place under certain conditions like timing and pricing. The small capitalisation Russell 2000 rose +1.08%.
US equity markets advanced after another volatile session as investors tried to shake off latest bank fears - Dow up +132-points or +0.41%. The broader S&P500 rose +0.56%, with more defensive sectors outperformed. Utilities (up +3.12%) and Real Estate (+2.57%) both rose over >2.5% to lead nine of the eleven primary sectors higher. Consumer Discretionary (down -0.35%) and Financials (-0.06%) were the only primary sectors to settle in the red. The Nasdaq added +0.31%. The small capitalisation Russell 2000 gained +0.85%. Block Inc fell -1.94%, extending the previous session’s -14.82% tumble after short seller Hindenburg Research announced that the payment company was its latest short position, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.
US equity markets rallied as investors welcomed a renewed sense of calm following recent unrest in the banking sector - Dow rose +316-points or +0.98%. The broader S&P500 reclaimed the 4,000 mark, settling +1.30% higher at 4,002.87. It marked the indice’s first close above >4,000 since 6 March. Energy (up +3.45%) led eight of the eleven primary sectors higher, with Consumer Discretionary (+2.71%), Financials (+2.47%) and Communication Services (+2.45%) all rising over >2%. The more defensive sectors underperformed, with Utilities down -2.06%, Real Estate -0.66% and Consumer Staples -0.12%. Tesla Inc popped +7.82% after Moody’s upgraded Tesla to Baa3 rating from its junk-rated credit. Moody’s called the electric-vehicle maker the “foremost manufacturers of battery electric vehicles” and said the upgrade reflects Tesla’s prudent financial policy and management’s operational track record. The Nasdaq gained +1.58%. Nvidia Corp (up +1.15%) hosted its annual GTC developer conference overnight, with the chipmaker’s Chief Executive Officer (CEO) Jensen Huang announcing a wide-ranging set of partnerships and products that enable the latest wave of artificial intelligence (AI) services. Mr Huang said Nvidia’s “biggest collaboration” is its partnership with Google Cloud Platform. The small capitalisation Russell 2000 gained +1.88%.
US equity markets rebounded amid optimism that the banking sector crisis may be easing, and with the Federal Reserve’s latest monetary policy meeting getting underway tonight AEST - Dow rebounded +383-points or +1.20%, recouping last Friday’s (17 March) losses and logging its best single session percentage gain since 6 January. The broader S&P500 +0.89%, wit Energy (up +2.11%) and Materials (+2.01%) up over >2% and leading all eleven primary sectors higher. The Nasdaq +0.39%. Amazon.com Inc settled -1.25% lower after the company announced a further 9,000 layoffs over the next few weeks. The move primarily affects Amazon Web Services, People Experience and Technology Solutions, advertising and Twitch. The small capitalisation Russell 2000 gained +1.11%.
US equity markets retreated as concerns re-emerged around the stability of the banking sector - Dow fell -385-points or -1.19%, The broader S&P500 -1.10%, with Financials (down -3.29%) leading all eleven primary sectors lower on Friday 17 March). FedEx Corporation rallied +7.97% after the economic bellwether posted fiscal third quarter earnings after the close of the last Thursday’s (16 March) session that comfortably topped Wall Street estimates. The Nasdaq lost -0.74%. The small capitalisation Russell 2000 lost -2.56%.
US equity markets rallied as an agreement by a group of big banks to deposit US$30B with troubled lender First Republic Bank helped soothe fears of a rolling banking crisis - Dow gained +372-points or +1.2%, The broader S&P500 rose +1.80%, with Information Technology (up +2.82%) and Communication Services (+2.77%) rallying over >2.5% to lead nine of the eleven primary sectors higher. Consumer Staples (down -0.07%) and Real Estate (-0.06%) were the only primary sectors not to advance. Charles Schwab Corp fell -2.8% despite executives disclosing that they had bought nearly US$7M worth of the financial-services giant’s beaten-down stock. The Nasdaq continued to outperform, rallying +2.50%. The technology-centric index is up +5.19% thus far this week and is on track to log its best week of the calendar year-to-date. Adobe Inc gained +5.90% after the software company topped Wall Street expectations for the first quarter after the close of the previous session. Intel Corp climbed +6.23% after analysts at Susquehanna unwound their bearish call on the chip maker, writing that “things are moving enough in the right direction.” Nvidia Corp rallied +5.42%. The small capitalisation Russell 2000 lost -0.49.
US equity markets as regulators closed SVB Financial Group ‘s Silicon Valley Bank (SVB) and the Federal Deposit Insurance Corp took control on Friday (10 March), marking the largest demise of a U.S. bank since the 2008 financial crisis. The news somewhat overshadowed the latest monthly jobs report - Dow fell -345-points or -1.07%, its fourth straight day of declines to record its longest losing streak since December. Boeing Co (up +0.91%) was one of the few stocks to advance after U.S. aviation regulators cleared the aerospace and defence company to resume deliveries of its 787 Dreamliner jets. “The FAA may resume issuing airworthiness certificates next week,” a Federal Aviation Administration spokesperson said. The broader S&P500 lost -1.45%, with all eleven primary sectors settling in the red for a second consecutive session. Real Estate (down -3.25%) and Materials (-2.15%) were the worst performing sectors on Friday (10 March). Financials fell -1.76%, extending declines for the sector over the past two sessions to almost 6%. Goldman Sachs Group Inc shed -4.22% (extending the previous session’s -2.06% decline). Oracle Corp fell -3.22% after the software company reported fiscal third quarter revenue after the close of the previous session that fell a touch short of analysts’ expectations. The Nasdaq -1.76%. The small capitalisation Russell 2000 dropped -2.95%.
US equity markets declined as investors turned their attention to tonight’s AEST latest official jobs figures - Dow fell -544-points or -1.66% to 32,255, closing below its 200-day moving average for the first time since 9 November last year The broader S&P500 -1.85%, Financials (down -4.17%) led all eleven primary sectors lower, with the sector posting its worst single-session decline since June 2020. All of the Materials (-2.54%), Consumer Discretionary (2.36%), Real Estate (-2.29%), and Communication Services (-2.22%) fell over >2%. The Nasdaq shed -2.05%. The small capitalisation Russell 2000 lost -2.81%.
US equity markets rallied, recording their biggest one-day gains in at least a month on Friday (3 March) after Treasury yields retreated from recent highs ahead of a week that sees the US labour market take centra stage - Dow gained +387-points or +1.17%, The broader S&P500 rose +1.61%, with Information Technology (up +2.14%), Consumer Discretionary (+2.12%) and Communication Services (+2.10%) gaining over >2% to lead all eleven primary sectors higher. The Nasdaq rallied+1.97%. The small capitalisation Russell 2000 gained +1.35%.
A mixed start to March for US equity markets - Dow inched +5-points higher. 3M Co gained +2.29%, rebounding from a five month low after the maker of consumer, industrial and healthcare products said the U.S. Department of Defence’s records show that the “vast majority” of the 175,000 claimants in litigation over the company’s Combat Arms earplugs have “no hearing impairment” under American Medical Association standards. Some analysts had estimated potential liabilities from the litigation at ~US$14B. Caterpillar Inc rallied +3.81% after the construction- and mining-equipment maker said it reached a six-year “tentative labour agreement” with the United Autoworkers (UAW) union. The broader S&P500 eased -0.47%, with Utilities (down -1.72%), Real Estate (-1.49%), and Consumer Discretionary (-1.28%) all down over >1% and leading eight of the eleven primary sectors lower. Energy (up +1.94%) sat atop the primary sector leaderboard. Tesla Inc fell over >2.5% in extended trading (extending a -1.43% decline in the regular session) as the electric vehicle manufacturer’s Investor Day got underway. The Nasdaq lost -0.66%. The small capitalisation Russell 2000 eked out a +0.07% gain.
US equity markets settled with modest gains after the benchmark indices recorded their worst weekly performance of 2023 last week - Dow added +72-points or +0.22%, The broader S&P500 gained +0.31%, with Consumer Discretionary (up +1.18%) and Industrials (+0.83%) leading seven of the eleven primary sectors higher overnight. More defensive sectors underperformed, with Utilities (down -0.77%), Health Care (0.31%) and Consumer Staples (-0.18%). Railroad operator Union Pacific Corp rallied +10.09% after the company announced that Chief Executive Officer (CEO) would step down in 2023, prompting an upgrade from Bank of America. Tesla Inc rose +5.46% following a Reuters report that the company’s Brandenburg plant in Germany hit a production rate of 4,000 vehicles per week ahead of schedule, quadrupling from May. The electric vehicle manufacturer hosts an Investor Day on Wednesday night AEST (1 March) Albemarle Corp rose +3.01% after Wells Fargo named the specialty chemicals company a signature pick, noting: “ALB remains our preferred growth name in chemicals, given its position as one of the world’s largest low-cost lithium suppliers.” The Nasdaq rose +0.63%. The small capitalisation Russell 2000 settled +0.31% higher.
US equity markets fell on Friday (24 February) to wrap up their worst weekly performance of 2023 as the latest economic data was seen cementing expectations the Federal Reserve will continue lifting its key interest rate above >5% in its effort to bring down inflation - Dow down -337-points or -1.02%, dropping over >500-points at its session lows on Friday (24 February). Boeing Co fell -4.8% following confirmation after the close of the previous session that the airplane maker had temporarily halted deliveries of the 787 Dreamliner to conduct additional analysis on a fuselage component. Home Depot Inc (down -0.89%) and Microsoft Corp (-2.18%) were other notable index drags. The broader S&P500 fell -1.05%, with Real Estate (down -1.82%), Information Technology (-1.77%) and Consumer Discretionary (-1.56%) all down over >1.5% to lead nine of the eleven primary sectors lower. Materials (up +0.65%) and Financials (+0.10%) were the only primary sectors to advance. Adobe Inc fell -7.63% after a Bloomberg report, citing people familiar with the matter, said the U.S. Justice Department is preparing a lawsuit to block the company’s $20B acquisition of start-up Figma. The Nasdaq shed -1.69%. Nvidia Corp lost -1.60% Goldman Sachs upgraded the chipmaker on the back of its fourth-quarter results. The small capitalisation Russell 2000 lost -0.92%.
US equity markets modesty weaker as investors digested the minutes of the Federal Reserve’s most recent monetary policy meeting - Dow eased -85-points or -0.26%, The broader S&P500 slipped -0.16% to extend losses into a fourth straight session, with Real Estate (down -1.02%) and Energy (-0.77%) leading nine of the eleven primary sectors lower. Materials (up +0.68%) and Consumer Discretionary (+0.52%) were the only primary sectors to advance. The Nasdaq added +0.13%. Intel Corp fell -2.26% after the struggling chipmaker cut its dividend by more than >60% to US$0.125c per share. The small capitalisation Russell 2000 gained +0.34%.
US equity and bond markets were CLOSED overnight in observance of the Presidents Day holiday.
On the geopolitical front, tensions between the US and China were ratcheted up as US Secretary of State Antony Blinken warned top Chinese diplomat Wang Yi of consequences should Beijing provide material support to Russia's invasion of Ukraine after the men met on the sidelines of the Munich Security Conference.
London's FTSE 100 edged +0.12% higher, with the major miners enjoying a solid session. Anglo American Plc rose +3.99%, Glencore Plc +1.96% and Rio Tinto Plc +2.97%. Antofagasta Plc (up +1.70%), HSBC Group Holdings Plc (-0.06%), Intercontinental Hotel Group Plc (unchanged) and Smith & Nephew Plc (up +0.56%) release full year results tonight AEST (21 February), while Virgin Money UK hosts its Annual General Meeting (AGM). In UK economic data, flash readings of the S&P Global/CIPS Manufacturing Services PMIs for February are released tonight AEST.
US equity markets mostly weaker on Friday (17 February) as robust economic data and hawkish commentary from Federal Reserve officials continued to fan investor fears that the Federal Reserve will need to apply a brake to the US economy for longer than anticipated just last month - Dow rose +130-points or +0.39%, with biotechnology company Amgen Inc (up +2.69%) and diversified health care company UnitedHealth Group Inc (+2.41%) among the leading index performers. The broader S&P500 eased -0.28%, with Energy (down -3.65%) the major drag. The more defensive Consumer Staples (+up +1.29%) and Utilities (+1.00%) outperformed. Tesla Inc rose +3.10%, with Bloomberg reporting after the close that the electric vehicle manufacturer is considering buying Canadian miner Sigma Lithium Corp (down -2.64%). Tesla has been talking with advisers about a potential bid, and Sigma Lithium is one of “multiple mining options” being explored, the report said. The Nasdaq fell -0.58%. Meta Platforms Inc (up +0.26%) announced a new paid verification subscription service called Meta Verified over the weekend. For US$11.99 per month on the web and US$14.99 per month on iOS, users on Meta’s Instagram and Facebook platforms will be able to submit their government ID and get a blue verification badge. The service will be introduced in Australia and New Zealand this week, and more countries will follow, CEO Mark Zuckerberg said. The small capitalisation Russell 2000 added +0.21%.
US equity markets retreated amid fresh evidence of stubborn inflation, and following some hawkish commentary from Federal Reserve speakers - Dow fell -431-points or -1.3%, Microsoft Corp and Walt Disney Co contributed the most to the Dow’s decline, down -2.66% and -3.12% respectively. The broader S&P500 shed -1.4%, with Consumer Discretionary (down -2.16%), Information Technology (-1.75%) and Communication Services (-1.55%) all down over >1.5% to lead all eleven primary sectors lower. Bank of America Corp (down -0.79%) is planning to cut jobs in its investment bank, according to a Bloomberg News report, albeit the cuts could affect less than 200 banking globally according to people familiar with the matter. Tesla Inc fell -5.69% after the company issued a voluntary recall notice for 362,758 vehicles in the US equipped with the company’s experimental driver-assistance software, which is marketed as Full Self-Driving Beta or FSD Beta. The electric vehicle manufacturer will deliver an over-the-air software update to cars to address the issues. The FSD Beta system may cause crashes by allowing the affected vehicles to: “Act unsafe around intersections, such as traveling straight through an intersection while in a turn-only lane, entering a stop sign-controlled intersection without coming to a complete stop, or proceeding into an intersection during a steady yellow traffic signal without due caution,” according to a safety recall report on the website of the National Highway Traffic Safety Administration. The Nasdaq dropped -1.78%. Cisco Systems Inc rallied +5.24% after reported better-than-expected fourth quarter earnings per share (US0.88c versus consensus estimates for US$0.86c) and revenue (US$13.59B versus consensus US$13.43B) after the close a day earlier. Roku Inc soared +11.15% after the streaming service reported a narrower-than-expected fourth quarter loss per share (-US$1.70 versus consensus US$1.73), and better-than-expected revenue after the close of the previous session. The small capitalisation Russell 2000 lost -0.96%.
US equity markets advanced as investors digested stronger-than-expected retail sales figures for January, the latest in a string of economic data that has fuelled investor bets that the Federal Reserve will have to raise interest rates further to curb inflation - Dow edged +39-points or +0.11%, rallying more than >250-points from its intrasession low. The broader S&P500 +0.28%, with Communication Services (+1.017%) and Consumer Discretionary (+1.16%) both rising over >1% to lift nine of the eleven primary sectors. Energy (down -1.78%) and Health Care (-0.51%) settled in the red. The Nasdaq +0.92%. Airbnb Inc jumped +13.35% after reporting record fourth-quarter revenue and profit after the close of the previous session to achieve its first profitable year. The small capitalisation Russell 2000 rose +1.09%.
US equity markets advanced as investors’ attention turned to tonight’s AEST January inflation figures - Dow rose +377-points or +1.11%, underpinned by solid gains for Microsoft Corp (up +3.12%), Nike Inc (+2.39%), Salesforce (+2.42%) and Intel Corp (+2.70%). The broader S&P500 climbed +1.14%, with Information Technology (up +1.77%), Consumer Discretionary (+1.46%), Consumer Staples (+1.17%), Financials (+1.10%) and Communication Services (+1.10%) all rising over >1% and leading ten of the eleven primary sectors higher. Energy (down -0.61%) was the only primary sector not to advance overnight. Tesla Inc lost -1.14%. Even those losses combined with those from shorting Coinbase Global Inc (down -1.21%), Microsoft Corp and Lucid Group Inc (up +1.69%) still don’t reach the losses incurred by Tesla shorts. Data compiled by S3 partners shows hedge funds have lost US$7.56B shorting the electric vehicle manufacturer on a mark-to-market basis over the last 30 days. That’s more than double the losses incurred by the second-least profitable short on the list, Apple Inc (up +1.88%), at US$2.6B. The Nasdaq rallied +1.48%. Meta Platforms Inc rose +3.03% following a Financial Times report saying further job cuts could be in the pipeline. In November, the Facebook parent announced it was laying off around 11K employees, which equates to 13% of its staff. The small capitalisation Russell 2000 rose +1.07%.
US equity markets retreated on Friday (10 February) as investors digested mixed corporate earnings and eyed the latest inflation figures later this week - Dow rose +169-points or +0.50%, The broader S&P500 added +0.22%, with Energy (up +3.92%) leading eight of the eleven primary sectors higher. ConocoPhillips rallied +4.67% and ExxonMobil Corp +4.22%. The Nasdaq eased -0.61%. The small capitalisation Russell 2000 added +0.18%.
US equity markets retreated, reversing earlier session gains - Dow fell -249-points or -0.73%, unwinding an earlier rally of over >300-points. Walt Disney Co fell -1.27% after the entertainment giant topped fiscal first-quarter expectations, and Chief Executive Bob Iger announced significant restructuring plans after the close of the previous session. Activist investor Nelson Peltz also called time on his proxy fight against Disney. Salesforce Inc rose +2.38% following news after the close of the previous session that a fifth activist investor, Third Point LLC, had acquired a stake in the company. The broader S&P500 -0.88%, giving up an earlier ~0.9% gain. Communication Services (down -2.80%) was the worst performing sector for a second straight session and led all eleven primary sectors lower. Tesla Inc (up +3.00%) extended its rally into an eighth straight session and has more than doubled since touching a 52-week low. Elon Musk said the electric vehicle maker’s Master Plan 3 would be unveiled at the company’s annual meeting and investor event on 1 March. The Nasdaq -1.02%, having been ~1.4% higher earlier in the session. Google parent Alphabet Inc fell -0.69% (following a -7.68% drop in the previous session) a day after the company held an event to show off its new artificial intelligence (AI) chatbot called Bard, and as investors grew concerned around rising competition in the artificial intelligence (AI) space. Microsoft Corp (-1.17%) held an event to show off its own AI technologies in its competing search engine earlier in the week. The small capitalisation Russell 2000 lost -1.33%.
US equity markets advanced after a volatile session as investors digested the latest observations from Federal Reserve Chair Jerome Powell - Dow gained +266-points or +0.78%, The broader S&P500 +1.29%, with Energy (up +3.08%), Communication Services (+2.48%) and Information Technology (+2.46%) climbing over >2.5% to lead eight of the eleven primary sectors higher. The more defensive Consumer Staples (down -0.36%), Real Estate (-0.31%) and Utilities (-0.08%) settled in the red. More companies announcing job cuts, with eBay Inc (up +0.38%) flagging plans to cut 500 jobs or ~4% of its workforce, according to a filing with the Securities and Exchange Commission (SEC). Zoom Video Communications Inc jumped +9.85% after the company announced plans to cut about 1,300 employees, or ~15% of its workforce. Chief Executive Officer (CEO) Eric Yuan wrote in a blog post shared to the company’s website that as the world continues to adjust to life after the pandemic, the company needs to adapt to the “uncertainty of the global economy” as well as “its effect on our customers.” The Nasdaq outperformed with +1.90% rally. The small capitalisation Russell 2000 +0.76%.
US equity markets retreated as investors eyed a fresh rise in Treasury yields following last Friday’s (3 February) jobs report, and a speech from Federal Reserve Chair Jerome Powell tonight AEST - Dow slipped -35-points or -0.10%, paring an earlier decline of over >240-points. The broader S&P500 fell -0.61%, with Communication Services (down -1.31%), Information Technology (-1.22%) and Materials (-1.08%) all declining over >1% to lead nine of the eleven primary sectors lower. The more defensive Utilities (up +0.87%) and Consumer Staples (+0.02%) were the only primary sectors to advance. The Nasdaq lost -1.00%. Dell Technologies Inc fell -3.03% after joining the ranks of other technology companies slashing jobs, confirming in a regulatory filing that it will be reducing its workforce by 5%. The small capitalisation Russell 2000 declined -1.40%. After Bed Bath & Beyond BBBY more than doubled regular trading (before settling +92.13% higher), the company revealed plans to sell convertible preferred stock as well as warrants to purchase common shares and convertible preferred stock. The stock tumbled over >30% in after hours trading.
US equity markets retreated on Friday (3 February) as investors digested the latest jobs report and any monetary policy implications - Dow fell -128-points or -0.38% despite Apple Inc (up +2.44%) bucking the weaker trend following the release of their fourth quarter result after the closing bell of last Thursday’s (2 February) session that saw revenue, profit, and sales fall short of consensus forecasts for many of its lines of business. Apple recorded its first revenue decline (down -5% year-on-year to US$117.15B versus consensus US$121.10B) since 2016. The stock reversed earlier session decline of ~2%
US equity markets rallied as solid corporate earnings releases and encouraging inflation data pushed the S&P 500 to its best January since 2019 - Dow rose +369-points or +1.09%, The broader S&P500 gained +1.46%, with Materials and Consumer Discretionary both gaining +2.22% to lead all eleven primary sectors higher. PayPal Holdings Inc rose +2.32% following reports that Chief Executive Officer (CEO) Dan Schulman had sent an email to staff announcing plans to lay off ~2K employees or ~7% of the company’s workforce. PayPal said in August last year that it was targeting at least US$1.3B in cost savings during 2023. The technology-centric Nasdaq climbed +1.67%, cementing its best January performance since 2001 amid a broad-based rally in equities that saw some of 2022’s worst performers take the lead. The small capitalisation Russell 2000 gained +2.45%.
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 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.
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 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 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 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 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%.
US equity markets climbed on as Americans headed to the polling booths for the midterm elections, shrugging off a mid-afternoon dip - Dow rallied +334-points or +1.02%, The broader S&P500 rose +0.56%, with Materials (up +1.68%) leading ten of the eleven primary sectors higher. Consumer Discretionary (down -0.30%) was the only primary sector to settle in the red. The Nasdaq settled +0.49% higher. The small capitalisation Russell 2000 added +0.19%.
US equity markets advanced as US voters head to the polling booths tonight AEST for the midterm elections, and with investors eyeing inflation data later in the week - Dow +423-points or +1.31%. Walgreens Boots Alliance Inc gained +4.10% following reports that No. 2 U.S. pharmacy chain would invest ~US$3.5B to support the primary care provider VillageMD’s acquisition of urgent care provider Summit Health in a deal valued at nearly US$9B. Boeing Co (up +3.06%) was another notable Dow performer. The broader S&P500 +0.96%. The Nasdaq rose +0.85%. Apple Inc added +0.39% despite the tech company said iPhone production has been temporarily reduced because of COVID-19 restrictions in China. Meta Platforms Inc gained +6.53% a day after the Wall Street Journal report that said the company could start layoffs as soon as Wednesday (9 November). The small capitalisation Russell 2000 rose 0.64%. Carvana Co (down -15.64%) continued to tumble, with trading in the stock briefly halted after the on-line used car retailer reported disappointing third-quarter results after the closing bell of last Thursday’s (3 November) session.
US equity markets closed out a tough week on a positive note as investors parsed the latest monthly jobs report - Dow gained +402-points or +1.26%, The broader S&P500 climbed +1.36%, PayPal Holdings Inc fell -1.79% after the company trimmed their revenue full year guidance results after the closing bell of last Thursday’s (3 November) session, with Chief Executive Dan Schulman noting that PayPal was “seeing a pullback in discretionary goods that are being spent on by consumers.” The Nasdaq rose +1.28%. Meta Platforms Inc (up +2.11%) is planning to begin large-scale layoffs this week according to a report in The Wall Street Journal. The small capitalisation Russell 2000 +1.13%. BioNTech SE rose +6.24% after China approved the biotechnology company's mRNA COVID-19 vaccine for use among the expatriate population in the People's Republic of China. During German Chancellor Olaf Scholz's visit to Beijing, he and Chinese leader, Xi Jinping, also broached the subject of a pathway for approval of the vaccine for use among the wider Chinese population, The Wall Street Journal reported. Separately, BioNTech and partner Pfizer Inc (up +1.40%) said new data from a Phase 2/3 trial showed that the booster for companies' omicron BA.4/BA.5-adapted bivalent COVID-19 vaccine demonstrated a "robust neutralizing immune response" after one month. The companies said immune responses for those getting the booster were "substantially higher" than for those who only received the original COVID-19 vaccine, with similar safety and tolerability profiles. Carvana Co tumbled -38.95% to post its worst single session performance on record after the on-line used car retailer reported disappointing third-quarter results after the closing bell of last Thursday’s (3 November) session that prompted Morgan Stanley to pull their rating and price target on the company, citing deterioration in the used car market and a volatile funding environment. Friday also saw the expiration of weekly and daily options tied to single stocks, stock indexes and exchange-traded funds (ETFs).
The S&P500 and Nasdaq extended declines into a fourth day following a choppy session ahead of tonight’s AEST October jobs figures, with Treasury yields continuing to march higher - Dow down -147-points or -0.46%, The broader S&P500 lost -1.06%, with Information Technology (-3.00%) and Communication Services (-2.83%) again among the worst performing primary sectors. Energy sat atop the primary sector leaderboard with a +2.04% gain. The Nasdaq shed -1.73%. Qualcomm Inc dropped -7.66% after the chip maker released its third quarter result after the closing bell of the previous session and cut its full year earnings per share (EPS) outlook citing weakening handset sales. The small capitalisation Russell 2000 lost -0.53%.
US equity markets fell sharply late in the session, relinquishing earlier gains as investors digested the latest Federal Reserve monetary policy decision and a more-hawkish-than-expected tone from central bank Chair Jerome Powell - Dow fell -505-points or -1.44%, Boeing Co gained +2.90% after the planemaker’s Chief Executive Officer (CEO) said the company could generate US$10B in cash annually by mid-decade and expects to return cash to shareholders and will not need equity to get there after 2026. The broader S&P500 shed -2.50%, with Consumer Discretionary (-3.79%), Information Technology (-3.47%), and Communication Services (-3.04%) all declining over >3% to lead all eleven primary sectors lower. The Nasdaq tumbled -3.36%, with Amazon.com Inc (down -4.82%), Netflix Inc (-4.80%) and Meta Platforms Inc (-4.89%) all down almost 5%. The small capitalisation Russell 2000 dropped -3.36%.
US equity markets logged back-to-back losses ahead of the Federal Reserve’s latest interest rate decision and monetary policy pronouncements tomorrow morning AEST (3 November) - Dow eased -80-points or -0.24%, The broader S&P500 -0.41%, with Communication Services (down -1.81%) and Consumer Discretionary (-1.35%) both down over >1% to lead six of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard with a +0.99% gain. The Nasdaq -0.89%. The small capitalisation Russell 2000 added +0.25%.
US equity markets retreated on the final trading day of the month, however the Dow Jones Industrial Average still recorded its largest monthly percentage gain since January 1976 - Dow eased -129-points or -0.39%, The broader S&P500 -0.75%, with Communication Services (down -1.68%) and Information Technology (-1.34%) both losing over >1% to lead ten of the eleven primary sectors higher. Energy (up +0.60%) was the only primary sector to advance overnight. The Nasdaq fell -1.02%, with Big Tech under fresh pressure. Meta Platforms Inc fell -6.09% to hit a fresh 52-week low, Alphabet Inc -1.85% and Microsoft Corp -1.59%. The small capitalisation Russell 2000 lost -0.49%.
US equity markets rallied on Friday (28 October), extending their weekly gain despite a tough week on the earnings front for major technology names, with investors also digesting the latest inflation figures and eyeing the Federal Reserve’s monetary policy meeting later in the week - Dow gained +829-points or +2.59%, The broader S&P500 rallied +2.46%, with Information Technology (up +4.52%), Communication Services (+2.98%) and Utilities (+2.85%) leading ten of the eleven primary sectors higher. Consumer Discretionary (down -0.30%) was the only primary sector not to advance on Friday (28 October). The technology-centric Nasdaq rebounded +2.85%. Apple Inc (up +7.56%) logged its biggest one-day gain in more than two years after posting better-than-expected. However, Amazon.com Inc tumbled -6.80% after warning after the closing bell last Thursday (27 October) that consumer spending was in “uncharted waters”. The company said it expected revenues to come in between US$140B-US$148B in the fourth quarter - as much as US$15B less than the figure forecast by analysts. The small capitalisation Russell 2000 +2.25%.
US equity markets ended mostly lower on Thursday as tech suffered a further selloff. The Dow rose +194-points or +0.61%, logging its fifth consecutive positive session. The broader S&P500 -0.61%, with Communication Services (down -4.12%) and Information Technology (-1.25%) leading the downside for a second consecutive session. The Nasdaq shed 1.63%. The small capitalisation Russell 2000 lost -0.43%.
The Nasdaq Composite and S&P 500 snapped three session winning streaks as investors assessed disappointing earnings from major technology names - Dow eked out a +2-points or +0.01% gain, paring an earlier rally of as much as +300-points. The broader S&P500 eased -0.74%, with Communication Services (down -4.75%) and Information Technology (-2.23%) leading five of the eleven primary sectors lower. Energy (up +1.36%) and Health Care (+1.12%) both rose over >2% to be the leading primary sectors overnight. Tesla Inc rose +1.00% despite a Reuters report suggesting that the electric vehicle manufacturer is facing a criminal investigation conducted by the Department of Justice into claims the company made around the self-driving capabilities of its vehicles. While federal and California safety regulators have looked into Tesla's Autopilot comments, Reuters noted that the "potentially represents a more serious level of scrutiny because of the possibility of criminal charges against the company or individual executives." However, the story also notes that any case could be complicated by the fact that Tesla has also offered some warnings about Autopilot system. The Nasdaq dropped -2.04%. Google-parent Alphabet Inc dropped -.5% after reporting lower-than-expected earnings per share (EPS) and revenue for the third quarter after the close of the previous session. Microsoft Corp shed -% after the software maker disclosed lower-than-expected cloud revenue for the fiscal first quarter and softer-than-expected guidance after the closing bell of Tuesday’s (25 October) session. The small capitalisation Russell 2000 added +0.46%.
US equity markets extended their rally into a third session as Treasury yields retreated and as investors eyed another very busy US corporate earnings calendar - Dow climbed +337-points or +1.07%. The broader S&P500 +1.63%, with Real Estate (up +3.94%) and Materials (+2.53%) leading ten of the eleven primary sectors higher. Energy (down -0.04%) was the only primary not to settle in positive territory. The Nasdaq rallied +2.25%. The small capitalisation Russell 2000 jumped +2.73%.
US equity markets rallied, consolidating last Friday’s (21 October) strong gains as investors eye a busy two weeks ahead on the US corporate earnings calendar - Dow gained +407-points or +1.34%, The broader S&P500 rose +1.19%, with Health Care (up +1.91%) and Consumer Staples (+1.79%) advancing over >1.5% to lead nine of the eleven primary sectors higher. Materials (down -0.62%) and Real Estate (-0.09%) were the only primary sectors to settle in the red. The Nasdaq climbed +0.84%. The small capitalisation Russell 2000 added +0.35%.
US equity markets closed sharply higher on Friday (21 October) as investors weighed a story from the Wall Street Journal and comments from Federal Reserve officials suggesting that the central bank might shift to smaller interest-rate rises after its 1-2 November monetary policy meeting - Dow rallied -749-points or +2.47%, with Goldman Sachs Group Inc (up +4.6%) and JPMorgan Chase & Co (+5.3%) notable performers. The broader S&P500 +2.37%, with Materials (up +3.46%) leading all eleven primary sectors higher, of which six logged gains of over >2.5%. Exxon Mobil Corp (up +1.30% at US$107.66) touched fresh all-time highs (US$108.04). The Nasdaq +2.31%. Twitter Inc fell -4.86% following a report that the U.S. could subject Elon Musk’s pending acquisition of the micro-blogging site to a national security review. Snap Inc tumbled -28.1% after the developer of camera and messaging app Snapchat revealed after the closing bell of last Thursday’s session (20 October) that revenue growth had slowed and losses had ballooned in the third quarter. The small capitalisation Russell 2000 +2.22%.
US equity markets retreated after another choppy trading session as Treasury yields climbed to their highest levels in more than 14 years - Dow fell -90.22-points or -0.30%, unwinding an earlier rally of almost +400-points. International Business Machines (IBM) Corp rose +4.73% after reporting a stronger-than-expected third quarter result after the close of the previous session. Walmart Inc U.S. Chief Executive Officer (CEO) John Furner said in an interview on NBC’s “Today” show that the retail giant “certainly are watching the market very closely, but what we see from customers is that spending is still strong. There’s a lot of demand in the United States and we think that’s going to continue.” Mr Furner declined to predict whether we’d see a recession but said that Walmart was working to “take unnecessary costs out of any part of our business” so that the company “can reflect better retail values for customers.” Walmart is slated to release their quarterly result on 15 November. The broader S&P500 lost -0.80%, with Utilities (down -2.51%) leading eight of the eleven primary sectors lower. Communication Services (up +0.36%), Energy (+0.18%) and Information Technology (+0.07%) all settled with modest gains. Tesla Inc dropped -6.65% after the electric vehicle maker recorded better-than-expected adjusted EPS (US$1.05 versus consensus US$1.00), but revenue (US$21.45B) fell short of forecasts (US$21.98B) despite delivering a record number of cars in the third quarter. The Washington Post reported that CEO Elon Musk intends to slash 75% of Twitter Inc's (up +1.18%) 7,500 workers in the coming months, chopping the company's head count to just over 2,000. Elsewhere, The Oregonian reported that Intel Corp (up +0.31%) is planning on announcing “targeted” layoffs in November. The Nasdaq fell -0.61%. The small capitalisation Russell 2000 lost -1.24%.
US equity markets settled with modest losses after a choppy session, struggling to extend the recent rebound as Treasury yields resumed their march higher - Dow fell -100-points or -0.33%, The broader S&P500 lost -0.67%, with Real Estate (down -2.56%) leading ten of the eleven primary sectors lower. Energy (up +2.94%) was the only primary sector to advance. The Nasdaq fell -0.83%. Netflix Inc jumped +13.09% after the streaming giant posted a stronger-than-expected result at the top and bottom lines after the close of the previous session. The small capitalisation Russell 2000 lost -1.72%.
Some further encouraging corporate earnings releases lifted US equity markets for a second session - Dow gained +338-points or +1.12%, Salesforce Inc jumped 4.31% after CNBC reported that activist investor Starboard Value LP had taken a “significant” stake in the software company and reportedly urged management to lift margins. The broader S&P500 +1.14%, with Industrials (up +2.36%), Materials (+1.91%), Utilities (+1.79%) and Financials (+1.64%) all up over >1.5% to lead all eleven primary sectors higher. The Nasdaq rallied +1.48%. Apple Inc rose +0.94% despite a report from tech news site The Information saying that the company has cut production of the iPhone 14 Plus, one of four new models the company introduced in early September. The article said that at least one component supplier in China has been told to immediately halt production of parts for the Plus. Microsoft Corp added +0.41% amid reports from both Axios and Business Insider that the technology giant is laying off nearly 1,000 workers across multiple divisions. Microsoft is scheduled to release quarterly earnings on 25 October. The small capitalisation Russell 2000 gained +1.16%.
US equity markets rallied as investors digested the latest corporate earnings releases and news of the latest walk back on the tax proposals - Dow gained -551-points or +1.86%, Goldman Sachs Group Inc rose +2.24% following a Wall Street Journal report that the investment bank plans to fold its biggest businesses into three divisions, combining its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, according to people familiar with the matter. A third division will reportedly house transaction banking, the bank’s portfolio of financial-technology platforms, specialty lender GreenSky, and its ventures with Apple Inc and General Motors Co. The broader S&P500 +2.65%, with Consumer Discretionary (up 4.23%), Real Estate (+3.89%), Communication Services (+3.34%) and Information Technology (+3.09%) all climbing over >3% to lead all eleven primary sectors higher. The Nasdaq soared +3.43%. The small capitalisation Russell 2000 +3.17%.
US equity markets erased early gains to steel sharply lower on Friday (14 October), failing to build on the previous session’s strong rally after the latest University of Michigan monthly survey of US consumers recording a worsening of inflation expectations - Dow fell -404-points or -1.34%, The broader S&P500 lost -2.37%, notched its seventh negative close in eight days. Consumer Discretionary (down -3.88%), Energy (-3.71%) and Information Technology (-3.41%) all falling over >3% to lead all eleven primary sectors lower. The Nasdaq dropped -3.08% to end at 10,321.39, its lowest settlement since 2 July, 2020. Tesla Inc declined 7.55% and Lucid Motors -8.61%. The small capitalisation Russell 2000 lost -2.66%.
US equity markets staged a huge intrasession rebound to settle sharply higher despite another hit inflation report - Dow soared +828-points or +2.83% to 30,038.72, logging the largest one day percentage gain since 9 November, 2020 after recovering from an earlier decline of as much as -550-points. It marked the first time on record that the Dow has risen at least 800 points in the same trading day that it was down at least 500 points at its low, according to Dow Jones Market Data. Goldman Sachs and JPMorgan rose +3.98% and +5.56%, respectively. The broader S&P500 +2.60%, with Financials (up +4.14%) and Energy (+4.08%) both rising over >4% to lead all eleven primary sectors higher. The index recorded its widest trading range since March 2020 and fifth largest intra-day reversal in its history. The Nasdaq +2.23%. Netflix Inc gained +5.27% after the streaming company said it will charge US$6.99 for its ad-supported subscriptions. Taiwan Semiconductor Manufacturing Co injected some much needed optimism into the chip sector after the company not only reported that net income nearly doubled from a year ago, as revenue surged nearly 50%, but also forecast a “flattish” outlook that still exceeded the Street consensus at the time. The news lifted the PHLX Semiconductor Index SPX +2.60%, with Advanced Micro Devices Inc up +1.88%, Intel Corp +4.30%, and Nvidia Corp +4.00%. The small capitalisation Russell 2000 rallied +2.41%.
The S&P500 and Nasdaq extended declines into a fifth consecutive session following choppy trading, pulled lower in part by the announcement from the Bank of England (BoE) that it would end its emergency intervention in the UK bond market by Friday (14 October) - Dow added +36-points or +0.12%, paring an earlier session rally of as much as +400-points. Amgen Inc paced gains for the Dow with a +5.72% gain, with the biotechnology company buoyed by an upgrade to an “overweight” recommendation (US$279 target price) by analysts at Morgan Stanley. Walgreens Boots Alliance Inc rose +2.42% after the company said it has accelerated its plans to buy full ownership of CareCentrix, acquiring the remaining 45% stake for US$392M. The broader S&P500 fell -0.65% to 3,588.84, settling within 0.1% of its 30 September 2022 closing low of 3,585.62. Communication Services (down -1.64%) and Information Technology (-1.52%) both fell over >1.5% to lead seven of the eleven primary sectors lower. Real Estate (up +1.02%) and Consumer Staples (+0.93%) were the leading primary sector performers overnight. The Nasdaq dropped -1.10% to 10,426.19, logging its lowest close since 28 July, 2020. Meta Platforms Inc (down -3.92%) and Netflix Inc (-6.82%) were both under notable pressure, with both stocks having dropped more than >60% year to date. Chipmakers also saw fresh selling, with the PHLX Semiconductor Index dropping -2.5%. Advanced Micro Devices Inc lost -0.31%, and Nvidia Corp -0.72% The small capitalisation Russell 2000 inched +0.06% higher.
US equity markets booked steep losses on Friday (7 October), with the decline accelerating in the final hour of the session as investors digested the latest jobs report, which is anticipated to reinforce the Federal Reserve’s resolve to keep tightening monetary policy - Dow fell -630-points or -2.11% to 29,296.79, touching an intra- session low of 29,142.66. The broader S&P500 shed -2.80%, with ~94% of index constituents settling in the red. Information Technology (down -4.14%) led all eleven primary sectors lower, with Consumer Discretionary (-3.54%), Communication Services (-2.84%) and Materials (-2.54%) all falling over >2.5%. Energy (down -0.72%) was yet again the best performing sector on a relative basis. The Nasdaq tumbled -3.80%. The PHLX Semiconductor Index fell -6.06% on Friday (7 October), closing at its lowest level since early November 2020 and recording its third 6%+ one-day drop of the year after the U.S. Department of Commerce expanded its list of chip technology that requires a license to be sold to China. News of the ban came on the heels of Advanced Micro Devices Inc (down -13.87%) cutting its already conservative forecast because a drop in PC sales after two years of pandemic-driven sales appears worse than feared. Intel Corp fell 5.37%, Nvidia Corp -8.03%, and Texas Instruments Inc -4.36%. Meta Platforms Inc (down -4.04%) holds its annual ‘Connect’ event on Tuesday night AEST (11 October) showcasing new augmented and virtual reality products, including the much touted headset codenamed Project Cambria. The small capitalisation Russell 2000 lost -2.87%.
US equity markets retreated ahead of tonight’s AEST key jobs figures and as Treasury yields continued to climb - Dow fell -347-points or -1.15%, The broader S&P500 -1.02%, with Utilities (down -3.30%) and Real Estate (-3.20%) both dropping over >3% to lead ten of the eleven primary sectors lower. However, the Energy sector extended its relative outperformance into a fourth straight session, up +1.82%. The Nasdaq -0.68%. The small capitalisation Russell 2000 lost -0.58%.
US equity markets settled with modest losses despite a big reversal in the final hour of the trading session as Treasury yields resumed their march higher - Dow slipped -42-points or -0.14%, reversing an earlier decline of as much as -430-points. The broader S&P500 eased -0.20%, with Utilities (down -2.25%) and Real Estate (-1.90%) leading eight of the eleven primary sectors lower. Energy (up +2.06%) sat atop the primary sector leaderboard for a third straight session, with Exxon Mobil Corp rallying +4.04%. The Information Technology and Health Care sectors advanced +0.36% and +0.33% respectively. Cruise line stocks retreated after getting an initial boost from news that Norwegian Cruise Line Holdings Ltd (down -0.75%) will suspend all COVID-19 testing, masking and vaccination requirements from Tuesday next week (11 October). Carnival Corp fell -4.25%. The Nasdaq settled -0.25% lower. The small capitalisation Russell 2000 lost -0.74%.
US equity markets extended their strong start to the month and quarter - Dow rallied +825-points or +2.80%, with Boeing Co (up +5.92%) and Goldman Sachs Group Inc (+5.25%) alone contributing over >150-points in gains. The broader S&P500 jumped +3.06%, logging its best two-day gain (+5.65%) since April 2020. Energy (up +4.34%) led all eleven primary sectors higher for a second consecutive session, with Financials (+3.79%) and Consumer Discretionary (3.56%) both advancing over >3.5%. The rally comes after three straight quarters of declines for the S&P 500 - the longest quarterly losing streak since 2008. Exxon Mobil Corp estimates that changes in liquid prices will have a negative effect of between US$1.4B to US$1.8B in the third quarter compared with second-quarter results, according to a filing with the Securities and Exchange Commission (SEC). The oil and gas company also forecast a favourable effect of US$1.8B to US$2.2B on results for the recent quarter due to changes in gas prices, compared with the second quarter. Exxon Mobil is slated to release its third quarter result on 28 October. The technology-centric Nasdaq climbed +3.32%. Tesla Inc settled +2.90% higher, pulling back from an earlier session rally of as much as +6.2% following the release of a letter filed with the SEC in which the electric vehicle maker's chief executive, Elon Musk, proposed moving forward with his acquisition of Twitter Inc (up +22.24%) on the original terms (including the US$54.20 per share bid price). Amazon.com Inc (up +4.50%) is implementing a hiring freeze on the corporate side of its retail business for the rest of the year, according to a New York Times report, becoming the latest company to pause hiring plans amid growing concerns about an economic downturn. Meta Platforms Inc (up +1.20%), which owns Facebook and Instagram, is reportedly planning to reduce its own headcount amid fears over what the economy might look like in the coming months. The small capitalisation Russell 2000 outperformed with a +3.91% gain. Some traders suggested some of last week’s selling pressure may have been driven by quarter-end rebalancing, which has now abated.
US equity markets opened the new month and quarter firmly on the front foot, with the benchmark indices rallying over >2% - Dow rallied +765-points or +2.66%, rising as much as +922 points at its session peak and recording its the biggest percentage gain since 24 June, according to Dow Jones Market Data. The broader S&P500 gained +2.59%, with Energy climbing +5.77% to lead all eleven primary sectors higher. Chevron Corp rose +5.61%, Exxon Mobil Corp +5.28%, Marathon Petroleum Corp +3.48%. The Energy Select Sector SPDR Fund, an exchange-traded fund that aims to mirror the performance of the S&P 500 energy sector, rose +5.65% to US$76.09, its biggest daily percentage-point gain since 23 November, 2020, according to Dow Jones Market Data. Tesla Inc fell -8.61% after the electric vehicle maker released third quarter delivery figures on Sunday (2 October) that fell short of consensus expectations. General Motors Co rose +2.43% after reporting that third-quarter vehicle sales increased +24% (to 555,580) compared to a year ago, when supply chain issues weighed more heavily on the company’s output. The Nasdaq rose +2.25%, with Apple Inc up +3.08% and Microsoft Corp +3.37%. The small capitalisation Russell 2000 gained +2.65%.
US equity markets resumed their slide, dragging the S&P500 to a fresh 2022 low amid a broad-based decline - Dow fell -458-points or -1.54%, having been down as much as -686-points at its session lows. The broader S&P500 dropped -2.11% to 3,640.47, logging its lowest close since 30 November, 2020. Utilities (down -4.07%) led all eleven primary sectors lower. Energy outperformed albeit the sector settled with a -0.13% decline.
US equity markets resumed their slide, dragging the S&P500 to a fresh 2022 low amid a broad-based decline - Dow fell -458-points or -1.54%, having been down as much as -686-points at its session lows. The broader S&P500 dropped -2.11% to 3,640.47, logging its lowest close since 30 November, 2020. Utilities (down -4.07%) led all eleven primary sectors lower. Energy outperformed albeit the sector settled with a -0.13% decline. Occidental Petroleum Corp rose +1.14% after a Securities and Exchange Commission (SEC) filing showed that Warren Buffett's Berkshire Hathaway Inc (down -0.98%) bought another 6M shares, paying as much as US$61.37 per share and lifting their stake in the energy company to 20.9%. The Nasdaq shed -2.81%. Apple Inc – also a Dow component – fell -4.91% to US$142.48 - after Bank of America downgraded the stock to ‘neutral’ from ‘buy’ (cutting their price target to US$160 per share from US$185), noting that demand trends could worsen heading into the new fiscal year. Meta Platforms Inc fell -3.67% following a Bloomberg report that Chief Executive Officer (CEO) Mark Zuckerberg told staff that the social media and metaverse company is freezing hiring and will take steps to restructure the business. The report follows comments from Mr Zuckerberg on the company’s June quarter earnings call in which he said it was Meta’s plan “to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas, and I wanted to give our leaders the ability to decide within their teams where to double down, where to backfill attrition, and where to restructure teams while minimizing thrash to the long term initiatives.” The small capitalisation Russell 2000 dropped -2.35%.
The Dow and S&P500 snapped a six session losing streak, advancing for the first time since the Federal Reserve hiked interest rates again a week ago as Treasury yields retreated sharply and following a surprise intervention from the Bank of England (BoE) in the U.K. government bond market - Dow climbed +549-points or +1.88% to 29,683.74 a day after logging its lowest close since 12 November, 2020. The index settled 19.3% below its 4 January record close of 36,799.65. Apple Inc was the only Dow constituent not to advance, falling -1.27% after Bloomberg News reported that the company is dropping plans to boost production of its latest iPhones this year as a surge in demand failed to materialize. Citing sources familiar with the matter, Bloomberg said suppliers have been told to pull back from efforts to ramp up assembly of about 6M iPhone 14 units, settling on a goal of producing ~90M iPhone 14s by the end of the year, about the same as iPhone 13 production last year, and in line with an outlook that Bloomberg reported in August. Bloomberg added that sources said demand for the higher-priced iPhone Pro model was stronger than for the lower-priced models. Bloomberg had earlier reported that iPhone 14 sales were off to a sluggish start in China, down ~11% than comparable sales of the iPhone 13 last year. Home Depot Inc (up +5.02%) was the leading Dow performer, while Boeing Co (up +4.65%) and Caterpillar Inc (+3.28%) also traded strongly. The broader S&P500 gained +1.97%, snapping its longest losing streak since February 2020 and rebounding from its lowest settlement since 30 November, 2020. Energy (up +4.40%) at atop the primary sector leaderboard for a second straight session and led all eleven primary sectors higher. Chevron Corp rose +3.38% and Exxon Mobil Corp +3.64% and Occidental Petroleum Corp +4.92%. The technology-centric Nasdaq rallied +2.02%. The small capitalisation Russell 2000 jumped +3.17%.
US equity markets retreated, pushing the Dow into official bear market territory for the first time in more than two years amid further volatility in bond and currency markets
US equity markets continued to slide on Friday (23 September), capping a tumultuous week dominated by hawkish central bank updates that exerted particular pressure on growth stocks - Dow fell -486-points or -1.62% to 29,590.41, carving out a fresh 2022 closing low despite paring an earlier decline of as much as -826-points, and settling at its lowest level since 20 November, 2020. It also marked the first close below 2%. Ford Motor Co fell -3.60% after The Wall Street Journal reported the company had delayed delivery of some vehicles because it didn’t have enough blue oval badges to put on them. This followed the automaker’s warning last Monday (19 September) that it would end the third quarter with more unfinished vehicles than it had previously expected. The Nasdaq declined -1.80%. Google-parent Alphabet Inc fell -1.40% after CNBC reported that Chief Executive Officer (CEO) Sundar Pichai faced heated questions from employees at an all-hands meeting last week, with staffers expressing concern about cost cuts and recent comments from Pichai regarding the need to improve productivity by 20%. The small capitalisation Russell 2000 lost -2.48%.
US equity markets retreated amid mounting concerns that the Federal Reserve’s aggressive monetary policy will tip the economy into a recession - Dow fell -107-points or -0.35%. Salesforce Inc rose +1.71% after the customer relationship management software company hosted an Investor Day, reiterating the fiscal 2023 revenue outlook of ~US$31B, after the company cut the outlook in May (to a range of US$31.7B-to-US$31.8B from US$32.0-to-US$32.1B in March), and lowered it again in August (to US$30.9B- to-US$31.0b). Boeing Co edged ~% higher in after-hours trading (following a -3.20% decline in regular trading) after The Wall Street Journal reported that the aerospace and defence company was seen "poised" to settle a U.S. Securities and Exchange Commission (SEC) investigation into its 737 Max crashes a few years back. The settlement pertains to "allegedly misleading statements" from the company and then-Chief Executive Dennis Muilenburg about the jets that crashed in Indonesia in 2018 and Ethiopia in 2019, the newspaper said, citing people familiar with the matter. The broader S&P500 -0.84%, with the Consumer Discretionary sector (down -2.16%) leading nine of the eleven primary sectors lower. Health Care (up +0.51%) and Communication Services (+0.06%) were the only primary sectors to advance overnioght. The Nasdaq -1.37%. The small capitalisation Russell 2000 lost -2.26%.
US equity markets retreated as Treasury yields continued to climb on the eve of the Federal Reserve’s latest interest rate decision - Dow down -313-points or -1.01%, falling as much as -550-points earlier in the session. The broader S&P500 fell -1.13%, with Real Estate (down -2.57%) and Materials (-1.90%) leading all eleven primary sectors lower. Ford Motor Co tumbled -12.32% to log its worst single session drop since 2011 after the automaker told investors after the close of the previous session that it saw a +US$1B increase in supply chain costs during the third quarter. General Motors Co fell -5.63%. The Nasdaq -0.95%. Apple Inc rose +1.57% after announcing price rises for the app store in a number of Asian and European countries, likely a response to the surge in the U.S. dollar. Nvidia Corp (down -1.54%) hosted their GPU Technology Conference overnight and said that the launch of its next generation of gaming cards is well positioned. The RTX 4090 Gaming chips using the company’s next-generation “Ada Lovelace” architecture, said to perform up to four times faster than its previous generation RTX 3090 Ti, will be available on 12 October for a suggested retail price of US$1,599. Following the keynote address, Chief Executive Officer (CEO) Jensen Huang told analysts that while gaming end markets are soft, they’re not so soft that Nvidia won’t be able to sell excess inventory it has in the channel. The Dow Jones Transport Average, viewed as a barometer of economic health, dropped -2.27% to a near 19-month low, with all 20 components retreating. The small capitalisation Russell 2000 lost -1.40%.
US equity markets logged modest gains ahead of the Federal Reserve kicking off their latest two day monetary policy meeting tonight AEST - Dow up +197-points or +0.64%, recovering from an earlier session decline of as much as -263-points. The broader S&P500 added +0.69%, with Materials (up +1.63%), Consumer Discretionary (+1.34%), Industrials (+1.33%), Utilities (+1.32%) and Financials (+1.12%) all rebounded over >1% to lead nine of the eleven primary sectors higher. Healthcare (down -0.54%) and Real Estate (-0.21%) were the only primary sectors to close in the red. Vaccine manufacturers Pfizer Inc (-1.28%), Moderna Inc (down -7.14%), BioNTech SE (-8.60%) and Novavax Inc (-6.51%) all declined a day after President Joe Biden said in a CBS interview that "the pandemic is over". Ford Motor Co fell over >4% in extended trading after the automaker told investors it saw a +US$1B increase in supply chain costs during the third quarter. Ford reiterated its full-year guidance for adjusted earnings before interest and taxes (EBIT) of between US$11.5B and US$12.5B. The company is slated to release its third quarter result on 26 October. The Nasdaq rose +0.76%. Chipmaker Nvidia Corp (up +1.39%) hosts a GTC Financial Analyst Q&A tonight AEST. The small capitalisation Russell 2000 gained +0.81%.
US equity markets retreated to two-month lows on Friday (16 September) to cap a tough week for stocks amid ongoing inflation concerns, looming further interest rate hikes and some fresh warning signs about economic growth - Dow fell -139-points or -0.45%, paring an earlier decline of as much as -412 points. Goldman Sachs Group Inc's fell -1.63%, with Bloomberg Law reporting that the company’s consumer banking unit is being reviewed by the Federal Reserve, citing people familiar with the matter. Goldman's management has been subjected to questions and follow-ups from the central bank's officials for several weeks, the report said, adding that the process was still ongoing. The broader S&P500 -0.72%, with Energy (down -2.17%) and Industrials (-2.06%) leading all eleven primary sectors lower. FedEx Corp tumbled -21.4% the shipments company and economic bellwether withdrew its full year financial forecast after the close of last Thursday’s (15 September) session, blaming an acceleration in a global demand slowdown. The company also said it will implement cost-cutting initiatives to contend with soft global shipment volumes as “macroeconomic trends significantly worsened.” FedEx Chief Executive Officer (CEO) Raj Subramaniam told CNBC late Thursday (15 September) that the global economy was likely headed for a recession. United Parcel Service Inc fell -4.48%. Home Depot Inc’s (up +1.63%) CEO Ted Decker told CNBC on Friday (16 September) that “Our consumer, our customer, pro and DIY have been resilient,” responding to questioning about whether he has seen the same signs of recession that FedEx CEO Raj Subramaniam had warned of a day earlier. Mr Decker further observed that “Our customer tends to have strong income. They tend to be homeowners. And guess what, they’re spending more time in that home, and that home’s aging,” adding that “We couldn’t be more bullish.” General Electric Co fell -3.7% after the company’s chief financial officer (CFO) Carolina Happe said at a Morgan Stanley investor conference that persistent supply-chain pressures were putting the conglomerate’s cash flow under pressure. The Nasdaq fell -0.90%. The small capitalisation Russell 2000 lost -1.48%. The Dow Jones Transport Average, viewed as a barometer of economic health, dropped -5.07%.
US equity markets retreated, extending losses in the afternoon session as a slew of economic data failed to alter expectations for further aggressive monetary policy tightening - Dow fell -173-points or -0.56%, The broader S&P500 lost -1.13% but held just above >3,900, with Energy (down -2.54%), Utilities (-2.53%), Information Technology (-2.37%) and Real Estate (-2.24%) all declining over >2% to lead nine of the eleven primary sectors lower. The Biden administration helped broker a tentative deal with unions to avert a strike, thereby avoiding a rail shutdown which would add to supply-chain pressures at the core of hot inflation. Union Pacific Corp added +0.19%. The Nasdaq shed -1.42%, with Amazon.com Inc (down -1.77%), Apple Inc (-1.89%), and Microsoft Corp (-2.71%) notable drags on the technology centric index. The small capitalisation Russell 2000 lost -0.72%.
US equity markets settled with modest gains after a choppy session, steadying after a hotter-than-expected August consumer price inflation (CPI) saw the benchmark indices record their worst single session declines since Jun 2020 in the previous session - Dow edged +30-points or +0.10% higher, recovering from an earlier slide of as much as 200-points. The broader S&P500 added +0.34%, with Energy (up +2.85%) leading six of the eleven primary sectors higher. Real Estate (down -1.39%) and Materials (-1.23%) both declined over >1% to sit at the foot of the primary sector leaderboard. Lithium miner Albemarle Corp (up +3.01%), spun off from Ethyl Corp. in 1994, touched an all-time high (US$308.24). Verizon Communications Inc (down -1.13%) signalled another weak quarter in terms of new subscribers, due in part to price hikes earlier this year. Chief Executive Officer (CEO) Hans Vestberg, speaking at Goldman Sachs Group Inc.’s media and telecom conference, said that the price increases have caused a “churn bubble” in the current quarter. Intel Corp (down -0.38%) and Walgreens Boots Alliance Inc (+0.09%) were among stocks hitting 52-week lows. Railroad operators Union Pacific Corp (down -3.69%) and CSX Corp (-1.05%) declined amid concern about a potential national railroad strike The Nasdaq gained +0.74%. The small capitalisation Russell 2000 rose +0.38%.
US equity markets tumbled, recording the worst sell-off since the early days of the COVID pandemic as a stronger-than-expected August inflation report punctured a four day rally and brought a +100 basis point interest rate hike into play next week - Dow dropped -1,276-points or -3.94%, with all 30 index components settling in the red. The broader S&P500 shed -4.32%, with Communication Services (down -5.64%), Information Technology (-5.36%) and Consumer Discretionary (-5.22%) falling over >5% and leading all eleven primary sectors lower. The S&P500 Growth Index fell -5.19%, while the S&P500 Value Index declined a more modest -3.49%. Just six (6) stocks in the S&P 500 finished in positive territory, including Twitter Inc (up +0.80%) after shareholders voted to approve Tesla Inc (-4.04%) Chief Executive Elon Musk's US$44B bid to acquire the embattled company and take it private. Citigroup Inc (down -3.38%) Chief Financial Officer (CFO) Mark Mason warned the fees his bank collects from deal making and capital markets origination are likely to tumble -50%, in line with the broader slowdown hitting Wall Street. That mirrors earlier comments from JPMorgan Chase & Co (-3.47%), which said investment-banking fees may fall by half as clients stay on the sidelines. The five largest companies in the S&P 500 by market capitalization - Apple Inc (down -5.87%), Microsoft Corp (-5.50%), Amazon.com Inc (-7.06%), Google parent Alphabet Inc (-5.90%), and Tesla Inc - shed -US$477B in value. The Nasdaq slumped -5.16%, with Meta Platforms Inc (-9.37%) and Nvidia Corp (-9.47%) also falling sharply. All components in the Nasdaq 100 (down -5.54%) declined. The latest declines marked the biggest daily percentage fall for all three benchmark indexes since 11 June, 2020, according to Dow Jones Market Data. The small capitalisation Russell 2000 lost -3.91%.
The S&P500 and Nasdaq equity extended their rebound into a fourth consecutive session ahead of tonight’s AEST August inflation figures, with a number of traders pointing to a ‘short squeeze’ - Dow settled +230-points or +0.71% higher, having been up as much +352-points at its session peak. Goldman Sachs Group Inc (up +0.73%) will cut jobs as early as this month after pausing the annual practice for two years during the pandemic, according to a Reuters report. The investment bank warned in July it might slow hiring and cut expenses as the economic outlook worsens. Activist investor Dan Loeb signalled through Twitter that he is backing off his push to persuade Walt Disney Co (up +1.05%) to spin off its popular sports television network ESPN. The broader S&P500 rose +1.06%, with Energy (up +1.81%), Information Technology (+1.63%) and Consumer Discretionary (+1.35%) all advancing over >1% and leading all eleven primary sectors higher. Bristol-Myers Squibb Co jumped +3.14% after the U.S. Food and Drug Administration (FDA) approved the company’s oral treatment for plaque psoriasis known as Sotyktu. The Nasdaq gained +1.27%. The small capitalisation Russell 2000a advanced +1.23%.
US equity markets rallied on Friday (9 September) to secure their first weekly advance in four weeks, shrugging off some fresh hawkish commentary from Federal Reserve officials and with traders eyeing inflation figures later this week - Dow gained +377-points or +1.19%, The broader S&P500 rose +1.53%, with Communication Services (up +2.53%) and Energy (+2.38%) gaining over >2% to lead all eleven primary sectors higher. Warren Buffett’s investment vehicle Berkshire Hathaway boosted its stake in Occidental Petroleum (up +1.63% in extended trading after +1.75% rise in the regular session) to 26.8% (up from 20.2% as at 8 August) according to a regulatory filing late on Friday (9 September after getting the go-ahead last month from the Federal Energy Regulatory Commission to buy as much as half of the oil giant. The Nasdaq rallied +2.11%. The small capitalisation Russell 2000 gained +1.95%.
US equity markets settled with their first back-to-back gains in two weeks as investors digested Federal Reserve Chair Jerome Powell’s latest remarks - Dow gained +193-points or +0.61%, The broader S&P500 rose +0.66%, with Health Care (up +1.77%) and Financials (+1.74%) rising over >1.7% to lead eight of the eleven primary sectors higher. The Nasdaq added +0.60%. Snap Inc jumped +9.34% after Verge reported its Chief Executive Officer (CEO) Evan Spiegel broke down plans to reach US$6B in revenue and 450 million users in a leaked internal memo. The small capitalisation Russell 2000 rose +0.81%.
US equity markets rebounded, with all three benchmark indices logging their largest daily percentage gains since 10 August despite some more hawkish pronouncements from various Federal Reserve officials - Dow gained +436-points or +1.4%, with 3M Co (up +3.39%) and Nike Inc (up +3.17%) among notable performers. A US$1 move in any one of the 30 components of the Dow equates to a 6.59-point swing. The broader S&P500 rose +1.83%, with Utilities (up +3.14%) and Consumer Discretionary (+3.08%) climbing over >3% to lead ten of the eleven primary sectors higher. Energy (down -1.15%) was the only primary sector to settle in the red, with Exxon Mobil Corp falling -0.85%, Chevron Corp -1.28% and Occidental Petroleum Corp -2.17%. United Airlines Holdings Inc rose +5.52% after the air carrier raised its third-quarter revenue growth outlook, citing continued "strong" demand exiting a "robust" summer. The company now expects revenue to be ~12% above the same period in pre-pandemic 2019, compared with previous growth guidance of ~11%. The company expects capacity to be down 10% to 11%, compared with previous expectations of down about 11%. And with costs in line with, to slightly better than expectations, but spread over greater capacity, costs per available seat miles, excluding fuel, profit sharing and nonrecurring charges, is expected to be up +16% versus previous expectations of up 16% to 17%. United raised its estimate for average fuel price per gallon to US$3.83 from US$3.81. The Nasdaq rebounded +2.12%, snapping a seven session losing streak (the technology-centric indice’s longest such streak since 4 November, 2016). Apple Inc’s (up +0.93%) hosted their launch event – titled “Far Out” – overnight, unveiling three new Apple Watches and updated AirPods Pro. The company said it did not increase the prices on its iPhone 14 line-up as a number of analysts had speculated. McCormick & Co Inc fell over >4.5% in extended trading (following a +3.41% gain in regular trading) after the spice maker and distributor said that third-quarter sales have fallen short of its expectations. Sales are expected to rise by ~3% in third quarter, while adjusted earnings per share (EPS) are forecast to be ~US$0.65c (down from US$0.80c in the year-ago period). Current consensus analyst forecasts are for McCormick to report adjusted EPS of US$0.83 cents a share when it reports quarterly earnings in early October. The small capitalisation Russell 2000 gained +2.21%. Twitter Inc gained +6.6% after The Wall Street Journal reported that a judge has ruled Elon Musk can amend his countersuit against the social-media company he agreed to buy for US$44B to include a whistleblower report but denied Mr Musk’s request to postpone the trial to November.
AUD - buying ~67.32 US cents. The Reserve Bank of Australia (RBA) yesterday (6 September) lifted interest rates for a fifth consecutive month, announcing a +50 basis point hike that lifted the cash rate to 2.35% as widely expected. Morgans Chief Economist Michael Knox forecasts that the cash rate will be 3.85% by calendar year end as the RBA adjusts to manage an economy that is in a resources boom (as the baton passes from China to India). The second quarter gross domestic product (GDP) growth rate headlines today’s Australian economic calendar. The Bank of Canada (BoC) hosts its monetary policy meeting tonight AEST.
AUD - buying ~68.12 US cents. The Reserve Bank of Australia (RBA) announces it latest interest rate decision at 2:30pm AEST, with consensus expectations for a 50 basis point interest rate hike to lift the cash rate to 2.35%. Second quarter Current Account figures and the Ai Group Services Index for August are also slated for release.
US equity markets relinquished earlier session gains to settle with sharp losses heading into the Labor Day long weekend as investors digested an August jobs report and reports of further delays to the re-opening of the Nord Stream 1 pipeline - Dow fell -338-points or -1.07%, erasing an earlier ~370-point gain. The broader S&P500 -1.07%, with Communication Services (down -1.86%) and Real Estate (-1.68%) falling over >1.5% to lead ten of the eleven primary sectors lower. Energy was the only primary sector to advance, climbing +1.81%. The Nasdaq shed -1.31%, falling for a sixth straight day in its longest losing streak since August 2019. Large cap technology names Apple Inc (down -1.36%), Microsoft Corp (-1.67%) and Meta Platforms Inc (-3.05%) all logged solid losses. Advanced Micro Devices Inc (down -2.54%) will replace DuPont de Nemours Inc (-0.85%) in the S&P 100 index effective 19 September, S&P Dow Jones Indices announced on Friday (2 September). The small capitalisation Russell 2000 lost -0.72%.
The Dow and S&P500 snapped a four session losing streak, recovering from sharp opening declines to open September on a firmer footing ahead of tonight’s AEST key August jobs data - Dow rose +146-points or +0.46%, with most of the gains coming in the final 10-minutws of the session. The broader S&P500 added +0.3%, with the more defensive sectors of Health Care (up +1.65%) and Utilities (+1.42%) led eight of the eleven primary sectors higher. Energy (down -2.30%) sat at the foot of the primary sector leaderboard, while Materials fell -1.38% and Information Technology -0.46%. The Nasdaq eased -0.26%. Nvidia Corp dropped -7.67% in the wake of a filing with the Securities and Exchange Commission (SEC) after the close of Wednesday’s (31 August) session that revealed the U.S. government has imposed a new licensing requirement covering exports of some of Nvidia’s chips (A100 and forthcoming H100 integrated circuits, Nvidia’s highest-performance products for servers) to China, including Hong Kong, and Russia. The filing specifically states that Nvidia’s forecast for the current quarter includes an expected US$400M in data-centre sales to China that could be affected by the move; Nvidia does not currently sell products in Russia. Advanced Micro Devices Inc (down -2.99%) said that U.S. officials have also told it to stop exporting its top AI chips to China, according to a Reuters report, but said it did not expect the restrictions to have a material effect on its business. The small capitalisation Russell 2000 lost -1.15%.
US equity markets extended declines into a fourth session as selling accelerated in the final ten minutes of the session to cap a tough month - Dow fell -280-points or -0.88%. Walt Disney Co (down -0.31%) is exploring a membership program similar to Amazon Prime, according to a report in The Wall Street Journal, with perks designed to encourage customers to spend more on streaming, resorts and merchandise. The broader S&P500 -0.78%, with Materials (down -1.21%) and Consumer Discretionary (-1.05%) falling over >1% to lead ten of the eleven primary sectors lower. Communication Services was the only sector to settle in positive territory, eking out a +0.01% gain. The Nasdaq -0.56%. Nvidia Corp fell over >6% in extended trading (following a -2.42% drop in the regular session) after the chipmaker said the U.S. government is restricting sales in China. Nvidia said the U.S. government told the company on 26 August about a new license requirement for future exports to China, including Hong Kong, to reduce the risk that the products may be used by the Chinese military. The small capitalisation Russell 2000 lost -0.62%. Snap Inc rose +8.69% following a report that said the Snapchat parent company plans to lay off 20% of its 6,400 employees in a round of layoffs that will begin immediately. Alibaba Group Holding gained +1.67% and Chinese e-commerce peer JD.com Inc +3.22%. The two companies are reportedly among a first group selected for inspection by U.S. audit authorities in the wake of a landmark bilateral deal between the U.S. and China over financial transparency for U.S.-listed Chinese stocks.
US equity markets extended declines into a third session as investors eyed some strong economic data that may provide Federal Reserve policymakers even more ammunition to continue its aggressive pace of interest-rate hikes - Dow fell -308-points or -0.96%, The broader S&P500 -1.10%, with Energy (down -3.36%) leading all eleven primary sectors lower. However, as of last night’s AEST close, energy and utilities were the only sectors up year to date and on pace to end the month with gains. The Nasdaq -1.11%, notching its third straight daily drop of at least 1%, the technology centric indice’s longest such streak since 13 June. Advanced Micro Devices Inc lost -1.75% despite the chipmaker announcing late Monday (29 August) that it would launch what it claimed is the “fastest processor in the world for gaming” in September. More broadly, Citi Group analysts penned a note predicting that “we are entering the worst semiconductor downturn in a decade given the recession and inventory build,” citing cancellations of orders from auto and industrial companies that executives from Micron Technology Inc (down -1.25%) and Analog Devices Inc (-1.59%) disclosed in recent weeks. All three U.S. benchmarks closed below their 50-day moving averages for the first time since July, according to Dow Jones Market Data. The small capitalisation Russell 2000 lost -1.45%. Twitter Inc fell -1.80% after Elon Musk sent a letter “formally notifying” the company that he was terminating the merger deal. In a letter delivered to Twitter on 29 August, Mr Musk mentions allegations known to Twitter before 8 July but undisclosed to him, that came to light after the Washington Post published a whistleblower report alleging “far-reaching misconduct” at Twitter.
US equity markets logged back-to-back losses as investors continued to digest Federal Reserve Chief Jerome Powell’s address at the Jackson Hole Economic Symposium last Friday (26 August) in which he signalled the central bank would keep hiking rates to tame inflation - Dow fell -184-points or -0.57%, Dow Inc dropped -1.63%, pairing a earlier decline of as much as -3.5%, after analysts at KeyBanc Capital turned bearish on the chemicals and specialty materials company (cutting their recommendation to “underweight”), citing concerns that the “meaningful” exposure to commodities and Europe skews the risk-versus-reward profile to the downside. The bearish stance comes after Dow Jones Newswires reported last week that Dow told its customers that it would temporarily reduce polyethylene (PE) operating rates by 15%. The broader S&P500 -0.67%, with Information Technology (down -1.28%) the worst performing primary sector for a second straight session and leading nine of eleven primary sectors lower. Energy (up +1.54%) and Utilities (+0.25%) were the only primary sectors to advance. Bristol-Myers Squibb Co dropped -6.24% after the pharmaceutical company reported results from a mid-stage trial of its developing stroke treatment that failed to meet the main objective of the study. The S&P 500 and Dow both briefly flipped positive earlier in the overnight session, but failed to hold those gains as losses mounted heading into the closing bell. The Nasdaq lost -1.02%. Apple Inc (down -1.37%) is holding a launch event at its headquarters in Cupertino, California, next week (7 September) and is expected to announce new iPhone models (as it has every September since 2012). This year’s event has the tagline “far out,” which could refer to features such as night-sky photography. Netflix Inc added +0.58% after Bloomberg reported that the streaming giant is considering pricing its ad-supported tier at between US$7-to-US$9 per month, with the service expected to be launched in the final quarter of the year in a handful of markets. The small capitalisation Russell 2000 lost -0.89%.
US equity markets fell sharply as investors digested Federal Reserve Chief Jerome Powell’s address at the Jackson Hole Economic Symposium in which he signalled the central bank would keep hiking rates to tame inflation and provided a frank acknowledgment of coming pain to households - Dow slumped -1,008-points or -3.03%, settling with its largest percentage drop since 18 May. 3M Co. stock tumbled -9.54%, pacing the Dow’s steep decline and logged its largest single-day percentage decline since 25 April, 2019 (alone shaving -89.77 points off the 30-stock index) after reports indicated that a bankruptcy judge blocked a request from 3M that would have shielded the company from litigation around earplugs that were sold to the military and later alleged to have caused issues such as hearing loss. The company’s Aearo subsidiary filed for bankruptcy last month, allowing the subsidiary to pause pending lawsuits, but the judge determined that 3M, which itself did not file for bankruptcy, is not entitled to those protections The broader S&P500 tumbled -3.37%, logging its biggest single session percentage decline since June. Information Technology (down -4.28%), Communication Services (-3.88%), Consumer Discretionary (-3.86%) and Industrials (-3.51%) all declined over >3.5% to lead all eleven primary sectors lower. ~43% of stocks were down at least 4%, while only five stocks in the S&500 settled in positive territory – Electronic Arts Inc (up +3.57), Molina Healthcare (+3.36%), Take Two Interactive Software Inc (+1.59%) , CF Industries Holdings Inc +0.81%) and ConocoPhillips (+0.04%). The Nasdaq dropped -3.94% and recorded its steepest single session percentage decline since 16 June. Having led gainers in the previous session, Nvidia Corp (down -9.23%) and Amazon.com Inc (-4.31%) dropped sharply. Meta Platforms Inc (-4.15%), Netflix Inc (-4.57%) and Block Inc (-7.72%) also logged steep declines. Apple Inc fell -3.77%, with Politico reporting late on Friday (26 August) that the company could be in the crosshairs of a potential antitrust lawsuit by the Justice Department by the end of the year. The iPhone maker has been under investigation by the Justice Department for more than three years over charges from developers that it has abused its market power to stifle competition. It remains unclear if the department will pursue a formal case, according to the report in Politico, citing people with direct knowledge of the matter. The Justice Department is expected to file an antitrust action against Google-parent Alphabet Inc (down -5.41%) regarding Google’s dominant online ad business. The small capitalisation Russell 2000 lost -0.49%. Dell Technologies Inc shed -13.51%, logging its worst one-day performance since 24 December, 2018 executives dialled back their expectations for the PC market after quarterly sales came up short of the Wall Street consensus estimate after the close of last Thursday’s (25 August) session. Listed PC peer HP Inc fell -8.94%.
Benchmark US equity indices logged their best daily percentage gains since 12 August overnight following some better-than-expected economic data, and as investors eye Federal Reserve Chair Jerome Powell’s address at the Jackson Hoe Economic Symposium tonight AEST - Dow rose +323-points or +0.98%, The broader S&P500 gained +1.41%, with Materials (up +2.26%) and Communication Services (+2.06%) rising over >2% to lead al eleven primary sectors higher. The technology-centric Nasdaq rallied +1.67%, aided by a pullback in Treasury yields. Nvidia Corp The small capitalisation Russell 2000 advanced +1.52%. Equity markets have been contending with low volume trade, with Wednesday’s (24 August) session recording turnover of just 8.8B shares across the various Wall Street exchanges - the lowest volume so far this year and a decline of 26% compared with the daily average for 2022, according to Dow Jones data.
US equity markets pushed modestly higher, with both the Dow and S&P500 snapping a three session decline - Dow added +60-points or +0.18%. The broader S&P500 settled +0.29% higher, with the Energy sector (up +1.2%) sitting atop the primary leaderboard for a second straight session and leading all eleven primary sectors higher. Cruise lines were among the best-performing stocks in the broader market index, with Norwegian Cruise Line Holdings jumping +8.40%, Royal Caribbean Group +7.65%, and Carnival Corp +5.35%. Advance Auto Parts Inc (down -9.62%) was the worst performer in the S&P500 after the auto-parts retailer reported a mixed second-quarter result and lowered its full year outlook after the close of the previous session. Tesla Inc added +0.22% to US$891.29 ahead of the electric vehicle maker’s three-for-one stock split becoming effective after the close of the session. Tesla undertook a 5-for-1 share split effective 31 August, 2020, and the stock has gained ~104% since then. The Nasdaq rose +0.41%. The small capitalisation Russell 2000 gained +0.84%. Peloton Interactive Inc soared +20.36% after the fitness equipment and apparel company announced a deal to sell its products on Amazon. To date, Peloton has relied on direct-to-consumer sales through its stores and website. Bed Bath & Beyond Inc popped +15.3% after The Wall Street Journal reported the meme stock has found a financing source to shore up its liquidity.
The Dow and S&P500 extended declines into a third straight session amid relatively thin trading volumes - Dow fell -154-points or -0.47%, The broader S&P500 slipped -0.22%, with the more defensive Real Estate (down -1.45%) and Health Care (-1.39%) both falling over >1% and leading seven of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard with a +3.62% gain. The Nasdaq settled flat. Twitter Inc dropped -7.32% after a whistleblower at the company filed complaints with the Securities and Exchange Commission (SEC), Federal Trade Commission (FTC) and Justice Department alleging “extreme, egregious deficiencies by Twitter” related to privacy, security and content moderation. Tesla Inc rose +2.26% ahead of the electric vehicle maker’s three-for-one stock split becoming effective after the close of tonight’s AEST session. Tesla’s three-for-one split will be its second in as many years; the company split its shares five-for-one in August 2020. The small capitalisation Russell 2000 edged +0.18% higher.
US equity markets recorded their steepest declines in two months to open the new trading week as investors eye the Jackson Hole Economic Symposium later this week and worry that the Federal Reserve may strike a more hawkish tone - Dow fell -643-points or -1.91%, The broader S&P500 shed -2.14%, with Consumer Discretionary (-2.84%), Information Technology (down -2.78%), and Communication Services (-2.67%) all dropping over >2.5% to lead all eleven primary sectors lower. Both the Dow and S&P500 logged their steepest single session declines since 16 June. The Nasdaq dropped -2.52%, recording its largest single session fall since 28 June. Netflix Inc dropped -6.06% after analysts at CFRA downgraded the streaming giant, noting that a key catalyst for the company - introducing new ad-pay subscription plans – “may not be visible until 2023.” The small capitalisation Russell 2000 lost -0.49%.
US equity markets retreated on Friday (19 August), with the recent rebound faltering as interest rate hike fears resurfaced ahead of the Jackson Hole Economic Symposium that begins on Thursday night AEST (25 August) - Dow fell -292-points or -0.86%, The broader S&P500 lost -1.29%, with Consumer Discretionary (-2.10%) and Financials (2.02%) both falling over >2% to lead nine of the eleven primary sectors lower, Information Technology (-1.83%) was also a major drag. Health Care (+0.27%) and Energy (+0.02%) were the only primary sectors to advance. General Motors Co rose +2.53% after it said it would reinstate quarterly dividend payouts. Occidental Petroleum Corp jumped more +9.88% after Warren Buffett’s Berkshire Hathaway Inc received regulatory approval (after filing an application with the Federal Energy Regulatory Commission on 11 July) to buy to half of the oil company. Berkshire currently owns 188.5M shares of Occidental, equal to a 20.2% position. It surpassed a key threshold where Berkshire could record some of the oil company’s earnings with its own, potentially adding billions of dollars in profit. The Nasdaq -2.01%. The small capitalisation Russell 2000 lost -2.17%. Bed Bath & Beyond Inc tumbled -40.54% after Bloomberg reported that some suppliers are restricting or halting shipments altogether after the home-goods retailer fell behind on payments. The report came after GameStop Corp Chairman Ryan Cohen disclosed in a filing after the close of last Wednesday’s (17 August) session that he’s planning to sell his big stake in the company just months after he bought it.
US equity markets eked out modest gains, turning positive in the final hour of the session as investors assessed mixed signals from several Federal Reserve officials on the potential pace of interest rate increases on deck for September - Dow inched +19-points or +0.06% higher. The broader S&P500 rose +0.23%, with Energy (up +2.53%) and Information Technology (+0.49%) leading seven of the eleven primary sectors higher. The Nasdaq added +0.21%. The small capitalisation Russell 2000 rose +0.68%. Bed Bath & Beyond Inc fell -19.63% (and dropped more than >44% in extended trading) after GameStop Corp Chairman Ryan Cohen disclosed in a filing after the close of the previous session that he’s planning to sell his big stake in the company just months after he bought it.
US equity markets retreated but settled off their worst levels of the session as investors digested the latest central bank monetary policy meeting minutes - Dow fell -172-points or -0.50%, paring an earlier decline of as much as -324-points but snapping a five session winning streak. The broader S&P500 -0.72% at 4,274.04, with Communication Services (down -1.85%), Materials (-1.40%) and Consumer Discretionary (-1.12%) all declined over >1% to lead ten of the eleven primary sectors lower. Energy (up +0.81%) was the only primary sector to advance overnight. The index challenged its 200-day moving average (~4,326) for the first time since April. The Nasdaq dropped -1.25%. The small capitalisation Russell 2000 shed -1.64%. ‘Meme’ stock Bed Bath & Beyond Inc extended its meteoric rise, up a further +11.77% overnight. However, the retailer fell over >16% in extended trading after activist investor Ryan Cohen said in a filing he intends to sell his entire stake in the company through his firm RC Ventures.
US equity markets mixed as investors weighed a pair of strong corporate results from major retailers Walmart Inc and Home Depot Inc against the backdrop of a slowdown in the housing market - Dow gained +239-points or +0.71% to 34,152.01, reclaiming the 34,000 level for the first times since 4 May as it extended its rally into a fifth straight session. The broader S&P500 edged +0.19% higher, Royal Caribbean Cruises Ltd gained +3.99% even after the company refinanced with a new batch of junk bonds yielding more than 11%. The Nasdaq slipped -0.19%. The small capitalisation Russell 2000 dipped -0.04%. ‘Meme’ stock Bed Bath & Beyond Inc continued to soar, rising +29.01% after another wild session that saw the company’s free float turn over 6.5 times during the session.
US equity markets advanced, shrugging off some underwhelming economic data out of China - Dow gained +151-points or +0.45%, its fourth consecutive session gain and longest winning streak since its six session strong of gains that ended 27 May. The 30-stock index also closed above its 200-day moving average for the first time since 20 April. The broader S&P500 rose +0.40%, with Consumer Staples (up +1.05%) and Utilities (+0.81%) leading nine of the eleven primary sectors higher. Energy (down -1.96%) sat at the foot of the primary sector leaderboard, with Exxon Mobil Corp down -1.79%, Chevron Corp -1.90% and Marathon Oil Corp -2.78%. Tesla Inc rose +3.1%, with Chief Executive Elon Musk tweeting that the electric-vehicle maker has produced more than >3M vehicles, with a third of them made in China. The Nasdaq climbed +0.62%. Apple Inc (up +0.63%) may expand its advertising to more of its first-party apps on the iPhone in an effort to boost revenue, according to Bloomberg. The company generates ~US$4B in annual revenue from its ad business but wants to grow the segment into the “double digits,” according to the report. The small capitalisation Russell 2000 added +0.23%. Bed Bath & Beyond Inc soared +23.55% as the Reddit crowd that made it a meme stock again embraced it. Volume of 127M shares traded was more than eight times the 65-day average of 15m shares per day. The stock has been rallying amid with no real news, but participants on Reddit’s WallStreetBets forum were celebrating the gains. The stock, which has been shorted by many large funds, is up ~200% so far this month.
US equity markets rallied into the close of Friday’s (12 August) session to cap another strong week - Dow gained +424-points or +1.27%, The broader S&P500 rallied +1.73% to 4,280.15. The S&P 500 crossed a closely watched technical level of 4,231 points during last Friday’s (12 August) session, meaning the benchmark index has recouped half its losses since tumbling from its all-time closing peak (4,796.56) set on 3 January. A 50% retracement for some signals a bull market. All 11 primary sectors S&P 500 advanced on Friday (12 August), with Consumer Discretionary (up +2.30%), Information Technology (+2.07%) and Communication Services (+2.02%) all rising over >2%. The Philadelphia Semiconductors Index (+2.99%) and Dow Jones Transport Average (+0.49%) also advanced. The S&P500 Growth Index (up +2.06%) outperformed the S&P500 Value Index (+1.41%). The Nasdaq climbed +2.09% to 13,047.18. The small capitalisation Russell 2000 also gained +2.09%.
US equity markets erased earlier session gains to settle with modest losses, running out of steam in the closing hour of trading despite another reassuring inflation report - Dow edged +27-points or +0.08% higher. Walt Disney Co gained +4.68% after the media and entertainment giant reported its second quarter result after the close of the previous session, adding more streaming subscribers than expected and announcing plans to launch an ad-supported tier while increasing prices on its current offerings before the end of the year. Investment banks Goldman Sachs Group Inc (up +1.08%) and JPMorgan Chase & Co (+1.48%) also continued to trade strongly. The broader S&P500 dipped -0.07%, with the more defensive sectors (Health Care down -0.71%, Real Estate -0.55%) among the key underperformers overnight. Energy (up +3.19%) sat atop the primary sector leaderboard following a strong session on crude markets. Heal The Nasdaq lost -0.58%. Bloomberg reported late in the session that Apple Inc (down -0.44%) is requesting that its suppliers "build at least as many" of the company's new iPhones as they did last year. The report said that Apple also continues to expect suppliers to build ~220M total iPhones for the year, which is roughly equal to last year's figure as well. Bloomberg noted that the report suggested confidence on the part of Apple executives that the company would be able to withstand economic challenges and still drive strong demand for its devices. The small capitalisation Russell 2000 rose +0.31%.
US equity markets rallied after a softer-than-expected inflation report prompted investors to dial back their forecasts on the scale of further interest rate hikes in September - Dow gained +535-points or +1.63%, exiting official correction territory. The broader S&P500 +2.13% to 4,210.24, settling +14.8% above its mid-June low. Materials (up +2.88%), Consumer Discretionary (+2.87%), Information Technology (+2.77%) and Communication Services (+2.77%) all climbing over >2.5%. All eleven primary sectors advanced, with six sector logging gains of over >2%. Tesla Inc gained +3.89% despite filings on Tuesday (9 August) with the Securities and Exchange Commission (SEC) revealing that Elon Musk had sold ~7.9M shares between Friday (5 August) and Tuesday at prices ranging from US$838.57 to US$911.75 - ~US$6.88B in total. In a tweet, Mr Musk indicated he was done selling, adding: “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.” Last week, Tesla shareholders approved plans for a 3-for-1 stock split, which will take place 24 August. Trading will begin on a stock split-adjusted basis on 25 August, the company said in a regulatory filing. The Nasdaq rallied +2.85% to 12,854.80, exiting official bear market territory after 107 trading sessions. The technology-centric index is up 20.75% from its 2022 closing low of 10646.10 hit on 16 June, 2022. Meta Platforms Inc rose +5.82% after the Facebook-parent said that it had raised US$10B in its first-ever bond offering. Apple Inc (up +2.62%), Alphabet Inc (+2.63%) and Amazon.com Inc (+3.53%) all rose more than >2%. The small capitalisation Russell 2000 jumped +2.95%.
US equity markets mixed, relinquishing earlier session gains as investors eye a pair of inflation reports later in the week - Dow added +29-points or +0.09%, paring an earlier rally of as much as +306-points. The broader S&P500 slipped -0.12%, with Information Technology (down -0.88%) the key drag and among four of the eleven primary sectors to settle in the red. Real Estate (up +0.70%) and Materials (+0.55%) both rose over >0.5%. The Nasdaq -0.10%. Nvidia Corp dropped -6.30% after the semiconductor company disclosed that it expects to fall well short of revenue expectations for its latest quarter, largely due to gaming weakness (with revenue for this sector expected to fall -33% from a year earlier to US$2.04B and versus consensus US$3.04B). The company expects fiscal second-quarter revenue of US$6.7B, up from US$6.5B a year earlier, but short of both current consensus analyst forecasts, and the chipmaker’s own forecast for US$8.1B. The company also anticipates US$3.81B in data-centre revenue, up +1% sequentially and 61% ahead of what the company posted a year earlier, but slightly below current consensus of US$3.99B. Executives noted that while the data-centre total marked a record, it came up “somewhat short of the company’s expectations, as it was impacted by supply chain disruptions.” Nvidia is slated to report its second quarter result on 24 August. The small capitalisation Russell 2000 outperformed with a +1.01% gain. In merger and acquisition (M&A) news, Global Blood Therapeutics gained +4.32% after Pfizer Inc (+0.61%) agreed to purchase the company that has one of the few approved treatments for sickle-cell disease for US$5.4B (US$68.50 per share). The acquisition continues a string of deals for Pfizer, which is flush with cash from sales of its COVID-19 vaccine and drug and which has said wants to add US$25B in revenue from business-development moves like M&A by 2030. Signify Health Inc jumped +10.97% following a report from The Wall Street Journal that CVS Health (down -0.25%) was planning to make a bid for the healthcare platform.
US equity markets a little weaker on Friday (5 August) after a solid July jobs report undermined recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation - Dow added +77-points or +0.23%, JPMorgan Chase & Co (up +3.03%) and Goldman Sachs Group Inc (+0.84%) The broader S&P500 slipped -0.16%, with Consumer Discretionary (down -1.66%) leading six of the eleven primary sectors lower. Energy (up +2.04%) returned to the top of primary sector leaderboard. Tesla Inc fell -6.63%, with shareholders at last Thursday’s (4 August) Annual General Meeting (AGM) approving a proposal expected to lead to a 3-for-1 stock split and sided with the company on most of the proposals up for a vote. The Nasdaq fell -0.5%. Meta Platforms Inc fell -2.03% and Amazon.com Inc -1.25%. The small capitalisation Russell 2000 rose +0.81%. Carvana Co soared +40.07% following the used car group’s second quarter result after the close of last Friday’s (5 August) session.
A mixed session on US equity markets ahead of the key monthly jobs report tonight AEST - Dow eased -86-points or -0.26%, The broader S&P500 dipped -0.08%, Consumer Discretionary (up +0.54%) and Information Technology (+0.42%) leading seven of the eleven primary sectors higher. The Nasdaq added +0.41% to a fresh 3-month high of 12,720.58, with Amazon.com Inc (up +2.19%) and Advanced Micro Devices (+5.93%) notable performers. Energy (down -3.60%) was the worst performing sector for a second consecutive session. The small capitalisation Russell 2000 lost -0.49%. Coinbase Global Inc jumped +10.01% after it announced a tie-up with BlackRock (+0.79%) to provide its institutional clients access to crypto trading and custody services.
Positive corporate earnings releases set a strong tone on US equity markets overnight, lifting the benchmark indices solidly across-the-board - Dow up +416-points or +1.29% to 32,812.50, settling ~9.8% above its 52-week closing low (29,653.29) hit on 17 June. The broader S&P500 +1.56%, Information Technology (up +2.69%), Consumer Discretionary (+2.52%) rising over >2.5% to lead ten of the eleven primary sectors higher. Energy (down -2.97%) was the only primary sector to close in the red. The Nasdaq rallied +2.58%. PayPal Holdings Inc rallied +9.52% after it raised its full year earnings guidance after the close of the previous session, announced a new US$15B share-buyback authorisation, a cost-savings program, and confirmed activist investor Elliott Management had acquired an over >US$2B stake in the financial technology firm. Apple Inc (3.82%) and Amazon.com Inc (+4.01%) both climbed over >3.5%, while Facebook parent Meta Platforms Inc (+5.37%) gained over >5%. There were reports that Meta may become the latest technology company to turn to the bond markets in a bid to raise capital. The S&P 500 and the Nasdaq are now up ~13% and ~19% respectively from their mid-June lows. The small capitalisation Russell 2000 rose +1.41%.
US equity markets fell as investors eyed US Speaker Nancy Pelosi’s visit to Taiwan and the latest commentary from Federal Reserve officials - Dow fell -402-points or -1.23%, The broader S&P500 lost -0.67%, with Real Estate (down -1.30%), Financials (-1.07%), Industrials (-1.05%) and Materials (-1.01%) all falling over >1% to lead all eleven primary sectors lower. The Nasdaq slipped -0.16%. The small capitalisation Russell 2000 dipped -0.05%. Pinterest Inc jumped +11.61% as activist investor Elliott Investment Management become the largest shareholder of the digital pin-board firm.
US equity markets opened August with modest declines, with all three benchmark indices snapping a three session winning streak - Dow fell -47-points or -0.14%, Boeing Co rallied +6.13% to lead Dow gainers after the aerospace and defence giant reportedly cleared a hurdle with the Federal Aviation Administration (FAA) that could allow it to resume deliveries of its 787 airliner. The FAA said it would approve Boeing’s process for validating fixes to each 787 plane before they are delivered to customers, according to an Associated Press report. Separately, The Wall Street Journal reported that Boeing’s defence manufacturing plants will vote on Wednesday (3 August) on a labour contract proposal, which temporarily delays a strike that was scheduled to begin as soon as Monday. The broader S&P500 -0.28%, with Energy (down -2.18%) leading seven of the eleven primary sectors lower. Chevron Corp fell -2.00% and ExxonMobil Corp -2.53%. Consumer Staples sat atop the primary leaderboard with a +1.21% gain. The Nasdaq -0.18% despite a solid session for chipmakers, with Advanced Micro Devices Inc up +2.45% ahead its quarterly result tonight AEST, Intel Corp +1.79%, Micron Technology Inc +1.10% and Nvidia Corp +1.53%. Apple Inc (down -0.62%) raised US$5.5B via the issuance of four series of bonds with ratings of AAA from Moody’s Investors Service and AA+ from S&P Global. The small capitalisation Russell 2000 lost -0.10%. Automotive oil, additives and lubricant maker Valvoline Inc (down -2.70%) it has reached an agreement with Saudi Arabian Oil Co (Aramco) to sell its global products business for US$2.65B in cash.
US equity markets extended their July rebound, with the benchmark indices logging their biggest monthly gains since 2020 - Dow rose +316-points or +0.97%, The broader S&P500 +1.42%, with Energy (up +4.51%) and Consumer Discretionary (+4.27%) rose over >4% to lead nine of the eleven primary sectors higher on Friday (29 July). Consumer Staples (down -0.72%) and Health Care (-0.35%) were the only primary sectors to settle in the red. The Nasdaq +1.88%. Amazon.com Inc jumped +10.36% after forecasting higher third quarter revenue amid higher fees from its Prime loyalty programmes after the close of the previous session. Apple Inc rose +3.28% after delivering fiscal third quarter sales and earnings per share (US$1.20 versus consensus US$1.16) after the close of last Thursday’s (28 July) session that were a touch ahead of Wall Street estimates, underpinned by strength in iPhone sales. Intel Corp dropped -8.56% after the chipmaker’s second quarter earnings undershot consensus forecasts by a wide margin and the company cut its full year outlook after the closing bell of the previous session. Listed chipmaking peer Advanced Micro Devices gained +3.05% to lift its market capitalisation (US$153B) above Intel Corp (US$148B) The small capitalisation Russell 2000 rose +0.65%.
US equity markets extended their rebound, with both the Dow Jones Industrial Average and S&P500 booking their highest closes in nearly seven weeks - Dow rose +332-points or +1.03% to 32,529.63. The broader S&P500 gained +1.21% to 4,072.43, with Real Estate (up +3.7%) and Utilities (+3.53%) rallying over >3.5% to lead ten of the eleven primary sectors higher (after being relative underperformers in the preceding two sessions). Communication Services (down -0.74%) was the only primary sector to settle in the red. The Nasdaq +1.08%. Facebook parent Meta Platforms Inc fell -5.22% after the social media giant reported disappointing second-quarter results after the closing bell of the previous session accompanied by a third-quarter outlook that was markedly below Wall Street estimates. The small capitalisation Russell 2000 rose +1.34%.
US equity markets rallied strongly as investors digested the latest monetary policy pronouncements from the Federal Reserve and another busy night on the US corporate earnings calendar - Dow gained +436-points or +1.37%. Walmart Inc rebounded +3.8% The broader S&P500 rallied +2.62%, with Communication Services (up +5.11%), Information Technology (+4.29%) and Consumer Discretionary (+3.85%) leading all eleven primary sectors higher. More defensive sectors underperformed for a second session running, with Utilities adding +0.11% and Real Estate +0.55%.The Nasdaq soared +4.06% to 12,032.42, logging its best daily rise since April 2020. The small capitalisation Russell 2000 gained +2.39%. The overnight gains also marked the biggest rally on a Fed decision day since December 2008, the day the Fed slashed its benchmark interest rate target to between 0% and 0.25% for the first time in history.
US equity markets weaker on the eve of the latest monetary policy decision and pronouncements from the Federal Reserve, and amid a flood of corporate earnings releases - Dow fell -229-points or -0.71%, Walmart Inc fell 7.60% after the big box retailer downgraded its fiscal second quarter and full year profit guidance after the close of the previous session, citing the impacts of inflation. The broader S&P500 -1.15%, with Consumer Discretionary (down 3.31%) as Walmart’s result weighed on the sector, leading eight of the eleven primary sectors lower. Target Corp dropped -3.6%, Kohl’s Corp -9.12% and Nordstrom Inc -5.78%. Shopify Inc tumbled -14.06% after the payments provider announced it’s laying off ~10% of its global workforce, citing a pullback in online spending and saying it misjudged how long the pandemic-fueled e-commerce boom would last. The e-commerce retailer releases its quarterly result tonight AEST. More defensive sectors outperformed, with Utilities up +0.61% and Health Care +0.55%. The Nasdaq -1.87%. The small capitalisation Russell 2000 lost -0.69%
A mixed trading session on Wall Street left both the Dow and S&P500 nursing modest gains and settle higher for the fourth session in the past five ahead of the busiest week of the second quarter US corporate earnings calendar - Dow added -91-points or +0.28%. Chevron Corp was the best performing index constituent overnight. Walmart Inc fell over >9.5% in extended trading (after dipping -0.14% in the regular session) after the big box retailer downgraded its fiscal second quarter and full year profit guidance, citing the impact of inflation The company now expects adjusted earnings per share (EPS) to fall between 8% and 9% for the second quarter and between 11% and 13% for the full year. Boeing Co fell -0.96%, with workers expected to go on strike on 1 August at three plants in the St. Louis area after they voted to reject a contract offer from the plane maker. The broader S&P500 edged +0.13% higher, with Energy (up +3.71%) leading eight of the eleven primary sectors higher. Consumer Discretionary (down -0.85%) and Information Technology (-0.61%) were the worst performing primary sectors overnight. Tesla Inc fell -1.40% after the electric vehicle maker disclosed in its latest first quarter filing that it received a second subpoena from the Securities and Exchange Commission (SEC) asking the company to provide information on its “governance processes around compliance with the SEC settlement” related to Chief Executive Elon Musk’s 2018 tweet about taking the company private at US$420 a share. The Nasdaq fell -0.43%, Amazon.com Inc (down -1.05%), Google-parent Alphabet Inc (0.14%) and Microsoft Corp (-0.59%) all a touch weaker ahead of their results tonight AEST. The small capitalisation Russell 2000 rose +0.60%. All of the benchmark indices remain on track for their best monthly performance calendar year-to-date.
US equity markets retreated on Friday (22 July), with a soft second quarter result from Snap Inc (down -39.08%) – including its weakest ever quarterly sales growth as a public company - after the close of last Thursday’s (21 July) session rattled investors in social media and advertising technology companies - Dow fell -138-points or -0.43%, The broader S&P500 lost -0.93% to 3,961.63, unwinding an earlier rally that saw the index briefly climb above >4,000 for the first time since 9 June. Communication Services (down -4.34%) and Information Technology (-1.38%) were the worst performing primary sectors and led eight of the eleven primary sectors lower, while more defensive sectors outperformed. Utilities rose +1.37%, Real Estate +0.79% and Consumer Staples +0.69%. The Nasdaq dropped -1.87% ahead of a big week of earnings for the technology sector. Meta Platforms Inc fell -7.59% and Alphabet Inc Inc -5.81%, weighed down by Snap’s result. The small capitalisation Russell 2000 lost -0.49%.
US equity markets climbed to their best levels in six weeks as some solid corporate earnings releases bolstered sentiment (albeit there were some soft results after the closing bell) and investors continued to pivot back towards the technology sector. Investors also largely shrugged off news that President Biden had contracted COVID - Dow gained +162-points or +0.51%. The broader S&P500 rose +0.99%, with Consumer Discretionary (+2.25%) among the best performing primary sectors for a third straight session and leading nine of the eleven primary sectors higher. Energy (down -1.69%) was the worst performing primary sector overnight. Tesla Inc jumped +9.78%, climbing for a seventh straight session after reporting impressive second quarter earnings against the backdrop of a challenging operating environment (that included COVID-related lockdowns in China that constrained production) after the closing bell of the previous session. Ford Motor Co rose +2.2% after Bloomberg reported that the automaker plans to cut thousands of workers to give it a leg up in the race to win a bigger share of the market for electric vehicles. United Airlines Holdings Inc fell -10.17% after falling short of Wall Street estimates for the second quarter after the close of Wednesday’s (20 July) session. The Nasdaq outperformed for a third consecutive session, rising +1.36%. It marked the first time since late May that the technology-centric index has advanced by 1% or more for three consecutive sessions. Meta Platforms Inc fell over >4.5% in after hours trading (after edging +0.04% higher in regular trading) The small capitalisation Russell 2000 added +0.48%.
US equity markets advanced, consolidating the strong gains of the previous session as “growth” sectors outperformed - Dow added +48-points or +0.15%, Walt Disney Co gained +3.75%, tracking Netflix Inc (up +7.35%) higher after the streaming giant forecast a return to customer growth during the third quarter after the close of the previous session, while posting a smaller-than-forecast -1M drop in subscribers in the second quarter. The broader S&P500 gained +0.59%, with Consumer Discretionary (+1.77%), Information Technology (+1.56%), Energy (+1.02%) and Communication Services (+1.01%) all rising over >1% to lead seven of the eleven primary sectors higher. More defensive sectors underperformed, with Utilities down -1.36% and Health Care -1.06%. Carnival Corporation fell over >8.5% in extended trading (following a +7.05% advance in the regular session) after the cruise operator announced it intends to sell at least US$1B in fresh stock, with underwriter Goldman Sachs potentially selling up to US$150M more. The company said it intends to use the proceeds for "general corporate purposes, which could include addressing 2023 debt maturities." The Nasdaq +1.56% to log its fourth positive session in five, with technology megacaps Amazon.com Inc and Microsoft Corp gaining +3.86% and +1.06% respectively. The small capitalisation Russell 2000 rose +1.59%.
US equity markets rallied strongly overnight following some strong corporate earnings releases - Dow rallied +754-points or +2.43%, the largest single session gain since 24 June. However, International Business Machines (IBM) Corp fell -5.25% after the software giant trimmed its 2022 free cash flow guidance after the releasing its second quarter result after close of the previous session. The broader S&P500 gained +2.76%, with Communication Services (up +3.63%), Industrials (+3.58%), Energy (+3.16%), Materials (+3.11%), Consumer Discretionary (+3.09%), Information Technology (+3.08%) and Financials (+3.07%) all gaining over >3% to lead al eleven primary sectors higher. The S&P500 has rebounded ~7.4% from its 16 June closing low. The Nasdaq jumped +3.07%, with Apple Inc (+2.67%) and Google parent Alphabet Inc (+4.29%) rebounding solidly. All three major averages are above their 50-day moving averages for the first time since April. The Russell 2000 soared +3.50%, marking the strongest daily advance for the small capitalisation index since 6 January, 2021.
US equity markets faded in the closing couple of hours of the session, unwinding an earlier rally after Bloomberg reported that Apple Inc (down -2.06%) plans to slow hiring and spending growth in some divisions next year in anticipation of a potential economic downturn - Dow fell -216-points or -0.69%, unwinding an earlier rally of as much as +356-points. Boeing Co slipped -0.01% finished marginally despite the aerospace and defence giant confirming that Delta Air Lines Inc (up +3.49%) would order 100 of its 737-10 jets as the air carrier modernizes its single-aisle fleet. The broader S&P500 lost -0.84%, with the more defensive Health Care (down -2.15%) and Utilities (-1.40%) leading eight of the eleven primary sectors lower. Energy was the leading primary sector overnight with a +1.96% advance. Tesla Inc edged +0.2% higher after Deutsche Bank added the company to its short-term buy list, citing the potential for the electric vehicle maker to exceed Wall Street expectations when it reports quarterly earnings on Wednesday night AEST (20 July). The Nasdaq -0.84%. Google parent Alphabet Inc fell -2.46%, with the internet giant’s 20-for-1 stock split that was first announced on 1 February taking effect after the close of last Friday’s (15 July) session. The small capitalisation Russell 2000 eased -0.34%.
US equity markets rebounded strongly on Friday (15 July) to cap another tumultuous week, with both the S&P 500 and the Dow both snapping five-day losing streaks following a brace of solid economic data and corporate earnings releases - Dow rallied +658-points or +2.15%, UnitedHealth Group Inc (up 5.84%), JPMorgan Chase & Co (+4.58%) and American Express Co (+4.40%). The broader S&P500 +1.92%, with Financials (up +3.51%) leading all eleven primary sectors higher. The Nasdaq +1.79%. Meta Platforms Inc (+4.21%), Salesforce Inc (+3.94%)and Amazon.com Inc (+2.64%). The small capitalisation Russell 2000 jumped +2.16%. For the week, the Dow booked a small weekly loss of -0.16%, while the S&P 500 fell -0.93% and the Nasdaq -1.57%.
US equity markets retreated but settled well of their session lows, with the second quarter bank earnings season kicking off and as the stronger-than-expected consumer price inflation (CPI) report released a day earlier continued to reverberate - Dow fell -143-points or -0.46%, recovering from a steeper decline of -628-points. UnitedHealth Group Inc added +0.24% ahead of the release of the company’s quarterly result tonight AEST. The broader S&P500 -0.30%, extending losses into a fifth consecutive session. Financials (down -1.92%), Energy (-1.90%) and Materials (-1.89%) all fell ~1.9% to lead eight of the eleven primary sectors lower. Information Technology sat atop the primary sector leaderboard overnight with a +0.93% gain. The Nasdaq inched +0.03% higher after a mixed performance from the big technology names, with Apple Inc up +2.05% and chipmaker Nvidia Corp +1.37%. Meta Platforms Inc fell -3.33% and Salesforce Inc -1.50%. Both the S&P500 and Nasdaq rebounded from earlier session declines of over >2%. The small capitalisation Russell 2000 lost -1.07%.
US equity markets retreated as investors digested the June consumer inflation report, with the Dow and S&P500 extending declines into a fourth consecutive session - Dow fell -209-points or -0.67%, paring a morning session decline of over >450-points. Boeing Co (down -2.17%), Walgreens Boots Alliance Inc (-1.92%) and UnitedHealth Group (-2.56%) were among the key drags on the index. The broader S&P500 lost -0.45%, recovering from an earlier fall of over >1.5%. Industrials (down -1.20%) and Communication Services (-1.07%) both fell over >1% to lead nine of the eleven primary sectors lower. Consumer Discretionary (+0.86%) and Consumer Staples (+0.01%) were the only primary sector to settle in positive territory overnight. The Nasdaq settled -0.15% lower having fallen over >2% earlier in the session. The small capitalisation Russell 2000 slipped -0.12%.
US equity markets weaker ahead of tonight’s AEST June consumer price inflation figures, with losses accelerating in the final hour of trading - Dow fell -193-points or -0.62%. The broader S&P500 lost -0.92%, with the Energy sector (down -2.03%) leading all eleven primary sectors lower. The Nasdaq -0.95%. The small capitalisation Russell 2000 eased -0.22%.
US equity markets retreated following news that China is imposing more COVID-related restrictions and as second quarter corporate earnings and inflation data later this week looms large - Dow fell -164-points or -0.52% after briefly popping into positive territory in early afternoon trade. Walt Disney Co (down -2.32%) and Nike Inc (-2.61%) were at the forefront of the 30-stock indice’s decline. The broader S&P500 shed -1.15%, with the Communication Services (down -2.80%) and Consumer Discretionary (2.76%) both down over >2.5% to lead nine of the eleven primary sectors higher. The more defensive Utilities (up +0.64%) and Real Estate (+0.01%) sectors were the only primary sectors to advance. Casino operators with operations in Macau were under pressure after Macau city officials said casinos there would be shut down for a week to fight a COVID-19 surge. Wynn Resorts Ltd fell -6.46%, Las Vegas Sands Corp, and Melco Resorts & Entertainment Ltd -9.64%. The Nasdaq dropped -2.26%. Apple Inc and Tesla Inc – whose combined market capitalisation of just over >US$3 trillion accounts for over >16% of the Nasdaq’s aggregate market capitalisation – fell -1.5% and -6.6% respectively. Amazon.com Inc fell -3.28% ahead of its annual northern summer savings event Amazon Prime Day, kicking off tonight AEST. Twitter Inc tumbled -11.3% as the fallout continued from Elon Musk’s announcement after the closing bell last Friday (8 July) that he was terminating his deal to buy the social media company, citing contractual breaches. The small capitalisation Russell 2000 lost -2.11%.
US equity markets ended the week on a mixed note as investors pondered the implications of another strong monthly jobs report - Dow slipped -46-points or -0.15%, The broader S&P500 dipped -0.08%, snapping a four session winning streak (the indice’s best winning stretch since late March), with the Materials sector (down -1.00%) leading nine of the eleven primary sectors lower. Healthcare (up +0.27%) and Information Technology (+0.07%) were the only two primary sectors to advance. The Nasdaq added +0.12%, extending the technology-centric index’s rebound into a fifth straight session, its longest winning streak since November. Tesla Inc rose +2.27% after the company shipped a record 78,906 vehicles in China in June, according to China Passenger Car Association data. Tesla’s best month before that was December 2021, when wholesale deliveries topped 70,800. Tesla shipped ~113K vehicles from its Shanghai plant in the second quarter, down ~38% from 182,174 in the first quarter and illustrating the impact COVID-19 has had on recent results. Year to date, Tesla’s share of Chinese wholesale new energy vehicles (NEV) shipments - a category that includes plug-in hybrids and battery-electric vehicles - is down to ~12% from 15% in the first half of 2021. Twitter Inc fell -5.1% (and was down a further -4.81% in extended trading) following a Washington Post report that reported that Elon Musk was planning to back out of his takeover offer for the social media company. Confirmation came after the market close in a filing reporting that the Tesla Chief Executive’s lawyers had sent a letter to Twitter terminating the deal, saying the social media company had “not complied with its contractual obligation” and asserting that it breached terms of the agreement by refusing to provide detailed information about fake accounts on the site. The small capitalisation Russell 2000 dipped -0.01%.
US equity markets advanced, with the S&P 500 index and Nasdaq Composite booking a fourth day in a row of gains - their longest unbroken advance since March – ahead of tonight’s June jobs report - Dow gained +347-points or +1.12%, The broader S&P500 +1.50%, with Energy (up +3.51%) returning to the top of the primary sector leaderboard. Chevron Corp rose +1.95%, Exxon Mobil Corp +3.19% and Occidental Petroleum Corp +3.99%. Consumer Discretionary (up +2.48%) and Information Technology (+2.06%) both rose over >2%, with ten of the eleven primary sectors advancing. Utilities (down -0.10%) was the only primary sector to settle in the red. The Nasdaq rallied +2.28%. Chipmaker Micron Technology Inc (up +2.58%), Advanced Micro Devices Inc (+5.24%) and Nvidia Corp (+4.81%) traded strongly, buoyed by South Korea’s Samsung Electronics Co (+3.19%) posting its best April-June profit since 2018, driven by strong memory chip sales to server customers. The small capitalisation Russell 2000 gained +2.43%.
US equity markets settled with modest gains as investors digested the minutes from the Federal Reserve’s mid-June monetary policy meeting that saw central bank officials reiterate their resolve to aggressively tackle inflation - Dow added +70-points or +0.23%, The broader S&P500 gained +0.36%, with Utilities (up +1.01%) and Information Technology (+0.88%) leading eight of the eleven primary sectors higher. Energy dropped -1.74% to sit at the foot of the primary sector leaderboard for a second straight session. The Nasdaq rose +0.35%. Microsoft Corp rose +1.28% despite the Associated Press reporting that its acquisition of game publisher Activision Blizzard Inc (down -0.63%) will face antitrust scrutiny in the U.K., after regulators said Wednesday (6 July) they opened an initial inquiry into the US$69B deal. The small capitalisation Russell 2000 lost -0.79%.
US equity markets settled mostly firmer after resuming trading following the Independence Day holiday long weekend, staging a sharp intra-day rebound - Dow fell -129-points or 0.42%, paring an earlier decline of more than >700-points. The broader S&P500 edged +0.16% higher, rebounding from an earlier slump of over >2%. Communication Services (up +2.66%) and Consumer Discretionary (+2.28%) both gained over >2%, while Information Technology rose +1.24% to be the only three primary sectors to advance. Energy dropped -4.01% to sit at the foot of the primary sector leaderboard, with Chevron Corp down -2%. Ford Motor Co fell -1.06% despite the automaker reporting a +31.5% year-on-year jump in second quarter sales (to 152,262 vehicles), bucking the -11% decline in overall industry sales, as Ford's U.S. market share improved to 12.9%. The Nasdaq rallied +1.75% after opening the session sharply lower, with Facebook parent Meta Platforms Inc gaining +5.10%, Amazon.com Inc +3.60% and Google-parent Alphabet Inc +4.16%. The small capitalisation Russell 2000 rose +0.79%. There were reports that the Biden administration may roll back tariffs imposed on some Chinese goods, potentially helping to crimp inflation imported into the U.S.
Oil prices logged modest losses - WTI lost -US$0.32c or -0.3% to US$108.11/barrel. Brent eased -US$0.35c or -0.3% to US$111.28/barrel. In broader energy market moves, natural gas prices in Europe surged on Monday (4 July) to their most expensive since the early stages of Russia’s invasion of Ukraine as proposed strikes in Norway increased fears about inadequate supply. August natural gas futures on the Dutch-based TTF trading hub at one point rose more than >10% to change hands above >€160 a megawatt-hour. A year ago the product traded for €22.4. The ICE U.K. Natural Gas contract jumped +20% to 289.29 pence per British thermal unit , compared to 93.12p per British thermal unit months ago. There were reports that industrial action by workers would see six Norwegian natural gas fields shut down over the next few days, potentially cutting the major exporter’s supply by 13%. Elsewhere, the head of Germany’s regulatory agency for energy, Federal Network Agency President Klaus Mueller, called on residents Saturday (2 July) to save energy and to prepare for winter, when use increases. Mr Mueller said families should start talking now about “whether every room needs to be set at its usual temperature in the winter - or whether some rooms can be a little colder.” Separately, German Economy Minister Robert Habeck said the country should be prepared to cut further Russian gas supplies as President Vladimir Putin adopts a conscious strategy of raising prices to undermine European unity, and warned utilities are at risk of cascading failures, which may require activating a legal clause that would allow them to pass on price increases outside of contract commitments. Mr Halbeck said Germany refrained from activating the measure for now because it would lead to an “immediate price explosion” for consumers. The government is working on an alternative, he said, without elaborating.
US equity markets advanced on the first day of the third quarter ahead of the 4 July holiday long weekend, with both the S&P500 and Nasdaq snapping a four-session losing streak - Dow rose +322-points or +1.05%. The broader S&P500 gained +1.06%, with Utilities (up +2.48%) leading all eleven primary sectors higher. General Motors Co rose +1.35% despite the automaker warning of a second-quarter earnings shortfall, as vehicle wholesale volumes were hurt by the timing of semiconductor shipments and other supply chain disruptions. GM expects net income for the quarter to 30 June to be between US$1.6B and US$1.9B, well below current consensus analyst forecasts of US$2.46B. However, the company affirmed its full-year outlook (for net income of US$9.6B to US$11.2B) as the supply disruptions are expected to be temporary. The Nasdaq +0.9%. Meta Platforms Inc closed down -0.76% following news that it’s cutting its hiring plans for engineers as it prepares for a potential downturn. Chief Executive Officer (CEO) Mark Zuckerberg said “one of the worst downturns we’ve seen in recent history” is ahead, according to a recording heard by Reuters. Tesla Inc (up +1.24%) disclosed on Saturday (2 July) that sales of cars and SUVs fell -18% in the second quarter to 254,695 (versus consensus expectations for 256,250), snapping a two year streak of gains and marking their lowest quarterly level since last the third quarter of 2021 as supply-chain issues and pandemic restrictions in China hobbled production of its electric vehicles. Tesla delivered 310,048 vehicles in the first quarter of 2022 and 201,250 vehicles in the second quarter of 2021. Tesla is slated to release its second quarter result on 20 July. Micron Technology Inc fell -2.95% after the chipmaker provided a weak fourth quarter outlook after the closing bell of last Thursday’s (30 June) session. The small capitalisation Russell 2000 lost -0.49%. Retailer Kohl’s Corp slumped -19.63% after confirming a CNBC report that it had ceased talks with Franchise Group, saying that the retail environment has worsened since bidding began. Kohl’s also cut its outlook for the current quarter. US equity and bond markets are CLOSED tonight AEST for the Independence Day holiday.
US equity markets weaker, with the S&P500 cementing its worst first half in more than 50 years - Dow -351-points or -1.13%, with Salesforce Inc (down -3.26%) and Walgreens Boots Alliance Inc (-7.27%) the two worst performing index components overnight. The broader S&P500 fell for a forth consecutive session, down -0.63%. Energy (down -2.05%), Communication Services (-1.56%) and Consumer Discretionary (-1.54%) all fell over >1.5% to lead eight of the eleven primary sectors lower. More defensive sectors outperformed for a second straight session, with Utilities up +1.10%. Carnival Corp fell -2.48%, a day after tumbling -14.13% after Morgan Stanley cut its price target on the stock roughly in half and said it could potentially go to zero in the face of another demand shock. Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd fell -3.08% and -3.89% respectively. American Airlines Group Inc (down -2.69%) has offered its pilots pay raises totalling nearly 17% under a new contract, according to an internal video seen by CNBC. The latest proposal to the pilots’ union, the Allied Pilots Association, comes less than a week after rival United Airlines Holdings Inc (-0.73%) and its pilots’ union reached a tentative agreement that includes more than 14% in total raises over the next 18 months. The technology-centric Nasdaq dropped -1.85%. Facebook-parent Meta Platforms Inc (down -1.64%) has warned employees to expect a tough second half of the year as the company continues to weather challenges related to its core online advertising business amid a weakening economy. Meta chief product officer Chris Cox detailed the company’s financial dilemma in an internal memo that detailed key areas where the social media giant plans to invest, a spokesperson confirmed to CNBC. The memo was previously reported by Reuters. The small capitalisation Russell 2000 lost -0.66%. High-end furniture chain RH fell -10.56% after it issued a profit warning for the full year.
US equity markets closed narrowly mixed , with the S&P500 on track to close out its worst first half of the year since 1970 - Dow added +82-points or +0.27%, The broader S&P500 slipped 0.07%, with the Energy sector (down -3.43%) the worst performing primary sector after being the leading sector for the preceding two session. More defensive sectors outperformed overnight, with Healthcare up +0.87% and Consumer Staples +0.49%. Carnival Corp tumbled -14.13% after Morgan Stanley cut its price target on the stock roughly in half and said it could potentially go to zero in the face of another demand shock. The call dragged other cruise stocks lower, with Royal Caribbean Cruises Ltd and Norwegian falling -10.26% and -9.33% respectively. The Nasdaq dipped -0.03%. Chipmakers led declines after Bank of America downgraded several chip stocks due to rising competition. Advanced Micro Devices fell -3.45%, Micron Technology Inc -3.18% and Teradyne Inc -5.23%. However, Amazon.com Inc gained +1.4% after JPMorgan reiterated its overweight rating on the stock. Meta Platforms rose +2.03%, Apple Inc +1.30% and Microsoft Corp +1.47%.The small capitalisation Russell 2000 lost -1.12%.
US equity markets retreated following some weak consumer confidence data, and as oil prices climbed for a third day - Dow down -491-points or -1.56%, The broader S&P500 shed -2.01%, with Consumer Discretionary (down -4.03%) and Information Technology (-3.01%) leading ten of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard for a second consecutive session with a +2.70% gain. Warren Buffett's Berkshire Hathaway Inc said it had acquired an additional 794,389 shares in Occidental Petroleum Corp (up +4.77%), lifting the conglomerate’s stake to ~16.4%. The Nasdaq dropped -2.98%. Qualcomm Inc (up +3.48%) bucked the weaker trend after a prominent analyst (Ming-Chi Kuo at TF International Securities) said Apple Inc (-2.98%) is likely to use the company’s 5G modems for its 2023 iPhones rather that relying on technology built in-house. All three benchmark indices booked their worst daily percentage declines since 16 June, according to Dow Jones Market Data. The small capitalisation Russell 2000 lost -0.49%.
US equity markets settled with modest losses to open the new week following a strong rebound last Friday (24 June), shrugging off some better-than-expected economic data - Dow eased -62-points or -0.20%. Boeing Co fell 1.99% following a pair of reports appearing to question the safety of 737 MAX jets, including by Australia’s taxpayer-funded broadcaster that cited “at least six mid-air emergencies” and various other problems experienced by MAX jets since the planes were recertified to fly. The problems were pulled from publicly available databases maintained by the U.S. government. The broader S&P500 lost -0.30%, with Consumer Discretionary (down -1.09%) and Communication Services (-1.05%) leading the decline. Energy returned to the top of the primary sector leaderboard with a +2.78% rally. The S&P 500 is up more than >7% since hitting a bear-market low in mid-June, although the benchmark is down 19% from its high and 18% lower since the year began. The Nasdaq fell -0.72%. The small capitalisation Russell 2000 added +0.34%.
US equity markets rebounded strongly, with all three benchmark indices snapping three-week losing streaks as investors reassessed the expected path of Federal Reserve interest-rate hikes - Dow rallied +823-points or +2.68% to 31,500.68, climbing back above >31,000 and recording its largest daily percentage gain since 4 May. FedEx Corp gained +7.16% after the global delivery and logistics company reported fiscal fourth-quarter earnings that matched Wall Street’s expectations and issued guidance for the fiscal year that topped projections after the close of last Thursday’s (23 June session. The broader S&P500 gained +3.06%, logging its best daily percentage gain since 18 May, 2020. Materials (up +3.98%), Communication Services (+3.94%), Financials (+3.80%), Consumer Discretionary (+3.74%) and Information Technology (+3.57%) all rallying over >3.5% and leading all eleven primary sectors higher. Shares in the biggest U.S. banks climbed on Friday (24 June) a day after it was confirmed they had all passed the Federal Reserve's annual health check. JPMorgan Chase & Co rose +2.98%, Citigroup Inc +3.26% and Wells Fargo & Co +7.55. The Nasdaq jumped +3.34%, the technology-centric indice’s largest daily percentage gain since 13 May. The small capitalisation Russell 2000 rallied +3.16%.
US equity markets advanced after Federal Reserve Chairman Jerome Powell concluded a second day of congressional testimony with a vow to battle inflation, even if it risks a recession - Dow up +194-points or +0.64% and settling near its session highs at 30,677.36. The broader S&P500 +0.95%, with more defensive sectors like Utilities (up +2.35%), Health Care (+2.22%) and Real Estate (+2.01%) atop the primary sector leaderboard for a second consecutive session. Energy (down -3.74%) was the worst performing primary sector for a second day running. Occidental Petroleum Corp added +0.57% as Berkshire Hathaway Chief Executive Officer (CEO) Warren Buffett increased his firm’s stake in the oil-and-gas company by 9.6M shares or US$529M in June, according to regulatory filings cited by The Wall Street Journal, lifting the holding to ~16%. The Nasdaq +1.62%. The small capitalisation Russell 2000 rose +1.27%.
US equity markets logged modest losses, unwinding earlier gains in the final hour of trading as investors digested Federal Reserve Chair Jerome Powell’s latest congressional testimony - Dow eased -47-points or 0.15%. Dow Inc sank -4.75% to US$52.34 and its lowest levels since early 2021 after analysts at Credit Suisse cut their rating on the specialty chemicals company to “Underperform” (reducing the target price to US$49), citing concerns that the business could continue to struggle as supply chains normalise. The broader S&P500 slipped -0.13%, with Energy (down (-4.19%) leading seven of the eleven primary sectors lower. Real Estate (up +1.55%) and Health Care (+1.42%) were the best performing primary sectors. The Fed release its latest bank stress test results tonight AEST. The Nasdaq -0.15%. The small capitalisation Russell 2000 lost -0.22%.
US equity markets resumed trading following the holiday long weekend on the front foot, with all three benchmark indices rallying over >2% following a strong session for both value and growth stocks as risk assets bounced back - Dow gained +641-points or +2.15%, The broader S&P500 rose +2.45% to log its best single session advance month-to-date and after logging its worst weekly decline since 2020 last week, with the Energy sector (up +5.14%) returning to the top of the primary sector leaderboard and leading all eleven primary sectors at least +1.5% higher. Exxon Mobil Corp gained +6.22%, buoyed by an upgrade to “Outperform” from “Neutral” from Credit Suisse. Last night’s session marked the first time since May that both S&P 500 Value and S&P 500 Growth indexes gained more than >2% on the same day, and only the third time since 2020 that both indexes rallied as much. 441 stocks in the S&P500 advanced. Tesla Inc rallied +9.35% after Chief Executive Officer (CEO) Elon Musk told Bloomberg that job cuts at the company would result in a reduction of as much as 3.5% of the electric vehicle maker’s total head count. Twitter Inc rose +3.07% after Mr Musk told an audience at the Qatar Economic Forum in Doha that he would be “driving the product” at Twitter, while reiterating that he does not necessarily want to serve as CEO after he completes the acquisition of the social media company. Kellogg Co rose +1.95% after the food company announced a plan to split into three businesses - "Global Snacking Co", which will represent ~US$11.4B in sales and include international cereal and noodles, North American frozen breakfast, as well as snacks; "North America Cereal Co", which represents ~US$2.4B in sales and includes U.S., Canada, and Caribbean cereals; and "Plant Co", a business of ~US$340M anchored by the MorningStar Farms brand and focused on plant-based foods. The Nasdaq rallied +2.51%, with Goggle-parent Alphabet Inc rising +3.85%, Apple Inc +3.28% and Amazon.com Inc +2.32%. Chipmakers also traded strongly, with Advanced Micro Devices Inc climbing +2.72%. The small capitalisation Russell 2000 rose +1.70%.
AUD - buying ~69.51 US cents. The Reserve Bank of Australia’s (RBA) release the minutes from its June monetary policy meeting that saw the central bank hike rates +50-basis points, while RBA Governor Philip is scheduled to deliver a speech titled “Economic Outlook and Monetary Policy”. The Bank of Japan (BoJ) release the minutes of their June monetary policy meeting that saw the central bank stand firm on its ultra-loose monetary policy prescription last Friday (17 June). Elsewhere, there were reports this morning that Qantas Airways has lifted the passenger mask mandate for non-stop, outbound flights to the US and UK.
US equity markets closed out a turbulent week on mixed note, leaving both the Dow and S&P500 nursing their worst weekly performance sine 2020 - Dow eased -38-points or -0.13% to 29,888.78 after sliding below 1%. The small capitalisation Russell 2000 gained +0.96%. Friday (17 June) was a “quadruple witching” session, the simultaneous expiration of stock index futures, single-stock futures, stock options and stock index options.
US equity markets fell sharply, more than erasing the bounce recorded the previous session following the Federal Reserve’s largest rate hike since 1994, as concerns about the economic outlook returned to centre stage - Dow dropped -741-points or -2.4% to 29,927.07, sliding below 4%, with all eleven primary sectors closing in the red. Tesla Inc fell -8.54% after the electric vehicle maker hiked prices again on all its US models as it battles rising aluminium costs and the global supply chain crisis. The Dow and S&P 500 booked their lowest settlements since December 2020. The technology-centric Nasdaq slumped -4.1% to log its lowest close since September 2020. Amazon.com Inc (-3.72%), Apple Inc (-3.97%) and Netflix Inc (-3.75%) all sank nearly 4%. Tesla Chief Executive Officer Elon Musk held a question and answer session with Twitter Inc (down -1.66%) staff, pitching a vision of a one-billion-user platform (versus the current user base of ~229M) but providing no fresh updates on his US$44B deal. The small capitalisation Russell 2000 lost -4.70%.
A late rally saw the Dow and S&P500 snap a five session skid after a choppy session as investors digested the latest monetary policy pronouncements from the Federal Reserve and comments from central bank Chair Jerome Powell - Dow up +304-points or +1.00%, briefly climbing as much as +600-points. The broader S&P500 +1.46%, Consumer Discretionary (up +3.02%) led ten of the eleven primary sectors higher. Energy (down -2.12%) was the only primary sector to close in the red. The Nasdaq rebounded +2.49%. Apple Inc rose 2.01% after it announced Major League Soccer would be exclusively available on Apple TV starting in 2023, in a 10-year deal estimated to be worth US$250M. All three indexes booked their best daily percentage gain since 2 June, according to Dow Jones Market Data. The small capitalisation Russell 2000 rose +1.36%.
The Dow and S&P500 extended declines into a fifth straight session, with stocks hitting their session lows in the closing hour of trading ahead of the conclusion of the Federal Reserve’s latest two day monetary policy meeting - Dow lost -152-points or -0.50% to 30,364.83, its lowest settlement since 1 February, 2021. The index had climbed as much as +170-points earlier in the session and dropped as much -370-points. FedEx Corp rallied +14.41% (leading the Dow Transports index over >2% higher) to log its best day since 1986 after the economic bellwether announced that it would raise its quarterly dividend by more than >50% and add three new directors to its board. The broader S&P500 eased -0.38% to 3,735.48, logging its lowest settlement since 29 January, 2021 a day after entering official bear market territory. The S&P 500 has dropped -10.2% over the past five trading days, the worst percentage decline over that time span since March 2020, when the U.S. was first confronting the coronavirus pandemic, according to Dow Jones Market Data. The broader index now sits 22.1% below its 3 January record closing high. Utilities (down -2.58%) led nine of the eleven primary sectors lower. Information Technology (up +0.62%) and Energy (+0.07%) were the only two primary sectors to advance. The Nasdaq edged +0.18% higher. Oracle Corp rallied +10.41% after the Silicon Valley giant posted a better-than-expected fiscal fourth quarter result after the closing bell of the previous session. The small capitalisation Russell 2000 lost -0.39%.
US equity markets logged a second consecutive session of steep losses in the wake of last Friday’s (10 June) blistering inflation report, with the benchmark indices touching their session lows in the closing 30-minutes of trading after the a Wall Street Journal report suggested the Federal Reserve would consider raising rates by +75 basis points at the conclusion of their two day monetary policy meeting later this week - Dow tumbled -876-points or -2.79%, dropping as much as -1,019 points at one point in the session. Boeing Co (down -8.77%), Salesforce Inc (-6.96%) and American Express Co (-5.26%) were among the major drags on the Dow. The broader S&P500 shed -3.88% to 3,749.63, the lowest close since March 2021. Only five index constituents closed the session in the positive territory. The index settled over >21% below the 3 January record close (3837.248) and entered official bear market territory. The last time the S&P500 was in a bear market was in March 2020 at the onset of the pandemic. Energy (down -5.13%) led all eleven primary sectors lower, with all sectors declining over >2%. Travel stocks declined despite the Biden administration announced that it will drop the COVID-19 testing requirement for inbound air travellers from abroad from Sunday (12 June), ending one of the longest-running travel restrictions of the pandemic. United Airlines Holdings Inc fell -10.06% and Delta Air Lines Inc -8.29%, while cruise operators Carnival Corporation and Norwegian Cruise Line Holdings fell -10.32% and -12.23% respectively. The Nasdaq slumped -4.68%, extending losses for the technology-centric index during this current sell-off to more than >33%. Netflix Inc (down -7.24%), Nvidia Corp (-7.82%) and Tesla Inc (-7.10%) all fell over >7%. Tesla proposed a 3-for-1 stock split in its proxy statement filed after the closing bell last Friday (10 June), saying it would provide more flexibility for its employees managing their equity and serve as a recruiting tool. The split would be Tesla’s second in as many years, with the electric vehicle maker undertaking a 5-for-1 stock split in August 2020. Tesla is slated to hold its annual shareholder meeting on 4 August. Elsewhere, Goldman Sachs downgraded Netflix last Friday (10 June) to a “Sell” from “Neutral” and cut its price target to US$186 from US$265, citing “concerns around the impact of a consumer recession as well as heightened levels of competition on demand trends”. The small capitalisation Russell 2000 slumped -4.76%.
US equity markets fell sharply ahead of tonight’s AEST consumer price inflation (CPI) figures for May - Dow fell -638-points or -1.94%, The broader S&P500 shed -2.38%, with Communication Services (down -2.75%), Information Technology (-2.72%) and Financials (-2.61%) all declining over >2.5% to lead all eleven primary sectors lower. Tesla Inc fell -0.89% despite UBS upgrading the electric vehicle leader to “buy” from “neutral”, while leaving the price target of US$1,100 unchanged. The Nasdaq dropped -2.75%. All three benchmark indices booked their worst daily percentage drops since 18 May, according to FactSet data. Facebook parent Meta Platforms (down -6.43%) began trading under its new ticker, META, completing a rebranding effort. Advanced Micro Devices Inc (down -3.04%) hosted an Investor Day, with Chief Executive Lisa Su identifying Artificial Intelligence as the chipmaker’s “single highest growth opportunity” over the next few years. With the recent acquisition of Pensando, Ms Su said that AMD now has leading technology in data processing units (DPUs) chips specifically designed to process data on a large scale, adding that the company plans to be the “partner of choice in the data centre over the next three to four years.” Ms Su also released details of the company’s financial model over the next three to four years. The company is predicting annual revenue growth of ~20% annualised, free cash flow margins of more than >25%, and gross margins of more than >57%. AMD just broke 50% gross margins a few quarters ago, while Intel Corp (down -2.96%) has struggled to keep its gross margins higher than 50%. The small capitalisation Russell 2000 lost -2.12%. Nutrien Ltd rose +1.06% after the world’s largest fertiliser company said it has plans to boost its fertiliser production capability as the world grapples with shaky supply from eastern Europe. The company said it will ramp up potash production capability to 18M tonnes by 2025, representing a 40% increase compared to 2020, citing “structural changes in global energy, agriculture and fertiliser markets”.
US equity markets retreated in muted trading, snapping a two session winning streak as investors continued to eye Friday night’s AEST (10 June) consumer price inflation (CPI) figures for May - Dow down -269-points or -0.81%. Intel Corp fell -5.28% after management warned of weakening demand for semiconductors at an industry conference. Separately, Citi Research analysts cautioned that the company could pre-announce weaker-than-expected earnings for the second quarter. The broader S&P500 shed -1.08%, with Real Estate (down -2.43%) and Materials (-2.10%) leading ten of the eleven primary sectors lower. Energy (up +0.15%) sat atop the primary sector leaderboard for a second consecutive session and was the only primary sector to advance overnight. Exxon Mobil Corp rose +1.18% to a record closing high of US$104.59. Altria Group Inc shed -8.37% to US$49.49 after Morgan Stanley cut their recommendation the cigarette and heated tobacco seller to “Underweight” (lowering the price target to US$50 from US$54), citing inflation pressures and long-term competitive risks. Domino’s Pizza Inc slipped -0.33% to US$384.00, with analysts at CFRA downgrading the company to a “Hold” recommendation, but lifting their target price to US$410 (from US$400). The Nasdaq lost -0.73%. The small capitalisation Russell 2000 lost -1.49%. The US-listed shares of Alibaba Group Holdings jumped +14.67% as Chinese technology stocks more broadly enjoyed a strong session in Hong Kong yesterday (8 June), with sentiment buoyed a wave of videogame approvals from regulators in China. It potentially marked a sign of easing regulatory pressures for gaming stocks in particular and the Chinese technology sector at large.
US equity markets advanced, picking up steam late in the session and shaking off early weakness following a profit warning from retailer Target Corp before the opening bell - Dow up +264points or +0.8%, The broader S&P500 rose +0.95%, with Energy (up +3.14%) returning to the top of the primary sector leaderboard and leading ten of the eleven primary sectors higher. Exxon Mobil Corp gained +4.58% to $103.37, climbing above >US$100 per share for the first time since 2014 (buoyed by an upgrade from EvercoreISI). Consumer Discretionary (down -0.37%) was the only primary sector to close in the red. Target Corp fell -2.31% after the retailer announced a plan to reduce its excess inventory (including markdowns, cancelling orders and removing inventory, along with price hikes to offset higher fuel and transportation costs, and supply chain adjustments such as increased holding capacity near U.S. ports), and downwardly revised its operating-margin guidance. The Nasdaq +0.94%. Apple Inc rose +1.76% despite news that the company must change the connector on iPhones sold in Europe by 2024 after European Union (EU) countries and lawmakers agreed to a single charging port for mobile phones, tablets and cameras. The company introduced its new MacBook Air and MacBook Pro models a day earlier during the keynote address of its annual Worldwide Developers Conference (WWDC) and also launched Apple Pay Later, a buy-now-pay-later (BNPL) service with no interest fees, in partnership with Goldman Sachs Group. The small capitalisation Russell 2000 rallied +1.57%. In merger and acquisition (M&A) news, Kohl's Corp rallied +8.24% after news the department store chain entered exclusive talks with retail store operator Franchise Group Inc (+4.78%) over a potential sale that would value it at nearly US$8B.
US equity markets edged higher after a muted session as investors await key inflation figures later in the week - Dow inched +16-points or +0.05% higher, climbing as much as +336-points earlier in the session. The broader S&P500 added +0.31%, with Consumer Discretionary (up +1.03) and Communication Services (+0.98%) rebounding to lead eight of the eleven primary sectors higher. Energy dipped -0.11% after outperforming in recent sessions. The Nasdaq +0.40%. Amazon.com Inc’s 20-for-1 stock split took effect overnight, closing +1.99% higher at US$124.79 after closing at a pre-split adjusted US$2,447 last Friday (3 June). The last time Amazon’s stock traded below the four-digit level pre-split level was October 2017 Apple Inc (up +0.52%) introduced its new MacBook Air and MacBook Pro models during the keynote address of its annual Worldwide Developers Conference (WWDC) overnight. Both of the new Apple laptops will feature the company’s newly announced M2 custom chip. Twitter Inc fell -1.49% after Tesla Inc (up +1.60%) Chief Executive Officer (CEO) Elon Musk said in a letter that he could terminate the merger deal if the social-media company continues to refuse to provide the information he has requested regarding spam and fake accounts. Twitter responded in a statement that it “has and will continue to cooperatively share information” with Mr Musk. The small capitalisation Russell 2000 rose +0.36%. In merger and acquisition (M&A) news, budget carrier Spirit Airlines Inc rallied +7.04% after its bigger rival, JetBlue Airways, sweetened its offer to buy the company to US$31.50 per share (from US$30).
US equity markets retreated on Friday (3 May) after a stronger than expected employment report buttressed expectations of further interest rate hikes - Dow down -349-points or -1.05%, The broader S&P500 fell -1.63%, with Consumer Discretionary (down -2.85%), Information Technology (-2.48%) and Communication Services (-2.37%) all dropping over >2% lead ten of the eleven primary sectors lower on Friday (3 May). Energy (up +1.40%) was the only primary sector to advance. Tesla Inc fell -9.22% after Reuters reported, citing an internal email, that Chief Executive Officer (CEO) Elon Musk wants to cut 10% of jobs at the electric vehicle maker. According to Reuters’ report, Mr Musk also said in the email that he has a “super bad” feeling about the economy. Mr Musk’s comments followed similarly cautious comments from JPMorgan Chief Executive Officer (CEO) CEO Jamie Dimon earlier last week warning of an economic “hurricane” caused by the Federal Reserve and the war in Ukraine is brewing. American Airlines Group Inc fell -7.10% after the air carrier raised its revenue growth outlook (now expects second-quarter revenue to be up 11% to 13% from the same period in pre-pandemic 2019, compared with previous guidance of up 6% to 8%) but trimmed its capacity guidance (now expects available seat miles to be down 7% to 8% from 2019 levels versus previous expectations of a decline of 6% to 8%) and raised its fuel-cost estimate (average fuel price per gallon estimate was raised to US$3.92 to US$3.97 from US$3.59 to US$3.64, and the outlook for cost per available seat mile (CASM) excluding fuel was raised to 10% to 11% above 2019 levels from 8% to 10%). The Nasdaq -2.47%. Apple Inc fell -3.86% following a cautious research note from Morgan Stanley that cited slowing app store growth. The company’s Worldwide Developers Conference kicks off tonight AEST, with high expectations for its next generation operating system, a new Apple Watch and possibly a glimpse at the headset for virtual and artificial reality. Google-parent Alphabet Inc and Meta Platforms Inc declined roughly -2.6% and -4.1% respectively. Amazon.com Inc fell -2.52% to US$2,447 ahead of the 20-for-1 stock split becoming effective tonight AEST, meaning the stock should trade around US$122. Amazon’s share count will jump to 10.2B from 509M. It marks the fourth time Amazon has declared a stock split since it went public in 1997, but the first in more than two decades. Alphabet Inc’s own 20-for-1 stock split takes effect in mid-July. The small capitalisation Russell 2000 lost -0.77%. In merger and acquisition (M&A) news, Turning Point Therapeutics Inc soared +118.35% after the clinical-stage oncology company agreed to be acquired by biopharmaceutical company Bristol-Myers Squibb Co (+0.13%) in an all-cash deal valuing Turning Point at ~US$3.77B.
US equity markets rallied in the final hour of the session, with the benchmark indices booking their largest daily percentage climb since 27 May - Dow up +435-points or +1.33%, recovering from an earlier slide of over >300-points. The broader S&P500 rose +1.84%, with Consumer Discretionary rallying +3.03% to lead ten of the eleven primary sectors higher. Energy was the only primary sector to settle in the red, down -0.30%. Bloomberg reported that Citigroup Inc (up +0.08%) may record losses of at least US$50M following a London staffer’s “fat finger” trade that caused a ‘flash crash’ in European stocks last month. The Nasdaq gained +2.69%. Microsoft Corp added +0.79% despite the software giant lowering its fiscal fourth quarter earnings per share (US$2.24-to-US$2.32 from US$2.28-to-US$2.35, and versus consensus US$2.33) and revenue (US$51.94B-to-US$52.74B) guidance versus US$52.40B-to-US$53.20B) to reflect and "unfavourable" currency impact. Meta Platforms Inc rose +5.42% a day after Chief Operating Officer (COO) Sheryl Sandberg announced she was stepping down after 14-years with the company. The small capitalisation Russell 2000 rallied +2.31%.
US equity markets opened June on the back foot - Dow down -177-points or -0.54%, paring an earlier decline of as much as -405-points. Salesforce Inc jumped +9.88% after the cloud-based customer-relationship-management company topped Wall Street estimates for first quarter after the closing bell of the previous session. The broader S&P500 -0.75%, with Financials (down -1.67%) leading ten of the eleven primary sectors lower. Energy (up +1.76%) was the only primary sector to advance. Delta Air Lines Inc fell -5.16% despite the carrier raising its total and unit revenue guidance for the second quarter, while the capacity outlook was lowered. Delta said it expects "strong" results for the quarter through June, and now expects revenue to be ~100% of what it was for the same period of pre-pandemic 2019, up from previous guidance of 93% to 97% of 2019 levels, while unit revenue is now expected to be 7%-8% better than previously expected. The company lowered its estimate for available seat miles (ASM) versus 2019 to 82% to 83% from approximately 84%, while raising its outlook for cost per available seat mile (CASM) excluding fuel to be up 20% to 22% from up approximately 17%. Delta's estimate for fuel price per gallon was boosted to US$3.60 to US$3.70 from $3.20 to $3.35. The Nasdaq -0.72%. Meta Platforms Inc fell -2.58% after Chief Operating Officer (COO) Sheryl Sandberg announced she was stepping down after 14-years with the company. The small capitalisation Russell 2000 lost -0.49%.
US equity markets closed out the month on a weaker footing - Dow down -223-points or -0.67% , snapping a six session winning streak. The broader S&P500 -0.63%. After outperforming earlier in the session, the Energy sector settled -1.65% lower to lead nine of the eleven primary sectors lower. Consumer Discretionary (up +0.76%) and Communication Services (+0.40%) were the only primary sectors to advance overnight. The Nasdaq -0.41%. Both the S&P500 and Nasdaq snapped a three session winning streak. The small capitalisation Russell 2000 lost -1.26%.
Fed Governor Christopher Waller said following a speech to the Institute for Monetary and Financial Stability in Frankfurt that he is “advocating 50 (basis point hikes) on the table every meeting until we see substantial reductions in inflation. Until we get that, I don't see the point of stopping." Mr Waller's comments came ahead of a meeting tonight AEST between Federal Reserve Chair Jerome Powell and U.S. President Joe Biden for a discussion called by the White House on state of the American and global economy.
US equity markets rallied strongly ahead of the holiday weekend, with technology stocks leading the advance - Dow up +576-points or +1.7%, logging its straight day of gains of more than >500 points and rallying for a sixth straight day in its longest winning streak since December 2021. The 30-stock index was powered by gains for Salesforce Inc (up +1.63%), Apple Inc (+4.08%), Microsoft Corp (+2.76%) and International Business Machines (IBM) Corp (+1.74%). The broader S&P500 +2.47%, with Consumer Discretionary (up +3.47%) and Information Technology (+3.44%) climbing over >3% to lead all eleven primary sectors (over >1%) higher. The Nasdaq +3.33% to 12,131.13, the technology-centric indice’s first close above >12,000 since 6 May. The small capitalisation Russell 2000 +2.70%. US equity and bond markets are CLOSED tonight AEST for the Memorial Day holiday.
US equity markets rallied, buoyed by a batch of strong earnings from the retail sector boosted market sentiment - Dow extended gains into a fifth consecutive session (its longest winning streak since 18 March), up +516-points or +1.61%. Boeing Co (up +4.65%) and Nike Inc (+4.38%) were among the leading performers. The broader S&P500 +1.99%, with Consumer Discretionary (up +4.78%) leading ten of the eleven primary sectors higher. All of Information Technology (+2.45%), Financials (+2.25%) and Communication Services (+2.078%) also climbed over >2%. Real Estate (down -0.10%) was the only primary sector to settle in the red. The Nasdaq rallied +2.68%. Apple Inc advanced +2.32% after a report said the iPhone maker plans to keep production of its flagship item flat this year due to industry challenges. Apple also said it would lift hourly pay for U.S. workers by +45% from 2018 to US$22 per hour to compete in a tight labour market and amid pushes by some employees to unionise. Nvidia Corp recovered from earlier losses to settle +5.16% higher The small capitalisation Russell 2000 rose +2.17%. In merger and acquisition (M&A) news, Broadcom Inc (up +3.58%) confirmed it had reached a deal to acquire cloud computing company VMWare Inc (+3.17% at US$124.36) in a cash and scrip deal worth ~US$61B following speculation earlier this week. Under the terms of the agreement, VMware shareholders will choose to receive either US$142.50 per share in cash or 0.2520 a common share of Broadcom for each VMware share.
US equity markets advanced as technology stocks rebounded and as investors digested minutes of the Federal Reserve's policy meeting in early May - Dow rose +192-points or +0.6%, booking a fourth consecutive session of gains. The broader S&P500 gained +0.95%, with Consumer Discretionary (up +2.78%) and Energy (+1.96%) leading nine of the eleven primary sectors higher. Utilities (down -0.06%) and Health Care (-0.02%) were the only primary sectors to settle in the red. The Nasdaq rebounded +1.51% a day after logging its lowest close since 3 November, 2020. Twitter Inc gained over >6% in after hours trading (after a +3.91% rise in the regular session) after a filing with the Securities and Exchange Commission (SEC) showed Tesla Inc (+4.88%) Chief Executive Elon Musk increased the amount of cash he is committing to the acquisition of the social media company by US$6.25B, with the rest funded by debt financing. The filing also stated that Mr Musk continues to negotiate with Twitter shareholders, including cofounder Jack Dorsey, in an attempt to convince them to remain as investors instead of cashing out. The small capitalisation Russell 2000 rose +1.95%. Kohl’s Corp jumped +11.89% after Reuters reported that bidders continue to circle the retailer at lower prices than earlier this year, but still well above recent trading levels of the stock.
Technology stocks once again weighed on US equity markets - Dow added +48-points or +0.15%. McDonald’s Corp (up +2.74%), Verizon Communications Inc (+2.03%) and International Business Machines (IBM) Corp (+2.01%) all added more than 2%.The broader S&P500 lost -0.81%, with Communication Services (down -3.70%) and Consumer Discretionary (-2.58%) leading six of the eleven primary sectors lower. More defensive sectors outperformed overnight, with Utilities up +2.01%, Consumer Staples +1.66% and Real Estate +1.21%. The Nasdaq shed -2.28% to 11,264.45, logging its lowest close since 3 November, 2020 and extending its calendar year-to-date loss to -28%. The technology-centric index sits ~30% below its record 19 November, 2021 record closing high of 16,057.44. Snap Inc tumbled -43.08% after Chief Executive Officer (CEO) Evan Spiegel warned in a note to employees that emerged after the close of Monday’s (23 May) session that the company will miss its own targets for revenue and adjusted earnings in the current quarter, and will also slow hiring through the end of the year as it looks to manage expenses. Amazon.com Inc fell -3.21% to a fresh 52-week low (us$2,082.00), while Facebook Inc lost -7.62% and Google-parent Alphabet Inc -5.14%. Twitter Inc fell -5.55% to US$35.76, below the price at which Tesla Inc chief executive Elon Musk acquired his stake. According to a 13D filing with the Securities and Exchange Commission on 5 April, Mr Musk bought his 73.12M shares or 9.1% stake in the social media company at a weighted average price of US$36.157 per share. Twitter has fallen ~31.1% from its 25 April close of US$51.70, the day the company agreed to be acquired by Mr Musk for US$54.20 per share. The small capitalisation Russell 2000 lost -1.56%. Wendy's Co jumped 17% in after-hours trading after its largest shareholder, Trian Fund Management LP, said it is looking at potential transactions to acquire control of the fast-food restaurant chain. Trian Fund Management LP owns ~19.4% of the company, according to the filings.
US equity markets advanced - Dow rallied +618-points or +1.98%, logging its best single session gain since 4 May. JPMorgan Chase & Co gained +6.19% higher after the banking giant hosted an Investor Day and raised its net interest income outlook. In addition, JPMorgan forecast that it may hit its goal of a 17% return on tangible equity this year. Goldman Sachs Group Inc rose +3.2%. The broader S&P500 rose +1.86%, with Financials (up +3.23%) leading all eleven primary sectors higher. The Nasdaq gained +1.59%. It marked the best session for both the S&P500 and Nasdaq since 17 May. The small capitalisation Russell 2000 added +1.10%. VMware Inc soared +24.78% after The Wall Street Journal reported that Broadcom Inc (down -3.10%) was offering ~US$140 per share or ~US$60B in a cash-and-stock deal to acquire the enterprise cloud-computing software company. The report came on the heels of several other media reports over the weekend speculating a deal. Snap Inc slumped ~30% in after hours trading after Chief Executive Officer (CEO) Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter. The social media company will also slow hiring through the end of the year as it looks to manage expenses, Mr Spiegel wrote. Part of the letter was filed with the Securities and Exchange Commission.
A rally in the final hour of trading left US equity markets little changed on Friday (20 May) - Dow inched +9-points or +0.03% higher at 31,261.90, erasing an earlier decline of as much as -617 points. A close below 29,439.72 would put the blue-chip gauge in official bear market territory. The broader S&P500 eked out a +0.01% gain to settle at 3,901.36 after trading in official bear market territory earlier in last Friday’s (20 May) session. The index traded as low as 3,810.32 (down ~2.3%) ~20.9% the S&P500’s 3 January record closing high. Consumer Discretionary (down -1.53%) and Industrials (-1.07%) both fell over >1% to lead five of the eleven primary sectors lower. The more defensive sectors of Health Care (up +1.26%) and Real Estate (+1.19%) were the leading primary sectors last Friday (20 May), gaining over >1%. The Nasdaq slipped -0.30%. Applied Materials Inc fell -3.86% The small capitalisation Russell 2000 slipped -0.17%.
US equity markets logged back-to-back declines - Dow down -237-points or -0.75% , unwinding an earlier rally of as much as +300-points. Cisco Systems Inc tumbled -13.73% after the technology bellwether reported third quarter revenue that fell short of consensus expectations and cut its full year forecasts after the close of the previous session. The broader S&P500 -0.58% to sit 18.6% below its record closing high set in early January and ~19% below its most recent intra-day peak. Consumer Staples (-1.98%) and Information Technology (-1.07%) both fell over >1% to lead eight of the eleven primary sectors lower. Materials sat atop the primary sector leaderboard with a +0.68% rise. The Nasdaq -0.26%. The small capitalisation Russell 2000 inched +0.08% higher. Harley-Davidson Inc tumbled 9.29% after the motorcycle maker said it would suspend all assembly and shipments for two weeks. The company said the suspension was for "an abundance of caution" following information provided by a third-party supplier regarding "a regulatory compliance matter relating to the supplier's component part." In merger and acquisition (M&A) news, Spirit Airlines Inc (%) said its board has unanimously determined that JetBlue Airways Corp.’s (%) US$30-per-share cash offer isn’t in the best interest of the airline and its shareholders, urging the latter to reject the tender launched by JetBlue earlier this week. Spirit had already reiterated earlier in May its support for the merger deal with Frontier Group Holdings Inc (%), that it had agreed before JetBlue made its offer.
Some soft earnings updates from major retailers raised concerns around companies’ ability pass on higher costs and dragged US equity markets sharply lower - Dow shed -1,165-points or -3.57% to 31,490.07, logging its lowest close since 4 March. The broader S&P500 dropped -4.04% to 3,923.68, marking its lowest settlement since 25 March and with just seven index constituents advancing. All eleven primary sectors closed in the red, with Consumer Discretionary (down -6.60%) and Consumer Staples (-6.38%) both falling over >6%. The S&P 500 and the Dow recorded their worst single session performance since 11 June, 2020. Tesla Inc fell -6.80% after the E&P ESG Index dropped the electric vehicle EV maker from its widely followed index with a focus on environmental, social and governance (ESG) practices. Tesla chief executive Elon Musk responded to the news on Twitter by noting that Exxon Mobil Corp (-1.59%) is rated in the top ten in the world for ESG by S&P 500 Dow Jones Indices, adding that “ESG is a scam. It has been weaponized by phony social justice warriors.” The Nasdaq tumbled -4.74%, settling with its worst single day decline since 5 May. The small capitalisation Russell 2000 shed -3.56%.
US equity markets extended their rebound following strong retail sales figures and comments from Federal Reserve Chair Jerome Powell sounding optimistic about a ‘soft’ economic landing - Dow gained +431-points or +1.34%. The broader S&P500 +2.02%, with all of Information Technology (up +2.91%), Materials (+2.86%), Financials (+2.69%), Consumer Discretionary (+2.68%) and Industrials (+2.28%) rallying over >2% to ten of the eleven primary sectors higher. Consumer Staples (down -1.15%) was the only primary sector to settle in the red. Citigroup Inc jumped +7.56% after a regulatory filing after the close of Monday’s (16 May) session recorded that Warren Buffett’s Berkshire Hathaway Inc took a nearly US$3B stake in the bank during the first quarter. The technology-centric Nasdaq gained +2.77%. The small capitalisation Russell 2000 jumped +3.19%.
US equity markets retreated after a choppy session to open the week, with growth stocks under pressure following some downbeat activity data in China - Dow inched +27-points or +0.08% higher . McDonald’s Corp lost -0.41% after announcing plans to exit Russia that would see the fast food giant book a charge of US$1.2B-US$1.4B. Consumer Discretionary (down -2.12%) led seven of the eleven primary sectors lower. The broader S&P500 eased 0.32%, with earlier gains evaporating in the final hour of trading. The Energy sector (up +2.62%) touched its highest intra-day level since 2014, with Occidental Petroleum Corp up +5.68% and Marathon Oil Corp +3.63%. Eli Lilly and Co rose +2.66% after its drug Mounjaro was approved by the Food and Drug Administration (FDA) to treat Type 2 diabetes. The drug is also being investigated for potential use in the treatment of obesity and overweight. United Airlines Holdings Inc rose over >2.5% in after hours trading after the carrier issued an update on its second-quarter outlook, noting in a securities filing that ”the demand environment has continued to improve, resulting in a higher unit revenue outlook for the second quarter 2022.” The Nasdaq lost -1.20% to 11,662.79 and sit ~27% below its record close of 16,057.44 touched on 19 November, 2021. Twitter Inc fell -8.18% after Bloomberg reported that Elon Musk said a deal to buy the social media company at a lower price than his previously agreed US$44B was "not out of the question." Tesla Inc lost -5.88%. The small capitalisation Russell 2000 lost -0.52%. In merger and acquisition (M&A) news, Spirit Airlines Inc soared 13.49% after JetBlue Airways Corp (down -6.06%) said it launched a "fully financed" tender offer to buy all Spirit outstanding shares for US$30 each, representing a 76.7% premium to last Friday's (13 May) closing price of $16.98.
US equity markets rallied to cap another volatile week that saw the S&P500 flirt with official bear market territory - Dow up +466-points or +1.47%, with Nike Inc (up +4.74%) and Salesforce Inc (+4.05%) among the leading index performers. American Express (+3.58%) and Boeing Co (+3.30%) both added more than >3% each. The broader S&P500 +2.39% (to 4,023.89) to reclaim the 4,000 level. Consumer Discretionary (up +4.10%), Information Technology (+3.44%) and Energy (+3.38%) all rallied over >3% to lead all eleven primary sectors higher. The technology-centric Nasdaq rebounded +3.82%, booking its biggest daily percentage gain since 4 November, 2020, according to Dow Jones Market Data. Meta Platforms Inc and Alphabet Inc gained +3.86% and +2.96%, respectively. Twitter Inc dropped -9.7% after Elon Musk tweeted that the deal to buy the social-media company was “temporarily on hold.” Mr Musk, the chief executive of electric vehicle maker Tesla Inc (up +%) said the hold on the deal is “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” In a subsequent tweet, Mr Musk said he was “Still committed to the acquisition.” The small capitalisation Russell 2000 jumped +3.06%.
US equity markets logged modest losses, recovering their worst levels of the session as Federal Reserve Chairman Jerome Powell was voted in by Congress to serve a second term of four years - Dow down -104-points or -0.33%, settling ~500-points off its session lows but extending losses into a sixth straight session. The broader S&P500 slipped -0.13% to 3,930.08, trading precariously close to official bear market territory at its session lows (3,858.87). Utilities (down -1.16%) and Information Technology (-1.14%) fell over >1% to lead five of the eleven primary sectors lower. More defensive sectors outperformed, with Healthcare up +0.92%, Consumer Discretionary +0.79% and Real Estate +0.74%. The index logged its lowest settlement since 25 March, 2021, and 18.1% below its record close from early January. A close below
US equity markets retreated as investors assessed the latest inflation report - Dow down -327-points or -1.02%, unwinding an earlier rally of ~423-points. Visa Inc (up +1.62%) and Merck & Co Inc (+1.57%). The index’s -6.5% decline over the past five trading session marks its biggest such decline since 15 June, 2020, according to Dow Jones Market Data. The broader S&P500 lost -1.65% to 3,935.18, touching an intra-session 52-week low (3,928.52) and is now down more than >18% from its 52-week high (and down over >17% calendar year-to-date). Consumer Discretionary (down -3.57%) and Information Technology (-3.30%) both declined over >3% to lead eight of the eleven primary sectors lower. The Energy (up +1.37%) sector helped to limit declines in the Dow and S&P500. The Nasdaq dropped -3.18%. Apple Inc shed -5.18% (dragging its market capitalisation down to ~US$2.37 trillion) and was usurped as the world’s largest company by capitalisation by oil giant Saudi Aramco (~US$2.43 trillion). Apple passed Saudi Aramco to become the world’s most valuable publicly traded company in 2020. Netflix Inc closed -6.4% lower in the wake of a New York Times report detailing plans by the streaming giant to launch an ad-supported pricing tier and crack down on password sharing. Meta Platforms Inc fell -4.51% and Microsoft Corp -3.32%. The small capitalisation Russell 2000 fell -2.48%. Coinbase Global Inc slumped -26.4% after the crypto exchange reported first-quarter revenue (US$1.17B) below expectations (US$1.48B) after the close of the previous session, impacted by lower crypto asset prices and market volatility.
US equity markets steadied ahead of the release of key inflation data tonight AEST and with technology stocks regaining some composure after steep declines - Dow eased -84-points or -0.26%, booking a fourth consecutive session of losses (to be down -5.67%, its largest four-day percentage decline since the stretch ending 29 October, 2020). The index traded in an ~850-point range overnight, climbing as much as 500-points and sliding as much as -350-points. International Business Machines (IBM) (down -3.95%), Home Depot Inc (-1.98%), 3M Co (-2.14%) and JPMorgan Chase & Co (-2.44%) were among notable drags on the 30-stock index. The broader S&P500 added +0.25% to 4,001.05 after sliding below
US equity markets extended their recent sell-off, with technology stocks under particular pressure once again - Dow dropped -654-points or -1.99%. Walt Disney Company fell -3% to be trading more than >3% below where it was trading 5-years ago. The broader S&P500 slumped -3.2%, sliding below
US equity markets closed out a tumultuous week in the red, clinching weekly declines for all three benchmark indices - Dow fell -99-points or -0.30% . The broader S&P500 -0.57%. The Nasdaq -1.4%. Amazon.com Inc fell -1.4%, while Microsoft Corp -0.94% and Nvidia Corp -0.90%. The small capitalisation Russell 2000 -1.69%.
US equity markets slumped as Treasury yields resumed their ascent, with investors further picking apart the Federal Reserve’s latest monetary policy pronouncements - Dow tumbled -1,063-points or -3.12%, its worst daily percentage drop since 28 October, 2020, according to Dow Jones Market Data. The broader S&P500 shed -3.56%, recording its second worse single session decline of the year to date. Consumer Discretionary (down -5.81%), Information Technology (-4.93%) and Communication Services (-4.09%) all fell over >4% to lead all eleven primary sectors lower. Tesla Inc fell -8.3% after CNBC reported that Elon Musk intends to temporarily serve as chief executive at Twitter Inc (+2.65%) once the takeover deal closes. The Nasdaq dropped -4.99%, logging its lowest closing level since November 2020 and its worst daily percentage fall since 11 June, 2020. Facebook-parent Meta Platforms Inc fell -6.77%, Amazon.com Inc -7.56% and Apple Inc -5.57%. Etsy Inc and eBay Inc slumped -16.83% and -11.72% respectively after issuing weaker-than-expected revenue guidance. The small capitalisation Russell 2000 -4.04%.
US equity markets soared after Federal Reserve Chair Jerome Powell said larger +75-basis point interest rate hikes were not in play - Dow rallied +932-points or +2.81%, booking its best daily percentage gain since 9 November, 2020, according to Dow Jones Market Data and with all 30 index constituents advancing. Stocks seen as economic bellwethers performed well, with Home Depot Inc and Caterpillar Inc rising +3.39% and +4.20%, respectively. Bank stocks also gained ground, with Goldman Sachs Group Inc up +3.0% and JPMorgan Chase & Co +3.3%. The broader S&P500 +2.99%, logging its best daily percentage climbs since 18 May, 2020. Energy (up +4.11%) sat atop the primary sector leaderboard for a second consecutive session to lead all eleven key sectors higher, with Chevron Corp rising +3.14% and Exxon Mobil Corp +3.98%. Communication Services (+3.68%), Information Technology (+3.51%), Materials (+3.24%) and Financials (+3.02%) all climbed over >3%. The Nasdaq jumped +3.19%, the technology-centric index’s best daily performance since 16 March. Apple Inc (up +4.1%) and Google-parent Alphabet Inc (+3.76%) gaining more than >3.5% each. Advanced Micro Devices (AMD) Inc rallied +9.1% after the chip maker comfortably topped US$5B in quarterly revenue for the first time and lifted their full year outlook after the close of the previous session. The small capitalisation Russell 2000 gained +2.69%. Lyft Inc tumbled -29.91% after the ridesharing company provided weak guidance for the current quarter as it expects to invest in driver supply. Rival Uber Technologies Inc dropped -4.65%.
US equity markets settled with modest gains as investors braced for the Federal Reserve’s latest monetary policy pronouncements tomorrow morning - Dow up +67-points or +0.20% . The broader S&P500 +0.48%, with the Energy sector (up +2.87%) leading nine of the eleven primary sectors higher. Exxon Mobil Corp gained +2.%. Consumer Discretionary (down -0.29%) and Consumer Staples (-0.24%) were the only primary sectors to close in the red overnight. The Nasdaq +0.21%. The small capitalisation Russell 2000 +0.85%.
US equity markets rallied in the final hour of trading to start May on a positive footing – Dow settled +84-points or +0.26% higher, recovering from an earlier drop of as much as -527 points. Boeing Co (down -0.15% at US$148.61), paring an earlier decline of more than >3% that saw the stock touch its lowest intraday level (US$143.38) since 2 November, 2020. The aircraft manufacturer has logged a nine session losing streak that has seen the stock lose more than >22% following a weaker-than-expected first quarter result last week. The broader S&P500 rose +0.57% after hitting a fresh 2022 low earlier in the session. Communication Services (up +2.42%), Information Technology (+1.56%), Energy (+1.37%) and Consumer Discretionary (+1.36%) all advanced over >1% to lead six of the eleven primary sectors higher. Real Estate (down -2.55%) was the worst performing sector overnight. The Nasdaq rebounded +1.63%, clawing back some of the previous session’s -4.17% drop. Apple Inc added +0.20% despite European Union (EU) antitrust authorities telling the company that they have formed a preliminary view that it has abused its dominant position in markets for mobile wallets. The small capitalisation Russell 2000 gained +1.01%.
US equity markets recorded their steepest one day losses since 2020 to close out a tough month - Dow dropped -939-points or -2.77% . The broader S&P500 slumped -3.63% to 4,131.93, , settling with its largest one-day decline since June 2020 and lowest finish since 19 May, 2021. All 11 primary sectors fell sharply on Friday (29 April), with Consumer Discretionary (-5.92%), Real Estate (-4.90%) and Information Technology (-4.14%) posting the biggest losses. The latest fall left the S&P500 in official correction territory, down -10.8% from its most recent closing peak (4,631.60) on 29 March. The S&P 500 fell back into correction just 22 trading days after leaving the previous one, its fastest re-entry since November 2008, during the turmoil of the 2007-2009 financial crisis, when the index fell back into correction only 7 trading days after leaving one. The Nasdaq tumbled -4.17%, marking the technology centric index’s largest single session decline since September 2020. Amazon.com Inc dropped -14.05% to a near 2-year low and logging its steepest one-day drop since 2006 after the e-commerce giant delivered a disappointing first quarter result and outlook after the closing bell of last Thursday’s (28 April) session. The Nasdaq Composite sits in bear market territory, 23.9% below its most recent intraday high. Both the S&P500 and Nasdaq settled at their lowest levels for 2022 to date. The small capitalisation Russell 2000 lost -2.81%.
US equity markets showed solid gains across the board last night- Dow up +614-points or +1.85%. The broader S&P500 +2.47%. while the Nasdaq +3.06%. The small capitalisation Russell 2000 +1.80%. Information Technology (+4.04%), Communication Services (+3.88%) and Energy (+3.13%) led the gains, as all primary sectors ended in the green. The Technology sector was helped by a +17.5% rise in Meta (formally Facebook), after the company said it had added more users than expected in the first quarter. Shares were down -48% on the year heading into the results. Qualcomm gained +9.7% on the back of strong earnings, while PayPal rose +11.5% despite issuing weak guidance for the second quarter. On the contrary, Teladoc shares plunged about +40.2% after the company reported weaker-than-expected results.
US equity markets logged modest gains after an earlier rally fizzled and with investors digesting another busy night on the corporate earnings calendar - Dow up +62-points or +0.19%, paring an earlier rally of as much as . The broader S&P500 added +0.21% to 4,183.96. A close below 4,168.44 would see the index enter correction territory (defined as a pullback of at least 10% - but not more than 20% - from a most recent peak). The S&P 500 previously suffered a correction on 22 February, when it closed at 4,304.76, down -10.25% from its early January record close. Energy (up +1.48%), Materials (+1.48%) and Information Technology (+1.36%) all rose over >1% to lead five of the eleven primary sectors higher. Communication Services (down -2.62%) was the worst performing primary sector overnight. The Nasdaq dipped -0.01% to 12,488.93, settling at its lowest level of 2022 to date. The small capitalisation Russell 2000 down -0.34%.
US equity markets fell sharply as China's COVID-19 curbs and fears of aggressive U.S. Federal Reserve tightening continued to damp risk appetite and lifted the dollar to new two-year highs - Dow tumbled -809-points or -2.38% . The broader S&P500 -2.81% to 4,175.2, settling slightly above its closing low this year of 4,170.70 logged on 8 March. Consumer Discretionary (down -4.99%), Information Technology (-3.71%) and Communication Services (-3.16%) leading ten of the eleven primary sectors lower. The Energy sector was the only primary sector to advance, eking out a +0.04% rise. Twitter Inc fell -3.9% to US$49.68 a day after the board agreed to sell the social-media company to Elon Musk for US$54.20 per share, or ~US$44B. The technology-centric Nasdaq slumped -3.95%, booking its largest daily percentage drop since 8 September, 2020 and its lowest close since 14 December, 2020, according to Dow Jones Market Data. The index sits ~23% below its most recent record peak. The small capitalisation Russell 2000 shed -3.26%.
US equity markets rebounded from steep falls last Friday (22 April) albeit there was no obvious catalyst, staging their biggest intra-session turnaround in two months - Dow settled +238-points or +0.70% higher, recovering from an earlier session decline of as much as -488-points or -1.44% top log its biggest intra-day recovery since 24 February. The broader S&P500 rose +0.57%, with Communication Services (up +1.53%) and Information Technology (+1.44%) both climbing over >1% to lead seven of the eleven primary sectors higher. Energy was the big underperformer, down -3.34%. Chevron Corp fell -2.15% and Exxon Mobil Corp -3.37%. The technology centric Nasdaq gained +1.29%, buoyed by a retreat in bond yields. The Nasdaq is now sits 19.8% from its most recent record peak. Microsoft Corp gained +2.44%, Google-parent Alphabet Inc +3.04% and Meta Platforms Inc +1.56%. Twitter Inc’s rallied +5.66% after the board agreed to sell the social-media company to Elon Musk, changing course after initially gearing to fight the takeover attempt. The social-media company disclosed that the board had unanimously accepted the Tesla Inc (down -0.66%) chief executive’s offer to buy out the company for US$54.20 per share, or ~US$44B. The takeout price is ~38% ahead of Twitter’s close on 1 April, prior to when Mr Musk disclosed he had taken an ~9% stake in the company. Netflix Inc (down -2.60%) fell for a fourth consecutive session and settled near a four year low. The streaming giant has tumbled over >42% in the past four trading sessions since reporting a deeply disappointing first quarter result. The small capitalisation Russell 2000 added +0.70%. Dow tumbled -981-points or -2.82%, the index’s biggest single day decline since 28 October, 2020. UnitedHealth Group Inc fell -3.07%, shaving more than 100 points off the Dow. Caterpillar Inc fell -6.55%, also lopping almost 100-points of the 30-stock average. The broader S&P500 -2.77%, with Materials (down -3.73%), Health Care (-3.63%), Communication Services (-3.30%) and Financials (-3.00%) all declining 3%+ and leading all eleven primary sectors lower. The Nasdaq -2.5%. The small capitalisation Russell 2000 lost -2.55%. For the week, Dow lost -1.86%, its fourth straight weekly decline. The S&P500 -2.75%. Nasdaq -3.83%
US equity markets retreated, selling off in the afternoon session after Federal Reserve Chairman Jerome Powell added his support for moving faster on raising interest rates to cool inflation, including through a potential 50 basis point hike in May - Dow down -368-points or -1.05%, recording an intra-day swing of more than >700-points. The broader S&P500 fell -1.48%, with the Energy sector (down -3.10%) leading all eleven primary sectors lower. Tesla Inc advanced +3.23% after the electric vehicle maker posted better-than-forecast earnings after the close pf the previous session, aided byprice hikes. The Nasdaq shed -2.07%, unwinding an earlier session rally of as much as +1.9%. Netflix Inc fell -3.52%, extending the previous session’s -35.12% slump after the streaming giant reported a net loss of -200K paid subscribers in the first quarter after the close of Tuesday’s (19 April) session. The small capitalisation Russell 2000 lost 2.29%. Gap Inc fell over >11% in the extended session trading after the clothing retailer said Old Navy Chief Executive Nancy Green would be leaving the company by the end of the week and that it expects a larger-than-expected sales declines for the fiscal first quarter because of “macro-economic dynamics as well as the execution challenges at the Old Navy brand.” Gap said it now expects first-quarter sales to decline in the “low to mid-teens year over year,” compared with a previously forecast decline of “mid to high single-digit year over year.”
US equity markets mixed as investors waded through another busy day on the corporate earnings calendar - Dow up +250-points or +0.71%, paring an earlier rally of as much as +404-points. The broader S&P500 dipped -0.06%, with Communication Services falling -4.07% to be one of three primary sectors that settled in the red overnight. Consumer Discretionary fell -1.36% and Information Technology -0.13%. Real Estate (up +1.85%), Consumer Staples (+1.46%) and Health Care (+1.34%) all climbed over >1%. The Nasdaq fell -1.24%, with Netflix Inc tumbling -35.12% - its steepest single-day percentage decline since it fell a record 40.9% on 15 October, 2004 - on heavy volume after the streaming giant reported a net loss of -200K paid subscribers in the first quarter after the close of Tuesday’s (19 April) session, much worse than the 2.5M net additions expected by analysts. The fall saw ~US$54B shaved off Netflix’s market capitalisation. The small capitalisation Russell 2000 added +0.37%.
US equity markets rallied as investors navigated one of the busiest weeks of the first quarter corporate earnings season, with three (3) Dow constituents posting results overnight - Dow up +500-points or +1.45% . The broader S&P500 +1.61%. Consumer Discretionary (up +2.91%), Real Estate (+2.12%) and Communication Services (+2.07%) all gained over >2% to lead ten of the eleven primary sectors higher. Energy (down -0.96%) was the only primary sector to settle in the red. The Nasdaq rallied +2.15%. Twitter Inc fell -4.73% after the Wall Street Journal reported late Monday (18 April) that the social media company is expected to formally rebuff Elon Musk's US$54.20 per share offer in the coming days and that private-equity powerhouse Apollo Global Management Inc was considering whether to join in a bid. CNBC later reported that Apollo’s interest was focused on lending money to potential purchasers, not on a private-equity-style buyout. Twitter is slated to reports on 28 April. The small capitalisation Russell 2000 gained +2.04%.
US equity markets retreated for a second straight session as trading resumed following the Easter break, relinquishing gains in the final hour of the session as the first quarter earnings season prepared to move into full swing - Dow eased -40-points or -0.11% . The broader S&P500 dipped -0.02% despite a +1.51% rally for the Energy sector. Healthcare (down -1.12%) and Consumer Staples (-0.81%) led six of the eleven primary sectors lower. The Nasdaq slipped -0.14%. Twitter Inc gained +7.48% to US$48.45 after Elon Musk last Thursday (15 April) offered to buy the social media company for US$54.20 a share last. Twitter adopted a limited duration shareholder rights plan, often called a “poison pill,” a day after Mr Musk’s US$43B offer. Under the new structure, if any person or group acquires beneficial ownership of at least 15% of Twitter’s outstanding common stock without the board’s approval, other shareholders will be allowed to purchase additional shares at a discount. The plan is set to expire on 14 April, 2023. The small capitalisation Russell 2000 lost -0.74%.
US equity markets rallied and settled near their session highs - Dow up +344-points or +1.01% . The broader S&P500 gained +1.12%, with Consumer Discretionary (up +2.51%) and Information Technology (+1.59%) leading nine of the eleven primary sectors higher. Utilities (down -0.17%) and Financials (-0.08%) were the only primary sectors to close in the red. Airlines got a boost from Delta Air Lines’ solid quarterly result, with American Airlines Group Inc up +10.62% and Southwest Airlines Co +7.54%. Costco Wholesale Corp (up +1.67%) announced after the closing bell that it had approved a quarterly payout of 90 cents a share, or US$3.60 a year, up from 79 cents a quarter, or US$3.16 a year. The Nasdaq +2.03%, with chipmakers rebounding. Nvidia Corp rose +3.25%, Advanced Micro Devices Inc +2.78% and Qualcomm Inc +3.24%. PayPal Inc dropped -2.85% following an announcement from Walmart Inc (on Tuesday (12 April) that it had hired PayPal executive John Rainey as its new chief financial officer (CFO). The small capitalisation Russell 2000 gained +1.92%. Gap Inc rose +8.23% after a report from Activist Insight speculating the clothing retailer could be a potential activist target.
US equity markets settled with modest gains after a choppy session as investors weighed the latest inflation figures - Dow eased -88-points or -0.26% after climbing as much as +362 points earlier in the session. The broader S&P500 lost -0.34%, unwinding an earlier gain of as much as +1.30%. Financials (down -1.07%) led seven of the eleven primary sectors lower. Energy returned to the top of the primary sector leaderboard with a +1.72% gain, with Occidental Petroleum Corp up +2.11% and Chevron Corp +2.08%. The Nasdaq slipped -0.29%, having been up as much as +2.04% at its session peak. The small capitalisation Russell 2000 added +0.33%.
US equity markets retreated as rising Treasury yields continued to weigh on the Information Technology sector (down -2.60%) and with investors eyeing tonight’s AEST inflation data - Dow down -413-points or -1.19%, marking the largest one-day point and percentage drop since 31 March. Goldman Sachs Group Inc (down -0.20%) has acquired Netherlands-based asset manager NN Investment Partners for €1.7B to expand its asset management footprint in Europe and increase its sustainable investment capabilities. NN Investment Partners, which has more than 900 employees, will be integrated into Goldman Sachs Asset Management (GSAM) and brings Goldman's assets under supervision to approximately US$2.8 trillion. The broader S&P500 -1.69%, the indice’s largest one-day point and percentage decline since 7 March. The Energy sector (down -3.11%) led all eleven primary sectors lower, with Occidental Petroleum Corp down -6.28% and Conocophillips -4.92%. Airline stocks bucked the broader market’s negative trend, with Delta Air Lines Inc climbing +4.00%, American Airlines Group Inc +2.29%, Southwest Airlines Co +3.35% and United Airlines Holdings Inc +1.10%. Twitter Inc added +1.69% after Chief Executive Officer (CEO) Parag Agrawal revealed that Elon Musk abandoned his plan to join the company’s board. AT&T Inc rallied +7.74% on its first trading day following the spinoff of its 71% stake in Warner Bros. Holders of AT&T received roughly a 0.242 share of Warner Brothers Discovery, as the merged media company will be known, for each AT&T share in the spinoff. The Nasdaq shed -2.18% with losses deepening in the final hour of the session. Microsoft Corp fell -3.94%, while chipmakers Nvidia Corp and Advanced Micro Devices Inc fell -5.20% and -3.59% respectively. The small capitalisation Russell 2000 lost 0.71%.
US equity markets retreated on Friday (8 April) as investors braced for tighter monetary policy - Dow up +138-points or +0.40% . The broader S&P500 eased -0.27%, with Information Technology (down -1.49%) the key index drag. Energy (up +2.76%) sat atop the primary sector leaderboard on Friday (8 April). The Nasdaq shed -1.34%. The small capitalisation Russell 2000 fell -0.76%. US equity and bond markets are closed on Friday (15 April) for the Good Friday holiday.
US equity markets staged a comeback overnight as investors digested minutes from the March Federal Open Market Committee meeting, showing the central bank weighing a plan to reduce its bond holdings by $95 billion per month as it tries to stamp out surging inflation. The Dow rose +87.06 points or +0.30%. The broader S&P500 gained +0.4%, with Health Care (+1.85%), Energy (+1.36%), and Consumer Staples (+1.18%) leading the way. St. Louis Fed President James Bullard on Thursday dismissed talk of recession, saying that the U.S. expansion “is not ‘old’ and can continue for a long time.” Bullard has called for the Fed to raise interest rates swiftly to counter inflation, saying he wants to get the Fed’s benchmark interest rate above 3% this year. Shares in HP Inc. jumped +14.8% after Warren Buffett’s Berkshire Hathaway Inc. disclosed that it had taken an 11.4% (US$4.2bn) stake in the computer and printer maker. This follows a near US$20bn buying spree by Berkshire Hathaway recently. The Nasdaq also rose +0.1% helped by Tesla Inc (+1.2%) and Microsoft (+0.6%), while Twitter fell -5.4% The small capitalisation Russell 2000 was lower -0.35%.
Bond yields hit their highest level in three years and technology stocks lost ground as investors digested more details about the Federal Reserve's plan to raise interest rates. The Dow fell about -0.30%, or -100 points, Nasdaq dropped -2.0% or 315 points to 13,888. While the S&P 500 lost 0.90% or -43 points to 4,481, with the more defensive sectors Utilities (up +2.0%), Real Estate (up +1.55%) and Health Care (up +1.55%) leading five of the eleven primary sectors. Technology shares were sold off, falling for a second day as investors rotated out of the sector in anticipation for higher rates. Apple (-1.85%), Microsoft (-3.66%), Amazon (-3.23%) and Tesla (-4.17%) contributed to the sectors decline. Chipmakers Nvidia and Marvell Technology also continued their decent, falling -6.0% and -2.60% respectively. Expectations of higher short-term rates have hit the mortgage market, sending the average 30-year fixed-rate mortgage to 4.9% last week, the highest rate since 2018, according to the Mortgage Bankers Association. Shares of home builders, fell across the board. PulteGroup fell -US$1.15, or -2.70%, Lennar was down -US$3.42, or -4.30%, and D.R. Horton slid -US$2.92, or -3.90%
US equity markets saw a mixed start, but soon turned lower across the board following remarks by the Fed Governor Lael Brainard, saying the Fed will “continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting,” This saw - Dow down -280 points or +0.80%. The broader S&P500 -1.26%, with Consumer Discretionary (-2.35%), and Information Technology (-2.19) leading the way down. Spirit Airlines (+22.37%) surged overnight after a report that JetBlue Airways has made a bid for budget carrier. This comes less than two months after Spirit and Frontier agreed to merge into a discount airline behemoth. The Nasdaq lead the losses falling -2.26%. Twitter (+2.00%) remained in the spotlight for a second day after the company named Elon Musk to its board of directors. Expectations of quicker interest rate hikes also dulled high-growth stocks Tesla (-4.73%), Paypal (-3.45%), and Amazon (2.6%). The small capitalisation Russell 2000 -2.36%.
US equity markets were strong in overnights trade as positive employment data and a rebound in technology stocks outweighed geo-political developments - The Dow up +103-points or +0.20%. The broader S&P500 added +0.81%. While the Nasdaq gained +1.9% to lead the indexes. A jump in Consumer Discretionary (+2.3%), Communication Services (+2.3%), Information Technology (+1.91%) & Energy (+0.7%) led 8 of the 11 S&P500 sectors higher. Twitter shares surged more than 27% following news that Elon Musk purchased a +9.2% passive stake in the company. Tesla’s stock also rose +5.6% on the back of its latest quarterly electric vehicle delivery figures, which came in above the year-earlier period. Other technology companies including Apple, Amazon, Alphabet and Nvidia were also up more than +2% after what was a weak March quarter for those companies. US-listed Chinese technology stocks, including Alibaba and JD.com, also rallied on optimism that they could avoid being delisted from US markets. Meanwhile, shares of Starbucks dipped +3.7% after the coffee chain suspended its share buyback program. The small capitalisation Russell 2000 rose +0.21%.
US equity markets opened the new month and quarter with modest gains on Friday (1 April), with Wall Street looking to bounce back from its first negative quarter in two years - Dow up +140-points or +0.40%, recovering from an earlier session decline of ~100-points. The broader S&P500 added +0.34%, with the more defensive Real Estate (up +2.02%), Utilities (+1.45%) and Consumer Staples (+1.25%) sectors leading eight of the eleven primary sectors higher. Industrials (down -0.70%), Financials (-0.21%) and Information Technology (-0.17%) were the three primary sectors to close in the red. The Nasdaq +0.29%. Apple Inc (down -0.17%) was removed from JP Morgan’s Analyst Focus List, with the investment bank’s analysts citing concerns around a moderation in consumer spending. Apple climbed for 11-days from 14 March 14 until last Wednesday (30 March) - its longest winning streak since 2003. Chipmaker Qualcomm Inc (down -3.81%) was also removed from the focus list. Chip stocks more broadly were under fresh pressure, with Intel Corp down -2.93% and Advanced Micro Devices Inc -1.05%. Tesla Inc (up +0.65%) on Saturday (2 April) reported first quarter deliveries of ~310K vehicles, in-line with analysts’ expectations despite soaring gas prices, fresh COVID restrictions and supply chain challenges. It marked a quarterly record for the electric vehicle maker, up from ~309K vehicles delivered in the fourth quarter of 2021 and ~185K vehicles delivered in the first quarter of 2021. The small capitalisation Russell 2000 rose +1.01%. U.S.-listed Chinese stocks rallied on Friday (1 April) following a report that authorities in Beijing were preparing to meet a key demand of U.S. regulators, a move that would remove a cloud of uncertainty from companies like Alibaba Group Holding Ltd (up +1.29%), DiDI Global Inc (+12.80%), JD.com Inc (+2.11%) and NIO (+4.18%). The Chinese Securities Regulatory Commission and other regulators are drafting a new framework that would allow most Chinese companies to keep their U.S. listings, Bloomberg reported, citing anonymous sources. Beijing is set to give U.S. regulators the auditing reports of most of the 200-plus Chinese companies listed in New York, the report said, but was preparing to accept that some state-owned firms will be delisted.
US equity markets retreated, with the losses deepening in the final hour of the session - Dow lost -550-points or -1.56% . JPMorgan Chase & Co fell -3% and Goldman Sachs Group Inc -1.6% The broader S&P500 shed -1.57%. Financials (down -2.32%) and Consumer Services (-2.01%) both fell over >2% to lead all eleven primary sectors lower. The Nasdaq fell -1.54%. Semiconductor and tech hardware stocks came under pressure amid analyst concerns over the PC market going forward. Advanced Micro Devices Inc fell -8.29% after analysts at Barclays downgraded the stock to equal weight from overweight and lowered its price target from US$148 to US$115. Meanwhile, HP Inc and Dell Technologies Inc dropped -6.54% and -7.6%, respectively, after being downgraded to equal weight from overweight at Morgan Stanley. The small capitalisation Russell 2000 -1.00%.
US equity markets modestly weaker after a choppy session, with Russian forces shelling areas around Kyiv and another Ukrainian city overnight, just hours after it pledged to “fundamentally” cut back operations in the areas - Dow eased -65-points or -0.19% . The broader S&P500 lost -0.63%. Consumer Discretionary (down -1.51%) and Information Technology (-1.36%) both declined over >1% to lead seven of the eleven primary sectors lower. Energy returned to the top of the primary sector leaderboard with a +1.17% gain. The Nasdaq -1.21%. Apple Inc (down -0.66%) snapped an 11-session winning streak overnight, falling just short of matching the 12-session record winning streak from 2003. The decline in Apple’s share price came despite a report from Bloomberg News indicating that the company had growing ambitions in financial services and was looking to build payment-processing technologies that would support more in-house fintech efforts. The small capitalisation Russell 2000 shed -1.97%.
US equity markets extended their recent rally amid signs of some thawing of tensions in the Russia-Ukraine conflict - Dow up +338-points or +0.97% . UnitedHealth Group Inc (down -0.48%) confirmed that its Optum Health unit would buy post-acute healthcare services company LHC Group LHCG in a deal that values LHC Group (up +5.93%) at more than >US$5.5B (US$170 per share). The broader S&P500 rose +1.23% to 4,631.60, exiting official correction territory after moving above 4,587.77 as the index rose for a fourth straight day. Based on data going back to 1928, the S&P 500 has seen a median gain of 11.5% a year after exiting correction, and average gain of nearly 14% - rising nearly 77% of the time. Median and average returns for shorter term time frames were also positive, according to Dow Jones Market Data. Real Estate (up +2.85%) and Information Technology (+2.06%) climbed over >2% to lead then of the eleven primary sectors higher. Energy (down -0.44%) was the only primary sector to close in the red. FedEx Corp rose % after the company announced that founder Fred Smith would step down as Chief Executive Officer (CEO) on 1 June and be replaced internally. Tesla Inc added +0.71% after Morgan Stanley reiterated its overweight rating on the electric vehicle maker. Morgan Stanley analyst Adam Jonas wrote in a client note that Tesla may spend a combined $200 billion to $250 billion on capital expenditures and research and development through 2030, or roughly the entire market value of Toyota Motor , the No. 2 automaker in market value behind Tesla. The call came after CEO Elon Musk tweeted that he was “Working on master plan part 3.” Moderna Inc rose +4.37% after U.S. regulators approved an additional COVID vaccine booster shot for people age 50 and over. The technology-centric Nasdaq gained +1.84%. The small capitalisation Russell 2000 climbed +2.65%.
US equity markets reversed earlier session losses to settle higher, with technology stocks leading the rebound - Dow up +95-points or +0.27%, recovering from an earlier decline of over >300-points. The broader S&P500 rose +0.71% to 4,575.52, falling short of the 4,587.77 level needed to mark an exit from official correction territory. Consumer Discretionary climbed +2.67% to lead eight of the eleven primary sectors higher. Energy (down -2.56%) was the worst performing primary sector overnight as crude prices retreated, with Chevron Corp down -1.75% and Exxon Mobil Corp -2.81% Tesla Inc rallied +% after the electric vehicle giant disclosed plans to enable a stock split, which would be the second in two years. The Nasdaq rallied +1.31% to 14,354.90, the highest settlement for the technology-centric index since 9 February. Apple Inc rose +0.50% to log its longest winning streak in more than a decade, climbing for ten consecutive sessions. The latest modest rise came despite a report from the Nikkei Asian Review saying that the company intends to lower production orders for its new iPhone SE by roughly 2M to 3M devices for the June quarter. The U.S. tech giant also reduced orders for its AirPods earphones by more than >10M units for all of 2022, as the company predicted lukewarm demand and wanted to reduce the level of inventories. Apple also asked suppliers to make a couple of million fewer units of the entire iPhone 13 range than previously planned, but said this adjustment was based on seasonal demand. Netflix Inc rose +1.25% despite executives predicting that growth would suffer much more than expected at the beginning of 2022. The small capitalisation Russell 2000 settled flat.
US equity markets ended another positive week on a mixed note - Dow up +153-points or +0.44%, with Goldman Sachs Group Inc (up +1.26%) and JPMorgan Chase & Co (+1.23%) among the notable performers and Treasury yields continued to climb. The broader S&P500 added +0.51%. The Energy sector (up +2.28%) climbed over >2% to lead nine of he eleven primary sectors higher on Friday (25 March). Information Technology and Consumer Discretionary both dipped -0.09% to be the only primary sectors not to advance. Tesla Inc (down -0.32%) is planning to suspend production at its Shanghai factory for at least one day, Bloomberg News reported on Sunday (27 March), as China’s financial hub said it would go into a lockdown in two stages to conduct COVID-19 testing. The technology centric Nasdaq eased -0.16%. The small capitalisation Russell 2000 +0.12%. JD.com Inc fell -2.60% after the U.S. Public Company Accounting Oversight Board said it was premature to say it was close to an agreement with China on allowing audit inspections of U.S.-listed Chinese companies. Alibaba Group Holding slid -1.9% following an ~6% in Hong Kong.
US equity markets advanced, settling near session highs as world leaders met to respond to Russia’s invasion of Ukraine and investors continued to monitor remarks by Federal Reserve officials - Dow up +349-points or +1.02% . The broader S&P500 +1.43%, with Information Technology (up +2.71%) leading all eleven primary sectors higher. Tesla Inc (up +1.48% to US$1,013.92) extended its rally into an eighth consecutive session to be up ~32% over that period and logging its highest close since 18 January. The technology-centric Nasdaq rallied +1.93%, with chipmakers among the leading performers. Nvidia Corp jumped +9.82%, Intel Corp +6.94%, and Advanced Micro Devices Inc +5.80%. The small capitalisation Russell 2000 gained +1.13%. Uber Technologies Inc rose +4.96% after The Wall Street Journal reported that the company has struck a deal to list all New York City taxis on its app.
US equity markets retreated and settled near their session lows as investors weighed the latest spike in oil prices and hawkish comments from Federal Reserve officials - Dow down -449-points or -1.29% . The broader S&P500 -1.23%, with Financials (down -1.84%), Health Care (+1.77%) and Information Technology (-1.5%) fell 1.5%+ to lead nine of the eleven primary sectors lower. Energy (up +1.74%) was the leading primary sector overnight. The Nasdaq -1.32%. Adobe Inc fell -9.34% after the software firm reported better-than-expected revenue and earnings per share (EPS) after the closing bell of the previous session but provided an outlook for the current quarter that fell shy of Wall Street estimates. The small capitalisation Russell 2000 shed -1.73%.
US equity markets rebounded following a volatile session on Monday (21 March) - Dow up +254-points or +0.74% . Goldman Sachs Group Inc rose +1.18% and JP Morgan Chase & Co +2.13% The broader S&P500 +1.13%, with Consumer Discretionary (up +2.45%) and Communication Services (+2.01%) both rising over >2% to lead ten of the eleven primary sectors higher. Energy (down -0.66%) was the only primary sector not to advance. Tesla Inc rose +7.% pushing its market capitalisation back above >US$1trillion for the first time since January after the electric carmaker opened a plant in Grünheide, Germany. The Nasdaq +1.96%. Big tech names Alphabet Inc (up +2.78%), Meta Platforms Inc (+2.44%) and Amazon.com Inc (+2.10%) all gained more than >2%. Nvidia Corp (down The small capitalisation Russell 2000 %. Alibaba Group Holding Ltd’s American Depository Receipts (ADRs) rallied +11% after the Chinese e-Commerce company announced late Monday (21 March) that it was boosting the size of its share-buyback program, authorising repurchases of as much as US$25B in shares, up from US$15B.
US equity markets retreated and bond markets saw aggressive selling after Federal Reserve Chair Jerome Powell underlined the need to quicken the pace of monetary policy tightening, adding that upward pressure on prices from the invasion of Ukraine comes at a time of “already too high inflation” - Dow lost -202-points or -0.58%, paring an earlier decline of as much as -413-points but snapping a five session winning streak. Boeing Co fell -3.59% after a China Eastern Airlines passenger jet, with 132 people on board crashed in the mountains of southern China. The plane was a 737-800, not the 737 Max, which has yet to resume commercial flying in China, according to The Wall Street Journal. The broader S&P500 dipped -0.04%, unwinding an earlier advance of as much as +0.4% despite a +3.79% gain for the Energy sector. The Nasdaq eased -0.40%. Facebook parent Meta Platforms Inc lost -2.31%. Apple Inc rose +0.85% despite several of its properties, including the App Store, Apple Music, Apple TV+, the iTunes store and Podcasts, suffering from an outage, disrupting access for users and businesses. Apple said the problems ranged from slow or unavailable service to intermittent issues with various services, its system status page showed. The small capitalisation Russell 2000 fell -0.97%.
US equity markets advanced to lift the benchmark indices to their best weekly performance since the week ended 6 November 2020, according to Dow Jones Market Data - Dow climbed for a fifth straight session, settling +274-points or +0.80% higher. Salesforce.com Inc and Apple Inc were among the top gainers in the Dow, rising +3.99% and +2.09% respectively The broader S&P500 gained +1.17%. Information Technology (up +2.19%) and Consumer Discretionary (+2.18%) both gained over >2% to lead ten of the eleven primary sectors higher. Utilities (down –0.90%) was the only primary sector to settle in the red on Friday (18 March). General Motors Co rose +0.4% in extended trading on Friday (18 March) after announcing that it was buying Softbank Vision Fund's stake in its autonomous-driving unit Cruise for US$2.1B, lifting its stake to ~80%. GM will also make an additional US$1.35B investment in Cruise in place of SoftBank, it said. The technology centric Nasdaq rallied +2.05%. Nvidia Corp rallied +6.8% and Meta Platforms Inc +4.16% The small capitalisation Russell 2000 added +1.02%. Friday’s (18 March) marked Quadruple Witching, the simultaneous expiration of stock index futures, stock index options, stock options and single-stock futures.
US equity markets continued to build on a strong rebound as investors digested the latest news out of Ukraine and the outcome of the latest Federal Reserve monetary policy meeting - Dow gained +418-points or +1.23% and is on pace to log its first positive week in the past six. American Express Corp (up +3.52%) was among the leading performers following their Investor Day on Wednesday (16 March), with Bank of America reiterating their ‘buy’ recommendation on the stock. The broader S&P500 advanced +1.23%, with Energy (up +3.48%) returning to the top of the leaderboard and leading all eleven primary sectors higher. Occidental Petroleum jumped +9.47% as Warren Buffet’s investment group, Berkshire Hathaway, filed papers with the Securities and Exchange Commission (SEC) indicating it owed 136.37M shares of the oil major as of 16 March, following purchases of around US$985M of stock between 14 March and 16 March at an average price of around US$54.41 per share. The Nasdaq rose +1.33%. The small capitalisation Russell 2000 gained +1.69%. Tonight’s AEST session for US equity markets is Quadruple Witching, when stock index futures, stock index options, stock options and single-stock futures expire simultaneously.
US equity markets logged strong gains after a volatile session that saw the Federal Reserve raise interest rates as expected accompanied by an aggressive policy outlook to combat inflation - Dow gained +519-points or +1.55% after initially declining in the wake of the release of the Federal Reserve’s monetary policy statement. The index swung nearly 700-points from its session lows. JPMorgan Chase & Co +4.47% Boeing Co (up +5.06%), Intel Corp (+4.06%), Nike Inc (+4.85%), and Salesforce.com Inc (+4.81%) were among other notable index performers. American Express Co gained +2.60% after the company hosted an Investor Day and reiterated its long-term goals for annualised revenue growth of more than >10% in 2024 and beyond, as well as earnings-per-share (EPS) growth in the mid-teens range over the same stretch. The broader S&P500 jumped +2.24%, recording its biggest two-day increase since April 2020. The Nasdaq surged +3.77% to log its best daily percentage gain since 4 November, 2020 and mark a +6.7% rally for the technology-centric index over the past two sessions The small capitalisation Russell 2000 rallied +3.14%.
US equity markets advanced as oil prices retreated below US$100/barrel for the first time since 1 March, while the latest reading of wholesale inflation printed lighter than expectations - Dow rallied +599-points or +1.82% . The broader S&P500 gained +2.14%, snapping a three day losing streak. Information Technology (up +3.49%) and Consumer Discretionary (+3.39%) both climbed over >3% to lead ten of the eleven primary sectors. Energy (down -3.72%) sat at the foot of the primary of the primary sector leaderboard for a second consecutive session, with Chevron Corp down -5.06% and Exxon Mobil Corp -5.69%. Delta Air Lines Inc (up +8.70%) and Southwest Airlines Co (+4.89%) both raised their first-quarter revenue outlooks overnight, while United Airlines Holdings Inc (+9.19%) said it expects first-quarter total operating revenue to be nearer the top end of previous guidance. The technology-centric Nasdaq rebounded +2.92%, also snapping a three session losing streak and more than recouping the previous session’s -2.06% decline. Microsoft Corp and Netflix Inc each rose +3.8% after some Wall Street analysts reiterated their overweight ratings. Chipmakers also rebounded strongly, with Advanced Micro Devices Inc up +6.92% and Nvidia Corp +7.70%. The small capitalisation Russell 2000 rose +1.4%.
US equity markets weaker as investors continued to monitor Russia-Ukraine updates and China’s latest COVID-related lockdown ahead of the Federal Reserve’s latest monetary policy decision on Thursday morning AEST (17 March) - Dow settled unchanged , relinquishing an earlier rally of as much as +450-points. Apple Inc fell -2.66% after its supplier and biggest assembler of iPhones Hon Hai Precision Industry Co Ltd, known as Foxconn Technology Group, suspended operations in China's Shenzhen amid rising COVID-19 cases. There were separate reports that Foxconn is in talks with Saudi Arabia about jointly building a US$9B multipurpose facility that could make microchips, electric-vehicle components and other electronics like displays, according to people familiar with the matter. Taiwan-based Foxconn is also reportedly talking with the United Arab Emirates about potentially siting the project there. Intel Corp and Salesforce.Com Inc fell -3.12% and -2.4% respectively. However, American Express Co and Visa Inc were among the Dow’s top gainers, adding +2.9% and +1.8% respectively. The broader S&P500 fell -0.74%, with Energy (down -2.89%) and Information Technology (-1.90%) leading seven of the eleven primary sectors lower. Financials (up +1.25%) was the best performing primary sector overnight. The S&P 500 booked its first death cross - where the 50-day moving average crosses below the 200-day moving average - since March of 2020. The technology-centric Nasdaq dropped -2.06%, with chipmakers under particular pressure. Qualcomm Inc fell -7.25% and Nvidia Corp -3.48%. The small capitalisation Russell 2000 declined -1.92%. The U.S.-listed shares of Alibaba Group Holding Ltd sank -10.3% as the China-based e-commerce giant continues to suffer from a broad selloff in China’s stock market amid the threat of delisting of shares of China-based companies in the U.S. Hong Kong’s Hang Seng index fell -4.97% yesterday (14 March), while mainland Chinese stocks were also weaker (Shanghai Stock Exchange down -2.60%, with the Shenzhen Component Index shed -3.08%)
US equity markets retreated on Friday (11 March), with the losses accelerating into the close and all three major benchmarks booking another week of losses, after President Joe Biden called for a suspension of normal trade relations with Russia as part of sanctions designed to economically isolate Moscow for its unprovoked attack in Ukraine - Dow fell -265-points or -0.69%, relinquishing modest opening gains. Nike Inc (down -2.70%) and Apple Inc (-2.39%) were among the key index drags. The broader S&P500 -1.30% to 4,204.31. Communication Services (-1.88%), Information Technology (-1.80%) and Consumer Discretionary (-1.79%) led all eleven primary sectors lower. Oracle Corp rose +1.53% despite releasing a mixed third quarter result after the close of last Thursday’s (10 March) session. A Securities and Exchange Commission (SEC) filing late Friday (11 March) revealed that Berkshire Hathaway Inc (up +0.41%) spent more than US$1.5B last week to buy a further 27.1M shares in Occidental Petroleum Corp (down -0.31%), lifting the company’s stake in the energy company to 118.3M shares worth more than >US$6.9B - or ~12% of the outstanding shares. The latest purchases made Occidental Petroleum the 9th largest reported holding of Warren Buffet’s investment vehicle’s holdings of publicly-traded U.S. shares. Separately, Berkshire Hathaway on Friday (11 March) urged the rejection of four shareholder proposals recommending that it replace Warren Buffett as chairman, report on its plans to handle climate risk and reduce greenhouse gases, and improve diversity. The Nasdaq shed -2.18%. The small capitalisation Russell 2000 lost -1.59%. Ride share and food delivery company Uber Technologies (up +1.15%) announced that it is imposing a temporary fuel surcharge (ranging from US$0.45c to US$55c that will be in effect for two months) that will go directly to drivers to help mitigate the impact of soaring gas prices (which hit a record high of US$4.43 per gallon last week, up US$0.79 in the past two weeks).
US equity markets retreated as investors braced for central banks to tighten monetary policy despite Russia’s invasion of Ukraine - Dow eased -112-points or -0.34% . Goldman Sachs Group Inc (-1.11%) became the first major Wall Street bank to pull out of Russia, saying it was winding down its business in Russia, in accordance with the relevant regulatory and licensing rules. The announcement came after the investment bank disclosed a credit exposure to Russia of US$650M. FedEx Corp (up +1.18%) announced that chief executive officer and president Donald Colleran will retire 31 December. The broader S&P500 lost -0.43%, with Information Technology (down -1.76%) led six of the eleven primary sectors lower. Energy (up +3.07%) returned to the top of the primary sector leaderboard overnight, with Chevron Corp up +2.74% and Exxon Mobil Corp +3.10%. The technology-centric Nasdaq -0.95%, with Apple Inc (down -2.72%) and Meta Platforms (-1.66%) among the key drags. However, Amazon.com Inc gained +5.41% and logged its second best daily rise of 2022 after the company announced a 20-for-1 stock split and US$10B buyback after the closing bell of the previous session. The small capitalisation Russell 2000 slipped -0.23%.
US equity markets snapped a four session losing streak, with investor sentiment shifting ahead of a European Union (EU) summit tonight AEST when leaders will discuss a new growth and investment model and ways to reduce dependence on Russian energy - Dow gained +654-points or +2.00%, climbing out of official correction territory. Goldman Sachs Group Inc (up +3.80%), JPMorgan Chase & Co (up +4.01%), Nike Inc (+4.74%) and Salesforce.Com (+5.77%) were among the leading index performers. The broader S&P500 +2.57%, logging its best daily percentage gain since 5 June 2020. Information Technology (up +3.98%), Financials (+3.61%), Communication Services (+3.45%) and Materials (+3.01%) all gained over >3% to lead nine of the eleven primary sectors higher. Energy fell -3.18%. General Electric Co gained +3.5% to extend their bounce off at 14-month low after the industrial conglomerate disclosed a new US$3B stock repurchase program. The technology centric Nasdaq jumped +3.59%, dragging itself out of official bear market territory and best daily percentage gain since 9 March, 2021. Netflix Inc gained +4.98%, Microsoft Corp +4.59%, Meta Platforms +4.31% and Alphabet Inc +4.97%. The small capitalisation Russell 2000 rallied +2.71%.
US equity markets retreated, with the S&P500 settling at its lowest level since June 2021 after yet another volatile session - Dow down -185-points or -0.56%, unwinding an earlier +585-point rally. The broader S&P500 lost -0.72%, and pushing deeper into official correction territory. Consumer Staples (down -2.64%) and Healthcare (-2.11%) both declined over >2% to lead nine of the eleven primary sectors lower. Energy (up +1.39%) was yet again the leading primary sector, with Chevron Corp up +5.24%. Airlines and cruise lines also advanced. Delta Air Lines Inc rose 3.69%, American Airlines Group Inc +5.22% and United Airlines +3.32%, while Norwegian Cruise Line Holdings Ltd rose +3.77%. General Electric Co (up +3.24%) announced that its board authorised a $3B share buyback programme. The technology-centric Nasdaq -0.28% a day after entering an official bear market. Apple Inc (down -1.17%) staged its spring product launch event. The company unveiled a slew of new products on Tuesday, including a new iPad Air, the high-powered Mac Studio computer and the successor to one of its best-value phones, the iPhone SE. The small capitalisation Russell 2000 bucked the weaker trend, adding +0.60%.
•US equity markets fell sharply, with investors rattled by the risk of energy sanctions cascading through the economy - Dow dropped -797-points or -2.37%, with American Express Co (down -7.99%) the worst index performer. The broader S&P500 shed -2.95%, pushing deeper into official correction territory (down more than >12% from its most recent record close). Energy (up +1.57%) was once again the best performing primary sector, with Chevron Corp up +2.14% and Exxon Mobil Corp +3.60%. Utilities (up +1.31%) was the only other primary sector to advance. Consumer Discretionary (down -4.80%) was the worst performing primary sector overnight, while Communication Services (-3.74%), Information Technology (-3.70%), Financials (-3.66%) and Materials (-3.49%) all fell over >3%. The technology-centric Nasdaq slumped -3.62% to 12,830.96 and settled in bear market territory, down by more than >20% from its 19 November, 2021 peak. The small capitalisation Russell 2000 fell -2.48%. In broader stock moves, Bed Bath & Beyond soared 34.18% after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
US equity markets retreated and bond markets rallied on Friday (4 March) as investors sought out havens amid the escalating war between Russia and Ukraine - Dow down -180-points or -0.53%, paring an earlier decline of over >500-points. American Express Co (down -3.86%), JPMorgan Chase & Co (down 2.81%) and Goldman Sachs Group Inc (-1.12%) were notable laggards. However, more defensive names like Walmart Inc (up +2.53%) and UnitedHealth Inc Group Inc (+2.48%) outperformed. The broader S&P500 -0.79%. Financials (down -1.96%), Information Technology (-1.78%) and Consumer Discretionary (-1.51%) all fell over >1.5% to lead six of the eleven primary sectors lower. Energy (up +2.85%) once again sat atop the primary sector leaderboard, while Utilities gained +2.19%. Occidental Petroleum jumped +17.59%. In a filing late Friday (4 March), Berkshire Hathaway said it holds a total of 113.7M shares of Occidental, including both the stock and warrants. The combined holding represents 11.2% of Occidental’s outstanding shares but that overstates Berkshire’s investment since the warrant exercise price is out of the money (or above the current stock price). Travel and leisure-related companies were under fresh pressure, with American Airlines Group Inc down -7.13%, Delta Air Lines Inc -5.58% and United Airlines Holdings Inc -9.07%. The Nasdaq -1.66%. Apple Inc (down -1.56%) hosted its annual shareholder meeting on Friday (4 March) and stages its spring product launch event on Tuesday night AEST (8 March). Microsoft Corp (down -2.05%) and Netflix Inc (-1.72%) announced they were suspending new sales and services in Moscow. The small capitalisation Russell 2000 -1.56%. For the week, Dow lost -1.30%, logging its fourth straight weekly decline. The S&P500 shed -1.27% and the Nasdaq -2.78%.
Technology stocks weighed on US equity markets - Dow down -97-points or -0.29% after trading in positive territory for much of the session. The broader S&P500 settled -0.53% lower, with Consumer Discretionary (-2.29%) and Information Technology (-1.24%) leading four of the eleven primary sectors lower. More defensive sectors outperformed overnight, with Utilities (up +1.72%) and Real Estate (+1.10%) both gaining over >1%. The Nasdaq fell -1.56%. Apple Inc (down -0.20%) holds its annual shareholder meeting tonight AEST (2 March). The small capitalisation Russell 2000 lost -1.39%.
US equity markets rebounded sharply and a powerful rally in debt markets reversed as Federal Reserve chair Jay Powell signalled that the US central bank would raise interest rates this month despite economic uncertainty created by Russia’s invasion of Ukraine - Dow up +596-points or +1.79%, with all 30 index components advancing. Caterpillar Inc (up +5.35%), Intel Corp (+4.38%) and Goldman Sachs Group Inc (+2.49%) were among the strongest performers. The broader S&P500 gained +1.86%. Financials (up +2.55), Materials (+2.24%), Energy (+2.22%), Industrials (+2.19%) and Information Technology (+2.19%) all gained over >2% to lead all eleven primary sectors higher. Ford Motor Co jumped +8.38% after the automaker announced it would split its electric vehicle and legacy production businesses into two separate units. Ford plans to breakout financial results for both units, and its Ford+ business, by 2023.The technology-centric Nasdaq rose +1.62%. The small capitalisation Russell 2000 rose +2.51%.
US equity markets retreated as the military conflict in Ukraine showed no signs of abating, with Russia stepping up its bombardment of Ukraine’s biggest cities and traders seeking shelter from risk asset - Dow fell -598-points or -1.76%, paring an earlier -785-point drop. American Express was the worst performing Dow constituent overnight, down -8.47%. Goldman Sachs Group Inc and JPMorgan Chase & Co fell -3.27% and -3.77% respectively. The broader S&P500 -1.55%, with Financials (down -3.71%) leading ten of the eleven primary sectors lower. The latest decline dragged the S&P500 back into official correction territory. Energy (up +1.03%) was the only primary sector to advance, with Chevron Corp up +3.97% and Exxon Mobil Corp +0.96%. Chevron hosted its annual Investor Day overnight and said it will ramp up share buybacks as it expects higher returns across the next four years, as much as doubling its share buyback guidance range each year to US$5B to US$10B, up from a prior range of US$3B to US$5B. The energy major also said that it expected to continue to improve cost efficiency and deliver higher returns The technology-centric Nasdaq lost -1.59%. Apple Inc (down -1.16%) confirmed that it has stopped selling its products through the Apple Store in Russia. All Apple products on the company’s Russian storefront are listed as “unavailable” for purchase or delivery in the country. Apple also said overnight that it has removed Russian state-controlled outlets RT News and Sputnik News from its App Store around the world except for Russia. Nike Inc (down -3.17%) has also stopped selling products in Russia, according to a message posted on the company’s website. The small capitalisation Russell 2000 shed -1.93%.
US equity markets modestly weaker as new sanctions imposed on Russia reverberated through financial markets - Dow down -166-points or -0.49%, paring an earlier. JPMorgan Chase & Co (down -4.17%) and Goldman Sachs Group Inc (-2.52%) combined to knock ~100-points off the Dow. Nike Inc (down-1.62%), Visa Inc (-1.44%), and Procter & Gamble (-1.49%) also weighed heavily on the index. A US$1 move in any of the Dow's 30 components equates to a 6.59-point swing. The broader S&P500 -0.24%, with more than >70% of index constituents in the red. Real Estate (down -1.77%), Financials (-1.46%), Consumer Staples (-1.32%) and Materials (-1.18%) all falling over >1%. Energy sat atop the primary sector leaderboard with a +2.57% gain. Tesla Inc rallied +7.48% following reports out of Germany indicating that the company is close to receiving approvals to begin commercial production at its new factory outside of Berlin. A late session rally lifted the technology-centric Nasdaq +0.41%, rebounding from an earlier loss of as much as -1.1%. The small capitalisation Russell 2000 rose +0.35%.
US equity markets rallied on Friday (25 February) as war in Ukraine raged, with investors watching for signs that the conflict with Russia would be contained to the two countries - Dow jumped +835-points or +2.51%, notching its best daily gain since early November 2020. Johnson & Johnson (up +%) and 3M Co (+%). The broader S&P500 +2.24%. Etsy Inc soared +16.21% after the online marketplace’s quarterly results beat analyst estimates. The Nasdaq +1.64%. The small capitalisation Russell 2000 +2.25%.
US equity markets staged a impressive comeback from steep declines earlier in the session, with the technology-centric Nasdaq registering its biggest intraday swing since the throes of the pandemic in March 2020 - Dow up +92-points or +0.28%, erasing an earlier -859-point/-2.6% drop The broader S&P500 gained +1.50%, recovering from an earlier session slide of as much as -2.6%. Information Technology (up +3.47%) and Communication Services (+3.13%) leading the fight back with gains of over >3%. Consumer Staples (down -1.71%) and Financials (-1.17%) were the laggard primary sectors. The Nasdaq rebounded +3.34%, rallying back from an earlier ~3.5% slump. The technology-centric index opened the session in bear market territory, down more than >20% from its record peak in November. Netflix Inc rose +6.14%, Microsoft Corp +5.11%, Alphabet Inc +4.00% and Meta Platforms Inc +4.61%. The small capitalisation Russell 2000 rose +2.64%.
The Dow and S&P500 extended losses into a fifth consecutive session following a late-session sell-off as escalating tensions dragged the benchmark indices to fresh 2022 lows - Dow down -465-points or -1.38%, just avoiding falling into official correction territory. The broader S&P500 pushed further into official correction territory, falling -1.84% and unwinding an earlier rally of as much as +0.9%. Consumer Discretionary (down 3.42%) and Information Technology (-2.56%) led ten of the eleven primary sectors lower. Energy (up +1.01%) was the only primary sector to advance. The technology-centric Nasdaq shed -2.57%, with e-commerce giant Amazon.com Inc down 3.58%, and Apple Inc -2.59%. The Dow and Nasdaq closed below their 24 January intra-day lows of 33,150.33 and 4,222.62 respectively. The small capitalisation Russell 2000 lost 1.82%.
US equity markets resumed trading after the Presidents’ Day long weekend firmly on the backfoot as the geopolitical developments between Russia and Ukraine continued to dent investor sentiment - Dow shed -483-points or -1.42% to its lowest close since 18 June last year (33,596.61) after falling more than >700-points earlier in the session. The broader S&P500 lost -1.01% to 4,304.76, the lowest close since 4 October last year and settling in official correction territory (down just over >10% from its 3 January all-time high of 4,796.64). ~76% of index constituents declined. Consumer Discretionary (down -3.04%) led all eleven primary sectors lower. The technology-centric Nasdaq fell -1.23%. Consumer Discretionary (down 3.04%) led all eleven primary sectors lower. The small capitalisation Russell 2000 fell -1.45%.
European bourses relinquished opening gains to settle in the red, with the Automotive sector (down -2.7%) leading the pan-European Stoxx 600 index (which includes UK equities) -1.30% lower. Germany's DAX fell -2.07%. France's CAC lost -2.04%. French car parts group Faurecia SE fell -5.40% despite forecasting a rise in annual sales, adding that it expected semiconductor shortages to ease from the second half of 2022. In broader stock moves, Credit Suisse Group AG fell -3.09% after the Swiss investment bank said that it “strongly rejects” allegations published following a coordinated global media investigation into a mass leak of its client data over previous decades. The leaked information was purported to contain human rights abusers and businessmen under sanctions. In economic data, a flash reading of the IHS Markit manufacturing PMI slipped to 58.4 in February from a final reading of 58.7 in January, below economists’ forecast for an unchanged reading. The eurozone services PMI rose to a five month high of 55.8 in February from 51.1 in January, better than economists’ forecasts for a reading of 52.0. The services business expectations index climbed to 68.7 in February from 67.2. The readings saw a flash reading of the Composite PMI jump to a five-month high of 55.8 in February from 52.3 in January, significantly above median economists forecasts for 52.7. The German producer price index (PPI) rose at its fastest rate since modern records began in January, printing at 25% year-on-year versus 24.2% in December. Energy prices continue to make the biggest upward contribution, up +66.7%. The German Ifo Business Climate index for February is released tonight AEST.
US equity markets weaker after another volatile session ahead the long weekend that saw tensions between Russia and Ukraine intensify and trillions of dollars in options and futures on stocks, indexes and exchange traded funds (ETF) expire - Dow down -233-points or -0.68%, with Intel Corp (down -5.32%) the biggest index laggard as Bank of America reiterated an ‘underperform rating’ on the company. The broader S&P500 -0.72%, with Information Technology (down -1.10%) leading ten of the eleven primary sectors lower. Consumer Staples (up +0.11%) was the only primary sector to edge higher. Ford Motor Co rose +2.85% amid after Bloomberg News reported that the company is considering separating its electric-vehicle (EV) operation from its legacy car and truck manufacturing, a move seen boosting its competitiveness against singularly EV-focused makes such as Tesla Inc (down -2.21%). The technology-centric Nasdaq lost -1.23%. The small capitalisation Russell 2000 fell -0.93%. Roku Inc tumbled -22.29% in after the streaming company’s issued an underwhelming outlook for the current quarter after the closing bell of the previous session. US equity and bond markets are CLOSED tonight AEST for the Presidents’ Day holiday.
Fresh fears over Russia-Ukraine drove sharp declines for US equity markets, with the technology sector once again bearing the brunt of the losses - Dow dropped -622-points or -1.78%, logging its worst single session performance for the calendar year-to-date. The broader S&P500 shed -2.12%, with 85% of the index constituents declining and the slide ranking among the five worst trading days of the past year for the benchmark index. Information Technology (down -3.06%), Communication Services (-2.96%) and Consumer Discretionary (-2.57%) all declining over >2.65% to lead nine of the eleven primary sectors lower. Consumer Staples (up +0.91%) and Utilities (+0.06%) were the only primary sectors to advance. Cisco Systems Inc gained +2.80 after the networking hardware and software posting better-than-expected fiscal second quarter numbers after the closing bell of the previous session. The technology-centric Nasdaq slumped -2.88%. Nvidia Corp fell -7.56% despite the chipmaker posting better-than-expected adjusted fourth quarter earnings per share and record revenue after the close of Wednesday’s (16 January) session. The small capitalisation Russell 2000 fell -2.37%.
US equity markets mixed as investors digested the latest Federal Reserve monetary policy meeting minutes and mixed messaging around the Russia-Ukraine tensions - Dow eased -55-points or -0.16%, paring an earlier decline of over >300-points. The broader S&P500 added +0.09%, recovering from an earlier ~0.7% fall. Energy up +0.76%) led ten of the eleven primary sectors higher, with Information Technology (down 0.17%) the only sector not to advance. ViacomCBS tumbled -17.81% to be the worst S&P500 performer overnight after the company reported lower-than-expected quarterly earnings after the close of the previous session and announced it was rebranding itself Paramount Global to focus on streaming. The Nasdaq -0.11%. The small capitalisation Russell 2000 +2.76%.
US equity markets climbed sharply (as Treasury yields rose and oil prices retreated) amid signs of an easing of tensions over Ukraine, with Russian President Vladimir Putin saying Moscow is ready for talks with North Atlantic Treaty Organisation (NATO) on limits to missile deployments in Europe following a meeting with German Chancellor Olaf Scholz, and following a claim that Russia is pulling back some troops in the area. - Dow up +423-points or +1.22%, with Boeing Co climbing +3.66% The broader S&P500 +1.58%, with Information Technology (up +2.73%) and Consumer Discretionary (+2.08%) advancing over >2% to lead nine of the eleven primary sectors higher. Energy (down -1.39%) and Utilities (-0.55%) were the only primary sectors to settle in the red. The Nasdaq +2.53%. The small capitalisation Russell 2000 +2.83%. In merger and acquisition (M&A) news, Intel Corp rose +1.81% after striking a US$5.4B deal to acquire Tower Semiconductor, as the chipmaker to bolster its manufacturing capabilities.
US equity markets weaker after a choppy session, with stocks whipsawing on various news reports related to Ukraine - Dow fell -172-points or -0.49%, with pharmacy group Walgreens Boots Alliance Inc (down -2.75%), International Business Machines (IBM) Corp -1.91% and energy major Chevron Corp (-1.54%) among the notable drags on the index. The broader S&P500 lost -0.38%, with Energy (down -2.24%) leading nine of the eleven primary sectors lower after topping the primary sector leaderboard last Friday (11 February). Financials (down -1.11%), Health Care (-1.09%) and Real Estate (-1.02%) all fell over >1%. Consumer Discretionary (up +0.58%) and Communication Services (+0.32%) were the only primary sectors to advance. The S&P500 logged its third straight session decline and racked up its biggest three-day drop (-4.09%) since 28 October 2020. The technology-centric Nasdaq was flat, unwinding an earlier ~1% rally and extending its decline over the past three days to -4.8%. The small capitalisation Russell 2000 lost -0.41%. In merger and acquisition (M&A) news, Splunk Inc rose +9.13% after The Wall Street Journal (WSJ) reported that Cisco Systems (down -1.34%) made a takeover offer worth more than >US$20B for the software maker. The offer was made recently and the companies aren’t currently in active talks, the WSJ reported, citing people familiar with the matter. Separately, Lockheed Martin Corp fell -2.33% as it ended its bid to buy Aerojet Rocketdyne Holdings Inc (-5.60%) after the Federal Trade Commission last month sued to block the proposed US$4.4B deal.
US equity markets retreated sharply in Friday’s (11 February) afternoon session (and crude prices jumped), with U.S. National Security Advisor Jake Sullivan advising at a White House briefing that took place ~2-hours before the close of trading that there were signs of Russian escalation at the Ukraine border - Dow down -504-points or -1.43% . The broader S&P500 shed -1.90%, with Information Technology (down -3.01%), Consumer Discretionary (-2.82%) and Communication Services (-2.54%) all falling over >2.5% and leading nine of the eleven primary sectors lower. Energy (up +2.79%) and Utilities (+0.01%) were the only sectors to advance. Exxon Mobil Corp and ConocoPhillips gained +2.5% and +2.3%, respectively. However, American Airlines Group Inc fell -5.88% and Delta Air Lines Inc -3.58%. The Nasdaq dropped -2.78%. Semiconductor stocks, which have been volatile in part due to supply chain issues caused by COVID, were notable underperformers on Friday (11 February), with Advanced Micro Devices (down -10.01%), Nvidia Corp -7.3% and Xilinx Inc (-9.99%) both falling ~10%. The small capitalisation Russell 2000 lost -1.02%. “Buy now, pay later” provider Affirm Holdings Inc plunged -20.67% after the group posted a wider-than-expected fiscal second quarter loss and disappointing third quarter revenue guidance.
US equity markets retreated, with technology stocks under renewed pressure as investors assessed another hot inflation report - Dow down -527-points or -1.47%. However, Walt Disney Co gained +3.35% after recording record first quarter revenue and better-than-expected adjusted earnings per share (EPS) after the close of the previous session. The broader S&P500 lost -1.81%, with Real Estate (down -2.86%), Information Technology (-2.75%) and Utilities (-2.61%) all falling over >2.5% to lead all eleven primary sectors lower. The technology-centric Nasdaq dropped -2.10%. The small capitalisation Russell 2000 fell -1.55%.
US equity markets advanced, underpinned by a further rebound for the technology sector - Dow up +305-points or +0.86% . The broader S&P500 +1.45%, with Communication Services (up +2.45%), Real Estate (+2.38%), Information Technology (2.31%) and Materials (+2.13%) all climbing over >2% to lead all eleven primary sectors higher. The technology-centric Nasdaq +2.08%, settling over >8% above its 27 January closing low Facebook parent Meta Platforms Inc rebounded +5.37% a day after the company’s market capitalisation fell below
US equity markets rallied, shrugging off the latest climb in Treasury yields - Dow up +372-points or +1.06%, with American Express (up +3.3%) and JPMorgan Chase & Co (+%) notable index performers. The broader S&P500 +0.84%, reversing earlier losses as investors rotated into materials, technology, and financial stocks. It was a broad rally, with gainers in the S&P 500 outnumbering decliners by more than 2 to 1. The Nasdaq +1.28%. Nvidia Corp rose +1.54% after the chipmaker announced that its planned acquisition of chip designer Arm from SoftBank (down -0.9%) had been terminated. However, Facebook parent Meta Platforms Inc fell -2.10%, sending its market capitalisation below
A weaker start to the new trading week for US equity markets - Dow unchanged . The broader S&P500 eased -0.37% despite another strong session for the Energy sector (up +1.31%). Communication Services (down -2.24%) was the worst performing primary sector overnight along with Information Technology (-0.66%). The Nasdaq down -0.58%. Facebook-parent Meta Platforms Inc fell -5.14% and has dropped ~30% since the company’s fourth quarter result last Wednesday (2 February). Google parent Alphabet Inc (down -2.85%) disclosed that Larry Page, co-founder and current board member, has sold more than $80M worth of shares, a couple of days after the stock surged on the back of a blowout earnings report and stock-split announcement. In filings with the Securities and Exchange Commission after Friday’s (4 January) closing bell, the internet search giant said Mr Page sold 13,889 on 3 February in the open market. The small capitalisation Russell 2000 +0.51%.
US equity markets mostly firmer on Friday (4 January) - Dow slipped -21-points or -0.06%, with declines in UnitedHealth Group Inc (down -1.15%), Home Depot Inc (-1.41%) and 3M Co (-2.23%) overshadowing solid gains for Goldman Sachs Group Inc (up +2.43%) and Salesforce.com Inc (+3.04%). The broader S&P500 added +0.52%, with the Consumer Discretionary sector (up +3.74%) leading five of the eleven primary sectors higher, underpinned by Amazon.com Inc’s +13.54% jump following the company’s strong fourth quarter result after the closing bell last Thursday (3 February). Some US$11.8B of the US$14.3B fourth-quarter profit it reported was from an investment in Rivian Automotive, which went public in the quarter. Financials (up +1.66%) and Energy (+1.58%) also performed strongly. Materials (down -1.72%) and Real Estate (-1.26%) brought up the rear on Friday (4 February). Ford Motor Co dropped -9.07% after the automaker posted weaker-than-expected fourth quarter earnings after the close of the previous session. The company also confirmed over the weekend earlier reports that it would be rolling back production at some of its plants beginning this week. Chief Executive Jim Farley acknowledged supply-chain problems - such as a shortage of semiconductors - at the auto maker in an interview with Barron’s on Friday (4 January), and said the shortages were adding to rising costs and constraining production. The Nasdaq rallied +1.58% after dipping into the red shortly after the opening bell. Amazon.com Inc broke the record Friday (4 February) for the largest-ever one-day gain in market value (US$191.3B) for a U.S. company - just a day after Facebook parent Meta Platforms Inc (down -0.28%) suffered the largest-ever daily loss in market capitalisation (US$232B). The small capitalisation Russell 2000 rose +0.57%. Snap Inc soared +58.82% after the social media group reported better-than-expected fourth quarter user growth and an upbeat outlook after the close of the previous session.
US equity markets declined as some major technology earnings continued to rattle investor sentiment - Dow dropped -518-points or -1.45% . The broader S&P500 shed -2.44%, snapping a four session rally and recording its biggest daily drop since February 2021. Communication Services tumbled -6.83% to lead ten of the eleven primary sectors lower, while Consumer Discretionary (down -3.57%) and Information Technology (-3.07%) both fell over >3%. Consumer Staples was the only primary sector to advance, eking out a +0.01% gain. PayPal Holdings Inc fell -6.24%, bringing their total decline to just under 30% since the closing bell on Tuesday (1 February) when the payments company warned that a weakening ecommerce environment would slow its growth rate. The technology-centric Nasdaq slumped -3.74%, logging its worst single session decline since September 2020. Meta Platforms Inc (formerly Facebook) tumbled -26.39%, wiping more than >US$230B off its market capitalisation after posting disappointing fourth quarter earnings per share and weaker-than-expected guidance after the closing bell of the previous session. The small capitalisation Russell 2000 fell -1.90%.
US equity markets advanced however there were some steep earnings release-related declines after the closing bell - Dow up +224-points or +0.63% . The broader S&P500 gained +0.94% with Communication Services (up +3.09%) leading ten of the eleven primary sectors higher. Consumer Discretionary (down -0.53%) was the only primary sector to close in the red. PayPal Inc slumped -24.6% after the payments company reported EPS (US$1.11 versus consensus US$1.12) and guidance (expects to earn between US$4.60 and US$4.75 in fiscal 2022, below current forecasts for US$5.25) that fell short of Wall Street estimates. The Nasdaq added +0.50%, with Google parent Alphabet Inc jumping +7.3% following its strong fourth quarter result after the closing bell of the previous session that also saw the company announce a 20-for-1 stock split. Advanced Micro Devices Inc rose +5.1% after the chipmaker also posted a strong fourth quarter result after the close of Tuesday’s (1 February). However, the small capitalisation Russell 2000 fell -1.03%.
US equity markets built on a two-day rally after a volatile January, opening February on a positive note - Dow up +273-points or +0.78% . Goldman Sachs Group Inc and JPMorgan Chase & Co gained +2.64% and +1.72% respectively. The broader S&P500 +0.69%, with Energy returning to the top of the primary sector leaderboard overnight with a +3.54% gain and leading eight of the eleven primary sector lower. More defensive sectors underperformed, with Utilities down -1.28%. The technology-centric Nasdaq rose +0.75%. The small capitalisation Russell 2000 +1.10%.
US equity markets climbed for a second session to close out a tough January that left the S&P500 and Nasdaq nursing their worst month since the onset of the pandemic - Dow rallied +406-points or +1.17% . Boeing Co (up +5.07%) was the top index performer after the airline won a deal with Qatar Airways worth $34B. The broader S&P500 gained +1.89%, with Consumer Discretionary (up +3.81%), Information Technology (+2.68%) and Communication Services (+2.40%) leading all eleven primary sectors higher. Tesla Inc gained +10.68% after Credit Suisse upgraded the electric vehicle maker following the recent pullback and citing robust company fundamentals. The Nasdaq jumped +3.41%. Netflix Inc jumped +11.13% (paring its January loss to -29.1%) after Citi upgraded the stock to buy from neutral, saying that the streaming service has ample pricing power to weather high inflation, and that prevailing equity values don’t reflect material subscriber growth prospects beyond 2023. Chipmaker NVIDIA Corp rallied +7.21%, paring its monthly decline to -16.7%. The small capitalisation Russell 2000 +3.05%. In merger and acquisition (M&A) news, cloud-computing company Citrix Systems Inc (down -3.42%) confirmed weekend press speculation that Elliott Management Corp.’s private-equity arm, Evergreen Coast Capital, and Vista Equity Partners would acquire the company for US$16.5B.
US equity markets rebounded sharply to cap a volatile week that saw investors grapple with the latest monetary pronouncements from the Federal Reserve and geopolitical tensions between Russia and Ukraine - Dow rallied +565-points or +1.65%, logging its best single session performance since 6 December after recovering from an earlier session decline of over >350-points. The broader S&P500 gained +2.43%, recovering from an earlier ~0.8% decline to record its best single session performance since June 2020 and settle ~8% below its most recent all-time peak. The Nasdaq rallied +3.13%. Apple Inc jumped +6.98%, recording its best single session percentage gain since July 31, 2020 after posting its largest single quarter in terms of revenue ever after the close of last Thursday’s (27 January) session, with sales growing over >11% to US$123.9B (versus consensus US$119B) despite supply challenges and the lingering effects of the pandemic. The small capitalisation Russell 2000 gained +1.93%. In merger and acquisition (M&A) news, there were reports over the weekend that cloud-computing company Citrix Systems Inc is close to a deal to be taken private, with Elliott Management Corp.’s private-equity arm, Evergreen Coast Capital, and Vista Equity Partners nearing an agreement to pay US$104 per share ~$13B.
US equity markets logged modest losses following another volatile session that saw the benchmark indices relinquish earlier gains - Dow dipped -7-points or +0.02% after trading more than >600-points higher earlier in the session. The broader S&P500 -0.54% to 4,326.51, settling just above 4,316.905, the level below which would see the index fall into official correction territory (or a fall of at least 10% from its record closing high of ). The Consumer Discretionary sector dropped -2.27% to lead five of the eleven primary sectors lower. Energy sat atop the primary sector leaderboard with a +1.24% gain. The Nasdaq -1.40% to 13,352.78, with the technology centric index on track pace for its longest weekly losing streak since November 2012. The Nasdaq is ~17.6% below its 19 November, 2021 record peak of 16,212.23. Netflix Inc (up +7.51%) continued to climb following confirmation after the close of Wednesday’s (26 January) session that Pershing Square’s Bill Ackman said his firm “recently” purchased more than 3.1M shares in the streaming giant, making it a top-20 holder of the stock. The small capitalisation Russell 2000 -2.29% at 1,931.29, ~21% below its record close of 2,442.74 set on 8 November, 2021 and marking the indice’s first bear market since 9 March, 2020. The latest pullback has the Dow, S&P 500 and Russell 2000 on pace for their worst months since March 2020, while the Nasdaq was sliding closer to its worst month since October 2008.
Another whipsaw session for US equity markets as investors digested the latest monetary policy pronouncements from the Federal Reserve and the latest round of corporate earnings releases - Dow down -130-points or -0.38%, unwinding an earlier rally of over >500-points. The broader S&P500 slipped -0.15%. The Nasdaq eked out a +0.02% gain, with Microsoft Corp rising +2.85% following their solid fourth quarter result after the closing bell of Tuesday’s (25 January) session. Netflix Inc rose over >3.5% in after hours trading (following a -1.83% fall in the regular session) after Pershing Square’s Bill Ackman said his firm “recently” purchased more than 3.1M shares in the streaming giant, making it a top-20 holder of the stock. The small capitalisation Russell 2000 lost -1.38%.
US equity markets staged an impressive intra-session comeback overnight albeit there was no specific catalyst for the intraday turnaround - Dow up +99-points or +0.29%, logging its first advance in seven sessions and roaring back from an earlier -1,115 point or -3.25% tumble. It marked the biggest intra-day reversal for the Dow since the wild trading of March 2020. The broader S&P500 added +0.28% to 4,410.13 after falling ~4% and into official correction territory (down over >10% from its 3 January record closing high of 4,796.56) earlier in the session. The index staged its sharpest snapback after being down to end positive since 23 October, 2008. 17 stocks in the S&P500 recorded intra-day price swings of at least 10%, including Moderna Inc (down -1.7%) and Nvidia Corp (-0.01%). Consumer Discretionary rose +1.21% to lead eight if of the eleven primary sectors higher. Utilities (down -1.09%) brought up the rear. The S&P500 is still down -7.47% in January and on pace for its worst monthly performance since March 2020. The technology-centric Nasdaq settled +0.63% higher, snapping a four session losing streak and recovering from an earlier slump of as much as -4.9%. The session marked the first time since the aftermath of the financial crisis in 2008 that the Nasdaq Composite had been down more than >4% intraday and closed up. Netflix Inc (down -2.60%) continued to slide after reporting slowing subscriber growth after the close of last Thursday’s (20 January) session. The small capitalisation Russell 2000 rallied +2.29%. Kohl’s Corp soared +36.02% after the department store retailer confirmed that it had received buyout offer. The Wall Street Journal had reported over the weekend that a consortium backed by activist hedge fund Starboard Value LP has offered ~US$9B (or US$64 per share) to buy the department store chain.
US equity markets retreated on Friday (21 January), with the selling once again intensifying into the close of the session and with technology stocks under fresh selling pressure - Dow down -450-points or -1.30% . The broader S&P500 -1.89% to sit ~8.7% below its 4 January intra-day peak (4,818.62), with Communication Services (down -3.88%) and Consumer Discretionary (-3.10%) falling over >3% to lead nine of the eleven primary sectors lower. Consumer Staples (up +0.02%) was the only primary sector to advance. The Nasdaq dropped -2.72% to 13,768.92. The technology-centric index is down ~15% from its record close on 19 November (16,017.23), nearing the 20% decline from a recent peak that would meet the commonly used definition for a bear market. Netflix Inc slumped -21.79% after reporting slowing subscriber growth after the close of last Thursday’s (20 January) session. Walt Disney Co, with its Disney+ and Hulu services, fell -6.94% and streaming-device maker Roku Inc -9.10%. The small capitalisation Russell 2000 lost -1.78%.
US equity markets sold off in the final hour of trading, once again relinquishing an earlier rally - Dow down -313-points or -0.89%, falling for a fifth straight session having climbed over >400-points earlier in the day. The 30-stock average closed below its 200-day moving average for the first time since December 2021. The broader S&P500 -1.10% to 4,482.73, settling below 4,500 for the first time since October last year after relinquishing an earlier +1.53% rally. Consumer Discretionary (down -1.94%), Materials (-1.49%), Information Technology (-1.33%), Industrials (-1.10%) and Communication Services (-1.14%) all dropped over >1% to lead ten of the eleven primary sectors lower. The Utilities sector (up +0.14%) was the only primary sector to advance. The Nasdaq -1.30%, giving up an earlier rally of as much as +2.1% and pushing further into official correction territory. The small capitalisation Russell 2000 -1.88%. Peloton Interactive Inc slumped -23.93% to US$24.22 per share after the stationary bike maker announced it will temporarily halt production of its bikes and treadmills due to waning demand as it tries to control costs. The news saw the stock drop below its September 2019 initial public offer price of US$29 per share. The stock hit an all-time intraday high of US$171.09 on 14 January of last year.
US equity markets relinquished earlier session gains to settle lower, with technology stocks under fresh pressure despite some respite from rising US Treasury yields - Dow down -340-points or -0.96%, with economic bellwether Caterpillar Inc (down -3.10%) and Boeing Co (-3.52%) among the key drags on the index. Goldman Sachs Group Inc fell a further -2.0% (following a -6.97% drop in the previous session) after reporting a fall in fourth-quarter profit due to weak trading activity a day earlier. The broader S&P500 shed -0.97%, with Consumer Discretionary (down 1.81%), Financials (-1.65%), Information Technology (-1.37%), Real Estate (1.21%) and Industrials (-1.10%) all dropping over >1% to lead nine of the eleven primary sectors lower. The more defensive Consumer Staples (up +0.68%) and Utilities (+0.46%) sectors were the only primary sectors to close higher, The Nasdaq lost -1.15% to settle ~10.7% below its most recent record closing high in November 2021 and hence pushing the technology centric index into official correction territory. It marked the Nasdaq’s first close in correction territory since March last year and its 66th correction since 1971. The small capitalisation Russell 2000 fell -1.49% to a 52-week low of 2,062.78.
US equity markets returned from the holiday long weekend on the backfoot, with technology stocks under renewed pressure amid a fresh climb in bond yields - Dow dropped -543-points or -1.51% . The broader S&P500 shed -1.84%, with Information Technology (down -2.49%) and Financials (-2.30%) both down over >2% and leading nine of the eleven primary sectors lower. Energy (up +0.40%) was the only primary sector to advance, tracking the latest gains on crude markets. Ford Motor Co edged higher in extended trading (after a -3.22% decline in the regular session) after it said it has realized a US$8.2B gain in the fourth quarter related to its investments in Rivian Automotive Inc (down -8.49%) following the electric-vehicle maker’s November initial public offering. The Nasdaq tumbled -2.60% to 14,506.90, hitting its lowest level in three months. The technology-centric index sits more than >10% from its most recent high and closed below its 200-day moving average for the first time since April 2020. Meta Platforms Inc fell -4.14% and Amazon.com Inc -1.99%. The small capitalisation Russell 2000 dropped -3.06%. In merger and acquisition (M&A) news, Microsoft Corp fell -2.4% after announcing the software giant will buy video game company Activision Blizzard (up +25.88%) in an all-cash transaction (US$95 per share) valued at US$68.7B.
European bourses climbed, with the media sector (up +1.9%) leading the pan-European Stoxx 600 index (which includes UK equities) +0.70% higher. Germany's DAX added +0.32%. France's CAC gained +0.82%. In broader stock moves, Credit Suisse Group AG fell -2.26% after the Swiss investment bank announced on Sunday (16 January) that Chairman António Horta-Osório had resigned following a board investigation into his travel and personal conduct. Mr Horta-Osório joined the Credit Suisse board less than a year ago In economic data, the ZEW Economic Sentiment Index for the eurozone/Germany for January is released tonight AEST.
Major bank stocks weighed on US equity markets on Friday (14 January) to cap a volatile week - Dow fell -202-points or -0.56%, dragged lower by declines for investment banks Goldman Sachs Group Inc (down -2.52%) and JPMorgan Chase & Co (-6.15%), and credit card and travel services group American Express Co (-2.82%) . The broader S&P500 eked out a +0.08% gain, with Energy gaining +2.44% to extend a strong week for the sector. Real Estate (down -1.18%) and Financials (-1.01%) both fell over >1% to be the worst performing sectors. Casino stocks climbed after Macau’s government announced on Friday (14 January) it would allow just six casino licenses in the gambling hub. Las Vegas Sands Corp jumped +14.15% and Wynn Resorts Ltd +8.60%. The Nasdaq rose +0.59%. Netflix Inc rose +1.25% after announcing a price increase for U.S. and Canadian subscribers. The small capitalisation Russell 2000 edged +0.14% higher.
US equity markets retreated as the rebound for technology sector ran out of steam - Dow fell -177-points or -0.49%, unwinding an earlier session gain of more than >200-points. Boeing Co rose +2.97% following a Bloomberg News report that the company’s 737 Max could resume service in China as soon as this month. The broader S&P500 -1.42%, with Information Technology (down -2.65%) and Consumer Discretionary (-2.08%) both falling over >2% to lead eight of the eleven primary sectors lower. More defensive sectors outperformed, with Utilities up +0.45% and Consumer Staples +0.22%. Tesla Inc fell -6.75%. However, Ford Motor Co gained +2.25% and saw its market capitalisation top US$100B for the first time. The rally comes as the company plans to increase electric vehicle production, including the Mustang Mach-E crossover and an upcoming electric version of its best-selling F-150 pickup. Deutsche Bank also named Ford one of its top 2022 automotive stock picks. The technology-centric Nasdaq tumbled -2.51%, snapping a three session rally. Microsoft Corp down -4.23% and Amazon.com Inc -2.42%. The small capitalisation Russell 2000 lost -0.74%.
US equity markets logged modest gains after the December consumer inflation report largely matched economists’ expectations - Dow added +38-points or +0.11% . Global healthcare major Merck & Co Inc (down -0.58%) and biotechnology company Amgen Inc (-0.27%) capped the index’s advance. The broader S&P500 edged +0.28% higher, with Materials (up +0.95%) leading eight of the eleven primary sectors higher. Health Care (down -0.26%) was the only primary sector to close in the red. Tesla Inc gained +3.93% despite a teenager, calling himself a 19-year-old security specialist and hacker, claiming that he had hacked into the software systems of nearly two dozen Tesla electric-powered vehicles and had limited control over them. The technology-centric Nasdaq extended its rebound into a third session, settling with a +0.23% gain. The small capitalisation Russell 2000 shed -0.82%.
US equity markets advanced, with technology stocks consolidating the late rally of the previous session - Dow up +183-points or +0.51% . International Business Machines (IBM) Corp fell 1.60%, paring an earlier session decline of more than >5% that came after analysts at UBS downgraded the stock (lowering their price target to US$124 from US$136) citing concerns about revenue growth following the company’s spinoff of managed infrastructure-service business Kyndryl Holdings Inc and IBM’s ability to compete in the cloud market. Boeing Co (up +3.21%) said that it won orders for 909 planes in 2021 but delivered only around 280 passenger jets, falling behind Airbus SE (+0.42%) and relying more on its cargo jets and military versions of commercial planes. Including cancellations, Boeing secured 535 net new orders, including older deals for 56 planes that it now considers more likely to be fulfilled. Airbus on Monday (10 January) said it delivered 611 jets in 2021 and won orders for 771, or 507 net of cancellations. The broader S&P500 +0.92%, with Energy (up +3.41%) returning to the top of the leaderboard and leading eight of the eleven primary sectors higher. Exxon Mobil Corp gained +4.21%. Information Technology (+1.21%), Materials (+1.11%), Consumer Discretionary (+1.03%) and Communication Services (+1.02%) all gained over >1%. Utilities (down -0.92%) was the worst performing primary sector overnight. American Airlines Group Inc climbed 1.22% after the carrier updated its fourth-quarter guidance to reflect a performance that turned out to be not as bad as expected. The airline said it now expects revenue to be down ~17% compared with the fourth quarter of 2019, before the start of the pandemic, better than previous guidance of down 20%. The company flew 61.1B total available seat miles in the quarter, down -13% versus the prior guidance of down 11% to 13%. The company expects cost per available seat mile (CASM), a measurement of efficiency, to be up +13% to 14% compared to the fourth quarter of 2019, compared with earlier guidance of up 8% to 10%. The technology centric Nasdaq gained +1.41%, with Amazon.com Inc rising +2.40%, Apple Inc +1.68% and Nvidia Corp +1.52%. The small capitalisation Russell 2000 +1.05%.
US equity markets logged modest losses, with major technology stocks rallying in the afternoon session to recoup earlier steep declines - Dow down -163-points or -0.45% . The broader S&P500 slipped -0.14%, with Industrials (down -1.15%) and Materials (-0.99%) leading eight of the eleven primary sectors lower. Health Care (up +1.04%), Information Technology (+0.10%) and Communication Services (+0.02%) were the only primary sectors to advance. The Nasdaq inched +0.05% higher, recovering from a loss of -2.72% earlier in the session that saw the technology centric index trade more than >9% below its record closing high from 19 November (16,057.44) and almost enter official correction territory for the first time since 8 March, 2020. It marked the Nasdaq’s biggest intraday comeback since 28 February, 2020, according to Dow Jones Market Data. The Nasdaq Composite also managed to avoid a close below its 200-day moving average (14,688.73). The benchmark hasn’t closed below its 200-day moving average since 21 April, 2020, according to FactSet data. The small capitalisation Russell 2000 lost -0.40%. Lululemon Athletica Inc fell -1.91% after the company said the omicron variant had hurt its fourth-quarter results. Abercrombie & Fitch Co rallied over >6.5% in extended trading despite lowering its guidance for fourth-quarter sales. The fashion retailer said that it saw strong demand from consumers over the holidays but that it didn’t have enough inventory to sell (particularly at its Hollister and Gilly Hicks lines).
US equity markets retreated after a choppy session as investors digested a lacklustre December jobs report albeit one that in unlikely to be damaging enough to give central bankers reason to pause what has been expressed as a plan to tighten financial policy sooner and faster than had previously been expected - Dow dipped -5-points to 36,231.66, recovering from an intra-session low of 36,111.53. The broader S&P500 eased -0.41%, with Consumer Discretionary (down -1.65%) and Information Technology (-1.01%) falling over >1% to lead seven of the elven primary sectors lower. Energy (up +1.45%) and Financials (+1.15%) were once again the leading primary sector performers. The Nasdaq lost -0.96% to 14,935.90, hitting an intraday low of 14,877.63. The technology-centric index sits ~7% below its most recent (19 November) peak of 16,057.44 (and hence ~3% from official correction territory). The small capitalisation Russell 2000 lost -1.20%. Retailer Dick’s Sporting Goods Inc rose +1.08% after lifting their full-year earnings per share (EPS) (to $13.70 to US13.79, up from previous guidance for $12.88 to 13.06; adjusted EPS is expected to be US$15.50 to US15.60 compared with previous guidance for US$14.60 to US14.80 and current consensus analyst forecasts for US$15.35) and same-store sales (SSS) outlook (for growth between 25.8% to 26.1%, up from previous guidance for an increase between 24% to 25% and versus current consensus for 25.8% growth). Some analysts suggested that consumers had likely completed more holiday shopping early due to widespread news reports of supply chain disruptions that could lead to stock shortages.
US equity markets retreated after a choppy session as investors continued to rotate out of technology stocks - Dow down -171-points or -0.47%. The broader S&P500 slipped -0.10%, with Materials (down -1.24%), Health Care (-1.21%) and Utilities (-1.05%) all falling over >1 and leading six of the eleven primary sectors lower. Energy (up +2.29%) sat atop the primary sector leaderboard overnight, with Financials (+1.55%) also trading strongly. T-Mobile US fell over >1.5% in extended trading after reporting fourth-quarter postpaid phone net additions - a closely watched metric for wireless companies - came in at 844K, lower than the consensus Wall Street analysts’ average forecast for ~868K. The technology-centric Nasdaq dipped-0.13%, relinquishing a modest bounce in the closing minutes of the session. Apple Inc lost -1.67%, Amazon.com Inc -0.67%, and Google-parent Alphabet Inc -0.07%. However, Meta Platforms (formerly Facebook Inc) gained +2.56% The small capitalisation Russell 2000 added +0.56% after falling -3.30% in the previous session. James Hardie Industries Plc fell -4.31% after announcing it has fired Jack Truong as chief executive for code-of-conduct violations and appointed director Harold Wiens as interim Chief Executive Officer (CEO). The building materials supplier also raised its fiscal-year profit expectations, in part because of strong expectations for growth in the U.S. homebuilding market. The company now expects adjusted net income for its fiscal year through March, 2022, to be between US$605M and US$625M, an increase on earlier guidance of between US$580M and US$600M.
US equity markets retreated, tumbling into the close after the minutes of the Federal Reserve’s December monetary policy meeting suggested investors need to gear up for potentially tighter U.S. monetary policy and prompted a strong rotation out of technology stocks and into businesses more tightly linked to the economic recovery - Dow down -393-points or -1.07% after hitting a fresh record intra-day high (36,952.65) earlier in the session, logging its first decline of 2022. Salesforce.Com Inc dropped -8.28% following a downgrade from investment bank UBS. The broader S&P500 shed -1.94% - the index’s worst daily decline since 26 November last year - with Real Estate (down -3.22%) and Information Technology (-3.13%) both falling over >3% to lead all eleven primary sectors lower. The Nasdaq dropped -3.34%, recording the biggest single session loss for the technology-centric index since 25 February last year. Google parent Alphabet Inc closed down 4.6% at US$2,755.50, off more than >7.6% from its 18 November closing high of US$2,996.77. The small capitalisation Russell 2000 fell -3.30%.
Banking and industrial stocks powered the Dow Jones Industrial Average to a fresh record closing high overnight as worries about the Omicron variant of the coronavirus subsided, while a fall in heavyweight technology stocks dragged the S&P 500 and the Nasdaq indices lower - Dow up +215-points or +0.59% to 36,800, touching a fresh intraday peak of 36,934.84. Investment banks Goldman Sachs Group Inc (up +3.07%) and JP Morgan Chase & Co (+3.79%), and integrated payments giant American Express Co (+3.21%) were among the leading Dow performers and among those companies seen to be beneficiaries of rising interest rates. The broader S&P500 dipped -0.06% to 4,793.54 after scaling a fresh record intra-day high (4,818.62) earlier in the session. Energy (up +3.10%) was the leading primary sector performer for a second straight session, while Financials (+2.60%) and Industrials (+2.09%) both gained over >2%. Health Care (down -1.38%) and Information Technology (-1.14%) brought up the rear. Ford Motor Co jumped +11.67% and hit a 21-year high after the auto maker said it plans to nearly double production of its all-electric F-150 Lightning pickups at its Dearborn, Michigan, facility to 150K trucks a year to meet “soaring customer demand.” General Motors Co rallied +7.47% after saying the semiconductor supply issues that have plagued the auto industry improved during the fourth quarter. The company said it delivered 440,745 vehicles in the fourth quarter, down -43% from a year ago, when quarterly retail sales were the best in 13 years. Dealer inventory, including in-transit vehicles on their way to dealers, totalled 199,662 at the end of the fourth quarter, up +55% from a record low of 128,757 at the end of the third quarter. Tesla Inc fell -4.18% after soaring +13.53% in the previous session after releasing a statement on Sunday (2 January) and saying it delivered 308,600 vehicles in the fourth quarter alone, crushing consensus analyst forecasts for 266K. The technology-centric Nasdaq shed -1.33%, under pressure from a fresh rise in bond yields. Apple Inc fell -1.27% to US$179.70 a day after becoming the first public company to reach US$3 trillion in market capitalisation (achieving the milestone after briefly trading above >US$182.86 per share). Advanced Micro Devices lost -3.87%, with Chief Executive Lisa Su announcing new products in an event tied to the annual technology conference in Las Vegas. Ms Su said the company was releasing 20 new Ryzen 6000 series laptop processors beginning in February, and three new Radeon RX 6000S GPUs for thin gaming laptops. Ultrathin gaming laptops were the fastest-growing PC segment, selling at a rate more than three times faster than traditional gaming laptops, Ms Su said.The small capitalisation Russell 2000 slipped -0.16%.
A positive start to 2022 for US equity markets, with both the Dow and S&P500 logging fresh record closing highs - Dow up +247-points or +0.68% to a record closing high 36,585.06. The broader S&P500 rose +0.64% to also scale a record closing peak of 4,796.56, with Energy (up +3.10%) the standout primary sector performer. Consumer Discretionary (+2.76%), Financials (+1.24%) and Information Technology (+1.02%) all gained over >1%. Tesla Inc soared +13.53% after releasing a statement on Sunday (2 January) and saying it delivered more than >936K vehicles in 2021 - 911,209 of which were Model 3 sedans and Model Y SUVs. It marked an 87% increase versus 2020’s totals (when it delivered 499,647 vehicles) and more than the 897K forecast by analysts. The company delivered 308,600 vehicles in the fourth quarter alone, crushing consensus analyst forecasts for 266K. Tesla added that its final delivery numbers are slightly conservative, and may rise slightly after final calculations are made for its fourth-quarter earnings announcement. The Wall Street Journal reported that Tesla’s in-house software engineering helped make it more agile than its rivals at adjusting to the chip shortfall that plagued automakers in 2021. Ford Motor and General Motors rose about 4.8% and 4.3%, respectively. Elsewhere, the Centers for Disease Control and Prevention (CDC) issued a Level 4 notice regarding cruise travel - the highest level, which indicates very high COVID-19 levels. “Avoid cruise travel, regardless of vaccination status,” the agency said in an advisory. “Even fully vaccinated travellers may be at risk for getting and spreading COVID-19 variants.” The CDC reported over >90 cruise ships had COVID-19 cases reported. All but three of those ships were under CDC investigation, including ships operated by Carnival Corp (up +6.9%) and Norwegian Cruise Line Holdings (+6.4%). The Nasdaq rallied +1.20%. Apple Inc (up +2.5% at US$182.01) became the first public company to reach US$3 trillion in market capitalisation. The milestone was achieved after the company briefly traded above US$182.86 per share. Apple first hit the US$2 trillion market cap level on 20 August, 2020 (hitting US$1 trillion for the first time in August 2018). The small capitalisation Russell 2000 gained +1.21%.
US equity markets rallied ahead of Christmas, with the S&P500 sweeping to a fresh record closing high as investors digested some relatively benign US economic and some favourable studies around the relatively muted health impact of the Omicron variant - Dow up +197-points or +0.55% . The broader S&P500 gained +0.62% to 4,725.79, booking its 68th record closing high of 2021 and sitting within 0.4% of its all-time record intra-day peak. Consumer Discretionary (up +1.24%), Industrials (+1.16%) and Materials (+1.01%) all gained over >1% to lead nine of the eleven primary sectors higher. Real Estate (down -0.36%) and Utilities (-0.03%) were the only primary sectors to close in the red. The Nasdaq +0.85%. Microsoft Corp rose +0.45% and Nvidia Corp +0.82%. The small capitalisation Russell 2000 +0.89%. JD.com tumbled -6.92% after Tencent Holdings Ltd said it will substantially reduce its stake in the Chinese internet company.
US equity markets - Dow up +261-points or +0.74%, taking the indice’s two-day rebound to over >800-points or ~2.3%. Caterpillar Inc rose 1.94% after Bernstein upgraded the stock, saying the machinery maker will be a key beneficiary of a rebound in global growth. The broader S&P500 rose +1.02%, with Consumer Discretionary (up +1.73%), Information Technology (+1.33%) and Health Care (+1.17%) all gaining over >1% to lead all eleven primary sectors higher. Tesla Inc jumped +7.49%, with Elon Musk saying in a podcast that he had reached his goal of selling 10% of his shares in the electric vehicle maker to fund enormous tax obligations. A regulatory filing late on Tuesday (21 December) showed that Mr Musk sold a further 583,611 Tesla shares, bringing the total number of shares he has offloaded to 13.5M. Separately, Syrah Resources (SYR.ASX) it has signed an offtake agreement with Tesla for natural graphite from its production plant in Louisiana. The Nasdaq +1.18%. The small capitalisation Russell 2000 added +0.86%. Alibaba Group Holding Ltd’s American Depository Receipts (ADRs) fell -4.20% following reports that China’s IT regulator disciplined the company for failing to report an open-source security vulnerability to the government.
US equity markets rebounded sharply, snapping a three session losing streak and erasing Monday’s (20 December) sell-off - Dow gained +561-points or +1.60% . Nike Inc rallied +6.15% after recording better-than-expected second quarter earnings per share (US$0.83c versus consensus analysts forecasts of US$0.63c) and revenue (US$11.36B versus consensus US$11.25B) after the closing bell of the previous session. The broader S&P500 gained +1.78%, having logged its worst three day stretch (down -3.04%) since September. Energy (up +2.89%), Information Technology (+2.60%), Consumer Discretionary (+2.50%) and Financials (+2.01%) all gained over >2% to lead nine of the eleven primary sectors higher. Utilities (down -0.17%) and Consumer Staples (-0.11%) were the only primary sectors to decline (having been the only sectors to advance a day earlier). Micron Technology Inc jumped +10.54% after the memory-chip maker’s fiscal first quarter adjusted earnings per share, revenue and outlook released after the close of Monday’s (20 December) session topped Wall Street estimates. Advanced Micro Devices Inc rose +6.22%. The Nasdaq +2.40%. The small capitalisation Russell 2000 rallied +2.92%, logging its best single session performance since 20 July.
US equity markets booked a third straight decline as major global cities grappled with surging COVID-19 infections tied to the omicron variant - Dow down -433-points or -1.23%, with Boeing Co (down -2.15%), Goldman Sachs Group Inc (-2.67%) and American Express (-2.57%) among the key drags on the index. The broader S&P500 -1.14%, with Financials (down -1.90%), Materials (-1.82%), Industrials (1.65%) and Consumer Discretionary (-1.65%) all down over >1.5% to lead nine of eleven primary sectors lower. Utilities (up +0.05%) and Consumer Staples (+0.04%) were the only primary sectors to edge higher. Th technology-centric Nasdaq shed -1.24%. The small capitalisation Russell 2000 -1.40%. In merger and acquisition (M&A) news, enterprise software giant Oracle Corp (down -5.15%) announced that it will buy electronic medical records company Cerner Corp (+0.80%) in an all-cash deal for US$95 per share, or ~US$28.3B in equity value.
US equity markets declined to cap a week in which several major central banks acknowledged the threat posed by high inflation, while the Omicron coronavirus variant continued to weigh on sentiment - Dow down -532-points or -1.48% to 35,365.44, touching an intra-session low of about 35,284. It marked the index’s worst single session decline since 30 November. The S&P500 fell -1.03% to 4,620.64, touching an intra-session low of ~4,600 and the broader index’s steepest daily decline since 1 December. Financials (down -2.27%) and Energy (-2.24%) both fell over >25 to lead all eleven primary sectors lower. The Nasdaq dipped -0.07% to settle at 15,169.68, recovering from a session low of ~14,960 (down ~1.5%). Microsoft Corp dipped -0.3%, extending its weekly decline to nearly 5.5%. Google parent Alphabet Inc (down -1.41%) and Apple Inc (-0.65%) both fell more than >4% last week. The small capitalisation Russell 2000 gained +1.0%. Friday’s (17 December) session was ‘quadruple witching’, the simultaneous expiration of single-stock options, single-stock futures, and stock-index options and stock-futures, and end of quarter fund rebalancing. US equity and bond markets are closed on Friday night AEST (24 December) in observance of Christmas.
US equity markets weaker as investors digested the latest monetary policy pronouncements from a number of major global central banks – Dow slipped -30-points or -0.08%, unwinding an earlier rally of over >200-points. Banks helped the Dow outperform on a relative basis, with Goldman Sachs Group Inc rising +1.91% and JPMorgan Chase & Co +1.56%. The broader S&P500 fell -0.87% after briefly trading above its 10 December record closing high (4,687.64) in early trading. Financials (up +1.21%) and Materials (+1.04%) rose over >1% to lead eight of the eleven primary sectors higher. Information Technology (down -2.86%) was the big underperformer. Delta Air Lines Inc declined -2.21% after the carrier set its financial goals for the coming years ahead of its scheduled Capital Markets Day. The Nasdaq tumbled -2.47%, the technology-centric indice’s the biggest one-day point and percentage loss since 28 September. Apple Inc fell -3.93%, Amazon.com Inc -2.56% and Microsoft Corp -2.91%. Major semiconductor stocks Advanced Micro Devices Inc and Nvidia Corp dropping -5.37% and -6.80%, respectively. The small capitalisation Russell 2000 shed -1.95.
US equity markets recovered from earlier session losses to settle with solid gains following the Federal Reserve’s latest monetary policy pronouncements - Dow up +383-points or +1.08% at 35,927.43. The broader S&P500 gained +1.63% to 4,709.85, the second highest close of 2021 after briefly climbing above its 10 December record closing high (4,712.02), with Information Technology (up +2.75%) and Health Care (+2.11%) rising over >2% to lead ten of the eleven primary sectors higher. Energy (down -0.53%) was the only primary sector to close in the red. Visa Inc rose ~0.9% in extended trading after a late filing confirmed the company’s board has authorized a new US$12B share repurchase program. The Nasdaq rallied +2.15%, erasing an earlier ~0.7% decline. The small capitalisation Russell 2000 climbed +1.54%.
US equity markets declined following the release of data recording that US wholesale prices rose at a record pace in November and ahead of the Federal Reserve’s latest monetary policy decision - Dow down -107-points or -0.30%, booking its first back-to-back loss for December. The broader S&P500 fell -0.75%, with Information Technology (down -1.64%) and Real Estate (-1.27%) logging declines of over >1% to lead ten of the eleven primary sectors lower. Financials (up +0.62%) was the only primary sector to advance. Tesla Inc fell -0.82% after a regulatory filing revealed that Chief Executive Officer (CEO) Elon Musk had sold a further US$906M worth of his holding in the electric vehicle maker (taking the total amount of shares he as sold thus far to 11.9M). The main reason Mr Musk is selling is to pay the taxes on the exercise of options that expire next summer. Ford Motor Co declined -1.9% following news that by 2030 Toyota would be investing US$35B into battery-powered electronic vehicles, a space where Ford has sought to establish itself as a leader. The Nasdaq -1.14%. Microsoft Corp (down -3.26%) was a major drag on the benchmark indices. Adobe Inc shed -6.60% after JPMorgan published its 2022 outlook report on software technology and issued a series of downgrades, citing high valuations. The small capitalisation Russell 2000 lost -1.06%.
US equity markets retreated amid some profit taking as investors brace for a busy week of central bank meetings - Dow fell -320-points or -0.89%, with Boeing Co (down -3.74%) a notable drag on the index. The broader S&P500 lost -0.91% a day after logging its 67th record closing high of 2021 (4,712.02) and settling ~0.7% from its all time intra-day high. Energy (down -2.77%) and Consumer Discretionary (-2.44%) both fell over >2% to lead seven of the eleven primary sectors lower. More defensive sectors outperformed, with Real Estate (up +1.32%), Utilities (+1.21%) and Consumer Staples (+1.20%) all advancing over >1%. Re-opening plays like airlines (American Airlines Group Inc fell -4.94%, and Delta Air Lines Inc -3.43% and United Airlines Holdings Inc -5.24%) and cruise lines (Carnival Corp down -4.88%) were among the biggest losers overnight. Tesla Inc fell -4.98% to US$966.41, taking the electric vehicle maker’s decline in December to over >14% and putting the stock in official bear market territory, down -21.4% from its 4 November high of US$1,229.91. The Nasdaq shed -1.39%. The small capitalisation Russell 2000 declined -1.27%. Harley-Davidson Inc (up +4.70%) announced that it is spinning off its electric bikes division, LiveWire, and listing it on the stock market through a merger with a blank-cheque company (AEA Bridges Impact Corp, a special purpose acquisition company (SPAC) run by executives of private equity firm AEA Investors and investment group Bridges Fund Management). The deal gives LiveWire an enterprise value of US$1.8B.
US equity markets advanced to cap their strongest week since February - Dow up +216-points or +0.60% . The broader S&P500 gained +0.95% to log its 67th record closing high of 2021 at 4,712.02 and settle ~0.7% from its all time intra-day high. Information Technology (up +2.07%) and Consumer Staples (+2.00%) led all eleven primary sectors higher. Oracle Corp jumped +15.61% to record highs following impressive November quarter earnings after the close of the previous session that showed signs of progress in the company’s transition into a cloud-based software provider. However, Southwest Airlines Co fell 3.76% after Goldman Sachs downgraded the carrier, writing that medium-term inflation pressure is expected to “drive a slower-than-industry return to profitability.” The Nasdaq +0.73%. Apple Inc and Microsoft Corp gained +2.8% and +2.83%, respectively, to provide the biggest boost to the major indexes. The small capitalisation Russell 2000 eased -0.38%.
US equity markets snapped a three session winning streak ahead of the release of US consumer inflation figures tonight AEST - Dow dipped -0.06% . The broader S&P500 lost -0.72%, with Consumer Discretionary (down -1.70%), Real Estate (-1.36%) and Information Technology (-1.09%) all falling over >1% and leading nine of the eleven primary sectors lower. Health Care (up +0.24%) and Consumer Staples (+0.06%) were the only primary sectors to advance. American Airlines Group Inc fell -0.49% after the company said it’s reducing its schedule due to the fact that it’s still awaiting Boeing Co (-1.64%) Dreamliner deliveries. Tesla Inc fell -6.1% after disappointing some investors who had reportedly optimistically expected the electric vehicle maker to make a major announcement (including a major product announcement and/or stock split). CVS Health Corp gained +4.52% after the company raised its full-year earnings-per-share guidance to at least US$8, up from a previous forecast of between US$7.90 and US$8. The company is also boosting its annual dividend to US$2.20 from US$2 and will execute a US$10B stock buyback program. The Nasdaq -1.71%. The small capitalisation Russell 2000 dropped -2.17.
US equity markets extended their climb into a third consecutive session - Dow edged +35-points or +0.10% higher . The broader S&P500 rose +0.31% to 4,701.21 and within touching distance of its 18 November record closing high of 4,704.54 (and ~0.9% shy of its record intra-day high of 4,473.83). Communication Services (up +0.75%) and Health Care (+0.74%) led eight of the eleven primary sectors higher. Norwegian Cruise Line Holdings Ltd jumped +8.2% to be the biggest gainer in the in the S&P500. Other travel and leisure names also traded strongly, including fellow cruise operator Carnival Corp up +5.51%, and carrier United Airlines Holdings Inc +4.24%. The Nasdaq rose +0.64% to settle within 2% of the technology-centric index’s all time high. The small capitalisation Russell 2000 rose +0.80.
US equity markets consolidated their strong start to the week- Dow up +492-points or +1.40% . The broader S&P500 gained +2.07%, recording its best day since 1 March to sit ~1% away from its all time high. Information Technology (up +3.51%) led all eleven primary sectors higher, with Consumer Discretionary (+2.36%) and Energy (+2.28%) logging gains of over >2%. Tesla Inc rose +4.24% to US$1,051.74, with UBS hiking their target price on the electric vehicle maker to US$1,000 per share and saying it expects “no rival to get even close to Tesla in 2022.” American Airlines Group Inc slipped -0.22% after announcing Doug Parker will retire as Chief Executive Officer (CEO) next year and be succeeded by the company’s president, Robert Isom, on 31 March. Mr Parker will stay on as chairman of American’s board. The Nasdaq jumped +3.03% to log its best single session performance since 9 March. Apple Inc gained +3.54% to US$171.18, buoyed by Morgan Stanley lifting their price target on the technology heavyweight to US$200 (from US$164 previously), citing the company’s commitment to developing augmented and virtual reality technology. The small capitalisation Russell 2000 +2.28%.
Stocks linked to the re-opening economy led a strong start to the week for US equity markets, with the Dow reclaiming the 35,000 level - Dow rallied +647-points or +1.87% to 35,227.03, more than comfortably erasing last week’s -319-point-0.91% decline. The broader S&P500 gained +1.17%, with Industrials (up +1.64%), Consumer Staples (+1.60%), Utilities (+1.53%) and Energy (+1.50%) all logging gains of 1.5%+ to lead all eleven primary sectors higher. Airlines (United Airlines Holdings up +8.32% and American Airlines Group Inc +7.88%) and cruise operators (Royal Caribbean Cruises Ltd up +8.22% and Carnival Corp +8.08%) Tesla Inc fell -0.59% after Reuters reported the U.S. SEC has opened a probe into the electric-car maker over whistleblower claims on solar panel defects. The Nasdaq +0.93%. Nvidia Corp fell -2.14% to US$300.37and into correction territory, closing ~10% below their all time closing high of US$333.76 set on 29 November. Late last Thursday (9 December), the Federal Trade Commission sued to block Nvidia’s $40B acquisition of Arm from SoftBank Group Corp (-8.20%) that has met with several headwinds since it was first announced back in late 2020. Fellow chipmaker Advanced Micro Devices Inc (down -3.44%) fell further into correction territory, now down -13.7% from its most recent closing high of US$161.09. Elsewhere, the US listed shares of Alibaba Group Holdings Ltd logged their largest single-day percentage gain since 8 June, 2017 with a +10.4% rally after a tough recent stretch for numerous Chinese internet stocks. The small capitalisation Russell 2000 gained +2.05%.
A broad sell-off in the technology sector saw US equity markets complete a tumultuous week on softer note, with investors digesting the latest November jobs figures and implications for central bank monetary policy - Dow down -60-points or -0.17%, paring an earlier decline of over >300-points. Boeing Co lost -1.9%. The broader S&P500 lost -0.84% to 4,538.43, falling below its 50-day moving average (4,544) once again. Consumer Discretionary (down -1.84%), Information Technology (-1.65%) and Financials (-1.54%) all down over >1.5%. Tesla Inc fell -6.42%. Airlines (Delta Air Lines Inc down -1.8%) and cruise operators (Norwegian Cruise Line Holdings Ltd down -4.54% and Carnival Corp -3.86%) saw fresh selling pressure. The technology-centric Nasdaq -1.92%. Facebook Inc fell -1.9% to settle more than >20% below its intra-day peak in September. Nvidia Corp fell -4.46% a day after the Federal Trade Commission sued to block the US$40B acquisition of Arm from SoftBank Group Corp (-0.71%). The small capitalisation Russell 2000 -2.13%. Ride-hailing giant Didi Global Inc tumbled -22.18% after announcing that it will delist from the New York Stock Exchange and make plans to list in Hong Kong instead following pressure from the Chinese government. The decision comes less than six months after the company listed in the U.S. (with the stock falling ~44% in that period). SoftBank Corp (up +0.13%) and Uber Technologies Inc (down -5.95%) combined own over >30% of Didi. Other Chinese companies listed on the NYSE came under pressure, with JD.Com Inc down -7.71%, Baidu Inc -7.77% and Alibaba Group Holding Ltd -8.23%.
US equity markets rebounded, with cyclicals clawing back some of their recent sharp falls - Dow rallied +618-points or +1.82% . Boeing Co jumped +7.54% after China cleared the 737 Max to return to fly. The broader S&P500 gained +1.42%, with Industrials (+2.89%), Financials (+2.83%), Energy (+2.81%) and Real Estate (+2.67%) all rebounding over >2% to lead all eleven primary sectors higher. The Nasdaq +0.84%. Apple Inc slipped -0.61% after Bloomberg reported that the company told some of its suppliers there could be slowing demand for iPhone 13 models. It previously expected the reduction in its initial production goal to be made up in 2022 but said that may not materialise now. The small capitalisation Russell 2000 rallied +2.74% a day after marking its first correction since June of 2020.
US equity markets relinquished solid gains to settle lower after the country recorded its first confirmed case of the omicron variant of the coronavirus – the Dow staged a 983-point U-turn to settle -462-points or -1.34% lower at 34,022.04, unwinding an earlier +520-point/+1.5% rally and settling below its 200-day moving average (34,361.27) for the first time since July. Salesforce.Com Inc tumbled -11.74% after the customer relationship management company provided disappointing fourth quarter earnings per share (EPS) guidance after the close of the previous session. The broader S&P500 lost -1.18% to 4,513.04, closing below its 50-day moving average (4,539.32) for the first time since 13 October. Communication Services (down -1.98%) and Consumer Discretionary (-1.86%) both fell over >1.5% to lead ten of the eleven primary sectors lower, with seven sectors logging declines of over >1%. Utilities (up +0.16%) was the only primary sector to close in the black. General Motors Co edged +0.33% higher after the automaker slightly raised its 2021 earnings guidance (to ~US14B from US$11.5B-to-US$13.5B previously) on strong pricing, resilient consumer demand and a stronger-than-expected supply of semiconductor chips. The Nasdaq dropped -1.83% after rallying as much as +1.8% earlier in the session. The small capitalisation Russell 2000 shed -2.18% to mark its first official correction since June of 2020. Some commentators also cited tax loss selling as a factor for the recent weakness.
Fresh concerns about the potentially damaging economic effect of the Omicron coronavirus variant and hawkish comments from Federal Reserve Chair Jerome Powell dragged US equity markets lower - Dow dropped -652-points or -1.86%, with American Express Co (-3.52%) and Salesforce.Com Inc (-3.97%) among the key drags on the index. The broader S&P500 -1.90%. Communication Services (down -3%) led all eleven primary sectors lower, with eight primary sectors logging falls of over >2%. Mastercard Inc (down -2.50%) announced after the closing bell that its directors authorized an +11% dividend increase (to US$0.49c per share) and an US$8B share buyback program. The technology-centric Nasdaq lost -1.55%. Amazon.com Inc (down -1.53%) is reportedly working on custom silicon chips for its hardware network switches to take on Intel Corp (-1.60%) and Nvidia Corp (-2.10%). according to Reuters. The chips, which could help Amazon improve its internal infrastructure as well as AWS, are said to be the result of Amazon’s US$350M acquisition of Israeli chipmaking firm Annapurna Labs back in 2015. Microsoft Corp hosted their Annual General Meeting overnight. The small capitalisation Russell 2000 fell -1.92%.
US equity markets rebounded as President Joe Biden told Americans the fight against the omicron variant of coronavirus won’t involve “shutdowns or lockdowns.” - Dow up +237-points or +0.68% a day after recording its worst daily decline (-905-points or -2.53%) since 28 October, 2020. Walmart Inc lost -1.57% after announcing that it will begin the search for a successor to Chief Financial Officer (CFO) Brett Biggs, who has been with the company for 22 years and became CFO on 31 December, 2015. However, Merck & Co (down -5.39%) was the largest drag on the Dow after Citi downgraded the stock to neutral from buy, saying in a research note that development struggles for the company’s HIV drug were taking a bite out of Merck’s long-term potential. The broader S&P500 gained +1.32%, with Information Technology (up +2.64%) leading all eleven primary sectors higher. Consumer Discretionary (up +1.63%), Utilities (+1.57%), Real Estate (+1.33%) and Communication Services (+1.12%) all rose over >1%. Moderna Inc continued to soar, climbing a further +11.80% overnight. The biotechnology company’s Chief Medical Officer Paul Burton said Sunday (28 November) that Moderna could roll out a reformulated vaccine against omicron early next year. However, Pfizer Inc fell -2.96%. The technology-centric Nasdaq rose +1.88%, with Apple Inc rising +2.19% and Amazon.com Inc +1.63% and Microsoft Corp rose +2.11% ahead of its Annual General Meeting (AGM). Twitter Inc fell -2.74%, unwinding an earlier rally of over >11% following news that Chief Executive Officer Jack Dorsey was stepping down from the role, effective immediately. Parag Agrawal, Twitter’s chief technology officer, will take over the helm. Mr Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders, the company said. However, the small capitalisation Russell 2000 slipped 0.18%.
An ugly finish to the shortened Thanksgiving week for US equity markets during a thinly traded, abbreviated Black Friday session as a new COVID variant found in South Africa triggered a shift away from risk assets - Dow dropped -905-points or -2.53%, down over >1,000 points at its worst levels of the session and recording its worst daily decline since 28 October, 2020. The decline for the Dow saw it mark its first close below its 50-day moving average (at 35,261.93) since 14 October. Boeing Co fell -5.41%. The broader S&P500 tumbled -2.27% to 4,594.62, with Energy (down -4.07%) leading all eleven primary sectors lower and with six of those logging falls of over >2.5%. Travel stocks were unsurprisingly under the pump, with Delta Air Lines Inc down -8.34%, United Airlines Holdings Inc -9.57%, American Airlines Group Inc –8.79%, and cruise operators Royal Caribbean Group tumbling -13.22% and Norwegian Cruise Line Holdings Ltd -11.36%. A number of technical/charting analysts cite the 50-day moving average of 4,570 as a key level, along with 4,566 (representing a 38.2% retracement of the rally); and 4,550 (a previous high from early September) and the round figure of 4,500. Tesla Inc slid -3.05% after a report that the company will invest US$188M to expand production capacity at its Shanghai factory. The Nasdaq -2.23%. Microsoft Corp’s (down -2.44%) Chief Executive Officer Satya Nadella sold ~838.6K shares of common stock – or about half of his holding - last week (22 and 23 November) between US$349.22 and US$334.37 per share. The declines for the S&P 500, Dow and Nasdaq Composite represented their worst Black Friday performance since 1950.The small capitalisation Russell 2000 -3.67%. China’s ride-hailing giant Didi Global Inc sank -2.84% after Bloomberg reported that Chinese regulators have asked the firm’s executives to formulate a plan to delist from the U.S.
US bond and equity markets were CLOSED overnight AEST for Thanksgiving Day, while it is an abbreviated session tonight AEST.
US equity markets pushed modestly higher as the recent jump in bond yields took a breather, lifting some pressure on the technology sector - Dow dipped -9-points or -0.0% . The broader S&P500 added +0.23%. The Nasdaq +0.44%. The small capitalisation Russell 2000 +0.15%. US bond and equity markets CLOSED tonight AEST for Thanksgiving Day followed by an abbreviated session on ‘Black Friday’ (26 November).
US equity markets mixed, with Federal Reserve Chair’s Jerome Powell’s nomination for a second term weighing on the technology sector (which is often more sensitive to changes in interest rate policy) - Dow gained +195-points or +0.55% , with investment banks Goldman Sachs Group Inc (up +2.56%) and JPMorgan Chase & Co (+2.39%) trading strongly for a second straight session. The broader S&P500 edged +0.17% higher, with Energy (up +3%), Financials (+1.55%) and Real Estate (+1.10%) up over >1% to lead eight of the eleven primary sectors higher. The technology-centric Nasdaq lost -0.50%. The small capitalisation Russell 2000 slipped -0.15%.
US equity markets mixed after a late session sell-off - Dow added +17-points or +0.05%, unwinding an earlier rally of more than >300-points. However, investment banks Goldman Sachs Group Inc (up +2.26%) and JPMorgan Chase & Co (+2.13%) both help up well following the announcement that President Joe Biden has nominated Federal Reserve Chair Jerome Powell for a second four-year term. The broader S&P500 eased -0.32, with Communication Services (down -1.24%) and Information Technology (-1.14%) leading five of the eleven primary sectors lower. Energy (+1.77%) and Financials (1.43%) sat atop the primary sector leaderboard. The technology-centric Nasdaq fell -1.26% as investors eyed potential rising interest rates. The small capitalisation Russell 2000 fell -0.50%.
Concerns over a resurgence of COVID-19 saw US equity markets struggle on Friday (19 November) although technology stocks pushed higher – Dow down -269-points or -0.75%, with Boeing Co (down -5,77%) a notable drag. The broader S&P500 eased -0.14%, with Energy (down -3.91%) and Financials (-1.11%) the worst performing primary sectors. Information Technology (up +0.77%) headed the gainers lists. Carriers (United Airlines Holdings fell -2.78% and Delta Air Lines Inc -1.07%) and cruise operators (Norwegian Cruise Line Holdings Ltd -2.08% and Royal Caribbean Cruises Ltd -2.98%) were under pressure. The Nasdaq added +0.40% to log its 46th record closing high of 2021 at 16,057.44. Intuit Inc (up +10.08%) and Micron Technology Inc (+7.80%) were among the best performers on the technology-centric index. The small capitalisation Russell 2000 fell 0.86%.
US equity markets weaker as inflation concerns continued to drag on sentiment - Dow down -211-points or -0.58% . The broader S&P500 eased -0.26%, with Energy (down -1.78%) leading seven of the eleven primary sectors lower. More defensive sectors outperformed, with Real Estate up +0.65%, Consumer Discretionary +0.59% and Health Care +0.16%. The Nasdaq -0.33%. PayPal Holdings Inc fell -4.34%, with analysts at Bernstein downgrading the company to “market perform”. Bernstein noted that PayPal has a reputation for disrupting the payments ecosystem, but it “now risks getting disrupted” itself and cited various competitive pressures for the digital payments giant (including the “increasing aggregation” of e-commerce activity on large platforms like Amazon.com Inc (up +0.21%) and Shopify Inc (down -2.25%). The small capitalisation Russell 2000 shed -1.16%.
US equity markets climbed, buoyed by a strong October retail sales report and better-than-expected third-quarter results from big box retailers Home Depot and Walmart - Dow added +55-points or +0.15% . The broader S&P500 rose +0.39%, with Consumer Discretionary (up +1.38%) and Information Technology (+1.07%) both gaining over >1%. Tesla Inc rebounded +4.08%. It was a strong session for electric vehicle (EV) companies more broadly, with EV start-up Lucid Group Inc soaring +23.71% after executives told investors that reservations for its first vehicles are up and 2022 production plans are still on track. That pushed its market cap to about US$89B, past that of Ford Motor Co (down -0.35%) but still far below Tesla’s, which hit $1 trillion this year. Elsewhere, Rivian Automotive Inc jumped +15.16% to see its market capitalisation climb above Volkswagen AG (+0.54%). Rivian’s value has doubled to US$153B since floating only last Wednesday (10 November).The Nasdaq gained +0.76%, with Qualcomm Inc jumping +7.89% after the wireless technology company issued bullish forecasts at an investor’s conference in New York and said that its growth doesn’t rely on a relationship with any single customer, such as its modem chip sales to Apple Inc (+0.67%). Qualcomm currently supplies wireless chips for Apple’s devices but said it expects to provide just 20% of the modem chips needed for the 2023 iPhone. “This company can no longer be defined by a single market and a single end-customer,” Qualcomm Chief Executive Officer (CEO) Cristiano Amon observed. The small capitalisation Russell 2000 edged +0.17% higher.
A muted start to the new trading week for US equity markets, with the benchmark indices little changed as Treasury yields climbed and investors eye quarterly reports from big retailers later in the week - Dow dipped -13-points or -0.04% . Boeing Co rose +5.49% following news that Saudi Arabian Airlines is in talks with Airbus SE (up +1.76%) and Boeing for a wide-body jet order. At the same time, Emirates announced an order for two Boeing 777 Freighters at the 2021 Dubai Airshow. The broader S&P500 unchanged, with Utilities (up +1.31%) and Energy (+0.79%) leading seven of the eleven primary sectors higher, while Health Care (down -0.64%) and Materials (-0.46%) were the worst performing primary sectors overnight. Tesla Inc (down -1.94% at US$1,013.39) continued to slide – and briefly fell below
US equity markets rallied but till logged their first weekly decline in six weeks amid heightened inflation concerns - Dow up +179-points or +0.50% to close at 36,100.31. Johnson & Johnson climbed +1.2% after the world’s largest healthcare company announced that it is splitting in two, breaking off its consumer health division (which is forecast to generate US$15B in sales this year) into a separate publicly traded company in 18-to-24 months time. It marked the latest in a wave of well-known global companies to announce plans to split up last week, following US industrial conglomerate General Electric Co (+0.55%) and Japan’s Toshiba, in an effort to slim down and focus on individual businesses. The broader S&P500 gained +0.72%. Tesla Inc fell -2.83% to extend its weekly decline to -15.4% - the electric vehicle company’s worst week in 20-months – as Chief Executive Officer (CEO) Elon Musk commenced with his plans to sell a huge block of his holding in the company. A Securities and Exchange Commission filling late last Wednesday (10 November) showed Mr Musk sold more than 4.5M shares for close to US$5B, and a further 1.2M shares worth more than US$1.2B on Friday (12 November). Mr Musk sold shares in part to satisfy tax obligations related to an exercise of stock options (he faces an August 2022 deadline to exercise more than 20M additional options or let them expire worthless. The Nasdaq rose +1.00%. Facebook-parent Meta Platforms Inc rallied +4.01%, while Apple Inc (+1.43%), Microsoft Corp (+1.29%) and Amazon.com Inc (+1.52%) each added more than >1%. The small capitalisation Russell 2000 added +0.11%.
US equity markets mixed in the wake of the October inflation report released in the previous session - Dow down -159-points or -0.44% . Walt Disney Co fell -7.07% - its worst daily performance since June 2020- after the company reported after the closing bell of the previous session, with fiscal fourth quarter earnings per share and revenue falling short of Wall Street’s expectations, while Disney+ added a less-than-expected +2.1M subscribers. The broader S&P500 edged +0.10% higher, with Materials (up +0.85%) leading six of the eleven primary sectors higher. Tesla Inc lost -0.42%, with a Securities and Exchange Commission filling showing Chief Executive Officer (CEO) Elon Musk sold more than 4.5 million shares of the electric-vehicle maker for close to US$5B. The technology centric Nasdaq rebounded +0.57%. Chipmakers NVIDIA Corp (up +3.16%) and Advanced Micro Devices (+4.39%) logged solid gains. The small capitalisation Russell 2000 +0.82%.
US equity markets retreated as investors digested the latest inflation data that recorded that consumer prices rose at their fastest pace in more than 30-years in October - Dow shed -240-points or -0.66% . The broader S&P500 fell -0.82%, with Energy (down -3.00%) leading eight of the eleven primary sectors lower. Information Technology (down -1.68%) and Communication Services (-1.25%) both fell over >1%. The Utilities sector was the best performing primary sector overnight with a +0.70% gain. The technology-cetnric Nasdaq dropped -1.66%. The small capitalisation Russell 2000 fell 1.55%.
US equity markets retreated amid some profit taking ahead of the release of US inflation data - Dow down -112-points or -0.31% . The broader S&P500 -0.35%, snapping an eight session losing streak and a day after posting its 64th record closing high of 2021. Consumer Discretionary (down -1.35%) led five of the eleven primary sectors lower. PayPal Holdings Inc tumbled -10.46% a day after the digital payments company issued weaker-than-expected fourth-quarter and full-year guidance. Tesla Inc (down -11.99%) continued to slide after founder Elon Musk last weekend asked in a Twitter poll whether he should sell 10% of his stock, with nearly 58% of respondents saying ‘yes’. General Electric Co gained +2.65% after announcing plans to break into three separate companies focused on healthcare, energy and aviation. GE Healthcare will be spun off in 2023, with GE retaining a 19.9 per cent stake in the unit. GE Renewable Energy, GE Power and GE Digital will be combined into one energy-focused company that will be spun off in 2024. Once these transactions are completed, the original GE will focus on aviation. The Nasdaq fell -0.60%. The small capitalisation Russell 2000 lost -0.65%. In merger and acquisition (M&A) news, DoorDash Inc (down -0.59%) - which posted both record revenue and orders in the third quarter as demand for delivery continued - also announced it is buying Finland food-delivery company Wolt in an all-stock deal worth more than >US$8B.
Modest gains for the benchmark US equity indices after Congress approved an infrastructure spending package, with the S&P500 logging its first close above >4,700 - Dow up +104-points or +0.29% to a record closing high 36,432.22. Caterpillar Inc rose +4.07% to be the leading index performer. The broader S&P500 inched +0.09% higher to log its eighth consecutive record closing high at 4,701.72, marking the longest series of all-time highs since 1997, according to Dow Jones Market Data. Materials (up +1.23%) led six of the eleven primary sectors higher, while more defensive sectors underperformed. Utilities (down -1.45%) and Consumer Discretionary (-1.38%) both fell over >1%. Tesla Inc fell -4.84% founder Elon Musk rattled investors over the weekend, asking in a Twitter poll whether he should sell 10% of his stock as a response to political clamouring to tax unrealised gains from equity holdings (58% of respondents said yes). Airlines climbed (Delta Air Lines Inc up +0.81%, United Airlines Holdings Inc +0.76% and American Airlines Group Inc +1.97%) after the US ended its pandemic-era international travel ban overnight. The Nasdaq inched +0.07% higher to 15,982.36 and registered its 11th straight gain and the longest such win streak since 26 December, 2019. Advanced Micro Devices Inc soared +10.14% after the company announced new products during its Accelerated Data Centre Premiere and disclosed that Facebook parent Meta Platforms Inc would use its Epyc processors. Chipmaking peer Nvidia Corp rose +3.40% as the company’s annual GPU Technology Conference kicked off overnight. The small capitalisation Russell 2000 also inched +0.07% higher.
Fresh record highs for the benchmark US equity indices to cap a solid week, buoyed by the latest October jobs figures and encouraging results from Pfizer for its antiviral COVID-19 pill - Dow up +204-points or +0.56% to close at a new peak of 36,327.95. The broader S&P500 added +0.37% to log its seventh consecutive gain and settle at a record high of 4,697.53. Energy (up +1.42%) led ten of the elven primary sectors higher on Friday night AEST (5 November), with Health Care (down -1.03%) the only primary sector to close in the red. Pfizer Inc jumped +10.86% after the pharmaceutical company said its COVID antiviral reduced the risk of hospitalizations or death by 89% in a Phase 2/3 study. Pfizer board member Dr. Scott Gottlieb said that the pandemic could be over in the U.S. by the time President Biden’s workplace vaccine mandates take effect in early January. Pharmaceutical peer Merck & Co closed -9.86% lower as investors appeared to shun Pfizer rivals. However, the news boosted classic reopening plays, with United Airlines Holdings Inc rallying +7.26% and American Airlines Group Inc +5.77%. Expedia Group Inc jumped +15.63% a day after the company said renewed travel demand boosted its top and bottom lines higher than analysts had expected. Chief Executive Officer (CEO) Elon Musk n Saturday (6 November) asked his 62.5M Twitter followers to determine the future of a chunk of his Tesla Inc (down -0.64%) holdings. Mr Musk previously said he was likely to sell “a huge block” of his options in the fourth quarter. The Nasdaq +0.020% to an all-time closing high of 15,971.59. The small capitalisation Russell 2000 +1.44%. For the week, the Dow rose 1.42%, the S&P 500 gained +2.00% and the Nasdaq advanced +3.05%.
The S&P500 and Nasdaq logged their sixth consecutive record closing highs - Dow slipped -33-points or -0.09% snaping a run of four record closing highs as Goldman Sachs Group Inc (down -2.35%) and JPMorgan Chase & Co (-1.31%). The broader S&P500 rose +0.42% to a record close of 4,680.06, with Information Technology (up +1.54%) and Consumer Discretionary (+1.49%) both rising ~1.5% to lead six of the eleven primary sectors higher. Financials (down -1.34%) and Real Estate (-1.14%) declined over >1% to be the worst performing primary sectors. The technology-centric Nasdaq gained +0.81% to 15,940.31. NVIDIA Corp soared +12.04%, recording its largest single-day percentage gain in more than 19 months and topped US$700B in market capitalisation for the first time, as optimism builds ahead of the chipmaker’s annual GTC developer conference on Monday (8 November). Qualcomm Inc jumped +12.73% after the chipmaker forecast better-than-expected profit and revenue for its current quarter after the close of the previous session on soaring demand for chips used in phones, cars and other internet-connected devices. The small capitalisation Russell 2000 dipped -0.08% after climbing to a fresh record closing high a day earlier.
Benchmark US equity indices pushed further into record territory, logging a fourth straight session of record closing highs – the longest such streak since 5 October, 2017 - - Dow up +105-points or +0.29% to a record closing high of 36,157.58, recovering from an earlier -160-point slide. The broader S&P500 +0.65% to record settlement of 4,660.57 The Nasdaq +1.04% to an all-time high of 15,811.58. The small capitalisation Russell 2000 gained +1.8% to a record closing high of 2,404.28.
Another round of fresh record closing highs for all three benchmark US equity indices amid better-than-expected earnings reports ahead of a Federal Reserve policy statement tomorrow morning AEST - Dow up +139-points or +0.39% at 36,052.63, settling above 36,000 for the first time. It was 71 trading days since the Dow last cleared a 1,000-point milestone, marking the longest stretch between milestones since the stretch of 218 trading days between the Dow’s move between 29,000 and 30,000 completed in November of last year, according to Dow Jones Market Data. The close above 36,000 marks the Dow’s sixth 1,000-point milestone of 2021, the most ever seen in a single year. Salesforce.com Inc. (up +0.06%) has been the biggest contributor to the Dow’s rise since 35,000, while Visa Inc (down-1.56%) has been the biggest drag. The broader S&P500 rose +0.37% to 4,630.65. Materials (up +1.10%) led nine of the eleven primary sectors higher, with Energy (down -1.01%) and Consumer Discretionary (-0.62%) the only primary sectors to close in the red. Telsa Inc fell -3.03% after Chief Executive Officer (CEO) Elon Musk questioned the factors driving the recent rally for the electric vehicle maker that has seen the company’s market capitalisation surge past US$1 trillion in market capitalisation since an announcement on 25 October that Hertz Global Holdings Inc (up +2.66%) will by 100K Model 3 vehicles. Mr Musk tweeted ““If any of this is based on Hertz, I’d like to emphasise that no contract has been signed yet,” adding “Tesla has far more demand than production, therefore we will only sell cars to Hertz for the same margin as to consumers.” Separately, Tesla is recalling about 11,700 2017 to 2021 Model S, Model 3 and Model X vehicles, and 2020 to 2021 Model Y vehicles, because a communication error with the software may cause unexpected activation of the emergency brake system, according to a notice filed with the National Highway Traffic Safety Administration. The technology-centric Nasdaq added +0.34%. Nikkei reported that Apple Inc (up +0.71%) has cut back production of iPad tablets to allocate more components to the iPhone 13 amid signs that the global chip supply crunch may be hitting the company harder than previously indicated. Chipmaker Nvidia Corp rose +2.22% to usurp Warren Buffet’s investment vehicle Berkshire Hathaway Inc (up 0.59%) as the seventh largest US company by market capitalisation (with its market cap rising to ~US$660B). Nvidia has gained almost US$530B in market value off its pandemic low set 16 March, 2020, according to Dow Jones Market Data. It marked the first time since December 2019 that all three benchmark indices logged record closing highs for three straight sessions, according to Dow Jones Market Data. The small capitalisation Russell 2000 edged +0.16% higher to an all time high of 2,361.86. Bed Bath & Beyond Inc skyrocketed over >75% in the extended session after the retailer announced a partnership to have some of its “most sought-after” baby and home items available at Kroger Co.’s (+0.62%) stores and on-line and said it was ahead of its share buyback schedule.
Fresh record closing highs for all three benchmark US equity indices to kick off November and ahead of a busy week of US corporate earnings and key economic data and central bank meetings - Dow up +94-points or +0.26% to 35,913.84, briefly trading above >36,000 for the first time earlier in the session and with Boeing Co (up +3.65%) and Dow Inc (+2.63%) among the leading index performers. The broader S&P500 edged +0.18% higher to 4,613.67, with Energy (up +1.55%) and Consumer Discretionary (+1.46%) lifting eight of the eleven primary sectors and offsetting declines for Information Technology (down -0.08%). Tesla Inc jumped +8.49% The Nasdaq gained +0.63% to 15,595.92 The small capitalisation Russell 2000 jumped +2.65%, recording its best single session performance since 27 August and within 0.1% of establishing its first record high since March. Harley-Davidson Inc jumped +9.07% after the European Union (EU) removed retaliatory tariffs on U.S. products including whiskey, power boats and company's motorcycles. The motorcycle maker was facing a European retaliatory tariff of 56%.
Record closing highs for all three benchmark US equity indices to close out the week and month, with a late rally seeing the market retrace earlier losses and shrugging off some disappointing corporate results from some major technology companies after the close of last Thursday’s (28 October) session - Dow up +89-points or +0.25% to settle at a fresh record closing high of 35,819.56. The broader S&P500 edged +0.19% higher to record close of 4,605.38, with Health Care (up +0.95%), Communication Services (+0.83%) and Information Technology (+0.43%) all advancing. Real Estate (down -1.19%) was the worst performing primary sector. The Nasdaq rose +0.33% to scale a fresh record peak of 15,498.39 Apple Inc fell -1.82% Microsoft Corp (up +2.24%) usurped Apple (market capitalisation of ~US$2.458 trillion) as the most valuable U.S. company by market capitalisation for the first time in nearly 16 months, with the latest gain leaving the software giant with a market capitalisation of ~US2.49 trillion. Amazon.com Inc fell -2.15% The small capitalisation Russell 2000 dipped -0.03%.
Record closing highs for both the S&P500 and Nasdaq amid a broad-based rally despite some lacklustre economic data - Dow up +240-points or +0.68% to 35,730.48 The broader S&P500 gained +0.98% to a record closing high of 4,596.42, with all of Real Estate (up +1.447%), Consumer Discretionary (+1.37%), Industrials (+1.29%), Financials (+1.24%), Information Technology (+1.06%) and Materials (+1.02%) gaining over >1% and with all eleven primary sectors advancing. Ford Motor Co jumped +8.70% The technology-centric Nasdaq rallied +1.39% to log its first record closing high since 7 September at 15,448.12. Facebook Inc rose +1.51% after announcing a rebranding which the company says reflects a hard pivot into what it calls the “next evolution of social technology,” where mixed reality brings people together to play games, exercise, watch concerts together, work remotely and communicate. The social media giant has changed its name to Meta, relegating Facebook to one of the company’s three major platforms - which also includes Instagram and WhatsApp - rather than the overarching brand amid whistleblower revelations and regulator recriminations. The small capitalisation Russell 2000 rebounded +2.02%.
US equity markets fell as some of the recent momentum around positive corporate earnings faded - Dow down -266-points or -0.74%, snapping a three session winning streak that had lifted the index to a record closing high (35,756.88) a day earlier. Visa Inc shed -6.92% after the payments company issued a conservative revenue outlook during as part of its quarterly earnings report after the close of the previous session. There were also reports that the company was facing a Justice Department probe around its relationships with fintech firms. The broader S&P500 fell -0.051%, also snapping a three session winning streak. The Nasdaq eked out a +0.01% gain. Google-parent Alphabet Inc (up +4.96%) and Microsoft Corp (up +4.21% to a record close of US$323.17) after both technology majors posted strong quarterly results after the closing bell of the previous session. The small capitalisation Russell 2000 shed -1.90%.
Both the Dow and S&P500 eked out fresh record highs ahead of another wave of notable corporate earnings releases after the close of the session - Dow up +16-points or +0.04% to 35,756.88, after rising to an record intraday high of 35,892.92 (up ~150-points) in earlier trading. The broader S&P500 edged +0.08% higher to 4,574.79, after hitting a fresh intraday record of 4,598.53. The Nasdaq +0.09% to settle at 15,235.71, briefly trading as high as 15,384 and topping its closing record of 15,374.33 set on 7 September. Facebook Inc fell -3.92% after the company reported better-than-expected third-quarter earnings per share (US$3.22 versus consensus US$3.19) even as revenue (US$29.01B) undershot analysts’ estimates (US$29.57B) after the close of the previous session and also said it’s increasing its share buyback program by US$50B. The small capitalisation Russell 2000 lost -0.72%.
Both the Dow and S&P500 hit fresh record highs as earnings season kicked in to high gear in one of the heaviest reporting weeks of the quarter, with bellwethers in multiple sectors poised to announce results - Dow up +64-points or +0.18% to 35,741.15, after establishing a new all-time intraday record at 35,787.04. The broader S&P500 added +0.47% to 4,566.48 and also hit a intra-day record high of 4,572.62, with nine of the 11 major S&P sectors advancing. Consumer Discretionary (up +2.11%) and Energy (+1.41%) were the best performing primary sectors overnight. Utilities (down -0.43%) and Financials (-0.16%) were the only primary sectors to settle in the red. Tesla Inc jumped +12.66% to its own new record of US$1,024.86 per share and breached >US$1 trillion in market capitalisation, after car rental firm Hertz Global Holdings Inc placed an order for 100,000 Tesla cars, while Morgan Stanley raised its price target on the stock to US$1,200 from US$900 per share. Tesla joins a select group of mega tech stocks that include Apple Inc (down -0.03%) with a market cap of ~US$2.5 trillion, followed by Microsoft Corp (-0.33%) at ~US$2.3 trillion, Google-parent Alphabet Inc (up+0.11%) at ~US$1.8 trillion and Amazon.com Inc (-0.46%) at US$1.7 trillion. Tesla also edged out Facebook Inc (with a current market cap of ~US$900B) to become the fifth largest US company by market cap. The Nasdaq +0.90%. PayPal Inc gained +2.70% after the payments company scrapped plans to buy the digital pinboard site Pinterest Inc (down -12.71%) for as much as US$45B.The small capitalisation Russell 2000 rose +0.93%.
US equity markets mixed on Friday night (22 October) as investors weighed strong corporate earnings against persistent concerns over elevated global inflation - Dow up +73-points or +0.21% to a record closing high of 35,677.02. The broader S&P500 dipped -0.11%, with falls for Communication Services (down -2.28%) and Consumer Discretionary (-0.66%) offsetting gains for Financials (up +1.33%) and Energy (+0.93%). Tesla Inc extended its rally, rising +1.7% after hitting a new intraday high (US$909.68) earlier in the morning session that lifted the electric vehicle maker’s market capitalisation above >US$905B (which is more than almost half of the auto industry put together). The Nasdaq lost -0.82%. Quarterly results late last Thursday (21 October) from Snapchat parent Snap Inc (down -26.59%), which forecast a weaker-than-expected holiday season and expressed concerns over digital advertising, prompted a decline in internet and social-media related stocks, including Google-parent Alphabet Inc (down -3.04%) and Facebook Inc (-5.05%). Intel Corp dropped -11.68% following a soft quarterly result after the close of the previous session that the company blamed on weaker-than-expected sales amid an industry-wide component shortage. However, Netflix Inc (up +1.78%), Ebay Inc (+5.75%) and Microsoft Corp (-0.51%) all touched fresh record intra-day highs. The small capitalisation Russell 2000 eased -0.21%.
US equity markets firmer as strong corporate earnings bolstered the mood on Wall Street - Dow dipped -6-points, with IBM (down -%) The broader S&P500 added +0.30% to 4,459.78, booking its first record closing high in seven weeks after logging an intra-day record of 4,551.44. Consumer Discretionary (up +1.38%) led seven of the eleven primary sectors higher. Energy (down -1.85%) was the worst performing primary sector as US crude prices pulled back from seven year highs overnight. The Nasdaq rose +0.62%. The small capitalisation Russell 2000 added +0.28%.
US equity markets ticked higher amid some mixed reports around how corporates are managing inflationary pressures and supply chain issues - Dow gained +152-points or +0.43%, touching an all-time high of 35,669.69 earlier in the session. The broader S&P500 added +0.37% to log a sixth consecutive session advance, with Utilities (up +1.56%), Real Estate (+1.55%) and Health Care (+1.45%) all climbing over >1% and leading eight of the eleven primary sectors higher. Information Technology lagged with a -0.29% decline. The Nasdaq dipped -0.05%. The small capitalisation Russell 2000 rose +0.61%. In merger and acquisition (M&A) news, PayPal Holdings Inc fell -4.91% following reports that the company is in late-stage talks to buy social media company Pinterest, with a price of US$70 per share apparently mooted according to Bloomberg (which would value Pinterest at ~US$39B).
US equity markets advanced as major companies continued to deliver solid third quarter earnings - Dow up +199-points or +0.56% . Walmart Inc gained +2.1% after Goldman Sachs added the big-box retailer to its conviction buy list, pointing to improved profitability and increased share of the U.S. grocery market saying the stock could rally nearly 40%. The broader S&P500 extended its rally into a fifth straight session and climbed back above >4,500, rising +0.74% to 4,519.63. Health Care (up +1.31%), Utilities (+1.26%) and Energy (+1.11%) all rose over >1% to lead ten of the eleven primary sectors higher. Consumer Discretionary (down -0.29%) was the only primary sector to close in the red. The technology-centric Nasdaq rose +0.71%. Alibaba Group Holdings Ltd popped +6.1% after the company announced it has developed a custom computer chip that it will use to power its data centre servers. The small capitalisation Russell 2000 added +0.36%.
Heavyweight technology names lifted US equity markets however global sentiment was dampened by official China data recording the slowest pace of economic growth in a year in the third quarter - Dow eased -36-points or -0.10%, paring an earlier decline of -123-points. The broader S&P500 added +0.34%, extending gains into a fourth straight session and representing its longest win streak since 25 August. Consumer Discretionary (up +1.20%) and Information Technology (+0.85%) led seven of the eleven primary sectors higher. More defensive Utilities (down -0.96%) and Health Care (-0.72%) lagged the broader market. The Nasdaq gained +0.84%, also marking its fourth consecutive rise and its longest win streak since 7 September. Facebook Inc and Apple Inc were the biggest drivers of the gains, gaining 3.3% and 1.2% respectively. Apple Inc announced new Mac personal computers featuring the company’s custom chips and an upgraded set of AirPods, filling out its holiday line-up. The small capitalisation Russell 2000 edged +0.10% higher.
Better-than-expected corporate earnings continued to push US equity markets higher on Friday (15 October), with Goldman Sachs Group Inc (up +3.8%) capping a strong week for bank earnings - Dow up +382-points or +1.09% . The broader S&P500 +0.75% to 4,471.37, settling comfortably above its 50-day moving average (4,436.74). Alcoa Corp soared +15.2% after the aluminium producer reported stronger-than-expected results, and announced it would pay its first dividend since 2016 and launch a US$500M share buyback. The Nasdaq added +0.50%. The small capitalisation Russell 2000 eased -0.37%.
Strong, broad-based gains for US equity markets overnight following largely upbeat corporate earnings, including from some major banks and a couple of Dow components - Dow up +535-points or +1.56% to sit ~2.4% below its all-time high hit in early September.. The broader S&P500 gained +1.71%, climbing back above its 50-day moving average for the first time in 12 trading sessions. Materials (up +2.43%) and Information Technology (+2.28%) rose over >2% to lead all eleven primary sectors higher in what was the best single day breadth reading for the index since late June. The Nasdaq +1.73%, logging its best single session gain since 20 May as Microsoft Corp (up +2.17%), Apple Inc (+2.02%) and Google-parent Alphabet Inc (+2.55%) all rising over >2%. The small capitalisation Russell 2000 gained +1.44%.
US equity markets mixed as investors digested September inflation data, the latest Federal Reserve meeting minutes and the start of the third quarter earnings season - Dow flat, recovering from an earlier -260 point slide. The broader S&P500 edged +0.30% higher and snapped a three session losing streak, with Utilities (up +1.14%) leading nine of the eleven primary sectors higher. Financials (down -0.64%) and Energy (-0.12%) were the only primary sectors to settle in the red. The Nasdaq rose +0.73%. Apple Inc slipped -0.42% following a Bloomberg News report filed a day earlier that the company will likely cut iPhone 13 production by up to 10M phones in 2021, following the company’s forecast of making 90M earlier in the year, because of the ongoing global chip shortage. Advanced Micro Devices Inc gained +3.92% and was among notable performers amid ongoing headlines about the global chip shortage. The small capitalisation Russell 2000 added +0.34%.
US equity markets closed in the red for a third straight session, with selling again picking up into the close and with investors eying some key economic and corporate earnings releases tonight AEST - Dow down -143-points or -0.42%. Boeing Co (down -1.27%) reported that airplane deliveries rose to 35 in September following an uptick in domestic travel, albeit its 787 programme remains hobbled by structural defects. The broader S&P500 lost -0.37%, with Communications Services (down -1.05%) and Information Technology (-0.51%) leading six of the eleven primary sectors lower. American Airlines Group Inc rose +0.79% after forecasting a smaller-than-expected adjusted net loss for the third quarter. Real Estate was the best performing primary sector overnight with a +1.34% rise. The Nasdaq dipped -0.05%. Apple Inc declined in extended trading following a Bloomberg News report that the company will likely cut iPhone 13 production by up to 10M phones in 2021, following the company’s forecast of making 90M earlier in the year, because of the ongoing global chip shortage. Broadcom Inc (down -1.43%) and Texas Instruments Inc (-2.53%) also fell in the extended session after an unidentified source told Bloomberg that both companies are having trouble delivering enough components to Apple. However, Qualcomm Inc rose over >1% in extended trading after the mobile chip maker announced plans for a US$10B stock buyback. The company noted the total is in addition to $900 million in repurchase authority from a July 2018 program. The small capitalisation Russell 2000 rose +0.61%.
US equity markets retreated, with an earlier rally fizzling and selling picking up pace in the final hours of the session as investors continued to ponder inflation challenges amid a fresh rise in energy prices and as the US third quarter earnings season officially kicks off later this week - Dow down -250-points or -0.72%, unwinding an earlier rally of over >200-points. The broader S&P500 -0.69%, with Communication Services (down -1.45%), Utilities (-1.35%) and Financials (-1.01%) all down over >1% to lead nine of the eleven primary sectors lower. Real Estate (up +0.17%) and Materials (+0.03%) were the only primary sectors to advance. Southwest Airlines Co fell -4.17% after cancelling nearly 2K flights over the weekend and leaving hundreds of passengers stranded. The airline blamed the widespread cancelations on weather “challenges” in some of its Florida airports, compounded by “unexpected” air-traffic control issues in the same areas however others were sceptical about the reasons offered. The Nasdaq fell -0.64%. The small capitalisation Russell 2000 lost -0.56%.
US equity markets closed a volatile week little changed on Friday night AEST (8 October) after another underwhelming jobs report left many investors scratching their heads - Dow dipped -9-points . The broader S&P500 slipped -0.19% despite a +3.13% gain for the Energy sector that lifted Exxon Mobil +2.51%, Chevron Corp +2.24% and Conocophillips +4.77%. R eal Estate fell -1.12% to lead nine of the eleven primary sectors lower. Goldman Sachs chief U.S. equity strategist David Kostin said in a note to clients that his year-end S&P 500 price target for 2021 is still 4,700, which is nearly 7% above its current level. The Nasdaq eased -0.51%. The small capitalisation Russell 2000 fell -0.76%.
US equity markets advanced for a third day as lawmakers neared an agreement that would avert a debt-ceiling breach for at least two months - Dow up +338-points or +0.19%, with Visa Inc (up +1.78%), Nike Inc (+2.05%) and Home Depot Inc (+2.16%) The broader S&P500 gained +0.83%. Consumer Discretionary (up +1.50%), Materials (+1.35%) and Health Care (+1.23%) led ten of the eleven primary sectors higher, with Utilities (down -0.53%) the only sector to settle in the red. The Nasdaq +1.05%. The small capitalisation Russell 2000 rose +1.59%.
US equity markets climbed, buoyed by Senate Minority Leader Mitch McConnell saying the Republican party would support an extension of the federal debt ceiling into December - Dow rose +102-points or +0.30%, staging a 560-point U-turn to record its best intraday comeback since 21 December last year. The broader S&P500 gained +0.41%, recovering from an earlier session decline of -1.27%. Utilities (up +1.53%) and Consumer Staples (+1.00%) led nine of the eleven primary sectors higher. The Nasdaq settled +0.47% higher after falling as much as -1.20%, with Amazon.com Inc up +1.27%, Microsoft Corp +1.51% and chipmaker Nvidia Corp +1.22%. The small capitalisation Russell 2000 fell -0.60%.
US equity markets rallied despite surging energy prices intensifying inflationary pressures, sending Treasury yields higher - Dow up +312-points or +0.92%. Goldman Sachs Group Inc gained +3.12% as Treasury yields continued to climb. The broader S&P500 gained +1.05%, with Financials (up +1.77%), Communication Services (+1.59%), Information Technology (+1.46%) and Industrials (+1.10%) all climbing over >1% to lead nine of the eleven primary sectors higher. Real Estate (down -0.86%) and Utilities (-0.19%) were the only primary sectors to close in the red. The Nasdaq +1.25%, with Netflix Inc rallying +5.21%, Amazon.com Inc +0.98%, Apple Inc +1.42% and Google parent Alphabet Inc +1.77%. Facebook Inc (up +2.06%) rebounded from a -4.89% slide in the previous session (the worst single-day percentage decline since a -5% fall on 9 November, 2020) following a national broadcast of a whistleblower’s allegations that the social media network placed profits before safety and after widespread outages of Facebook services. The small capitalisation Russell 2000 added +0.49%.
US equity markets retreated amid a fresh rotation out of technology stocks amid rising bond yields - Dow lost -324-points or -0.94%. Merck & Company Inc rose +2.09%, building on an +8.37% gain in last Friday’s (1 October) session after the pharmaceutical major and partner Ridgeback Biotherapeutics said their oral antiviral treatment for COVID-19 reduced the risk of hospitalization or death by 50% for patients with mild or moderate cases. Merck is now planning to submit an application for an emergency use authorization for the treatment from the Food and Drug Administration and will also seek it from other regulatory bodies around the world. The broader S&P500 shed -1.30%, taking the index more than halfway to an official correction (defined as drop 10% from their most recent high). Information Technology (down -2.36%) and Communication Services (-2.11%) leading eight of the eleven primary sectors lower. The Energy sector (up +1.63%) was the leading primary sector performer, tracking strong gains on crude markets. Exxon Mobil Corp rose +1.30% and Conocophillips +1.98%. The Nasdaq lost -2.14%. Facebook Inc shed -4.89%, logging the worst single-day percentage decline since a -5% fall on 9 November, 2020 following a national broadcast of a whistleblower’s allegations that the social media network placed profits before safety. The social media’s woes were further compounded by a widespread outage of Facebook services, including Instagram and WhatsApp. Separately, Facebook filed a motion to dismiss the Federal Trade Commission’s amended antitrust lawsuit against the company, saying the agency’s complaint still lacked evidence Facebook violated antitrust laws. Elsewhere among major technology names, Apple Inc fell -2.46%, Amazon.com Inc -2.85%, Microsoft Corp -2.07% and Nvidia Corp -4.87%. However, Tesla Inc rose +0.81% after the company announced over the weekend that it had delivered 241,300 electric vehicles during the third quarter of 2021, topping analysts forecasts for the delivery of around 221K. The small capitalisation Russell 2000 lost -1.08%.
US equity markets kicked off October with solid gains as news of a new oral treatment for Covid-19 boosted shares of companies tied to the economic recovery - Dow gained +483-points or +1.43% . The broader S&P500 rose +1.15%, with Energy (up +3.30%) leading ten of the eleven primary sectors higher. Communication Services (up +1.78%), Materials (+1.60%), Financials (+1.59%), Information Technology (1.44%), Industrials (+1.41%) and Real Estate (+1.04%) all climbed over >1%. Utilities (down -0.04%) was the only sector to close in the red as the more defensive sectors generally underperformed last Friday (1 October). The technology-centric Nasdaq rose +0.82%, snapping a five session losing streak. The small capitalisation Russell 2000 +1.69%.
US equity markets fell sharply amid volatile end-of-month and quarter rebalancing activity and as inflation concerns continued to weigh on sentiment - Dow dropped -547-points or -1.59% . Boeing Co fell -2.41% despite a broker (Bernstein) upgrade, while Goldman Sachs Group Inc fell -1.78% and Home Depot Inc -2.57%. The broader S&P500 lost -1.19%, with Industrials (down -2.11%) leading all eleven primary sectors lower overnight. Eight primary sectors recorded declines of over >1%. The Nasdaq -0.44%. The small capitalisation Russell 2000 fell -0.94%. In merger and acquisition (M&A) news, Merck & Co Inc (up +0.03%) struck a deal to buy drugmaker Acceleron Pharma (down -1.86% at US$172.10) for US$180 per share in cash or US$11.5B. It had been reported earlier this month that Acceleron was close to a sale agreement, and reports earlier this week had named Merck as the suitor.
US equity markets posted a modest rebound overnight a day after the S&P500 booked its worst daily percentage decline (-2.04%) since 12 May despite longer dated US Treasury yields climbing for a seventh straight session - Dow rose +91-points or +0.26%. Boeing Co rose +3.18% after winning a follow-on contract from the US Department of Defense valued at up to US$23.8B to provide services to a fleet of C-17 Globemaster III transport aircraft over a 10-year period. Separately, Boeing’s 737 MAX test flight for China’s aviation regulator was successful last month and the planemaker hopes a two year grounding will be lifted this year, according Boeing China President Sherry Carbary. The broader S&P500 edged +0.16% higher, with the more defensive Utilities (up +1.30%), Consumer Staples (+0.87%) and Health Care (+0.77%) sectors leading the rebound. Materials (down -0.39%) and Information Technology (-0.10%) were among the worst performing primary sectors overnight. The Nasdaq slipped -0.24%, booking its fourth straight session decline as a broader rebound faded in the closing hour of trading. The small capitalisation Russell 2000 eased -0.20%.
US equity markets fell sharply on Tuesday, with tech names dragging down the broader markets as Treasury yields traded near three-month highs and lawmakers in Washington continued their budget stalemate. The Dow Jones Industrial Average lost -569 points, or -1.63%, to close at 34,299. The S&P 500 shed -2.04% to finish at 4,352. The Nasdaq Composite was belted down 2.83% to 14,546 for its worst day since March. The small capitalisation Russell 2000 fell -2.2%. The VIX surged 24% to 23.26. In terms of stock moves, Facebook Inc, Microsoft Corporation and Google-parent Alphabet Inc lost more than -3%, while Amazon.com Inc dropped -2.64%. Large chip stocks struggled, with NVIDIA Corporation sliding -4.44%.
U.S. stocks were split on Monday as a rise in treasury yields pressured growth names and traders braced for the final week of a volatile September. The Dow Jones Industrial Average rose by +71 points or +0.20% to 34,869 as energy stocks and bank shares pushed higher. The broader S&P 500 slipped by -0.28% and the Nasdaq shed -0.52% as major tech stocks including Alphabet (-0.10%), Apple (-1.05%), Microsoft (-1.8%) and Nvidia (-1.91%) struggled. The small capitalisation Russell 2000 Index rose +1.5%. The rise in yields appeared to boost financial stocks. Shares of Goldman Sachs and JPMorgan Chase rose more than +2%, making them some of the best performers in the Dow. Another bright spot for the market was energy, with stocks like Exxon Mobil and Occidental Petroleum climbing +3% and +7% respectively, as crude continued its September run, topping $75 a barrel.
US markets rose for a third straight session on Friday, clinching weekly gains despite uncertainty over the fate of indebted property giant China Evergrande Group. The Dow gained +33 points, or +0.10%, to 34,798. The broader S&P 500 edged +0.15% higher and the Nasdaq ticked down just -0.03%. The small capitalisation Russell 2000 fell -0.49%. For the week, the Dow was up +0.60%, the S&P 500 gained +0.50% and the Nasdaq was near flat.
US equity markets jumped for a second day as fears around a crisis in China’s property market eased somewhat and as the Federal Reserve kept current monetary stimulus in place. The Dow Jones gained +506.50 points, or +1.48%, to 34,764.82, with steady buying throughout the day. Thursday’s rally adds to a 338-point gain in the prior session. The S&P 500 rose +53.34 or 1.21% to 4,448.98 and the Nasdaq Composite added +155.40 or 1.04% to 15,052.24. After Thursday’s gains, the S&P 500 is down just 1.6% for September. The small capitalisation Russell 2000 up +1.82%.
US equity markets rallied on Wednesday after the Federal Reserve indicated it doesn’t see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic. The Dow Jones advanced +338.48 points, or 1%, to 34,258.32, snapping a four-day losing streak. However, the blue-chip Dow closed well off its high, as it jumped 520 points earlier in the day. The S&P 500 added +41.45 points or nearly 1% to 4,395.64 amid a 3.2% jump in the energy sector. The index also posted its first positive day in five. The Nasdaq Composite gained 1% to 14,896.85. The small capitalisation Russell 2000 up +1.48%.Commodity-related stocks led the comeback Wednesday as fears eased about ripple effects from Evergrande. Devon Energy surged 6.8%, while APA jumped nearly 7.2%. Diamondback Energy, Hess and Marathon Oil all popped more than 5%. China-exposed Wynn Resorts bounced about 2.6%.FedEx shares fell again tumbling more than 9% after profit fell at the logistics company last quarter because of rising labor costs. FedEx also cut its forecast for the full year.
US equity markets fought to rebound from Monday’s rout, but failed as the Dow Jones trended lower for most of the session and closed in the red. The Dow Jones lost -50.63 points, or -0.15%, to 33,919.84. The S&P 500 shed about 0.1% to 4,354.19, following its worst day since May on Monday. However, the Nasdaq Composite rose 0.2% to 14,746.40 as investors bought some major tech shares like Apple on the dip. The small capitalisation Russell 2000 up +0.18%.
US equity markets retreated to close out a volatile week of trading, with Friday night (17 September) a “quadruple witching” session - the simultaneous expiration of individual stock options, stock-index options, stock-index futures and single-stock futures – which brought some additional volume and volatility - Dow fell -166-points or -0.48% . The broader S&P500 lost -0.91% to 4,432.99, with the index slipping below its 50-day moving average of ~4,436.37 for the first time since 18 June. Materials (down -2.06%) led ten of the eleven primary sectors lower, with Utilities (down -1.59%), Information Technology (down -1.52%), Communication Services (-1.27%) and Industrials (-1.05%) all down over >1%. Health Care (up +0.07%) was the only primary sector to eke out a gain. The Nasdaq -0.91%. The small capitalisation Russell 2000 edged +0.18% higher.
US equity markets began the week deeply in the red as investors continued to flock to the sidelines in September amid several emerging risks for the market. The Dow Jones lost -614.41 points, or -1.8%, to 33,970.47 for its biggest one day drop since July 19. The 30-stock average was down 971 points at one point during the day. The S&P 500 fell -75 points or -1.7% to 4,357.73, posting its worst daily performance since May 12. It was a broad sell-off with each of the main 11 sectors of the benchmark registering losses. The tech-heavy Nasdaq Composite dropped -2.2% to 14,713.90. The small capitalisation Russell 2000 down -2.44%.
US equity markets logged modest losses, settling well off their session lows as investors digested some mixed economic data - Dow eased +63-points or -0.18%, paring an earlier decline of as much as -274-points. The broader S&P500 slipped -0.16%. Materials (down -1.09%) and Energy (-1.06%) both fell over >1% to lead eight of the eleven primary sectors lower. Consumer Discretionary (up +0.44%), Real Estate (+0.16%) and Information Technology (+=0.06%) were the only primary sectors to advance. The Nasdaq edged +0.13% higher. The small capitalisation Russell 2000 dipped -0.07%. Tonight AEST marks “quadruple witching”, the simultaneous expiration of individual stock options, stock-index options, stock-index futures and single-stock futures, which can drive higher trading volume and volatility.
US equity markets rebounded, buoyed by some solid economic data and fresh gains on crude markets - Dow up +237-points or +0.68% . The broader S&P500 gained +0.85%, with Energy (up +3.82%) leading ten of the eleven primary sectors higher. Utilities (down –0.15%) was the only primary sector to close in the red. Gaming companies were under pressure, tracking falls on the Hong Kong market following news of a move by the Chinese government to increase oversight on the casino industry. MGM Resorts International dropped -2.49%, Las Vegas Sands Corp -1.71% and Wynn Resorts Ltd -6.30%. The Nasdaq +0.82%, marking the technology-centric index’s best day since 30 August. Microsoft Corp gained +1.68% after announcing a dividend increase and a sizable US$60B share repurchase program. The small capitalisation Russell 2000 rose +1.11%.
US equity markets retreated despite cooler-than-expected August inflation figures - Dow fell -292-points or -0.84% . Boeing Co (down -1.36%) released their annual market outlook overnight and predicts the global fleet of commercial airplanes will climb from 25,900 in 2019 to 49,405 planes by 2040, with almost 90% those planes being new models that will enter service over the period. In addition, Boeing is projecting the global aerospace industry, including defence and services, will reach US$9 trillion over the next decade, up +US$500B from the same forecast last year. It is also the largest amount the company has ever projected for the industry over a 10-year period. The broader S&P500 shed -0.57%, logging its sixth decline in the past seven sessions. Energy (down -1.55%), Financials (-1.41%), Industrials (-1.23%) and Materials (-1.17%) all fell over >1% and led all eleven primary sector lower. The Nasdaq lost -0.43%. Apple Inc fell -0.96% after the company held its annual product launch event overnight and detailed their new iPhones, iPads and smartwatches. The new iPhone 13 series features Apple’s new A15 Bionic chip, a system-on-a-chip designed in-house, and a video tool called “cinematic mode”, which allows users to hold focus on a subject even when they are moving. The small capitalisation Russell 2000 lost -1.37%.
The Dow and S&P500 snapped a five session losing streak - Dow up +262-points or +0.76%, with 23 of the indice’s 30 components advancing . The broader S&P500 added +0.23%. Energy (up +2.94%) led eight of the eleven primary sectors higher. Health Care (down -0.61%) was the worst performing primary sector overnight. The Nasdaq dipped -0.07%, extending its decline into a fourth consecutive session. Apple Inc added +0.39% ahead of its annual product launch event tonight AEST, where the company is expected to unveil its iPhone 13 line-up as well as new smartwatches, headphones and possibly more. Separately, Epic Games has filed an appeal to last Friday’s (13 September) ruling in its lawsuit against Apple, calling on a higher court to re-examine the case and overturn the judge’s ruling. Few details were provided about the legal basis for Epic’s appeal, but it is likely to continue to press on the federal antitrust allegations dismissed by the court. The small capitalisation Russell 2000 up +0.59%. In merger and acquisition (M&A) news, Intuit Inc (down -1.76%) announced that it will acquire email marketing company Mailchimp for US$12B in cash and stock.
US equity markets fell on Friday night AEST (10 September) to cap their worst week in nearly three months as renewed concerns about inflation dented optimism over continued central bank support for financial markets - Dow down -272-points or -0.78% . Apple Inc fell -3.31% after a federal judge in the Epic Games Inc case issued an injunction that said the company can no longer force developers to use its payment system, effectively bypassing commission fees of 15% to 30%. However, the iPhone maker was not ruled an antitrust monopolist. The split decision could signal a major shift in the way apps are distributed to consumers and could have even deeper implications for other operators of dominant online platforms such as Google parent Alphabet Inc (down -1.86%) and Amazon.com Inc (-0.43%) The broader S&P500 lost -0.77%. Utilities (down -1.38%) and Real Estate (-1.23%) both fell over >1% on Friday night AEST (13 September) to lead all eleven primary sectors lower. The Nasdaq shed -0.87%. The small capitalisation Russell 2000 fell -0.96%. In merger and acquisition news (M&A), rail operator Kansas City Southern said in a statement Sunday that it has notified rival bidder Canadian National that it intends to terminate a merger agreement and make a US$31B deal with Canadian Pacific Railway Ltd. Canadian National (CN) still has five business days to negotiate amendments to its offer, and the Kansas City Southern board could determine that a revised CN offer is better.
Dow and S&P500 extended their decline into a fourth straight session overnight - Dow down -152-points or -0.43% . The broader S&P500 settled -0.46% lower. Real Estate (down -2.12%) was the worst performing primary sector. The Financials sector (up +0.25). Ford Motor (down -2.07%) announced that it is ending vehicle production in India, shutting down its two large plants there and terminating thousands of employees, as Chief Executive Officer Jim Farley restructures the automaker’s operations as part of a turnaround plan. the actions will cost about US$2B, including pretax special charges of about US$600M in 2021 and US$1.2B in 2022. The Nasdaq eased -0.25%, registering back-to-back losses for the first time since mid-August. The small capitalisation Russell 2000 dipped -0.03%.
The Dow and S&P500 declined for a third straight session - Dow down -69-points or -0.20% . The broader S&P500 slipped -0.13%, with Energy (down -1.30%) and Materials (-1.02%) both falling over >1%. More defensive sectors outperformed, including Utilities (up +1.79%) and Consumer Staples (+0.77%). Swiss investment bank UBS raised its S&P 500 price target for the end of the year to 4,650 and for 2022 to 4,850. UBS acknowledged that equities are likely to have a pullback at some point, “likely driven by another reset in real yields higher, but other tailwinds should drive the S&P 500 to a new high by year end.” The Nasdaq fell -0.57%, its first fall in five sessions and a day after logging its 36th record closing high (15,374.33) of 2021. The small capitalisation Russell 2000 lost -1.14%. Coinbase Global Inc fell -3.2% after the cryptocurrency exchange revealed it received a notice of possible enforcement action from the Securities and Exchange Commission over lending practices.
US equity markets logged a mixed session after resuming trading following the Labor Day holiday - Dow fell -269-points or -0.76%, with 3M Co (down -4.53%) and Honeywell International Inc (-2.38%). Boeing Co fell -1.80% after budget airline Ryanair Holdings Plc (-1.96%) ended talks over a purchase of 737 MAX 10 jets. The broader S&P500 eased -0.34%. Ford Motor Co rose +0.47% after the company announced that it had hired former Tesla Inc (+2.64%) executive Doug Field to take over as chief advanced technology and embedded systems officer, which will put him in charge of next-generation technology in Ford automobiles. Mr Field had been serving as the vice president of “special products” at Apple after previously working at Tesla as senior vice president of engineering. The Nasdaq inched +0.07% higher to 15,374.33, securing its 36th record closing high of 2021. Apple Inc gained +1.55% and logged its third consecutive record closing high (US$156.69) after the technology giant scheduled an event for 14 September at which a new line of iPhones is expected to be unveiled. Supply chain checks for the second half of the year suggest about 130M to 150M iPhones will be built, with ~35%-to-45% of those built in the third quarter appearing to be the new iPhones to be announced, according a research note from Wedbush analyst Daniel Ives published on Tuesday (7 September). Apple has also been working on augmented and mixed reality technology for more than five years, while The Wall Street Journal recently reported that the company is working to include more health-related features its next Apple Watch, such as a blood pressure monitor and a thermometer to help with fertility planning. The small capitalisation Russell 2000 lost -0.72%.
AUD softer - buying ~74.37 US cents. The Reserve Bank of Australia (RBA) announces its latest interest rate decision this afternoon and is expected to leave their benchmark rate unchanged (with more focus likely to be on any commentary around their bond buying stimulus programme). A final reading of Building Permits for July and the Ai Group Services index for August are also on today’s Australian economic calendar.
US equity markets were modestly weaker on Friday night as investors grappled with the implications of a much weaker than expected US jobs report for August, with some market participants betting weaker data could undercut the case for the Federal Reserve to unwind its market-supportive easy money policies in coming months - Dow down -74-points or -0.21%, with American Express Co (down -1.70%) the worst performing index component. The broader S&P500 dipped -0.03%, with gains for the Information Technology sector (up +0.38%) offset by falls for the Utilities (down -0.80%) and Materials (-0.69%) sectors. The Financials sector (down -0.58%) fell despite Treasury yields climbing. The Nasdaq added +0.21% to 15,363.52 and logging its 35th record closing high of 2021. The small capitalisation Russell 2000 %. Russell 2000 lost -0.52%. Didi Global Inc ADRs rose +2.38% and gained +9.73% for the week after a Bloomberg News report that Beijing is eyeing a plan to take the troubled ride-hailing giant under state control by acquiring a stake through government-run firms. Didi is under a cybersecurity review after the Cyberspace Administration of China alleged the company had illegally collected users’ data. The ride-hailing giant was forced to stop signing up new users and its app was also removed from Chinese app stores. US equity and bond markets are CLOSED tonight AEST for the Labor Day holiday.
S&P500 and Nasdaq booked fresh record closing highs as attention turns to tonight’s AEST August jobs data - Dow up +131-points or +0.37% . The broader S&P500 added +0.28% to 4,536.95, touching a record intraday high of 4,545.85 earlier in the session. Energy (up +2.53%) led eight of the elven primary sectors higher, with Health Care (+1.08%) and Industrials (+1.02%) both rising over >1%. The global shortage of computer chips continues, forcing automakers to temporarily close factories. General Motors Co (down -0.33%) announced that it would pause production at eight North American plants during the next two weeks, including two that make the company’s top-selling Chevrolet Silverado pickup. Ford Motor Co (-0.76%) will stop making pickups at its Kansas City Assembly Plant for the next two weeks. Shifts will be cut at two more truck plants in Dearborn, Michigan, and Louisville, Kentucky. The Nasdaq edged +0.14% higher to 15,331.18, also setting an intraday all-time high (15,380.07). Apple Inc climbed +0.75% to a record closing high of US$153.65 after the most valuable U.S. company by market capitalisation announced concessions for some large developers on its App Store regarding commissions. Apple said late Wednesday (1 September) it will allow developers of so-called “reader” apps, which offer content on a subscription basis like Netflix Inc (+1.11% to US$588.55 and extending their best-ever two-week stretch of gains into record territory) and Spotify Technology SA (+6.57%), to give customers the option of sidestepping its in-app purchase commissions by making direct purchases from the respective companies. Separately, CNBC reported that Apple was preparing mass production of the Apple Car by 2024. The small capitalisation Russell 2000 up +0.74%. In merger and acquisition (M&A) news, Baxter International Inc +4.8% higher after it said it has entered an agreement to acquire fellow medical technology company Hill-Rom Holdings Inc. for US$156 per share, in a deal with an enterprise value of ~US$12.4B.”
US equity markets logged modest gains, with the technology-centric Nasdaq booking a fresh record closing high - Dow down -48points or -0.14% . The broader S&P500 inched +0.03% higher, trading above its 30 August record closing high (4,528.79) earlier in the session. The Nasdaq added +0.33% to 15,309.38 to book its 33rd record closing high of 2021. Apple Inc rose +0.45%, with the The Wall Street Journal reporting that the technology behemoth will eventually include a tool to monitor blood pressure and a thermometer to help with fertility planning in its smartwatches. The small capitalisation Russell 2000 gained +0.58%.
The S&P 500 and the Nasdaq Composite booked fresh closing records to open the new trading week - Dow down -56-points or -0.16% . The broader S&P500 added +0.43% to 4,528.79, logging its 53rd record closing high this year after establishing a fresh intraday record high (4,537.36) earlier in the session. Before this year, only 1964 and 1995 saw more than 50 new highs before August was over. The record for new highs in one year is 77, set in 1995. Real Estate (up +1.15%) and Information Technology (+1.09%) rose over >1% to lead seven of the eleven primary sectors higher. Financials (down -1.47%) and Energy (-1.16%) both fell over >1%. The Nasdaq rose +0.90% to 15,265.89, recording its 32nd record closing high of 2021 after setting its intraday all-time high (15,288.08). Apple Inc gained +3.04%, Microsoft Corp +1.29% and Netflix Inc +1.30%. Paypal Inc rose +3.64% after CNBC reported that the company is exploring a stock-trading platform for its U.S. customers. The small capitalisation Russell 2000 lost -0.49%. The Pentagon confirmed that that US military had completed its withdrawal efforts from Afghanistan albeit the diplomatic mission to ensure additional U.S. citizens and eligible Afghans who want to leave continues.
US equity markets and government bonds rallied in response to Federal Reserve Chair Jerome Powell cementing expectations that the central bank will begin a slow removal of its crisis-era stimulus measures later this year - Dow up +243-points or +0.69%. The broader S&P500 gained +0.88% to 4,509.37, logging its 52nd record closing high this year Energy (up +2.62%) returned to the top of the primary sector leaderboard on Friday (27 August), while Communication Services (up +1.60%), Materials (+1.33%) and Financials (+1.31%) all gaining over >1%. Health Care (down -0.16%) and Utilities (-0.03%) were the only primary sectors to close in the red. The Nasdaq +1.23% to 15,129.50, recording its 31st record closing high of 2021. Amazon.com Inc (up +1.01%) announced that it is partnering with Affirm Holdings Inc (up +35.61% in extended trading last Friday (27 August)), with Affirm’s buy now, pay later checkout option will be available to certain Amazon customers in the U.S. starting Friday, with a broader rollout in the coming months. The small capitalisation Russell 2000 rallied +2.85%. For the week, Dow rose +0.96%, S&P500 +1.52% and the Nasdaq +2.82%. The Russell 2000 climbed +5.1% to record its best weekly rise since the period ended 12 March (when it jumped +7.32%), according to FactSet data.
US equity markets retreated as investors weighed second quarter economic growth data and eyed Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Economic Symposium on "the economic outlook" tonight AEST - Dow down -192-points or -0.54%. Cloud-based customer-relationship management company Salesforce.com Inc outperformed with a +2.66% gain following a strong second quarter result after the closing bell of the previous session. The broader S&P500 lost -0.58%, snapping a five session winning streak that saw the index log its 51st record closing high of the year in the previous session. Energy (down -1.51%) led ten of the eleven primary sectors lower. Real Estate (up +0.10%) was the only primary sector to advance. The Nasdaq -0.64%, also snapping five session winning streak and a day after the technology-centric index logged its 30th record closing high of 2021 The small capitalisation Russell 2000 fell -1.13%. Traders were also eying new developments in Afghanistan where a dozen US service members were tragically killed following a terrorist attack outside the Kabul airport. President Biden vowed to complete the evacuation of Americans and their allies from Afghanistan.
Fresh record highs for both the S&P500 and Nasdaq ahead of the Jackson Hole Economic Symposium tonight AEST - Dow up +39-points or +0.11% 35,405.5 and ~0.62% shy of its all time closing high (35,625.40) set on 16 August. The broader S&P500 edged +0.22% higher to 4,496.19, logging 51st record closing high this year and matching the greatest number of closing records to this point in a calendar year since 1995, according to Dow Jones Market Data. Financials (up +1.21%), Energy (+0.72%) and Industrials (+0.60%) leading seven of the eleven primary sectors higher. More defensive sectors underperformed for a third straight session, with Health Care down -0.26%, Real Estate -0.18% and Consumer Staples -0.10%. The Nasdaq +0.15% to 15,041.85, recording its 30th record closing high of 2021. Chipmakers were buoyed a Wall Street Journal report that Western Digital (+7.8%) is in advanced talks to undertake a US$20B merger with Japan’s Kioxia Holdings. Nvidia Corp rose 1.9% following news that the Department of Energy will run its new supercomputer on the company’s computing platform. Micron Technology gained +2.%. The small capitalisation Russell 2000 +0.37%. Elsewhere on the merger and acquisition (M&A) front, ON Semiconductor Corp (down -0.21%) said it agreed to acquire GT Advanced Technologies for US$415M in cash.
Broad-based gains lifted both the S&P500 and Nasdaq to fresh record closing highs as positive U.S. vaccination news and easing worries about the U.S. tapering stimulus buoyed sentiment ahead of a key speech by Federal Reserve Chair Jerome Powell later this week. - Dow added +31-points or +0.09% . The broader S&P500 edged +0.15% higher to 4,486.23, with Energy (up +1.61%) atop the primary sector leaderboard for a second consecutive session and leading six of the eleven primary sectors higher. The more defensive sectors underperformed for a second consecutive session, with Consumer Staples (down -0.76%), Real Estate (-0.72%) and Utilities (-0.63%). The Nasdaq gained +0.52% to 15,019.80, with Chinese stocks leading the gains amid some bargain hunting as investors get some more clarity on the regulatory outlook. JD.com jumped 14.44% following the Chinese e-commerce giant’s second quarter result after the closing bell of the previous session. Fellow e-commerce platform Pinduoduo soared +22.25%, search engine Baidu +8.63% and Tencent Music Entertainment +12.75%. Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said the agency will demand U.S.-traded Chinese companies disclose political and regulatory risks to investors, an extension of recently imposed requirements for firms seeking initial public offerings, according to a Bloomberg report. Corporations could begin including the enhanced disclosures in their annual reports as early as next year. Casino operators Las Vegas Sands (up +7.53%) and Wynn Resorts (+7.01%), after Macau eased travel restrictions with the improvement of the Covid-19 case outlook in China’s Guangdong province, a key visitor source for the gambling capital. The small capitalisation Russell 2000 rose +1.02%.
A strong start to the new trading week for US equity markets - Dow up +216-points or +0.61% . The broader S&P500 gained +0.85% to 4,479.53, just shy of a new closing high after setting a fresh intraday high of 4,489.88 earlier in the session. Almost three-quarters of the companies in the index advanced. Energy (up +3.77%) led seven of the eleven primary sectors higher, with Consumer Discretionary (+1.36%), Information Technology (+1.27%) and Communication Services (+1.27%) all gaining over >1%. The more defensive sectors underperformed overnight after outperforming last week, with Utilities (down -1.32%) the worst performing primary sector. The Nasdaq rallied +1.54% to book its 28th record closing high of 2021 at 14,942.65, also hitting a record intraday record high of 14,963.47. The small capitalisation Russell 2000 +1.88%.
US equity markets closed out a turbulent week marked by a surge in global volatility on a positive note - Dow up +226-points or +0.65% to 35,120.08, snapping a three session skid and climbing back above >35,000. Microsoft Corp (up +2.56%), Cisco Systems (+1.66%) and Salesforce.com Inc (+1.21%) were among the best Dow performers on Friday night (20 August). The broader S&P500 gained +0.81%. Tesla Inc rose +1.01% following their Artificial Intelligence (AI) Day that saw the company unveil a new custom chip and plans to build a humanoid robot. The Nasdaq +1.19%. Nvidia Corp’s (up +5.14%) planned $US40B acquisition of British chip designer ARM hit a major hurdle on Friday (20 August) after a UK regulator found it could damage competition and weaken rivals, and required a further lengthy investigation. The small capitalisation Russell 2000 +1.65%.
US equity markets mixed after another choppy session, with concerns about the impact of the Delta variant of the coronavirus and the Federal Reserve’s latest monetary policy meeting minutes continuing to reverberate - Dow lost -67-points or -0.19%, paring an earlier decline of as much as -270 points. The Dow booked its third straight drop, representing its longest bout of losses since the five-session period ended 18 June. The broader S&P500 edged +0.13% higher, with Information Technology (up +0.99%) leading six of the eleven primary sectors higher. Energy (down -2.65%) sat at the bottom of the primary sector leaderboard for a second consecutive session. Tesla Inc fell -2.25% ahead of the company showcasing its autonomous driving and artificial intelligence efforts at its Artificial Intelligence Day. The Nasdaq +0.11%. NVIDIA Corp gained +3.98% after the chip maker’s earnings, revenue and outlook released after the close of Wednesday’s (18 August) session topped Wall Street estimates. The small capitalisation Russell 2000 lost -1.22% and is nearing official correction territory, down almost 10% from its March high.
Benchmark US equity markets booked their worst declines in a month, with losses accelerating after the minutes of the Federal Reserve’s late July monetary policy meeting did little to dispel expectations that the central bank could begin tapering their US$120B per month bond buying programme soon - Dow fell -383-points or -1.08% . The broader S&P500 shed -1.07%. Energy (down -2.40%) led all but one of the eleven primary sectors lower (with eight sectors logging decline of over >1%). Consumer Discretionary added +0.15%. The technology-centric Nasdaq lost -0.89%. The small capitalisation Russell 2000 fell 0.84%.
US equity markets retreated, with the Dow and S&P500 ending a five session run of record closing highs amid concerns the spread of the delta variant of COVID may slow economic growth and following a softer-than-expected July retail sales report - Dow dropped -282-points or -0.79% . The broader S&P500 fell -0.71% a day after logging its 49th record closing high of 2021. Consumer Discretionary (down -2.31%) led seven of the eleven primary sectors lower, with Materials (down -1.21%) and Industrials (-1.06%) down over >1%. More defensive sectors outperformed once again, with Health Care up +1.12%. The Nasdaq shed -0.93% as Facebook Inc (down -2.21%), Amazon.com Inc (-1.73%), Apple Inc (-0.62%) and Google-parent Alphabet Inc (-1.16%) all closed lower. The small capitalisation Russell 2000 lost -1.19%.
Both the Dow and S&P500 eked out fresh record highs for a fourth consecutive session - longest stretch of closing records since 15 March – despite a weak consumer sentiment report - Dow edged +15-points or +0.04% higher to 35,515.38, hitting another intraday record high (35,610.57) earlier in last Friday’s (13 August). Walt Disney Co rose +1.00% after posting its strongest quarterly sales and profit figures since before the COIVD-19 pandemic after the close of the previous session. The broader S&P500 added +0.16% to 4,468.00, touching an intraday record high of 4,468.37. The defensive Consumer Staples (up +0.81%), Real Estate (+0.68%), Health Care (+0.60%) and Utilities (+0.56%) led seven of the eleven primary sectors higher. Energy (down -1.28%) and Financials (-0.73%) were the worst performing primary sectors on Friday night AEST (13 August). The Nasdaq inched +0.04% higher. The small capitalisation Russell 2000 lost -0.93%.
Both the Dow and S&P500 edged to fresh record highs for a third consecutive session despite wholesale inflation accelerating more-than-expected in July - Dow inched +15-points or +0.04% higher to 35,499.85 . Salesforce.Com Inc (up +2.52%) and Apple Inc (+2.08%) were among the leading index performers, while Home Depot Inc (down -0.88%) and Visa Inc (-1.26%) underperformed. The broader S&P500 added +0.30% to 4,460.83, with Health Care (up +0.77%) and Information Technology (+0.59%) leading six of the eleven primary sectors higher. The Nasdaq rose +0.35%. The small capitalisation Russell 2000 slipped -0.28%.
Fresh record highs for both the Dow and S&P500 for a second consecutive session as inflation fears moderated following the latest data for July - Dow gained +220-points or +0.62% to 35,484.97 after also touching a record intra-day high of 35,501.16. Caterpillar Inc (up +3.55%) and Home Depot Inc (+1.67%) The broader S&P500 added +0.25% to 4.447.70, touching a record intra-day high of 4,449.44. Materials (up +1.42%), Industrials (+1.30%) and Financials (+1.17%) all rose over >1% to lead ten of the eleven primary sectors higher. Health Care (down -0.97%) was the only primary sector to close in the red. Southwest Airlines Co rose +1.43% despite the carrier saying slowing bookings and an increase in cancellations in August driven by the delta variant of the coronavirus means it is unlikely to be profitable in the third quarter. The Nasdaq slipped -0.16%. The small capitalisation Russell 2000 rose +0.49%. In merger and acquisition (M&A) news, Chesapeake Energy Corp (up +2.6%) announced that it has reached an agreement to acquire Vine Energy Inc (+1.95%) in a zero-premium cash-and-stock deal valued at ~US$2.2B. Shares of Chesapeake rose 2.6%, while Vine added 2%.
Fresh record highs for both the Dow and S&P500 after the Senate passed a much-anticipated bipartisan US$1 trillion infrastructure package - Dow up +163-points or +0.46% to 35,264.67. Caterpillar Inc (up +2.48%) was among the leading index performers. Goldman Sachs Group Inc (up +2.02%) and JP Morgan Chase & Co (+1.23%) also traded strongly as bond yields climbed. The broader S&P500 edged +0.10% higher to 4,436.74, with weakness in the Information Technology sector (down -0.73%) capping gains. Energy (up +1.72%), Materials (+1.48%), Industrials (+1.01%) and Financials (+1.01%) all rose over >1% to lead eight of the eleven primary sectors higher. Energy heavyweights Exxon Mobil Corp (up +1.71%) and Chevron Corp (+1.83%) both rebounded solidly. The technology-centric Nasdaq lost -0.49%. Research from Susquehanna Financial Group said that the amount of time companies are waiting to get chip orders filled has stretched to more than 20-weeks. Chip order lead times have increased by more than 8-days to 20.2 weeks in July from June. He gap was already the longest wait time since the firm began tracking the data in 2017. Advanced Micro Devices Inc fell -2.99% overnight and NVIDIA Corp -1.77%. The small capitalisation Russell 2000 +0.20%. In merger and acquisition (M&A) news, Kansas City Southern jumped +7.47% after Canadian Pacific Railway Ltd (down -1.19%) raised its offer for the U.S. railroad operator by ~US$2B to US$27.29B.
US equity markets retreated, with both the Dow and S&500 pulling back from last Friday’s (6 August) record closing highs and with traders eyeing downgrades to China economic growth forecasts from a number of major investment banks - Dow fell -107-points or -0.30% . The broader S&P500 dipped -0.09%, with Energy (down -1.48%) leading seven of the eleven primary sectors lower. Exxon Mobil Corp fell -1.14% and Chevron Corp -1.67%. The Nasdaq added +0.16%. The small capitalisation Russell 2000 lost -0.58%. In merger and acquisition (M&A) news, Draftkings Inc (up +1.49%) agreed to acquire Golden Nugget Online Gaming Inc (+50.77%) in a US$1.56B all scrip deal.
Both the Dow and S&P500 logged fresh record highs to close out another strong week for US equity markets as investors digested the latest July employment figures - Dow up +144-points or +0.41% to 35,208.51. Goldman Sachs Group Inc rose +% to a record high, while JP Morgan Chase & Co gained +%. The broader S&P500 edged +0.17% higher to 4,436.52. Financials (up +2.01%) and Materials (+1.47%) were the best performing primary sectors on Friday night AEST (6 August). Consumer Discretionary (down-0.73%) and Information Technology (--0.12%) underperformed, dented by a fresh rise in longer date Treasury yields. The Nasdaq eased -0.40%. The small capitalisation Russell 2000 %. For the week, Dow gained +0.78%. The S&P500 rose +0.94%, extending its year-to-date gain to +18.12%. Nasdaq +1.11%
Fresh record closing highs for both the S&P500 and Nasdaq ahead of tonight’s key non-farm payrolls report - Dow gained +272-points or +0.78% at 35,064.25. The broader S&P500 rose +0.60% to 4,429.10, logging its 43rd record closing high of 2021. Goldman Sachs raised its year-end target for the S&P 500 to 4,700, representing ~6.1% upside, in part due to an improving earnings outlook. The Nasdaq advanced +0.78% to 14,895.12, with the technology-centric index recording its 27th record closing high of 2021 and first since 26 July. The small capitalisation Russell 2000 %.
US equity markets retreated and settled near their session lows after Federal Reserve Vice Chairman Richard Clarida made a case for a potential slowing of the central bank’s large-scale asset bond purchases later this year and for higher interest rates in 2023 - Dow dropped -324-points or -0.92% . The broader S&P500 fell -0.46% a day after notching its 42nd record closing high of 2021. Energy (down -2.93%) led nine of the eleven primary sectors lower following a third straight session of declines on crude markets. Communication Services (up +0.24%) and Information Technology (+0.19%) were the only primary sectors to advance. The technology-centric Nasdaq added +0.13%. Advanced Micro Devices (AMD) Inc rallied +5.52% (to US$118.77) and logged its sixth consecutive record closing high (and carved out a record intra-day high of US$122.49) following continued indications that the chip maker is taking market share away from larger rival Intel Corp (down -0.30%). Data from Mercury Research showed that while total microprocessor shipments had declined 3.1% quarter-over-quarter, AMD’s total share of the market increased to 16.9% in the second quarter from 16.1% in the first quarter. Meanwhile, Intel’s share fell to 83.1% in the second quarter from 83.9% in the first quarter. The Mercury Research data also showed gains for AMD in the important data-centre category. AMD has 8.9% share in servers, up from 5.5% in the year-ago second quarter and 8.2% in this year’s first quarter. That’s compared with Intel’s 91.1% share, down from 94.5% in the year-ago second quarter and 91.8% in the first quarter. A separate report from tech news site wccftech.com noted that AMD CPUs are still outselling Intel, according to data compiled from MindFactory, Germany’s largest tech retailer. The small capitalisation Russell 2000 fell -1.23%.
US equity markets rallied, lifting the S&P500 to a yet another record closing high - Dow rose +278-points or +0.80% to 35,116.40 (and within 0.5% of a fresh record closing high), recovering from an earlier, brief decline of over >100-points The broader S&P500 gained +0.82% to 4,423.15, notching its 42nd record closing high of 2021. Energy (up +1.83%), Health Care (+1.41%), Industrials (+1.38%), Financials (+1.13%) and Materials (+1.01%) al gained over >1% to lead ten of the eleven primary sectors higher. Communication Services (down -0.19%) was the only primary sector to close in the red. The Nasdaq +0.55%. Advanced Micro Devices Inc rose +3.62% (to US$112.56) and logged its fifth consecutive record closing high following a Bloomberg report that Nvidia Corp.’s (+0.33%) US$40B acquisition of Arm Ltd may get blocked by U.K. regulators. Bloomberg also reported that Apple Inc (up +1.26%) and Affirm Holding’s (+3.03%) PayBright are planning to launch a "buy now, pay later" program for Apple device purchases in Canada, allowing people to pay for iPhone, Mac, and iPad over 12 to 24 months. The small capitalisation Russell 2000 +0.37%. In merger and acquisition (M&A) news, PepsiCo Inc added +0.2% after the beverage and snacks company announced an agreement to sell Tropicana, Naked and other juice brands across North America for US$3.3B in cash to PAI Partners. The deal includes options to sell certain juice businesses in Europe. PepsiCo said it will retain a 39% interest in a newly formed joint venture, and will retain exclusive U.S. distribution rights of the brands.
US equity markets relinquished earlier gains to settle with modest losses, with most of the fall coming in the final hour of the session - Dow eased -97-points or -0.28% to 34,838.16 after touching a fresh record intraday high at 35,192.11. The broader S&P500 slipped -0.18%, with Materials (down -1.17%) leading seven of the eleven primary sectors lower. More defensive sectors outperformed overnight, with Utilities (up +0.75%) the leading primary sector performer. Tesla Inc rose +3.27%. The Nasdaq inched +0.06% higher. The small capitalisation Russell 2000 fell -0.48%. Persistent concerns about the spread of the delta variant of the coronavirus weighed on investor sentiment on the first trading day for equity markets in August, while investors also eyed progress on an infrastructure bill, merger and acquisition (M&A) activity and concerns about the pace and timing of the Federal Reserve’s plans to roll back easy-monetary policies.
US equity markets retreated on Friday (30 July), closing out the week and month on a weaker footing - Dow down -149-points or -0.42% . The broader S&P500 lost -0.54%, with Consumer Discretionary (down -2.78%) and Energy (-1.76%) the worst performing primary sectors on Friday night AEST (30 July). The Nasdaq fell -0.71%. Amazon.com Inc fell -7.56% - its biggest one-day drop since May 2020 – after reporting slowing sales growth in the second quarter after the closing bell of last Thursday’s (29 July) session. The small capitalisation Russell 2000 lost -0.62%.
US equity markets advanced, shrugging off a weaker-than-expected rise in second-quarter gross domestic product (GDP) as investors instead focussed on largely upbeat corporate earnings releases - Dow up +154-points or +0.44% at 35,084.53, hitting a fresh record intraday high of 35,171.52. The broader S&P500 rose +0.42% to 4,419.15, also touching a record intra-day high (4,429.97). Materials (up +1.08%) and Energy (+1.07%) both gained over >1% to lead nine of the eleven primary sectors higher. Tesla Inc rallied +4.69%, with a number of reasons cited the latest gains. Chief Executive Officer (CEO) Elon Musk tweeted that the electric vehicle maker is hosting an artificial intelligence day on 19 August. The Nasdaq edged +0.11% higher, with Facebook Inc (down -4.01%) and PayPal Inc (-6.23%) following their results after the closing of the previous session that were accompanied underwhelming guidance. The small capitalisation Russell 2000 rose +0.68%.
US equity markets weaker after a listless session, with the Federal Reserve providing no firm clues about when it might start reducing its purchases of government bonds despite saying that the economic recovery is on track - Dow fell -128-points or -0.36% . The broader S&P500 dipped -0.02%. The Nasdaq rose +0.70%. Apple Inc fell -1.22% a day after recording its strongest June quarter result ever, with Chief Executive Officer (CEO) Tim Cook warning that silicon “supply constraints” will affect sales the iPhone as well as the iPad. Advanced Micro Devices Inc rallied +7.6% to close at record high of US$97.93, soaring late in the session after an initially muted reaction to the chipmaker’s better-than-expected second quarter result after the close of the previous session. The small capitalisation Russell 2000 rallied +1.51%. Uber Technologies Inc fell over >4% in extended trading after CNBC reported that SoftBank Group Corp is selling about one-third of its stake in ride-hailing company, in part to cover losses on its investment in Chinese ride-hailing company Didi Global Inc (up +10.32% in regular trading).
US equity markets logged their first declines in six sessions, pulling back from record highs as investors awaited quarterly earnings releases from several megacap technology stocks after the closing bell - Dow lost -86-points or -0.24%, paring an earlier decline of as much as -266-points. The broader S&P500 fell -0.47%, with Consumer Discretionary (down -1.16%), Communication Services (-1.06%), Energy (-1.01%) and Information Technology (-1.01%) all falling over >1%. The S&P500 recovered from an earlier decline of as much as -1.1%. The technology-centric Nasdaq lost -1.20%, its worst single session fall in two-and-a-half months as worries about a regulatory clampdown by Beijing weighed on sentiment. The small capitalisation Russell 2000 shed -1.13%.
US equity markets logged another round of record closing highs, settling near their best levels of the session after swinging between modest gains and losses during Monday’s session - Dow up +83-points or +0.24% at 35,144.31. Intel Corp fell over >3% in the extended session after the chip maker revealed its “road map” and repackaging plans for its future products. The broader S&P500 added +0.24% to 4,422.30, with Energy (up +2.50%) returning to the top of the primary sector leaderboard. The Nasdaq inched +0.03% higher to 14,840.71 ahead of a host of earnings releases from technology heavyweights tonight AEST. The small capitalisation Russell 2000 added +0.33%.
Fresh record highs for all three benchmark US equity indices on Friday night AEST (23 July) after a rocky start to the trading week, with another round of strong corporate earnings booting investor sentiment - Dow up +238-points or +0.68% to 35,061.50, settling above 35,000 at its 6th attempt (having previously traded above threshold on five occasions but unable to close above it). A late session push also saw the Dow hit a fresh record intra-day high (35,095.33). Last Friday’s (23 July) comes 69 trading days after the Dow’s first close above 34,000, making it the slowest such rise since the 218-day gap between the run from a close above 29,000 to a finish above 30,000 that ended on 24 November, 2020, according to Dow Jones Market Data. It took the Dow 165 trading days to run from a close above 30,000 to a close above 35,000, its fastest 5,000 point milestone. Intel Corp fell 5.29% after the chipmaker posted better-than-expected second quarter numbers but an underwhelming third quarter earnings per share (EPS) and revenue outlook after the closing bell of last Thursday’s (22 July) session. The broader S&P500 gained +1.01% to 4,411.79. Communication Services (up +2.65%) led ten of the eleven primary sectors higher. Energy (down -0.43%) was the only primary sector to settle in the red. The Nasdaq gained +1.04% to 14,836.99. Social media firms Twitter Inc (up +3.05%) and Snap Inc (+23.82%) posted solid gains after releasing strong second quarter results after the closing bell last Thursday’s (22 July) session. The small capitalisation Russell 2000 added +0.46%.
US equity markets logged modest gains, with economically sensitive cyclical stocks capping the advance - Dow edged +25-points or +0.07% higher . The broader S&P500 added +0.20%, with Information Technology (up +0.71%) and Healthcare (up +0.67%) the leading primary sector performers. Energy (down -1.13%) and Financials (-1.04%) were the worst performing primary sectors. The Nasdaq +0.36%. Microsoft Corp (up +1.68%), Amazon.com Inc (+1.47%), Apple Inc (+0.96%), Facebook Inc (+1.43%) and Google parent Alphabet Inc (+0.55%) all climbed ahead of the release of their latest quarterly numbers next week. All three major indices settled within 1% of their record closing highs. The small capitalisation Russell 2000 fell -1.55%.
US equity markets extended their rebound from Monday’s sharp falls as some more strong corporate earnings releases overshadowed COVID concerns - Dow up +286-points or +0.83% . The broader S&P500 gained +0.82%, logging its biggest back-to-back advance (up +2.34%) since 14 May. Energy (up +3.53%) led eight of the eleven primary sectors higher. Moderna Inc rose +4.48% after the biotechnology company joined the S&P500 index following the recent change announced by S&P Dow Jones Indices. The technology-centric Nasdaq rose +0.92%. Netflix Inc fell -3.28% after the video-streaming giant’s second quarter result released after the close of the previous session underwhelmed analysts. The small capitalisation Russell 2000 +1.81%.
US equity markets rebounded, erasing much of Monday’s (19 July) steep losses - Dow rose +550-points or +1.62% a day after logging its steepest one day slide since 28 October, 2020. The broader S&P500 gained +1.52%, with Industrials (up +2.74%) and Financials (+2.42%) rising over >2% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.08%) was the only primary sector to close in the red. Airlines (American Airlines Group Inc +8.38% and Delta Air Lines Inc +5.45%) and cruise operators (Carnival Corp up +7.45% and Royal Caribbean Cruises Ltd +7.74%) rebounded solidly. The Nasdaq rose +1.57%, snapping a five session losing streak (the technology-centric indice’s longest such losing streak since 19 October, 2020). The small capitalisation Russell 2000 rallied +2.99% a day after narrowly avoiding sliding into official correction territory (defined as a pullback of 10% from its most recent high).
US equity markets logged their steepest one-day slide since October last year and bond markets rallied sharply amid fresh growth concerns as the delta variant of COVID raises the spectre of renewed lockdown measures and restrictions - Dow tumbled -726-points or -2.09%, logging its steepest one day slide since 28 October, 2020. The index was down -946 points at its worst levels of the session, with all 30 index components finishing in the red. Boeing Co fell -4.94% amid fears the spread of the Delta COVID variant could trigger renewed travel restrictions. The broader S&P500 dropped -1.59%, recording the biggest daily percentage decline since 12 May. Energy (down -3.59%) led the primary sector declines for a fourth consecutive session. Financials (down -2.80%), Materials (-2.18%) and Industrials (-2.14%) also fell over >2%, with all eleven primary sectors retreating. Cruise operators (Carnival Corp -5.74%, Royal Caribbean Cruises Ltd -3.98% and Norwegian Cruise Line Holdings Ltd -5.49%) were under further pressure after the Court of Appeals for the 11th Circuit on Saturday (17 July) handed down a decision that will temporarily keep in place pandemic restrictions on the industry. The technology-centric Nasdaq fell -1.06%, logging its fifth consecutive session decline and longest such losing streak since 19 October, 2020. The small capitalisation Russell 2000 -1.51%, just shy of logging a pullback of 10% from its most recent high (the widely adopted definition of a correction).
US equity markets retreated as inflation fears and COVID concerns overshadowed strong June retail sales figures and some solid corporate earnings releases, leaving the benchmark indices nursing their first weekly declines in four weeks - Dow dropped -299-points or -0.86% . Intel Corp fell -1.51% after the Wall Street Journal reported that the semiconductor giant was exploring a deal to acquire chip maker GlobalFoundries for ~US$30B. The broader S&P500 shed -0.75%. The Nasdaq fell -0.80%. The small capitalisation Russell 2000 fell -1.24%. Moderna Inc jumped +10.30% following confirmation after the close of last Thursday’s (15 July) session that the biotechnology company would be added to the S&P500 index at the opening of trading on 21 July, replacing Alexion Pharmaceuticals Inc (down -0.27%).
US equity markets settled with modest gains as investors digested the first day of Federal Reserve Chair Jerome Powell’s semi-annual monetary policy testimony to Congress - Dow added +44-points or +0.13%, briefly falling into the red. The broader S&P500 edged +0.12% higher, carving out a fresh record intra-day high (4,393.68) shortly after the opening bell. Consumer Staples (up +0.92%), Real Estate (+0.89%), Utilities (+0.83%), Information Technology (+0.73%) were the best performing primary sectors, while Energy (down -2.94%) was comfortably the worst performing primary sector. American Airlines Group Inc gained +3.00% after the carrier forecast better revenue and a narrower loss than previously estimated for the second quarter when it releases its quarterly result on 22 July. L Brands Inc rose +1.35% after the retailer raised its second quarter earnings guidance and announced plans to sell 20M shares held by founder Leslie Wexner and others. The Nasdaq slipped -0.22%, trading above its 12 July closing high (14,733.24) earlier in the session. Apple Inc gained +2.41% after Bloomberg News reported that the company has asked suppliers to build as many as 90M next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments. JPMorgan also added the tech giant to its focus list and raised its price target The small capitalisation Russell 2000 fell -1.63%. In merger and acquisition (M&A) news, American International Group (AIG) Inc gained +% in after hours trading after announcing it would sell a 9.9% stake in its life and retirement business to Blackstone Group Inc in a US$2.2B all-cash deal
US equity markets retreated despite another round of solid corporate earnings releases as investors continued to eye fresh COVID-19 impacts and slowing growth in China - Dow added +54-points or +0.15% . The broader S&P500 eased -0.33%, with Energy (down -1.41%) the worst performing primary sector for a second consecutive session. Utilities (up +1.2%) sat atop the primary sector leaderboard. General Motors Co (down -1.81%) announced that its Lansing Delta Township Assembly plant in Michigan and Spring Hill Assembly plant in Tennessee would take downtime from July 19 through July 26.The Nasdaq fell -0.70%. The small capitalisation Russell 2000 fell -0.55%. Moderna Inc rallied over >5% in the extended session after S&P Dow Jones Indices confirmed that the biotechnology company would be added to the S&P500 index at the opening of trading on 21 July, replacing Alexion Pharmaceuticals Inc (down -3.27%).
Record closing highs for all three benchmark US equity indices on the eve of the US second quarter earnings season kicking off - Dow up +126-points or +0.36%, closing just shy of 35,000 at 34,996.18. Walt Disney Co rallied +4.15% after ‘Black Widow raked in US$80M at the US box office during its debut, the highest of any film released following the pandemic. The movie also brought in more than >US$60M globally from sales through Disney+ Premier Access. The broader S&P500 added +0.35% to 4,384.63. The Nasdaq rose +0.21% to 14,733.24 The small capitalisation Russell 2000 edged +0.08% higher.
US equity markets rebounded strongly, with both the Dow and S&P500 hitting fresh record closing highs - Dow gained +448-points or +1.30% to a record closing high of 34,870.16. FedEx Corp (up +1.08%) hosts a conference call tonight AEST to update investors on its business outlook. The broader S&P500 rose +1.13% to a fresh record closing peak of 4,369.55. Financials (up +2.4%) led ten of the eleven primary sectors higher on Friday night AEST (9 July). The Nasdaq +0.98%. Gains among the big technology names were capped after President Joe Biden signed a new executive order on Friday (9 July) aimed at cracking down on anti-competitive practices in Big Tech, labour and numerous other sectors. The sweeping order, which includes 72 actions and recommendations that involve more than a dozen federal agencies, is intended to reshape the thinking around corporate consolidation and antitrust laws, according to a White House fact sheet. Amazon.com Inc eased -0.32%, while Apple Inc +1.31% Facebook Inc +1.38 and Google-parent Alphabet Inc +0.38%. The small capitalisation Russell 2000 gained +2.17%. For the holiday shortened week, the Dow edged +0.24% higher, S&P500 +0.40% and Nasdaq +0.43%.
US equity markets declined amid growing concerns that the spread of new COVID-19 variants could upend economic growth expectations - Dow fell -260-points or -0.75%, dropping over >500-points earlier in the session. The broader S&P500 lost -0.86%, with Financials (down -1.97%), Industrials (-1.43%), Materials (-1.36%) and Communication Services (-1.05%) all falling over >1% and leading all eleven primary sectors into the red. Major banks Goldman Sachs Group Inc (down -2.37%), Bank of America Corp (-2.44%), JPMorgan Chase & Co (-1.73%) and Wells Fargo & Co (-2.49%) all fell as Treasury yields extended their decline. The technology-centric Nasdaq fell -0.72%, with chipmakers falling amid concerns around the pace of the global recovery. Applied Materials Inc fell -1.74%, Micron Technology -1.42% and Nvidia Corp -2.30%. Amazon.com Inc (up +0.90%) bucked the weaker trend among the technology majors. The small capitalisation Russell 2000 lost -0.94%.
Fresh record closing highs for both the S&P500 and Nasdaq after the minutes from the Federal Reserve’s June monetary policy meeting indicated that officials are not yet ready to move on tightening policy - Dow up +104-points or +0.30% . Apple Inc rose for a seventh straight session, up +1.8% to log its first record closing high (US$144.57) since 26 January. The broader S&P500 rose +0.34% to a fresh record closing high of 4,358.13. Materials (up +1.02%) and Industrials (+1.00%) rose 1% to lead eight of the eleven primary sectors higher. Energy (down -1.73%) was the worst performing primary sector. Major investment banks Goldman Sachs Group Inc (down -0.59%) and Bank of America Corp (-0.80%) fell as long bond yields extended their declines. The Nasdaq inched +0.01% higher after touching a record intra-day high (14,755.33) shortly after the opening bell. Former President Donald Trump filed lawsuits against Facebook Inc (down -0.65%), Twitter Inc (-2.07%) and Google along with companies’ respective Chief Executive Officers alleging the technology giants violated his First Amendment rights. The small capitalisation Russell 2000 fell -0.95%.
US markets stumbled on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us – the Dow slid 208.98 points or -0.60% to 34,577.37. The broader S&P 500 dipped -0.2% to 4,343.54 after hitting a record at the open. The 500-stock index snapped a seven-day winning streak, its longest since August. The S&P 500 is up nearly +16% year to date. Investors say they are now looking for fresh catalysts, such as strong corporate earnings reports or more fiscal stimulus, to power the next leg of the rally in stocks. Wall Street’s consensus year-end target for the S&P 500 stands at 4,276, representing a near -2% loss from the 500-stock average’s current level, according to the CNBC Market Strategist Survey that rounds up 16 top strategists’ forecasts. The Nasdaq Composite rose +0.17% to 14,663.64, closing at a new record. U.S. markets were closed for the July 4 Independence Day holiday on Monday.
European bourses advanced, with the Banking sector (up +1.8%) lifting the benchmark pan-European Stoxx 600 index (which includes UK equities) +0.34%. Germany's DAX edged +0.08% higher. France's CAC +0.22%. Germany’s national disease control centre, the Robert Koch Institute, said overnight that Britain, Portugal, Russia, India and Nepal will be removed from the country’s highest risk category of “virus variant areas” effective Wednesday (7 July). They will move into the second-highest category of “high-incidence areas.” Airlines and others are restricted largely to transporting German citizens and residents from “virus variant areas,” and those who arrive must spend 14 days in quarantine at home. People arriving from “high incidence areas,” however, can avoid quarantine if they can prove that they are fully vaccinated or have recovered from COVID-19. Others can cut short a mandatory 10-day quarantine by testing negative after five days. Transport is no longer restricted. In economic data, a final reading of the IHS Markit composite PMI printed at 59.5 in June, up from 57.1 in May and ahead of a “flash” estimate of 59.2. Eurozone Retail Sales for May, the ZEW Economic Sentiment index for the eurozone/Germany for July, and the eurozone/German Construction PMI for June, and German Factory Orders for May are released tonight AEST.
US equity markets climbed to fresh record closing highs ahead of the holiday long weekend after a solid June non-farm payrolls report bolstered confidence in a labour market recovery - Dow up +153-points or +0.44% to 34,786.35, logging its first record closing high since 7 May. International Business Machines (IBM) Corp fell -4.64% after the company announced that Jim Whitehurst was stepping down from the role of president but will continue to serve an adviser to the company after his departure. Mr. Whitehurst was seen as a potential contender for the chief executive role at IBM. Boeing Co fell 1.3% after a 737 cargo plane made an emergency landing off the coast of Honolulu. The broader S&P500 logged its 7th consecutive record closing high (the longest such streak since the 8-session winning streak that ended on 17 June, 1997) and 36th of 2021, gaining +0.75% to 4,352.34. Information Technology (up +1.39%) and Consumer Discretionary (+1.08%) rose over >1% to lead nine of eleven primary sectors higher on Friday (2 July). Several sectors closed at record levels on Friday (2 July), including technology and health care. Financials and Energy both eased -0.2% to be the only primary sectors to close in the red. Tesla Inc rose +0.14% after the electric vehicle maker posted record deliveries (201,250) for the second quarter that also exceeded Wall Street estimates (207K). The Nasdaq rose +0.81% to a record settlement of 14,639.33, with Apple Inc up +1.96% and Microsoft Corp +2.23%. However, the small capitalisation Russell 2000 fell -1.01%.
US equity markets made a solid start to the third quarter, with the S&P500 scaling a fresh record high ahead of tonight’s key non-farm payrolls report - Dow up +131-points or +0.38% to 34,633.53, marking its fourth-highest close in history as it inches toward eclipsing its 7 May all-time closing high at 34,777.76. Chevron Corp was among the leading index performers following fresh gains on crude markets. The broader S&P500 logged its sixth consecutive all-time closing high (longest such streak since August 2020) and 35th record close of 2021, up +0.52% to 4,319.94. Energy (up +1.72%) and Utilities (+1.13%) rose over >1% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.28%) was the only primary sector to close in the red. The Nasdaq edged +0.13% higher to 14,522.38, just shy of its record settlement of 14,528.33. The small capitalisation Russell 2000 gained +0.81%. In merger and acquisition (M&A) news, MGM Resorts International rose +2.04% after announcing that it will buy the remaining 50% stake in its joint venture, CityCenter Holdings LLC, for US$2.125B from Infinity World Development.
US equity markets mostly firmer to close out the month, quarter and half, with the S&P500 eking out its 34th record close of 2021 - Dow gained +211-points or +0.62% . Boeing Co gained +1.61% after Germany's defense ministry announced it would buy five of the planemaker's P-8A maritime control aircraft. Walmart Inc rose +2.71% after the world’s largest retailer announced that it will start selling private-label analog insulin this week at a deep discount to branded insulin vials and pens, as it seeks to drive growth at its healthcare business. The product, ReliOn NovoLog, is a rapid-acting analog insulin used to control high blood sugar in adults and children with diabetes. It will require a prescription from a physician. More than two decades ago, Walmart launched a human insulin private label brand called ReliOn. The broader S&P500 edged +0.13% higher to log its fifth straight record closing high. Energy (up +1.31%) led seven of the eleven primary sectors higher. Real Estate (down -0.76%) was the worst performing primary sector overnight. ConocoPhillips hosted an Investor Day and detailed plans to add US$1B to its share buyback program for 2021, boosting its planned distributions to shareholders for the year to ~US$6B, or 7% of its current market capitalisation. The Nasdaq slipped -0.17%. The small capitalisation Russell 2000 inched +0.07% higher.
•Chinese ride-sharing company DiDi Global Inc debuted on the New York Stock Exchange (NYSE) overnight, settling with a +1% gain (US$14.14 versus the initial public offer (IPO) price of US$14 per share) and market cap of US$67.8B. Didi raised US$4.4B in its IPO, with Uber Technologies (down -1.26%), Tencent Holdings Ltd (-1.10%) and SoftBank Corp (up +0.09%) the biggest shareholders.
The S&P500 and Nasdaq eked out fresh record highs - Dow inched +9-points higher, paring an earlier climb of over >100-points. The broader S&P500 eked out a +0.03% gain to settle at 4,291.80 and log its 33rd record closing high of 2021. Information Technology (up +0.70%) did the heavy lifting overnight and was one of only three primary sectors to advance (along with Consumer Discretionary (+0.23%) and Health Care (+0.07%)). Utilities (down -1.65%) was the worst performing primary sector. Morgan Stanley (up +3.35%) and Goldman Sachs Group Inc (+1.06%) advanced. Five of the six largest U.S. banks announced on Monday (28 June) that they would increase dividends after the Federal Reserve last week lifted previous temporary restrictions on dividends and share buybacks.
Technology stocks led both the S&P500 and Nasdaq to fresh record highs - Dow fell -151-points or -0.44% , with Boeing Co fell -3.39% after regulators told the company it is not likely to receive certification for its long-range aircraft until mid-to-late 2023. Chief Executive Officer (CEO) Dave Calhoun earlier this month said it expected certification in the fourth-quarter of 2023. Chevron Corp -3.08%. Morgan Stanley rose over >2.5% in extended trading (after falling -0.79% in the regular session) after doubling its quarterly dividend to US$0.70c per shar and announced a new US$12B stock repurchase plan through until June 2022. Morgan Stanley’s new capital plan appeared to be among the most aggressive of the banks rushing to announce at the market close and comes after last week’s Federal Reserve stress tests that saw the central bank say that the biggest U.S. banks could easily withstand a severe recession, noting that all 23 institutions in the 2021 annual stress test remained “well above” minimum required capital levels during a hypothetical economic downturn. Goldman Sachs Group Inc, Bank of America Corp and JPMorgan Chase & Co also announced that they were hiking their capital payouts. The broader S&P500 added +0.23% to 4,290.61 to record its third consecutive record closing high and 32nd of 2021 after touching a fresh record intra-day high of 4,292.14 earlier in the session. Information Technology (up +1.11%) led seven of the eleven primary sectors higher. Energy (down -3.33%) was the worst performing primary sector. Carnival Corp fell -7.04% after the cruise operator said that it may sell up to US$500M in stock from time to time as part of an at-the-money equity offering program. United Airlines Holdings Inc fell -2.58% ahead of the carrier’s Investor Day tonight AEST. The Nasdaq gained +0.98% to 14,500.51, also clocking a fresh record intra-day peak (14,505.19). Facebook Inc rallied +4.18% and became the fifth US company to achieve a market capitalisation of US$1 trillion after a federal judge opted to dismiss an antitrust case that the Federal Trade Commission had brought against the social-media giant. Facebook’s market capitalisation hit a 2020 low of US$416.2B in March last year. Microsoft Corp (up +1.40%), Apple Inc (+1.25%), Amazon.com Inc (+1.05%) and Nvidia Corp (+5.01%) all logged solid gains. The small capitalisation Russell 2000 fell -0.52%.
US equity markets advanced, with the S&P500 logging a fresh record closing high - Dow up +237-points or +0.69% 34,433.84 to settle within 345-points or 1% of its 7 May record closing high (34,777.76). Nike Inc soared +15.53% after the world’s largest athletic footwear and apparel seller posted better-than-expected fiscal fourth quarter earnings per share (US$0.93c versus a loss of -US$0.51c in the year ago period and consensus analyst forecasts for US$0.51c) and revenue (US$12.34B versus US$6.31B in the year ago period and consensus US$11.03B) after the closing bell of last Thursday’s (24 June) session. The broader S&P500 added +0.33% to settle at a fresh record closing high of 4,280.70. Financials (up +1.25%) and Utilities (+1.13%) rose over >1% to lead ten of the eleven primary sectors higher. Information Technology (down -0.15%) was the only primary sector to close in the red. Big banks Morgan Stanley (up +1.52%), Citigroup Inc (+0.32%), Bank of America Corp (+1.93%), JPMorgan Chase & Co (+1.01%) and Wells Fargo (+2.66%) added between +0.3% and 2.7% after the Fed announced they have cleared latest stress test and will no longer face pandemic-era restrictions on buying back stock and paying dividends. Chinese regulators said on Saturday (26 June) Tesla Inc (down -1.17%) would ‘recall’ nearly 300,000 China-made and imported Model 3 and Model Y cars for an online software update related to assisted driving, with owners not required to return their vehicles. The Nasdaq dipped -0.06% a day after logging its 17th record close (14,369.71) of 2021. The small capitalisation Russell 2000 eked out a +0.03% rise. Friday (25 June) saw heightened trading volume as FTSE Russell was set to rebalance its U.S. stock indexes at the market close. Bank of America estimated that more than >US$170B worth of shares would be changed hands as a result of 625 changes in total to Russell indexes, including the Russell 1000 and Russell 2000.
Fresh record highs for the both the S&P500 and Nasdaq after President Biden declared that the White House had struck an ~US$1 trillion infrastructure deal with a bipartisan group of senators that includes US$579B in new spending - Dow up +323-points or +0.95% to 34,196.82 and sit ~2.6% below its all-time record high. Caterpillar Inc rose +2.6%. Goldman Sachs Group Inc (up +2.13%) and JPMorgan Chase & Co (+0.92%) advanced ahead of the release of the Federal Reserve’s annual bank stress test results after the closing bell. The broader S&P500 gained +0.58% to 4,266.49. The Nasdaq +0.69% to 14,369.71 and logging its 17th record close of 2021. Microsoft Corp rose +0.53% to US$266.69 after unveiling the first overhaul of its Windows operating system in almost 6-years. becoming just the second U.S. company to close a trading day with a market capitalisation above >US$2 trillion. Microsoft’s market value hit a 2020 low of US$1.03 trillion in the early days of the COVID-19 crisis, according to Dow Jones Market Data, but the shares are up more than >96% from their closing low of US$135.42 on 16 March, 2020. The market-value gains for Microsoft since its March 2020 low are worth more than Facebook Inc’s (up +0.76%) entire market capitalisation (~US$973B). Apple Inc (down -0.22%) notched a market capitalisation of US$2 trillion for the first time in August last year and is now worth more than >US$2.2 trillion. The small capitalisation Russell 2000 gained +1.31%.
US equity markets mixed although the technology centric Nasdaq scaled a fresh record peak - Dow eased -71-points or -0.21% . The broader S&P500 slipped -0.11% but still sits ~0.4% from its all time high. The Nasdaq edged +0.13% higher to book its 16th record closing high (14,271.73) of 2021 and touching a fresh record intra-day peak (14,317.66). The small capitalisation Russell 2000 added +0.33%.
US equity markets followed through in Monday night’s (21 June) rebound, with the technology centric Nasdaq logging a fresh record closing high - Dow added +69-points or +0.20% . The broader S&P500 rose +0.51% to 4,246.44, settling just shy of last week’s (14 June) record closing high (4,255.15), with Consumer Discretionary (up +1.04%) and Information Technology (+0.89%) leading nine of the eleven primary sectors higher. Utilities (down -0.68%) and Real Estate (-0.44%) were the only primary sectors to close in the red. Delta Air Lines Inc (down -0.87%) plans to hire more than 1,000 pilots by next summer, according to multiple news reports. Citing an internal memo, Reuters and Bloomberg News separately reported that the airline looks to increase the number of pilots by ~8%, anticipating a recovery in air travel over the next year as international travel restrictions ease. The Nasdaq erased earlier losses to settle +0.79% higher at 14,253.27, eclipsing its previous record close of 14,174.14 set on 14 June. Microsoft Corp rose +1.1% and briefly saw its market capitalisation rise above >US$2 trillion after touching a record intra-day high of US$265.79. Microsoft is looking to join Apple Inc (up +1.27%), which is the only U.S. company to have closed a trading day with a market capitalization above >US $2 trillion. Apple is now worth ~US$2.2 trillion. Alphabet Inc rose +0.43% despite the European Commission announcing that it had opened a formal probe into Google’s digital advertising business in order to assess whether the U.S. company is distorting competition by favouring its own business. The small capitalisation Russell 2000 rose +0.43%. In merger and acquisition (M&A) news, Blackstone Real Estate Income Trust Inc., a real-estate investing platform managed by a unit of private-equity firm Blackstone Group Inc (up +0.10%) announced that it would acquire Home Partners of America in a deal valuing the company at US$6B.
US equity markets rebounded from last Friday’s (18 June) sharp sell-off and bond markets softened - Dow rallied +587-points or +1.76%, recording its best single session percentage climb since 5 March and rebounding from its worst weekly performance since the week ended 30 October, 2020 last week. Boeing Co gained +3.34%, while the Banks (including JPMorgan Chase & Co +1.70% and Goldman Sachs Group Inc +2.50%) also rebounded. The broader S&P500 gained +1.4%, recording its best single session percentage rise since 14 May to move back to within 1% of its record closing high. Energy (up +4.29%) leading all eleven primary sectors higher. Financials (up +2.35%), Industrials (+2.18%) and Materials (+2.07%) all rebounded over >2%. American Airlines Group Inc (up +0.72%) aid it was trimming some flights (amounting to about 1% of planned flying in the first half of July) to alleviate potential strains on its operations. The Nasdaq +0.79% to 14,141.48 and notch its third highest settlement on record. Microsoft Corp gained +1.23% and hit a record intra-day high (US$263.52). Netflix Inc fell -0.75% despite detailing a partnership with Steven Spielberg’s film and TV studio Amblin Partners for multiple new films for the streaming platform. The small capitalisation Russell 2000 gained +2.16%.
US equity markets retreated to close out a soft week that saw some unwinding of the reflation trade, with investors also eyeing some hawkish comments from St. Louis Federal Reserve President James Bullard - Dow fell -533-points or -1.58% . The broader S&P500 shed -1.31%, with the Energy (down -2.92%), Utilities (-2.63%) and Financials (-2.45%) all falling over >2% and leading all eleven primary sectors lower. ~90% of the S&P500’s constituents settled lower on Friday. Both the Dow and S&P 500 hit their session lows in the final minutes of Friday’s (18 June) trading session and settled around those levels. The Nasdaq -0.92%. Amazon.com Inc’s (down -0.07%) Prime Day two day retail event kicks off tonight AEST., with EMarketer forecasting that total digital sales in the U.S. on Prime Day will jump +17.3% year over year to US$12.18B. The small capitalisation Russell 2000 dropped -2.17%. Last Friday’s (18 June) session also marked "quadruple witching day", the quarterly simultaneous expiration of U.S. options and futures contracts, and saw the largest options expiration in history.
US equity markets mixed as investors continued to ponder the latest monetary policy pronouncements from the Federal Reserve, although technology stocks traded strongly - Dow fell -210-points or -0.62%, extending its losing streak into a fourth straight day – the longest losing streak since January. Among some of the Dow’s key components, Caterpillar Inc fell -3.55%, Chevron Corp -2.37% and Dow Inc fell -3.13%, The broader S&P500 dipped -0.04%, with the Energy (down 3.49%), Financials (2.94%) and Materials (-2.20%) recording sharp falls. However, Information Technology rose +1.17% to be the leading primary sector performer. The technology-centric Nasdaq gained +0.84%, with Facebook (up +1.64%), Apple Inc +1.26%), Amazon.com Inc (+2.17%) all posting solid gains. The small capitalisation Russell 2000 fell -1.18%.
US equity markets retreated but settled off their worst levels of the session as investors digested the Federal Reserve’s latest monetary policy pronouncements that saw the central bank raise its headline inflation projection - Dow fell -266-points or -0.77% , dropping as much as -382-points or -1.1% earlier in the session and booking a third straight session decline. The broader S&P500 shed -0.54%, paring an earlier decline of as much as -1%. Utilities (down -1.49%), Consumer Staples (-1.24%) and Materials (-1.17%) all fell over >1% to lead ten of the eleven primary sectors lower. Consumer Discretionary (up +0.16%) was the only primary sector to advance. Oracle Corp fell -5.59% following the release of their fourth quarter result after the closing bell of the previous session. General Motors Co (up +1.56%) expects the ongoing semiconductor chip shortage and rising inflation to increase its expenses during the second half of the year by up to US$3B, according to Chief Financial Officer (CFO) Paul Jacobson The Nasdaq eased -0.24%, recovering from an earlier slide of as much as -1.2%. The small capitalisation Russell 2000 lost -0.23%.
US equity markets retreated as investors digested some mixed economic data and eyed the conclusion of the Federal Reserve’s two day monetary policy meeting, with the S&P 500 and Nasdaq pulling back from the record closing highs logged in the previous session - Dow down -94-points or -0.27% . The broader S&P500 eased -0.20% after touching a fresh record intra-day high (4,257.16) earlier in the session, with Real Estate (down -1.04%) and Information Technology (-0.64%) the worst performing primary sectors. Energy (up +2.06%) was comfortably the leading the primary sector performer. The Nasdaq fell -0.71%, with Apple Inc (down -0.64%), Alphabet Inc (-0.25%), Amazon.com Inc (-0.02%) and Microsoft Corp (-0.59%) all registering losses The small capitalisation Russell 2000 slipped -0.26%.
US equity markets advanced after a strong finish to the opening session of the week, with technology stocks outperforming - Dow down -86-points or -0.25%, paring an earlier -268-point/-0.78% decline. FedEx Corp in extended trading after its board approved a US$0.10c or +15% increase to the delivery and logistics company's dividend to US$0.75c per share.. The broader S&P500 edged +0.18% higher to 4,255.15, moving into positive territory in the final 15-minutes of the session and logging its 29th record closing high of the year. Information Technology rose +1.04% to lead six of the eleven primary sectors higher. Materials (down -1.28%) and Financials (-1.03%) both fell over >1% to be the worst performing primary sectors. Tesla Inc (up +1.28%) Chief Executive Officer (CEO) Elon Musk on Sunday (13 June) said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners. The Nasdaq gained +0.74% to 14,174.14, logging its first record closing high since 26 April. The small capitalisation Russell 2000 fell -0.41%. Novavax (NVAX) slipped -0.9% despite announcing that Phase 3 trial data showed its COVID-19 vaccine to be 90.4% effective against the disease overall, and 100% effective at preventing severe cases.
Benchmark US equity markets advanced, shrugging off the latest evidence of accelerating inflation - Dow inched +19-points or +0.06% higher. The broader S&P500 added +0.47% to settle at a fresh record closing high of 4,239.18, also touching a fresh record intra-day high (4,249.74) earlier in the session. Healthcare (up +1.69%) led seven of the eleven primary sectors higher. Financials (down -1.12%) was the worst performing primary sector. RH (formerly known as Restoration Hardware) soared +15.67% after the home furnisher posted a better-than-expected first quarter result after the close of the previous session and lifted its fiscal full year sales.
US equity markets retreated, losing steam in the final half-hour of trading ahead of tonight’s AEST May inflation data - Dow fell -153-points or -0.44% . The broader S&P500 slipped 0.18% to 4,219.55, having surpassed its 7 May record closing high (4,232.60) earlier in the session and touching an intra-day peak of 4,237.09. Financials (down -1.06%) and Industrials (-1.03%) led seven of the eleven primary sectors lower. Healthcare (up +1.00%) and Utilities (+0.85%) sat atop the primary sector leaderboard. Target Corp fell -1.34% despite it would raise its quarterly dividend by +32.4% to US$0.90c per share from US$0.68c and reported traffic growth of 4.8% over the past 13 quarters. The Nasdaq dipped -0.09% to 13,911, booking its first loss in four sessions after touching an intra-session peak of 14,003.50. The small capitalisation Russell 2000 fell -0.71%.
US equity markets settled narrowly mixed as investors continued to eye Thursday night’s AEST (10 June) inflation report - Dow eased -30-points or -0.09% . The broader S&P500 eked out a +0.02% gain, touching an intra-session peak (4,236.74) above its record close (4,232.60) set on 7 May. Consumer Discretionary (+0.96%) led six of the eleven primary sectors higher. Utilities (down -0.91%) was the worst performing primary sector. Tesla Inc erased earlier gains to settle -0.25% lower despite data from Beijing reporting an increase in deliveries. The electric car maker delivered 33,463 China-made vehicles in that market in May, a +29% jump from April. The data had also showed China’s overall new electric vehicle sales had surged 177% compared with a year ago. Southwest Airlines Co rose +1.06% after the carrier provided May metrics and a June outlook that reflected improving leisure passenger traffic and fares. Southwest also said it recently entered into an agreement with Boeing Co (up +0.04%) to increase its 2022 orders by 34 Boeing 737 MAX 7 planes, bringing the total to 234 firm orders. Airline stocks more broadly turned higher after the Centers for Disease Control and Prevention eased travel recommendations for 61 countries, including Japan, France, South Africa, Canada, Spain and Italy. United Airlines Holdings Inc climbed +0.75% and Delta Air Lines Inc +2.08%. The Nasdaq rose +0.31%. The small capitalisation Russell 2000 rose +1.06%.
US equity markets settled modestly weaker following a session absent any notable catalysts and as investors eye Thursday night’s AEST (10 June) consumer price inflation (CPI) report for May - Dow lost -126-points or -0.36% to 34,630.24, having climbed above its 7 May record closing high (34,777.76) earlier in the session. The broader S&P500 dipped -0.08%, with Materials (down -1.23%) leading seven of the eleven primary sectors lower. Real Estate (up +0.91%) was the leading primary sector performer. Biogen Inc surged 38.3% following news that the Food and Drug Administration (FDA) approved its Alzheimer’s disease drug aducanumab.
US equity markets - Dow up +179-points or +0.52% . The broader S&P500 gained +0.88%. Both the Dow and S&P500 settled within 0.1% of record highs. The Nasdaq rallied +1.47%. Apple Inc rose +1.9% ahead of the technology giant’s Worldwide Developers Conference (WWDC), which starts tonight AEST. Microsoft Corp rose +2.07%. The small capitalisation Russell 2000 added +0.31%.
US equity markets settled with modest gains as investors eye Friday night’s AEST (5 June) key non-farm payrolls report for May - Dow added +25-points or +0.07%, recording its fifth consecutive session advance and settling ~1.4% shy of its record all-time high. The broader S&P500 edged +0.14% higher, with Energy (up +1.74%) and Real Estate (+1.41%) leading six of the eleven primary sectors higher. Materials (down -0.94%) was the worst performing primary sector overnight. Tesla Inc fell -3.01% after electric car maker said it is recalling nearly 6,000 vehicles over concerns that their brake caliper bolts might loosen, which could potentially result in a loss of tire pressure. Tesla was also reportedly told by the Securities and Exchange Commission that it had failed to properly approve tweets by Chief Executive Officer (CEO) Elon Musk. The technology-centric Nasdaq also added +0.14%. Microsoft Corp (down -0.04%) announced that it will unveil “the next generation of Windows” on 24 June. Windows, the dominant operating system for personal computers, is the source of ~14% of total revenue for Microsoft. The small capitalisation Russell 2000 edged +0.13% higher. In merger and acquisition (M&A) news, Etsy Inc gained +7.15% after announcing it is buying London-based privately held fashion marketplace Depop for US$1.625B.
•US equity markets settled with modest gains as investors eye Friday night’s AEST (5 June) key non-farm payrolls report for May - Dow added +25-points or +0.07%, recording its fifth consecutive session advance and settling ~1.4% shy of its record all-time high. The broader S&P500 edged +0.14% higher, with Energy (up +1.74%) and Real Estate (+1.41%) leading six of the eleven primary sectors higher. Materials (down -0.94%) was the worst performing primary sector overnight. Tesla Inc fell -3.01% after electric car maker said it is recalling nearly 6,000 vehicles over concerns that their brake caliper bolts might loosen, which could potentially result in a loss of tire pressure. Tesla was also reportedly told by the Securities and Exchange Commission that it had failed to properly approve tweets by Chief Executive Officer (CEO) Elon Musk. The technology-centric Nasdaq also added +0.14%. Microsoft Corp (down -0.04%) announced that it will unveil “the next generation of Windows” on 24 June. Windows, the dominant operating system for personal computers, is the source of ~14% of total revenue for Microsoft. The small capitalisation Russell 2000 edged +0.13% higher. In merger and acquisition (M&A) news, Etsy Inc gained +7.15% after announcing it is buying London-based privately held fashion marketplace Depop for US$1.625B.
US equity markets mixed after resuming trading following the Memorial Day long weekend, with investors continuing to monitor inflation signals - Dow added +46-points or +0.13%, paring an opening gain of as much as 300-points but logging a fourth straight session of gains. The broader S&P500 dipped -0.05% despite a +3.93% jump for the Energy sector, and with the S&P 500 Financial sector (+0.66%) hitting a record high. Health Care (down -1.64%) and Utilities (-0.62%) were the worst performing primary sectors. American Airlines Group Inc and United Airlines gained +1.77% and +2.26%, respectively, after the Transportation Security Administration said it screened an average of 1.78M people from Friday through Monday, well above the volumes one year ago and another sign that U.S. air travel has reached a pandemic-era high. Those volumes are more than six times higher than a year ago but still 22% below Memorial Day weekend in 2019. Abbott Laboratories fell -8.3% after the company cut its full-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. The Nasdaq slipped -0.09%. The small capitalisation Russell 2000 rose +1.14%. In merger and acquisition (M&A) news, Cloudera Inc jumped +23.9% after private equity firms KKR & Co and Clayton Dubilier & Rice LLC agreed to take the data analytics firm private for US$4.7B (or US$16 per share).
US equity markets were CLOSED overnight for the Memorial Day Holiday.
In US economic data, the Institute of Supply Management’s (ISM) Manufacturing purchasing manager’s index (PMI) for May, a final reading of the Markit Manufacturing PMI for May, and Construction Spending for April are released tonight AEST.
US equity markets advanced ahead of the Memorial Day long week end, shrugging off the latest rise in inflation - Dow up +65-points or +0.19% . Boeing Co fell -1.47% after the Wall Street Journal reported that the aeronautics company halted deliveries of its 787 Dreamliners, adding fresh delays for customers. The broader S&P500 edged +0.08% higher , with Real Estate (up +0.64%) and Utilities (+0.46%) leading seven of the eleven primary sectors higher. The Nasdaq settled +0.09% higher. The small capitalisation Russell 2000 slipped -0.18%. US equity and bond markets are CLOSED tonight AEST for the Memorial Day holiday.
US equity markets advanced in relatively subdued trading ahead of the Memorial Day long weekend - Dow up -142-points or +0.41% . Boeing Co rose +3.87%. The broader S&P500 edged +0.12% higher, with Industrials (up +1.37%) and Financials (+1.19%) both up over >1% to lead six of the eleven primary sectors higher. Boeing supplier General Electric Co rose +7.09%. The technology-centric Nasdaq dipped -0.01%. The small capitalisation Russell 2000 rose +1.06%, its eighth consecutive session advance and longest such winning streak since 1995.
US equity markets settled modestly higher in light volume trade ahead of the Memorial Day long weekend - Dow inched +11-points or +0.03% higher . The overnight session marked the 125th anniversary of the Dow Jones Industrial Average, which made its debut 26 May, 1896 with just 12 members. The indice’s best year occurred in 1915 when the benchmark rallied +81.7%, while 1931 marked its worst year with a -52.7% loss. The broader S&P500 edged +0.19% higher, with Energy (+0.93%) and Consumer Discretionary (+0.90%) leading eight of the eleven primary sectors higher. Healthcare (down -0.56%) was the worst performing primary sector. Ford Motor Co rallied +8.4% after the vehicle maker said it planned to spend US$30B on vehicle electrification by 2025, up from a previously stated goal of US$22B in electric vehicle spending. Cruise operators continued to trade strongly, with Carnival Corp up +2.76% and Royal Caribbean Cruises Ltd +3.92%. A tiny hedge fund - Engine No. 1 - dealt a major blow to Exxon Mobil Corp overnight, unseating at least two board members as part of a heated Environmental, Social and Corporate Governance (ESG) battle. Eight of Exxon’s nominees were elected to its 12-member board of directors, along with two of Engine No. 1’s nominees, the company said. The counting is not finished, so Engine No. 1 could potentially see three of its four nominees join the Exxon board. The Nasdaq rose +0.59%. Amazon.com Inc (up +0.19%) agreed to acquire privately owned MGM Holdings for ~US$8.45B, confirming months long speculation and marking the latest in a steady stream of consolidation in the movie and television content business. The small capitalisation Russell 2000 jumped +1.97%.
US equity markets logged modest falls, erasing earlier gains in a session absent any major catalysts - Dow fell -82-points or -0.24%, unwinding an earlier gain of over >100-points and snapping a three-session winning streak. The broader S&P500 lost -0.21% , with Energy (down -2.04%) leading six of the eleven primary sectors lower. United Airlines Holdings Inc rose +1.5% after the carrier said yields on domestic leisure tickets purchased this month topped 2019 levels amid the re-opening.The Nasdaq dipped -0.03%. Amazon.com Inc added +0.43% despite Washington, D.C., Attorney General Karl Racine said he’s suing the e-commerce giant on antitrust grounds. He alleged Amazon’s practices have unfairly raised prices for consumers and suppressed innovation. The small capitalisation Russell 2000 lost -0.97%. Moderna Inc rose +3.10% after the company said a new study showed its COVID-19 vaccine was effective in children aged 12 to 17, a finding that could clear the way for a second-shot for use in adolescents.
Technology stocks fuelled a fresh rally for US equity markets - Dow up +186-points or +0.54%, logging a third straight session climb albeit paring an earlier climb of ~265-points or +0.77%. 22 of the Dow’s 30 components advancing. The broader S&P500 gained +0.99%, with Communication Services (up +1.84%) and Information Technology (+1.76%) leading ten of the eleven primary sectors higher. MGM Resorts International (up +5.14%) was the leading S&P500 constituent, with ~83% of the index’s stocks advancing. Norwegian Cruise Line Holdings Ltd gained +4.70% after announcing that it will resume cruises to Alaska from Seattle starting 7 August. Cruise operating peer Carnival Corp rose +2.69%. Airlines also posted solid gains, with American Airlines Group Inc up +1.86%% and United Airlines Holdings Inc +1.52%. The Nasdaq rallied +1.41%, with Google parent Alphabet Inc (up +2.63%), Facebook Inc (+2.66%) and Microsoft Corp (+2.29%) all gaining over >2%. Amazon.com Inc rose +1.31% amid reports that the company is nearing a deal to acquire MGM Studios for between US$8.5B and US$9B. The deal is expected to be announced as soon tonight AEST. It would mark Amazon’s biggest acquisition since it bought Whole Foods in 2017 for US$13.7b. The small capitalisation Russell 2000 rose +0.54%. Square Inc rose +5.47% in afternoon trading after Bloomberg News reported the payments company could offer savings and checking accounts in the near future.
US equity markets closed out another volatile week on a mixed note - Dow gained +124-points or -0.36%. Boeing Co gained +3.1% after industry sources said the planemaker had drawn up preliminary plans to increase 737 MAX output to as many as 3 jets per month in 2022. Construction and mining equipment manufacturer Caterpillar Inc (up +0.96%) and investment banks Goldman Sachs Group Inc (+1.80%) and JPMorgan Chase & Co (+1.14%) also traded strongly. The broader S&P500 slipped -0.08% Consumer Discretionary (down -0.59%) and Information Technology (-0.52%) both down over >0.5% to lead six of the eleven primary sectors lower. Financials (up +0.9%) was the leading primary sector performer. Ford Motor Co jumped +6.73% after announcing plans late last Thursday (20 May) to form a battery joint venture un the US with South Korean battery manufacturer SK Innovation to support its electric vehicle rollout. The Nasdaq -0.48%. NVIDIA Corp rose +2.6% after the chipmaker announced a four-for-one stock split. Since the company’s last share spilt (3-for-2) in 2007, NVIDIA shares have rallied 1,640.7% as the company cemented its essential position in the realm of artificial intelligence. Shareholders will vote on the proposed split at the company’s annual meeting on 3 June, with the stock trading on a split-adjusted basis beginning on 20 July if the resolution is passed. J.P. Morgan kicks off its three-day virtual Global Technology, Media, and Communications conference tonight AEST, featuring companies in sectors such as hardware, semiconductors, and media. The small capitalisation Russell 2000 +0.34%.
U.S. stocks rose on Thursday, rebounding from three straight days of losses as technology shares staged a comeback, while the latest jobless claims totalling a fresh pandemic-era low also boosted sentiment. The Dow Jones rose +188 points, or +0.6%. The S&P 500 gained nearly +1.1% with tech being the biggest gainer among 11 sectors. The Nasdaq climbed +1.8% as Microsoft, Facebook and Alphabet all gained more than 1%. Netflix and Apple rallied more than 2% each. Tesla, chip stocks and other speculative parts of the market, which took a big hit in the previous session, bounced back on Thursday amid a recovery in bitcoin prices.
US equity markets booked a third straight session of declines although pared losses in the final hour of trading, with the latest Federal Reserve monetary policy meeting minutes underscoring an emerging debate at the central bank over inflation risks and when to start discussing a pullback of its asset purchases - Dow fell -165-points or -0.48%, having been down as much as -586-points at the lows of the session. The broader S&P500 lost -0.29%, with Energy (down -2.52%) and Materials (-1.54%) leading nine of the eleven primary sectors lower. Information Technology (up +0.33%) and Communication Services (+0.10%) were the only primary sectors to advance. Dominos Pizza Inc fell ~0.9% in extended trading after announcing that Chief Financial Officer (CFO) Stuart A. Levy will be leaving the company "to pursue other opportunities" . Mr Levy is stepping down as CFO immediately but will continue with Domino's through the end of August as an adviser to ensure a smooth transition. Southwest Airlines Co lost -2.71% despite disclosing that April operating revenue and load factor were in line with expectations, and said it continues to see improvement in leisure passenger demand and bookings for May and June travel. The technology-centric Nasdaq dipped -0.03%, paring an earlier decline of over >1.7%. The small capitalisation Russell 2000 lost -0.78%.
US equity markets weaker, with technology stock turning lower late in the session - Dow fell -267-points or -0.78% . The broader S&P500 lost -0.85% with Energy (down -2.63%) leading nine of the eleven primary sectors lower. The Nasdaq -0.56% . Amazon.com Inc fell -1.17% following reports that the company is in discussions to acquire MGM Holdings Inc for ~US$9B. Apple Inc (down -1.12%) had previously been rumoured to have been interested in buying MGM, which started formally seeking a sale last year. The small capitalisation Russell 2000 %.
US equity markets eased as inflation concerns persist - Dow eased -54-points or -0.16% . The broader S&P500 lost -0.25%, with Communication Services (down -0.88%), Utilities (-0.86%) and Information Technology (0.70%) leading eight of the eleven primary sectors lower. Energy (up +2.30%) was the clear outperformer. Tesla Inc fell -2.19%, with famed investor Michael Burry – who made a fortune betting against mortgage securities before the 2008 global financial crisis - revealing a short position against the electric vehicle maker of 800,100 shares or ~US$534M in a regulatory filing. AT&T Inc fell -2.7% (after hitting a record intra-day high of US$33.88 earlier in the session) after confirming weekend press speculation that it will merge its content unit WarnerMedia with rival Discovery Inc (down -5.05%) in a deal to create a media giant with an enterprise value of US$150B. United Airlines Holdings Inc rose +2.33% after announcing that it is adding more than 400 daily flights to its July schedule and will increase its service to destinations in Europe, as booking for summer travel had more than tripled (up +214%) compared with 2020 levels The technology-centric Nasdaq lost -0.38%, paring an earlier decline of over >1.2%. Microsoft Corp lost -1.2% and Apple Inc -0.93%. The small capitalisation Russell 2000 edged +0.11% higher. In broader stock moves, Airbnb Inc dropped -6.16% as its post initial public offering (IPO) lockup period ends, allowing insiders the right to sell shares.
US equity markets ended a tough week punctuated by inflation concerns on a positive note, with investors shrugging off a weak April retail sales report - Dow gained +361-points or +1.06% . The broader S&P500 +1.49%, with ~89% of index’s components advancing. Energy (up +3.16%) and Information Technology (+2.12%) led all eleven primary sectors higher. Stocks most exposed to the ongoing recovery traded strongly, buoyed by the Centers for Disease Control and Prevention updating its guidance around masks for people who are fully vaccinated late last Thursday (13 May), saying they no longer need to wear a mask or socially distance "in any setting" except when required by laws or rules. United Airlines Holdings Inc (up +5.44%) and American Airlines Group Inc (+5.61%) both climbed more than 5%, while cruise operators Carnival Corp (up +8.28%) and Norwegian Cruise Line Holdings Ltd (+8.09%) both jumped over >8%. CNBC reported over the weekend that AT&T Inc is in advanced talks to merge its content unit WarnerMedia with rival Discovery in a deal to create a media giant with an enterprise value of US$150B that will strengthen the combined company against rival media giants Netflix Inc and Walt Disney Co (down -2.60%), citing people familiar with the matter. The technology-centric Nasdaq gained +2.32%. Facebook Inc rose +3.5%, while Google parent Alphabet Inc (up +2.21%) and Microsoft Corp (+2.11%) both climbed over >2%. Apple Inc (up +1.98%), Amazon.com Inc (+1.94%) and Netflix Inc (+1.38%) all gained over >1%. The small capitalisation Russell 2000 gained +2.47%.
•US equity markets rebounded despite another robust inflation report - Dow up +434-points or +1.29%, snapping a three session losing streak and logging its biggest single session percentage rise in almost two months. Boeing Co rose +0.84% after the The Wall Street Journal reported that that the aviation company had received approval from U.S. air-safety regulators to make fixes to an electrical problem that has grounded more than 100 of its 737 MAX jets, citing the company and a Federal Aviation Administration official, paving the way for airlines to return them to passenger service within days. The broader S&P500 +1.22%, with Industrials (up +1.90%) and Financials (+1.87%) leading ten of the eleven primary sectors higher. Energy (down -1.35%) was the only sector to close in the red. Tesla Inc lost -3.09% and the electric vehicle company has posted declines in 11 of the last 13 trading sessions and is on track to post its worst week since March 2020, with a week-to-date loss of -14.97%. The Nasdaq +0.72% higher, with Apple Inc (up +1.79%) and Microsoft Corp (+1.69%) both rebounding over >1.5%. The small capitalisation Russell 2000 rose +1.68%.
Inflation concerns hobbled US equity markets overnight although technology stocks stabilised after steep falls in the previous session - Dow down -474-points or -1.36%, logging its worst single session performance since 26 February. Travelers Companies Inc (down -3.08%) and Home Depot Inc (-3.07%) led the index declines. The broader S&P500 lost -0.87%, with Energy (down -2.56%) and Financials (-1.67%) leading ten of the eleven primary sectors lower. Materials (up +0.35%) was the only primary sector to advance. Tesla Inc fell -1.88% (paring an earlier decline of over >5.5%) after the electric vehicle maker’s April sales in China fell sharply from March, more so than its rivals amid negative public relations issues. Tesla sold 25,845 vehicles made in China in April. Although that was up from January sales of 15,484 vehicles and February sales of 18,318 vehicles, April sales were down -27% from March, according to industry data. Overall April electric vehicle sales in China fell 12% from March. L Brands Inc fell -1.8% after announcing plans to separate Victoria’s Secret and Bath & Body Works into two publicly traded companies through a tax-free spinoff that should be completed in August 2021. The Nasdaq dipped -0.09% to 13,389.43 after dropping to a six-week intra-day low of 13,107.67 (down ~2.2%)earlier in the session. A number of big technology names rebounded in in the afternoon session, including Netflix Inc which recovered from an earlier decline of as much as -1.7% to a six-month low to settle +1.72% higher. All of Amazon.com Inc (up +1.05%), Apple Inc (-0.74%) and Google parent Alphabet Inc (-1.40%) cut earlier session losses significantly. The small capitalisation Russell 2000 eased -0.26%.
Fresh record highs for both the Dow and S&P500 to end the week after a soft April jobs report alleviated some concerns around inflation and potentially higher U.S. interest rates - Dow up +229-points or +0.66% to log another record closing high (34,777.76). The broader S&P500 +0.74% to a record closing high of 4,232.60. Energy (up +1.89%), Real Estate (+1.21%) and Industrials (+1.05%) all rose over >1% to lead all eleven primary sectors higher. Both the S&P500 Energy and Materials sectors hit fresh record highs. The Nasdaq +0.88% higher. The small capitalisation Russell 2000 rose +1.35%.
US equity markets retreated on the final trading day April - Dow fell -186-points or -0.54% . The broader S&P500 lost -0.72% to 4,181.17, pulling back from the previous session’s record closing high (4,211.47). General Electric Co (down -.70%) disclosed on Friday (30 April) that it sold off more of its holding in oilfield services firm Baker Hughes Co (-2.2%), likely raising nearly US$1B. The Nasdaq -0.85%. Amazon.com Inc slipped -0.11% Apple Inc fell -% after European regulators accused the company of abusing its dominant position in the music-streaming market by imposing restrictive rules on the App Store. The statement followed a complaint made by music streaming service Spotify Inc in 2019 about Apple’s license agreements. The small capitalisation Russell 2000 fell -1.26%.
Another round of upbeat quarterly earnings from technology heavyweights and a surge in first quarter gross domestic product (GDP) growth lifted the S&P500 to fresh record closing high - Dow gained +240-points or +0.71% . The broader S&P500 rose +0.68% to a record settlement of 4,211.47, also hitting a fresh record intra-day peak (4,218.78). Communication Services (up +2.75%) and Financials (+1.82%) led nine of the eleven primary sectors higher. Health Care (down -0.46%) and Information Technology (-0.03%) were the only sectors not to advance. Ford Motor Co tumbled -9.41% despite announcing after the close of the previous session that it had swung to a profit in the first quarter and maintained its full year pre-tax profit guidance, with the automaker warning that it expected to lose half of its second-quarter production due to the global semiconductor shortage. Elsewhere, the Centers for Disease Control and Prevention said cruise ships might be able to resume sailings as early as mid-July. Carnival Corp fell -2.12%. The Nasdaq edged +0.22% higher, hitting a fresh record intra-day high of 14,211.57. Facebook Inc jumped +7.30% after posting a strong first quarter result after the close of the previous session Apple Inc dipped -0.07% despite posting a better-than-expected March quarter result all of its product categories after the close of the previous session that saw the company boost it buyback programme by US$90B and lift its dividend by +7%. The small capitalisation Russell 2000 lost -0.38%.
US equity markets retreated as investors parsed the latest monetary policy pronouncements from the Federal Reserve and a host of notable corporate earnings releases - Dow fell -165-points or -0.48% . Visa Inc rose +1.5% after the financial services giant’s better-than-expected fiscal second quarter numbers after the close of the previous session. The broader S&P500 dipped -0.08% after recording a fresh record intra-day high (4,181.78), with the Information Technology sector (down -0.96%) offsetting strong gains for the Energy sector (up +3.35%). The Nasdaq eased -0.28%. Microsoft Corp (down -2.83%) and Advanced Micro Devices (-1.40%) both retreated despite logging solid quarterly results after the close of the previous session. However, Google parent Alphabet Inc rose +3.16% after the company’s better-than-expected first quarter numbers and US$50B share buyback announcement after the closing bell of Tuesday’s (28 April) session. The small capitalisation Russell 2000 inched +0.13% higher. In merger and acquisition (M&A) news, Verizon Communications Inc is reportedly exploring a sale of assets including Yahoo and AOL, as the telecommunications giant looks to exit an expensive and unsuccessful bet on digital media. The sales process, which includes private-equity firm Apollo Global Management Inc could lead to a deal worth US$4B to US$5B, according to people familiar with the matter.
US equity markets settled little changed as investors braced for quarterly earnings releases from the technology heavyweights - Dow inched +4-points higher . The broader S&P500 dipped -0.02%. Utilities (down -0.75%) led eight of the eleven primary sectors lower. Energy (up +1.26%), Financials (+0.91%) and Industrials (+0.87%) all advanced. FedEx Corp rose +4.3%, buoyed by the strong first quarter result from listed peer United Parcel Service (UPS) Inc. The Nasdaq eased -0.34%. The small capitalisation Russell 2000 edged +0.14% higher.
Both the S&P500 and Nasdaq advanced to log fresh record closing highs US equity markets - Dow fell -62-points or -0.18% . Procter & Gamble Co (down -2.00%), Walmart Inc (-1.42%) and Coca Cola Co (-1.49%) were notable drags on the index. The broader S&P500 edged +0.18% higher to a record settlement of 4,187.62. Energy (up +0.64%) and Consumer Discretionary (0.62%) both gained over +0.6% to lead seven of the eleven primary sectors higher. Consumer Staples (down -1.16% ) was the worst performing sector, with traders noting concerns around surging commodity prices, with corn futures hitting their highest level in more than seven years and copper prices at the highest level in almost a decade. The Nasdaq gained +0.87% to log its first record closing high since 12 February of 14,138.78 and confirming the end of an 11% correction for the technology-centric index that began after its previous record high close and record its most recent low on 8 March. Apple Inc (up +0.30%) announced that it has “accelerated” its investments in the U.S. – intending to make new investments of US$430B over 5-years, marking a +20% increase on a US$350B commitment made in 2018 - and plans to build a new campus in North Carolina. The company’s “$430 billion in contributions to the US economy include direct spend with American suppliers, data centre investments, capital expenditures in the U.S., and other domestic spend.” The small capitalisation Russell 2000 gained +1.15%.
US equity markets rebounded after a turbulent session last Thursday (22 April) following reports that President Joe Biden is slated to propose much higher capital gains taxes for wealthy Americans – Dow gained +228-points or +0.67% . Investment banks Goldman Sachs Group Inc (up +2.57%) and JPMorgan Chase & Co (+1.91%) were both notable performers. The broader S&P500 1.09% to 4,180.17, trading above its 16 April record closing high of 4,185.47 during Friday’s (23 April) afternoon session and setting a fresh intra-day peak of 4,194.17. Financials (up +1.85%) and Materials (+1.68%) both rose over >1.5% to lead nine of the eleven primary sectors higher. Utilities (down -0.17%) and Consumer Staples (-0.16%) were the only sectors to close in the red. The technology-centric Nasdaq gained +1.44%. The small capitalisation Russell 2000 index rose +1.76%. President Biden will address a joint session of Congress on Wednesday night AEST (28 April) and is expected to detail his “American Families Plan” and the tax increases to pay for it.
US equity markets retreated following a Bloomberg report that the Biden administration is planning a capital gains tax hike to as high as 43.4% for wealthy Americans – Dow fell -321-points or -0.94%, logging its largest single session point and percentage decline since 4 March despite paring an earlier decline of as much as -420-points. The broader S&P500 fell -38-points or 0.92%, booking its largest single session point and percentage decline since 18 March. Materials (down -1.75%) and Energy (-1.41%) lead all eleven primary sectors lower. The technology-centric Nasdaq shed -0.94%. The small capitalisation Russell 2000 index -0.31%. In merger and acquisition news (M&A), Skyworks Solutions Inc rose over >4.5% in extended trading after the semiconductor manufacturer announced it will acquire the infrastructure and automotive business of Silicon Laboratories Inc (up ~14% in after hours trading) for US$2.75B.
US equity markets arrested a two session slide as the ‘re-opening trade’ regained its footing – Dow rose +316-points or +0.93% 34,137.31, logging its second highest close ever as 26 of the 30 index components advanced. The S&P500 gained +0.93% amid a broad-based rally that saw ~82% of the index constituents advance. Materials (up +1.87%), Energy (+1.48%) and Financials (+1.39%) led nine of the eleven primary sectors higher. Utilities (down -0.90%) and Communication Services (-.28%) were the only two sectors to close in the red. Norwegian Cruise Line Holdings jumped +10.32%, buoyed by an upgrade from Goldman Sachs (with the investment bank citing the company’s capacity growth and low leverage compared to its peers). Fellow cruise operator Carnival Corp gained +6.3%. United Airlines Holdings Inc rebounded +3% after dropping -8.53% in the previous session after the carrier recorded its fifth consecutive quarterly loss. The technology-centric Nasdaq +1.19%, recording its largest single session percentage climb since 15 April. Netflix Inc dropped -7.40% after the streaming giant reported subscriber additions that fell far short of Wall Street estimates after the close of the previous session. The Russell 2000 index rallied +2.35%, marking the small capitalisation indice’s best single session performance since 1 March.
US equity markets fell for a second consecutive session, shrugging off some solid corporate earnings releases and with re-opening plays such as airlines and cruise line operators led losses – Dow down -256-points or -0.75% , with Boeing Co (down -%) and Nike Inc (-%) both dropping more than >4%. International Business Machines (IBM) Corp rose over +3.79% after posting better-than-expected first quarter earnings per share (EPS) and revenue after the closing bell of the previous session. The broader S&P 500 lost -0.68%, with Energy (down -2.66%) leading seven of the eleven primary sectors lower. The more defensive Utilities (up+1.32%) and Real Estate (+1.12%) both advanced over >1%. United Airlines Holdings Inc fell -8.53% after the carrier recorded its fifth consecutive quarterly loss after the close of the previous session. American Airlines Group Inc fell -5.48%, while cruise operators Carnival Corp (down -4.35%) and Norwegian Cruise Line Holdings (-4.36%) both fell over >4%. The Nasdaq -0.92% Apple Inc (down -1.28%) launched a new iMac and iPad with its M1 chips at a spring event overnight. The small capitalisation Russell 2000 index fell -1.96%. In merger and acquisition (M&A) news, Kansas City Southern soared +15.25% after The Wall Street Journal reported that Canadian National Railway Co (-6.76%) was planning to make a buyout bid for the railroad operator of ~US$30B, which would top Canadian Pacific Railway Ltd.’s previously agreed on buyout bid.
•In US corporate earnings, Netflix Inc dropped over >8% in extended trading after the streaming video company posted disappointing subscriber growth for the March quarter. For the period, Netflix added 4M net new subscribers, falling well short of the company’s guidance target of 6M, while the company sees just 1M net additions in the June quarter. Netflix finished March with 208M subscribers, up 14% from a year ago. For the March quarter, Netflix reported revenue of up 24% from a year ago to US$7.16B and slightly ahead of the company’s projection of US$7.1B. Profits were US$3.75 per share, ahead of the company’s estimate of US$2.97 a share. Netflix forecast June quarter revenue of US$7.3B, just below the current Wall Street consensus at US$7.4B, with profits of US$3.16 per share (above the current consensus analyst estimate at US$2.69 per share). Railroad operator CSX Corp fell over >1.5% in after hours trading after reporting that first quarter revenue fell -1% to US$2.81B (versus consensus forecasts for US$2.79B), citing “difficult operating conditions”. Net income fell more than >% to US$706M or US$0.93c versus consensus analyst estimates for US$0.93c. President and chief executive James Foote noted that “the strengthening economic momentum is providing added visibility into volume growth. Johnson & Johnson rose +2.33% after reporting first-quarter profit and sales that topped expectations, citing strength in its pharmaceutical business and continued recovery in medical devices. The company also reported US$100M in first-quarter sales of its COVID-19 vaccine that’s on hold in the U.S. while health regulators investigate a rare blood-clotting issue. Abbott Laboratories fell -3.6% despite exceeding earnings expectations during a quarter in which sales of its COVID-19 tests made up 20% of total revenue. Consumer staples group and Dow constituent Procter & Gamble Co settled +0.83% higher after posting better-than-expected third quarter earnings and flagged that it would be raising prices on certain product categories. Fellow Dow component Travelers Companies Inc rose +0.87% after posting quarterly figures that topped consensus forecasts, raised its cash dividend and approved an additional US$5B of share buybacks. Aerospace and defence giant Lockheed Martin Corp fell -1.12% despite exceeding consensus first quarter earnings per share (EPS) estimates by 4%. Philip Morris International gained +2.54% after the tobacco group reported better-than-expected first-quarter profit and revenue. Baker Hughes Co, Chipotle Mexican Grill Inc, Haliburton, Lam Research Corp and Verizon Communications Inc are among companies slated to report tonight AEST.
•The Travel and Leisure and Banking sectors both dropped -3.7% to lead all major sectors and major European bourses lower, leaving the benchmark pan-European Stoxx 600 index (which includes UK equities) nursing a -1.90% decline. Germany's DAX fell -1.55% . Bayerische Motoren Werke (BMW) AG fell -3.36% . France's CAC -2.09%. French food group Danone SA fell -1.8% after posting a -3.3% fall in first-quarter sales but maintained its goal of returning to profitable growth in the second half of the year Interim co-Chief Executives Veronique Penchienati-Bosetta and Shane Grant said that the company “continue to expect a return to like-for-like sales growth in the second quarter, and to profitable growth in the second half of 2021". French car parts maker Faurecia rose 1% after first-quarter sales beat market expectations, underpinned by strong growth in China. In broader stock moves, Austrian chipmaker ams AG tumbled 13.26% after a media report that it lost some business from Apple Inc. Sandvik AB (down -2.56%) said that order intake increased organically in the first quarter by +12% to SEK 25,847M (~US$2.97B) "...driven by strong momentum in mining and continued improvement in short-cycle businesses." Sandvik runs a mining equipment business, alongside machine tooling and materials technology business. Mining accounts for 40% of the company's revenues. "We continued to see strong momentum in mining with accelerating demand for our equipment, parts and services. The order intake level for Sandvik Mining and Rock Solutions was at an all-time high, driven by organic growth of +36% year on year," said Sandvik Chief Executive Officer (CEO) Stefan Widing in a news release. The European Medicines Agency said its safety committee concluded that a warning about unusual blood clots with low blood platelets should be added to the product information for Johnson & Johnson’s coronavirus vaccine, but said the benefits outweighed the risk. In economic data, the German producer price index (PPI) for March
•London's FTSE 100 shed -2.00%. Associated British Foods Plc fell -5.93% after adjusted operating profit almost halved from the same period last year. Rio Tinto Plc fell -2.2% following the iron ore major’s first quarter operations review. In economic data, labor market data for March recorded that UK unemployment rate unexpectedly declined for a second consecutive month to 4.9% despite tight nationwide COVID-19 lockdown measures. Consumer price inflation (CPI) and producer price inflation (PPI) figures for March are released tonight AEST.
•Base metals weaker across-the-board – copper lost -0.53% to ~US$4.23/lb after rising as much as +1.1% to US$9,483 per tonne or ~US$4.30/lb earlier in the session, and flirting with the US$9,617 per tonne level hit in February (which was its highest since August 2011). The most-traded June copper contract on the Shanghai Futures Exchange rose as high as ¥69,750 yuan (~US$10,737) per tonne, not far from its February peak of ¥71,080 per tonne (which was its highest since March 2011) before settling +1.1% higher at ¥69,450 per tonne. Elsewhere, nickel fell -0.84%, aluminium -0.80% and zinc -1.46%. The People’s Bank of China (PBoC) yesterday (20 April) left their benchmark one year loan prime rate (LPR) unchanged for a twelfth consecutive month at 3.85% as widely expected (while the five-year rate also remained steady at 4.65%).
•Benchmark spot iron ore (62% fines) jumped +US$7.81c or +4.30% to US$189.61mt . China’s most traded iron ore futures contract (September delivery) rose over >4% yesterday (20 April) to hit a new record high of ¥119.05. The World Steel Association released its Short Range Outlook for 2021 and 2022 yesterday (20 April) and forecasts that steel demand will grow by 5.8% in 2021 to reach 1,8740.0M tonnes, after declining -0.2% in 2020. The association forecasts steel demand to see further growth of 2.7% to 1,924.6M tonnes in 2022.
•Gold futures (June delivery) added +US$7.80 or +0.4% to US$1,778.40/oz, reversing an earlier decline as US Treasury yields receded. Silver futures (May delivery) unchanged at US$25.84/oz.
•Oil prices retreated as record cases of COVID-19 in India (the world’s third-largest importer of oil) dimmed the outlook for the nation’s economy and energy demand, while there was apparent progress in the Iran’s nuclear deal negotiations - WTI fell -US$0.94c or -1.5% to US$62.44/barrel, with the May contract expiring at the conclusion of the session. Last night’s session marked the one-year anniversary of a negative price close for the front-month WTI crude futures contract. On 20 April, 2020 the May WTI crude plummeted -306% or -US$55.90, to settle at negative -US$37.63/barrel. The new front month June WTI contract fell -US$0.76c or -1.2% to US$62.67/barrel. Brent shed -US$0.48c or -0.7% to US$66.57/barrel. India’s Prime Minister Narendra Modi held an address to the nation on Tuesday (20 April), ruling out a nationwide lockdown as a measure to curb the pandemic and urging states to ensure that lockdowns are only chosen as the last resort, according to the Hindustan Times. Elsewhere, Bloomberg reported that Iran’s President Hassan Rouhani said negotiations toward a nuclear deal were 60% to 70% complete. Meanwhile, the U.S. House Judiciary Committee’s move on the No Oil Producing and Exporting Cartels Act of 2021, known as NOPEC, called attention to long-running efforts to by the U.S. to make it illegal for the Organisation of Petroleum Exporting Countries (OPEC) to manipulate oil prices. The NOPEC bill would make it illegal for any foreign state to act collectively to limit oil production or set prices. After the markets’ close, the American Petroleum Institute (API) released their latest weekly inventory data, recording a +436K barrel increase in US crude stoc
US equity markets retreated from record highs amid fresh falls for the technology sector – Dow eased -123-points or -0.36%, snapping a three session inning streak that carried to index to multiple record closing highs. The broader S&P500 -0.53%, pulling back from a record closing high (4,185.47). Consumer Discretionary (down -1.14%) led ten of the eleven primary sectors lower. Real Estate (up +0.29%) was the only primary sector to advance. Tesla Inc fell -3.40% ollowing a fatal crash in Spring, Texas, over the weekend. Chief Executive Officer (CEO) Elon Musk tweeted a denial that his company’s automated driving systems were involved. The Nasdaq -0.9%, retreating for the first time in three sessions. Nvidia Corp fell -3.46% after the UK government said it would look into the national security implications of Nvidia's purchase of British chip designer ARM Holdings, raising a question mark over the US$40B deal. The Competition and Markets Authority (CMA) will assess the competition, jurisdiction and national security impact of the deal, with a report due by 30 July, the government said. The small capitalisation Russell 2000 index fell -1.36%.
US equity markets booked another round of record closing highs to end the week – Dow up +165-points or +0.48% to 34,200.67 and a record closing high after crossing the 34,000 threshold for the first time in the previous session. Boeing Co fell -1.17% after the planemaker said that the potential electrical problem that prompted airlines to remove dozens of 737 MAX jets from service last week affects more areas of the aircraft's flight deck than previously known. The broader S&P500 rose +0.36% to 4,185.47. Real Estate (up +1.95%), Health Care (+1.74%), Materials (+1.18%) and Utilities (+1.11%) all rose over >1% to lead ten of the eleven of the primary sectors higher. Energy (down -0.90%) Information Technology (-0.03%) were the only primary sectors to close in the red. UBS Wealth Management increased their year end S&P 500 target to 4,400. The Nasdaq added +0.10% to 14,052.34 the second highest close ever for the technology centric index. The small capitalisation Russell 2000 index rose +0.25%. For the week, the Dow rose +1.18% and S&P500 +1.37%, with both indices logging their fourth straight weekly advance. The Nasdaq gained +1.09% to log its third straight weekly advance.
The Dow and S&P500 clinched fresh record closing highs after the latest round of economic reports continued to affirm a healthy recovery from the pandemic – Dow gained +305-points or +0.90% to 34,035.99, logging its first close above >34,000. The Dow took 20 sessions to traverse and eclipse 34,000, which marks its fourth 1,000-point milestone so far this year, already the most since 2017, which saw five such milestones, according to Dow Jones Market Data. Home Depot Inc contributed 264 points to the price-weighted Dow’s most recent +1000 point climb, with UnitedHealth Group Inc adding ~260 points and Microsoft Corp ~140 points. The broader S&P500 +1.11% to 4,170.42. The S&P Information Technology sector (up 1.79%) hit an all-time high. Energy (down 0.88%) and Financials (-0.11%) were the only primary sectors to settle lower Advanced Micro Devices was the best performing index constituent with a 5.7% gain. The Nasdaq +1.31% to settle ~0.4% below its 12 February record closing high (14,095.47). Facebook Inc (+1.65%), Amazon.com Inc (+1.38%), Apple Inc (+1.87%), Netflix Inc (+1.70%) and Alphabet Inc (+1.85%) all climbed more than >1%. The small capitalisation Russell 2000 index rose +0.42%.
A late session rally lifted both the Dow and S&P500 to fresh record closing highs last Friday (9 April) albeit it was a relatively quiet session as traders eyed the earnings season kicking off later this week – Dow gained +297-points or +0.89% to 33,800.60. The broader S&P500 +0.77% to log its third straight record closing high (4,128.80) and its 20th of 2021. The Nasdaq +0.51% . Cruise operator Carnival Corp rose+2.6%, buoyed by two broker upgrades. The small capitalisation Russell 2000 index eked out a +0.04% rise.
A mixed session on Wall Street despite some stellar first quarter results from a brace of banks to kick off the earnings season – Dow added +54-points or +0.16% to 33,730.89, settling ~0.5% below is 23 March record closing high (32,423.15). The Dow pared an earlier climb of over >200-points that lifted the index to a fresh record intra-session high (). The broader S&P500 eased -0.41% a day after logging its 21st record closing high (4,141.59) of 2021 but touched a fresh record intra-day high (4,151.69). Consumer Discretionary (down -1.17) and Information Technology (-1.1%) both fell over >1% to be the worst performing primary sectors. Energy gained +2.91% to comfortably lead the primary sector gains. Costco Wholesale Corp edged ~0.1% higher in after hours trading after lifting its dividend more than >12% to US$0.79c per share. The Nasdaq fell -0.99%. Netflix Inc (down -1.97%) and Facebook Inc (-2.24%) dropped more than >2% each, which Amazon.com Inc (-1.97%), Microsoft Corp (-1.12%) and Apple Inc (-1.79%) all dipped at least 1%. Coinbase Global Inc, the biggest U.S. cryptocurrency exchange and one of the first crypto exchanges to go public, settled at a +31.3% premium to its US$250 issue price and was briefly valued above $100B after touching a session peak of US$429. Dell Technologies Inc rallied over >8% in extended trading after announcing a plan to spin off its 80.8% stake in VMware Inc (up +2.77% in extended trading) to shareholders. Dell holders would receive 0.44 VMware shares for each Dell share held, subject to adjustment prior to close. The small capitalisation Russell 2000 index rose +0.8%.
U.S. stocks traded mostly higher on Tuesday after a March inflation report turned out not as bad as some traders feared, but the impact of a halt to the rollout of Johnson & Johnson vaccine kept optimism in check. The Dow Jones fell -68 points or -0.2%, the S&P 500 added +0.33% and locked in a new closing high. The Nasdaq, the relative outperformer, gained +1.05% as Apple and PayPal each added more than +2%. Semiconductor maker Nvidia climbed +3%, Tesla rose +8.6%.
U.S. stocks hovered near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings. The Dow Jones fell 55 points or -0.16%, the S&P 500 was down just -0.02%, while the Nasdaq dropped -0.36%.
Wall Street has been relatively quiet with the S&P 500 moving within 1% for five sessions in a row. Market volatility has declined to pre-pandemic levels amid rising reopening optimism.
Nvidia jumped +5.6% after the chip giant said its first quarter revenue for fiscal 2022 is tracking above its previously provided outlook and that it expects demand to continue to exceed supply for much of this year. The weakness in reopening plays weighed on the overall market with shares of Carnival and Norwegian Cruise Line off more than 4% each. United Airlines fell -3.9% after the carrier said its first-quarter revenue is expected to fall 66% compared with the same period in 2019.
Technology stocks lifted US equity markets as US Treasury yields continued to moderate – Dow up +57-points or +0.17% . The broader S&P500 rose +0.42% to 4,097.17, booking its 19th record closing high of 2020 after also logging a fresh record intra-day high (4,098.19). Information Technology (up +1.42%) led six of the eleven primary sectors higher. Energy (down -1.36%) was the worst performing primary sector. Overnight also marked the third straight session that the S&P500 has logged an intra-day trading range of less than1%. The small capitalisation Russell 2000 index rose +0.88%, clawing back some of the previous session’s -1.6% decline. The Russell 1000 growth index, which consists heavily of tech-related stocks, gained +1.05%. Its value counterpart, comprising mostly financials and energy names, dipped -0.05%.
US equity markets settled little changed after a listless session as the Federal Reserve released its March policy meeting minutes, which pointed to continued support for financial markets until the economy has more fully healed from the pandemic – Dow inched +16-points or +0.05% higher . The broader S&P500 edged +0.15% higher to eke out its 18th record closing high (4,079.95) of 2020. The Nasdaq dipped -0.07% despite Amazon.com Inc (up +1.72%), Apple Inc (+1.34%) and Alphabet Inc (+1.12%) all climbing more than >1%, while Facebook Inc jumped +2.3%. The small capitalisation Russell 2000 index fell -1.6%.
US equity markets settled with modest losses a day after both the Dow and S&P500 recorded fresh record closing highs – Dow eased -97-points or -0.29% a day after logging its 18th record closing high (33,527.19) of 2021. The broader S&P500 slipped -0.10% after touching a fresh record intra-day high (4,081.37), snapping a three session winning streak that lifted the index to a record closing high (4,077.91) a day earlier. Information Technology (down -0.38%) and Health Care (-0.36%) led five of the eleven primary sectors lower, while Utilities (up +0.53%) was the leading primary sector performer. Shares of airlines (Delta Air Lines up +2.8%) and cruise lines (Carnival Corp +1.74% and Norwegian Cruise Line Holdings +4.61%) continued to trade strongly. The Nasdaq dipped -0.05% after logging three straight session gains of over >1.5%. The small capitalisation Russell 2000 index lost -0.25%.
US equity markets resumed trading after the Easter long weekend, with the Dow and S&P500 sweeping to fresh record closing highs following a brace of positive economic data last Friday (2 April) – Dow rallied +374-points or +1.13% 33,527.19, surpassing its previous record close of 33,171.37 hit on 9 March. The broader S&P500 +1.44% to 4,077.91. Tesla Inc gained +4.43% following last Friday’s (2 April) release that recorded first quarter deliveries rose to a better-than-expected 184,800 vehicles, up from 181K deliveries in the fourth quarter of 2020 and versus consensus analyst forecasts for 162K. Norwegian Cruise Line Holdings jumped +7.18% after the company asked federal health authorities to let it sail from U.S. ports starting 4 July. The Nasdaq gained +1.67% to 13,705.59, logging its third straight gain of over >1.5%. Amazon.com Inc rallied +% toward a six week high. The technology-centric index needs to gain a further ~1.2% to 13,870.076 to officially exit correction territory. The small capitalisation Russell 2000 index added +0.49%.
US equity markets concluded the month and quarter on a mostly positive note, with gains for the technology sector lifting the S&P500 to a record high – Dow down 85-points or -0.26% . Goldman Sachs Group Inc (down -1.51%) announced plans to offer access to Bitcoin and other cryptocurrencies to wealthy investors. The broader S&P500 +0.36% to 3,972.89 and a record closing high, paring gains late in the session after also touching a fresh record intra-day high (3,994.41). Information Technology (up +1.50%) led five of the elven primary sectors higher. Energy (down -0.93%) and Financials (-0.90%) were the worst performing primary sectors. The technology-centric Nasdaq rose +1.54%. Apple Inc (+1.88%), Microsoft Corp (+1.69%) and Facebook Inc (+2.27%) all gained at least 1.6%. UBS raised their recommendation on Apple Inc to a ‘Buy’, citing stable long-term demand for iPhones with better authorised service providers. The small capitalisation Russell 2000 index rose +1.13%. US equity and bond markets will be CLOSED on Friday night AEST (3 April).
US equity markets settled with modest declines in what was a largely uneventful session – Dow -104-points or -0.31% a day after logging its 17th record closing high (33,171.37) of 2021. Apple Inc (down -1.23%) and Microsoft Corp (-1.44%) were the worst performing Dow constituents. Goldman Sachs Group Inc (up +2%) and Morgan Stanley (+1.6%) advanced, with both banks moving large blocks of assets before other large banks that lent to Archegos Capital Management, as the scale of the hedge fund’s losses became apparent, according to The Wall Street Journal, helping to limit their losses amid the stock liquidation. The broader S&P500 -0.32%, with Consumer Staples (down -1.14%) and Information Technology (-0.95%) leading eight of the eleven primary sectors lower. Consumer Discretionary (up +0.75%) and Financials (+0.71%) were the leading primary sector performers. Classic re-opening plays rallied after the release of strong consumer confidence data. American Airlines Group Inc jumped +528%, United Airlines Holdings +3.58%. Carnival Corp and Norwegian Cruise Line Holdings Ltd climbed +3.98% and +3.78% respectively. Wells Fargo & Co rose +2.5% after the lender said it had a prime brokerage relationship with Archegos Capital and that it no longer had any exposure and did not experience any losses. PayPal Holdings Inc added +0.4% after the payments company said it would start letting U.S. customers purchase items with cryptocurrencies. The Nasdaq dipped -0.06%, paring an earlier decline of over >1%. The small capitalisation Russell 2000 index rebounded +1.72%.
US equity markets mixed amid concerns about the potential spill-over effects after a large investment fund was forced to liquidate massive holdings in stocks – Dow rose +98-points or +0.30%, erasing an earlier -160-point loss to log its 17th record closing high (33,171.37) of 2021. Goldman Sachs Group Inc lost -0.51%. CNBC reported that Goldman Sachs, Morgan Stanley, and Deutsche Bank facilitated the liquidation of Archegos Capital Management’s holdings in many of the Chinese internet names through unregistered trades The broader S&P500 dipped -0.09%, paring an earlier decline of as much as -0.8%. Energy (down -1.26%) and Financials (-0.93%) were the worst performing primary sectors, while Utilities (up 1.07%), Consumer Staples (+1.03%) and Communication Services (+1.02%) were the leading primary sector performers. ViacomCBS CI B (down 6.68%), Discovery Inc (-1.60%) and Baidu Inc (-1.87%) swung between losses and gains after intense selling pressure last week, with the companies among those roiled late last week by the forced liquidation of more than >$20B of positions linked to Archegos Capital Management. Southwest Airlines Co fell -0.54% after the airline placed 100 firm orders for the Boeing 737 Max 7 with the first 30 of those aircraft to be delivered in 2022. As part of an agreement with Boeing Co (up +2.31%), Southwest also converted 70 Max 8 firm orders to Max 7 firm orders and added 155 MAX options for MAX 7 or MAX 8 aircraft for years 2022 through 2029. The Nasdaq eased -0.60%. Applied Materials Inc fell -2.28% after the company said its agreement to purchase Kokusai Electric Corp was terminated because the company didn’t obtain approval for the deal by Chinese regulators in time. The small capitalisation Russell 2000 index fell -2.83%.
US equity markets rallied to cap a see-saw week for the stock market, with all three benchmark indices logging gains of over >1% – Dow rallied +453-points or +1.39% to 33,072.88, jumping more than >150-points in the final 8 minutes of the session. Boeing Co rose +% as the planemaker plans to resume delivery of its 787 Dreamliners this week The broader S&P500 +1.66% to a record closing high of 3,974.54 and extending its 2021 gains to 5.8%. Energy (up +2.62%), Information Technology (+2.54%), Materials (+2.49%) and Real Estate (+2.47%) all gained over >2% to lead ten of the eleven primary sectors higher. Communication Services (down -0.34%) was the only primary sector to close in the red. L Brands Inc rose +3.65% after the retailer raised its profit outlook for the first quarter, citing a boost from government stimulus and from loosened COVID-related restrictions. The Nasdaq rose +1.24%, erasing an earlier decline of -0.8. The small capitalisation Russell 2000 index gained +1.76%. The Russell 1000 value index, which includes energy, banks and industrial stocks, has gained more than 10% this year, outperforming its counterpart the Russell 1000 growth index, which is just above break-even for the year.
US equity markets retreated, fading in the closing hour of trading amid a fresh sell off for technology stocks – Dow dipped -3-points or -0.01%, paring an earlier climb of ~370-points. The broader S&P500 lost -0.55%, fading in the final hour of trading for a sixth straight session and unwinding an earlier gain of ~0.8%. Communication Services (down -1.66%), Consumer Discretionary (-1.52%) and Information Technology (-1.21%) all fell over >1% to be the worst performing primary sectors. The Energy sector (up +2.52%) comfortably led the upside, with Chevron Corp up +2.68% and Exxon Mobil Corp +2.03%. General Motors Co (down -0.62%) extended production cuts in North America due to a worldwide semiconductor chip shortage. Shares of cruise operators fell to session lows after Centers for Disease Control and Prevention said the sailing order limiting cruises will stay in place until 1 November. Norwegian Cruise Line Holdings Ltd dropped -4.9% following the news, while Royal Caribbean Cruises Ltd and Carnival Corp fell -2.77% and -1.89%, respectively. The Nasdaq dropped -2.01%, with Apple Inc (down -2.0%), Facebook Inc (-2.92%) and Netflix Inc (-2.67%) all slid more than >2%. The small capitalisation Russell 2000 index fell for a third straight session, down -2.40%.
US equity markets retreated, extending losses in the closing hour of trading although traders struggled to pinpoint a particular reason for the weakness – Dow down -308-points or -0.94%. Intel Corp surged over >5.5% in after-hours trading after the chipmaker announced aggressive plans to expand its manufacturing capacity to take back its leadership position in the industry. Newly installed Chief Executive Pat Gelsinger, who had spent decades at Intel focused on the engineering side of the business before moving onto Chief Operating Officer at EMC Corp and CEO of VMware Inc, laid out an ambitious roadmap to bounce back from recent manufacturing problems that surfaced last year. The broader S&P500 fell -0.76%, with Materials (down -2.10%) leading eight of the eleven primary sectors lower. Utilities (up +1.52%) was the leading primary sector performer. The technology-centric Nasdaq shed -1.12%. Microsoft Corp rose +0.67% following a report by Bloomberg News that the company is in discussions to purchase video game-focused chat platform Discord for more than >US$10B. The small capitalisation Russell 2000 index tumbled -3.58% to record its worst single-session performance since 25 February. Overnight marked the anniversary of the pandemic lows hit on 23 March 2020, when all of the major U.S. stock benchmarks put in their bear-market lows. In broader corporate news, Robinhood Markets Inc, the online brokerage at the heart of the historic retail trading frenzy that gripped Wall Street earlier this year, has confidentially submitted plans to regulators for a U.S. stock market listing, according to a Reuters report.
US equity markets climbed as technology stocks continued to stage a rebound – Dow added +103-points or +0.32% . The broader S&P500 rose 0.70%, with Information Technology (up +1.93%), Consumer Staples (+1.16%) and Real Estate (+1.11%) all up over 1% and leading seven of the eleven primary sectors higher. Financials (down -1.30%) and Energy (-1.01%) both lost over >1% to be the worst performing primary sectors. More broadly, Industrials got a boost after the New York Times reported that President Biden is eyeing an infrastructure deal of as much as US$3 trillion to boost the economy. Kansas City Southern surged +11.12% after Canadian Pacific Railway Ltd agreed to acquire the railroad operator in a US$25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada. The Nasdaq rallied +1.23%, with Apple Inc (up +2.83%), Microsoft Corp (+2.45%) and Netflix Inc (+2.13%) all gained at least 2%. The small capitalisation Russell 2000 index lost -0.90%.
US equity markets mixed amid a reversal of a recent trend that has seen value stocks outperform growth stocks, with Treasury yields taking a breather from their recent climb – Dow down -234-points or -0.71% Goldman Sachs Group Inc (down -1.09%) and JPMorgan Chase & Co (-1.59%) both fell after the Federal Reserve declined to extend pandemic-related regulatory relief for major US banks. Visa Inc dropped -6.24% after a report said the Justice Department has opened an investigation into its debit card business and possible anticompetitive practices. The broader S&P500 dipped -0.06%. Communication Services and Consumer Discretionary both advanced +0.80% to lead six of the eleven primary sectors higher. Real Estate (down -1.26%) and Financials (-1.2%) both declined over >1% to be the worst performing sector. FedEx Corporation rallied +6.1% after the economic bellwether’s fiscal third quarter numbers released after the closing bell of the previous session topped consensus expectations. The technology-centric Nasdaq gained +0.76% . Facebook Inc gained +4.12% after Chief Executive Mark Zuckerberg said Apple Inc’s (down -0.45%) imminent privacy policy changes on ad sales would leave the social network in a “stronger position.” The small capitalisation Russell 2000 index rose +0.88%.
US equity markets retreated as a fresh rise in bond yields exerted particular pressure on the technology sector – Dow fell -153-points or -0.46% a day after recording fresh record closing (33,015.37) and intra-day (33,047.58) highs. Chevron Corp declined -3.62%. The broader S&P500 lost -1.48% after also setting record closing (3,974.12) and intra-day (3,983.87) peaks in the previous session. Energy tumbled -4.68% to lead ten of the eleven primary sectors lower. Financials (up +0.56%) was the only primary sector to advance. The Nasdaq slumped -3.02% . Apple Inc (down -3.39%), Amazon.com Inc (-3.44%) and Netflix Inc (-3.75%) all fell more than >3%. The small capitalisation Russell 2000 index fell -2.94% (with the Russell 1000 growth index, which includes technology stocks, dropping more than >2%).
US equity markets advanced after a choppy session, with the Federal Reserve forecasting a fast economic recovery from the coronavirus pandemic and said it would maintain its interest rate at close to zero– Dow up +189-points or +0.58% to a fresh record closing high of 33,015.37 (after hitting a fresh intra-day high of 33,047.58) – the first settlement above >33,000. It also marked the fastest ever trip through consecutive 1000-point milestones, moving above >33,000 just five trading days after clearing 32,000 (albeit the hurdle obviously become less taxing in percentage terms the higher the index moves). Boeing Co (up +3.28% overnight) was the biggest points contributor (~120-points) to the indices latest 1,000-point rally. The second-fastest move between milestones was an eight-day journey from 25,000 to 26,000, a rise of 4%. The Walt Disney Co gained 0.5% after CEO Bob Chapek told CNBC that California’s two Disneyland theme parks will reopen on April 30. The broader S&P500 added +0.29% to a record close of 3,974.12 after setting an intra-day all-time high of 3,983.87 and erasing an earlier decline of -0.7%. Consumer Discretionary (up +1.41%) and Industrials (+1.12%) gained over >1% to lead six of the eleven primary sectors higher. Utilities (down 1.63%) was the worst performing sector. Amazon.com Inc (up +1.4% and Tesla Inc (+3.7%) provided the biggest lift to the index. The Nasdaq added +0.40% after also erasing earlier losses that saw the technology-centric index down as much as 1.5%. The small capitalisation Russell 2000 index rose +0.73%. AMC Entertainment Holdings Inc climbed ~4% in extended trading after the movie-theatre chain said that 98% of its U.S. locations will open starting Friday (19 March), and that 99% should be open by 26 March.
US equity markets were in decline Tuesday night as the Dow fell from its record high and snapped a seven-day winning streak ahead of the Federal Reserve’s upcoming policy announcement. The Dow Jones Industrial Average fell about 129 points, or -0.4%, to 32,825.95. The S&P 500 slipped -0.2% after setting a record high intraday and finished at 3,962. The tech-heavy Nasdaq Composite eked out a gain of 11.86 points, or less than +0.1% to close at 13471.57, after having been up as much as 1.2% earlier in the day. Tech and communication stocks still posted gains, with Apple, Microsoft, and Google parent Alphabet all up more than +1% and Facebook gaining $5.53, or +2%, to close at $279.28. Amazon, Apple and Google have underperformed in recent months as investors have shifted from growth stocks to value plays, but some of the more mature tech stocks now appear less expensive due to their profitability and strong balance sheets, according to some strategists. Seven of the S&P 500's 11 sectors were in negative territory, with energy stocks performing the worst, weighed down by a decline in oil prices. Investors are keeping a close eye on the Federal Reserve to see whether it will address the recent rise in bond yields.
Fresh record closing highs for both the Dow and S&P500 although US equity markets tread water for much of the session before opposing in the closing minutes in the final minutes of the session – Dow gained +175-points or +0.53% to 32,953.46, logging seventh positive trading session in-a-row and fourth consecutive record closing high (the longest such run since December 2017, according to Dow Jones Market Data). The broader S&P500 advanced +0.65% to 3,968.94 and a third consecutive record closing high. Utilities (up +1.36%), Real Estate (+1.18%), Consumer Discretionary (+1.17%) and Information Technology (+1.11%) all climbed over 1%. Energy (down -1.25%) and Financials (-0.57%) were the only sectors to close in the red. United Airlines Holdings Inc jumped +8.26% after the carrier said in a filing that it expects core cash flow to be positive for the month of March. The Nasdaq +1.05%. Apple Inc gained +2.45% (paring its year-to-date loss to under
US equity markets mixed on Friday night (12 March) to conclude a strong week as Treasury yields climbed and prompted investors to once again chase value stocks at the expense of growth stocks – Dow gained +293-points or +0.90% to notch its fifth consecutive record closing high of 32,778.64. Boeing Co rallied +6.82% following a Reuters report that the company had received an order from a private investment firm 777 Partners to buy 24 737 MAX airplanes with an option to purchase a further 60. Other notable index performers included Caterpillar Inc (up 4.2%) and investment banks Goldman Sachs Group Inc (+2%) and JPMorgan Inc (+1.2%). The broader edged S&P500 +0.10% higher, recovering earlier losses to also eke out a fresh record closing high of 3,943.34. Real Estate (up +1.50%), Industrials (+1.34%), Utilities (+1.28%) and Financials (+1.09%) all advanced over >1%. Communication Services (down -0.90%) and Information Technology (-0.71%) were the only sectors to close in the red. The Nasdaq lost -0.59% after rebounding over >6% over the preceding three sessions. China’s market regulator said Friday (12 March) it had imposed fines on twelve companies, including WeChat owner Tencent Holdings Ltd (down -7.52%), search engine Baidu Inc (-2.98%), ride-hailing giant Didi Chuxing and Japan’s SoftBank Corp. Separately, the US listed shares of China-based JD.com Inc slid -6.65% after three sources said it is in talks to buy part or all of a stake in brokerage Sinolink Securities worth at least US$1.5B. The small capitalisation Russell 2000 index advanced +0.61% to a record closing high of 2,352.79. Novavax Inc jumped +8.07% after the company said its COVID-19 vaccine was 96% effective in a Phase 3 trial.
US equity markets rallied as rising inflation subsided, while the signing of a massive stimulus bill reinforced expectations of a strong economic recovery – Dow rose +189-points or +0.58%, paring an earlier climb of over >300 points that lifted the index to a fresh record intra-day peak (32,661.59). The broader S&P500 +1.04% to a fresh record closing high of 3,939.34, with Information Technology (up +2.12%) leading the primary sector gains. The Nasdaq +2.5%, with Facebook Inc (+3.39%), Alphabet Inc (+3.16%) and Netflix Inc (+3.67%) all advancing at least 3%. Chip stocks jumped sharply after China’s semiconductor trade association formed a new group to work with their U.S. counterparts to ease recent trade tensions between the two countries. Nvidia Corp (up +4.21%) and Advanced Micro Devices Inc (+4.79%) jumped more than 4% each. The small capitalisation Russell 2000 index rose +2.31%.
•Cyclical stocks most sensitive to an economic rebound led US equity markets higher – Dow rallied +464-points or +1.46% to a record closing high of 32,297.02 . The broader S&P500 rose +0.6%, with Energy (up +2.63%, taking its 2021 gains to more than >39%.) returning to the top of the primary sector leaderboard and leading ten of the eleven primary sectors higher. All of Financials (up +1.92%), Materials (+1.64%), Industrials (+1.45%) and Consumer Staples (1.29%) rose over >1%. Information Technology (down -0.40%) was the only sector to close in the red. Investment bank UBS hiked its year-end S&P 500 target to 4,250 from 4,100, representing an ~9% gain from current levels. The Nasdaq inched +0.04% higher . The Dow hasn’t notched a record high while the Nasdaq Composite has been in correction territory since around the time of the dot-com boom and bust on 23 August, 1999, according to Dow Jones Market Data. The small capitalisation Russell 2000 index gained +1.81%.
US equity markets rallied, led by a strong rebound for the technology sector and as Treasury yield receded – Dow edged +30-points or +0.10% higher, settling near its session low and unwinding an earlier gain of over >300 points that lifted the index to a fresh record intra-day high (32,148.04). Walt Disney Co fell -3.66% despite Chief Executive Officer (CEO) Bob Chapek revealing at the annual shareholders meeting that the company’s Disney+ streaming service had topped >100M subscribers. The broader S&P500 gained +1.42%. Tesla Inc arrested a five session losing streak with a +19.64% jump and biggest single session advance since February last year (adding ~US$106B to the electric vehicle maker’s market capitalisation). Chevron Corp (down -0.23) hosted an Investor Day . The Nasdaq rebounded +3.69% to log its strongest session since 4 November last year, with Apple Inc (up +4.06%) and Facebook Inc (+4.09%) both up over >4%. Microsoft Corp (up +2.81%) and Netflix Inc (+2.66%) both gained over >2.5%, while Amazon.com Inc rose +3.76%. The small capitalisation Russell 2000 index gained +1.91%.
US equity markets mixed, with another steep sell-off for technology stocks – Dow gained +306-points or +0.97%, climbing as much as 650-points and touching a fresh record intra-day peak (32,148.04). Walt Disney Co rallied +6.27% ahead of the company’s annual shareholders meeting, with California health officials last Friday (5 March) gave Disneyland and other theme parks the go-ahead to reopen at limited capacity from 1 April, after a closure of almost a year due to the coronavirus pandemic. The broader S&P500 fell -0.54%, erasing an earlier +1% gain. Information Technology (down -2.46%) led the decline, while Utilities (up +1.39%), Materials (+1.29%), Financials (+1.29%) and Industrials (+1.05%) all advanced over >1%. Tesla Inc (down -5.84%) fell for a fifth straight session. 341 stocks in the S&P500 advanced, while 164 stocks retreated. The technology-centric Nasdaq tumbled -2.41% to settle more than >10% below its 12 February closing high (14,095.47) and booking its first correction since September last year. Apple Inc fell -4.17% to settle around a three month low and has fallen -% from its 26 January record close of US$143.16. The Dow booked its widest outperformance against the S&P 500 since 1971, according to Dow Jones Market Data and the biggest outperformance against the Nasdaq since 2001. The small capitalisation Russell 2000 index added +0.49%.
US equity markets rebounded following a stronger-than-expected February jobs report to conclude a volatile session and week of a positive footing – Dow settled +572-points or +1.85% higher after spanning an intra-day range of 814-points or ~2.63%. The broader S&P500 gained +1.95%, recovering from an earlier -1% decline. Energy (up +3.87%) sat atop the primary sector leaderboard for a third consecutive session, logging its best single session performance since November last year and leading all eleven primary sectors higher on Friday night AEST (5 March). All of Industrials (up +2.39%), Communication Services (+2.37%), Materials (+2.35%), Consumer Staples (+2.15%) and Health Care (+2.02%) gained over >2%. The Nasdaq +1.55% (at 12,920.15), with the technology-centric index staging its biggest intra-session comeback since 28 February last year after recovering from an earlier -2.6% slide (to 12,397.05) to settle near its session high. The Nasdaq sits ~8.3% below its 12 February record closing high. The small capitalisation Russell 2000 rebounded +2.11%. In merger and acquisition (M&A) news, Chevron Corp (up +4.31%) announced it has entered an agreement to acquire the 33.925M shares of Noble Midstream Partners it does not already own in all stock deal. Under the terms of the deal, Chevron will pay 0.1393 of its stock for each common unit of Noble owned. No further financial terms were disclosed.
US equity markets retreated after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check – Dow settled -346-points or -1.11% lower (at 30,924.14) after tumbling as much as -700-points earlier in the session. Home Depot Inc (down -2.5%) and Intel Corp (-2.62%) were among the biggest drags on the index. The broader S&P500 fell -1.34% (to 3,768.47), paring an earlier -2.5% decline. Information Technology (down 2.26%), Materials (-2.06%) and Consumer Discretionary (-2.02%) all fell over >2% and led nine of the eleven primary sectors lower. Energy remained atop the primary sector leaderboard with a +2.47% gain. Exxon Mobil Corp rose +3.87% after the Chief Executive Officer (CEO) of the energy major, Darren Woods, reiterated the company’s commitment to its dividend. Apple Inc (down -1.58%), Tesla Inc (-4.86%) and PayPal Holdings Inc (-6.27%) were among the largest individual drags on the index. Both the Dow and S&P500 logged their first settlement below their respective 50-day moving averages (30,944.98 and 3,818.61) in over a month The Nasdaq shed -2.11% and fell into negative territory for the calendar year-to-date (down -1.28%). The technology-centric benchmark settled -9.7% below its record closing high on 12 February and fell into correction territory on an intraday basis, down more than 10% from its most recent 52-week high. The small capitalisation Russell 2000 lost -2.76%.
A fresh rise in Treasury yields weighed heavily on technology stocks and dragged the benchmark US equity indices lower – Dow down -121-points or -0.39%, settling near its session low. The broader S&P500 fell -1.31% with Information Technology (down -2.49%) and Consumer Discretionary (-2.38%) both down over >2% and leading eight of the eleven primary sectors lower. Energy (up +1.43%) and Financials (+0.75%) were the leading primary sector performers. The S&P 500 financial and industrial sector indexes touched intra-day record highs. Just five companies - Apple Inc (down -2.45%), Amazon.com Inc (-2.89%), Microsoft Corp (-2.70%), Google-parent Alphabet Inc (-2.37%) and Tesla (-4.84%) – accounted for almost half the S&P500’s decline. Exxon Mobil Corp rose +0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years at the company’s Investor Day. The Nasdaq dropped -2.70%, paring its year-to-date gains to +0.85%. Netflix Inc shed -4.95%. The small capitalisation Russell 2000 index lost -1.06%.
US equity markets weaker after making a very strong start to March – Dow down -144-points or -0.46%. The broader S&P500 lost -0.81% a day after recording the best single-session performance since 5 June last year. Information Technology (down -1.35%) and Consumer Discretionary (-1.27%) were the worst-performing primary sectors with falls of over >2%, while Materials (up +0.58%) was the only primary sector to advance. The Nasdaq dropped -1.69%, with Apple Inc (-2.09%) and Facebook Inc (-2.23%) both down over >2% . The small capitalisation Russell 2000 index lost -1.93%. Lyft Inc rose +3.8% in extended trading after the company said it had its best week in terms of ridesharing volume since pandemic lockdowns began last year. Lyft also said it expects a narrower earnings before interest, tax, depreciation, and amortisation (EBITDA) loss for the first quarter than it previously forecast.
US equity markets made a strong start to March, buoyed by data showing that the manufacturing sector continues to gather steam and with the recent volatility on Treasury markets dying down – Dow gained +603-points or +1.95%, and booking its best daily gain since November last year. Boeing Co (up +5.84%) led the advance, with United Airlines Holdings Inc (+1.20%) said it is buying 25 additional 737 Max planes and taking delivery of other orders earlier than previously planned. The broader S&P500 rallied +2.38%, logging its best single session performance since 5 June last year. Information Technology (up +3.18%) and Financials (+3.12%) gained over >3% to lead all eleven primary sectors higher. Royal Caribbean Ltd fell 2.06% after the cruise operator said it has commenced a US$1.5B public stock offering. The Nasdaq jumped +3.01% to settle with its best single session advance since 4 November. Apple Inc gained +5.37% after all 270 of its stores in the U.S. were open to the public for the first time since last March. The small capitalisation Russell 2000 index jumped +3.43%, recording its sharpest daily percentage gain since 6 January.
US equity markets retreated as investors struggled to shake off concerns around the rapid jump in Treasury yields despite the Personal Consumption Expenditure (PCE) index - the Federal Reserve’s preferred measure of inflation - indicating subdued inflation in January – Dow dropped -470-points or -1.50% (to 30,932.37), dropping back below 1% The small capitalisation Russell 2000 index inched +0.04% higher.
US equity markets staged another intra-day comeback to settle with solid gains as investors continued to buy companies leveraged to an economic rebound – Dow rose +425-points or +1.35% to 31,961.86. Boeing Co jumped 8.1%, while Chevron Corp climbed 3.7%. Goldman Sachs and Visa Inc both rose more than >3%. The broader S&P500 rose +1.14%, recovering from an earlier -0.6% decline. Energy (up +3.64%) was once again the leading primary sector performer, while Financials (+2.01%), Industrials (+1.93%) and Information (+1.51%) also traded strongly. Utilities and Consumer Staples (-0.03%) were the only primary sectors to close in the red. Tesla Inc rose +6.2% after Ark Invest increased their stake in the electric vehicle maker. Johnson and Johnson rose +1.34% after the U.S. Food and Drug Administration (FDA) said that the pharmaceutical company’s COVID-19 vaccine met the requirements for emergency use authorisation. The Nasdaq rose +0.99%, erasing an earlier -1.3% fall. The small capitalisation Russell 2000 index jumped +2.38%.
US equity markets settled with modest gains after staging a big intra-day recovering following Federal Reserve Chair Jerome Powell’s dovish congressional testimony that relieved some concerns around higher interest rates and inflation – Dow eked out a +15-point or +0.05% gain, erasing an earlier decline of over >360-points. The broader S&P500 added +0.13%, recovering from an earlier -1.8% drop. Energy (up +1.61%) once again sat atop the primary sector leaderboard and led seven of the eleven primary sectors higher. Consumer Discretionary (down -0.49%) and Information Technology (-0.25%) were the worst performing sectors. Tesla Inc settled -2.2% lower and moved into negative territory for the year, dropping as much as -13% earlier in the session. The Nasdaq lost -0.52%, paring an earlier 3.9% decline that saw the technology-centric index fall below its 50-day moving average for the first time since 3 November last year. Apple Inc dipped -0.11% after sliding as much as -6% earlier in the session hosted their annual shareholders meeting The small capitalisation Russell 2000 index fell -0.88%.
US equity markets weaker as rising Treasury yields and inflationary concerns weighed on some high-flying growth stocks – Dow added +27-points or +0.09%. Disney jumped 4.4%, while industrial giant Caterpillar and chemicals company Dow Inc. both climbed more than 3.5%. American Express and Chevron gained 3.2% and 2.7%, respectively The broader S&P500 fell 0.77%, with Information Technology (down -2.26%) and Consumer Discretionary (-2.15%) the worst performing sectors with declines of over >2%, while Energy (up +3.47%) returned to the top of the primary sector leaderboard.. Tesla Inc dropped -8.55%, the biggest single session fall for the electric vehicle maker’s stock since 23 September, 2020. Some linked the decline to the ~6% decline in Bitcoin overnight, with Tesla disclosing earlier this month that it had acquired US$1.5B of the digital currency for “more flexibility to further diversify and maximize returns on our cash.” Airline stocks rebounded, buoyed by an upgrade to several carriers by Deutsche Bank. American Airlines Group jumped +9.42% The Nasdaq dropped -2.44%, with Apple Inc (-2.98%), Amazon.com Inc (-2.13%) and Microsoft Corp (-2.68%) all dropping at least -2%. However, Oracle Corp rallied +5.43% following a positive story in Barron’s that suggested it could be the next longstanding technology company to transform like Adobe Inc (down -2.46%), Autodesk Inc (-2.52%) and Microsoft, which changed up their business models to embrace cloud-based services over traditional licensed software, and saw their stocks rise as a result. The small capitalisation Russell 2000 index fell -0.69%.
US equity markets settled little changed on Friday night AEST (19 February) as investors continued to rotate out of technology stocks and into cyclical stocks seen as likely to benefit from pent up demand once the COVID-19 pandemic is subdued and the economy re-opens – Dow settled flat after touching a fresh record intra-day high (31,647.53). The broader S&P500 slipped -0.19%, turning negative in the final minutes of the session and extending its decline into a fourth straight session and marking the index’s longest losing streak in two months. Utilities (down -1.51%), Consumer Staples (-1.23%), Health Care (-1.15%) and Communication Services (-1.07%) all logged falls of over >1%, offsetting gains of over >1% for all of Materials (up +1.85%), Energy (+1.64%), Industrials (+1.60%) and Financials (+1.16%). The Nasdaq inched +0.07% higher although much of the FAANG complex weaker (Facebook Inc down -2.91%, Amazon.com Inc -2.35%, Netflix Inc -1.46% and Google parent Alphabet Inc -0.76%). Apple Inc (up +0.12%) edged higher for the first time in four sessions. Applied Materials Inc gained +5.32% after the chip-industry supplier reported better-than-expected fiscal first-quarter adjusted earnings per share and revenue of US$5.16B after the close of last Thursday’s (18 February) session, with Chief Executive Officer Gary Dickerson observing that there is “strong momentum across the company. The small capitalisation Russell 2000 index jumped +2.18%.
US equity markets - Dow fell -120-points or -0.38%, pulling back from the record closing high (31,613.02) of the previous session but paring an earlier decline of over >300-points. The broader S&P500 shed -0.44%, retreating for a third straight session. Energy (down -2.27%) led nine of the eleven primary sectors lower. Utilities (up +0.55%) and Consumer Discretionary (+0.14%) were the only primary sectors to advance. The Nasdaq fell -0.72%, with Apple Inc down -0.9% and extending its week-to-date decline to over ~4.2%. The small capitalisation Russell 2000 index dropped -1.67%.
US equity markets mixed amid a rotation out of technology stocks and as inflation concerns continued to apply some pressure on equities - Dow added +90-points or +0.29% to a fresh record closing high of 31,613.02, recovering from an earlier decline of as much as -180-points. Verizon Communications Inc (up +5.24%) and Chevron Corp (+3.00%) were among the leading index performers Warren Buffett’s investment vehicle Berkshire Hathaway disclosed fresh stakes in both companies. The broader S&P500 dipped -0.03%, with Information Technology (down -1.03%) the worst performing primary sector and offsetting a +1.45% gain for the Energy sector. Wells Fargo and Co rallied +5.17% after Bloomberg News reported that Fed officials had signalled to the diversified financials group that they would approve its overhaul plan. Wells Fargo has been operating under several restrictions, including an asset camp, related to its fake accounts scandal under prior leadership. The Nasdaq shed -0.58%. Apple Inc fell -1.76%, with Berkshire Hathaway disclosing it had trimmed its position in the company over the past quarter by -6% to just over 887M shares. The small capitalisation Russell 2000 index fell -0.74%.
US equity markets struggled for direction after resuming trading following the Presidents Day long weekend, with traders also eyeing the latest climb in long bond yields - Dow added +64-points or +0.20% to carve out another record closing high (31,522.22). The broader S&P500 dipped -0.06%, with yield sensitive Utilities (down -1.14%), Real Estate (-1.07%) and Health Care (-1.02%) all down over >1%. Energy (up +2.26%) was once again atop the primary sector leaderboard, while Financials also traded strongly (+1.77%). The Nasdaq fell -0.34%. The small capitalisation Russell 2000 index fell -0.72%.
European bourses advanced in thin trade, with markets in the US, China, Hong Kong and Taiwan all closed for local holidays. The benchmark pan-European Stoxx 600 index (which includes UK equities) gained +1.32%, with Basic Resources (up +4.0%), Oil and Gas (+3.99%) and Banks (+3.1%) leading the advance. Germany's DAX gained +0.56% and France's CAC +1.45%. Vivendi SE soared +19.62% after the French conglomerate said it may spin out Universal Music Group (UMG) in Amsterdam and distribute 60% of the capital to investors by year end. Vivendi, which is controlled by billionaire Vincent Bollore, announced the plan on Saturday (13 February) after it completed the sale of a 10% stake in UMG to a consortium led by Tencent Holdings, which valued UMG at €30B. Ten-year bond yields in Germany, France and the Netherlands all rose to their highest level since September as reflation expectations gripped markets. In economic data, eurozone industrial production dropped -1.6% in December from a month earlier, worse than economists’ forecast for a -0.6% drop and a marked downturn after growth of +2.6% in November. The ZEW Economic Sentiment Index for the eurozone/Germany for February and a second estimate of eurozone gross domestic product (GDP) growth for the fourth quarter are released tonight AEST.
Fresh record closing highs for the benchmark US equity indices to cap another strong week ahead of the holiday long weekend, with fiscal stimulus and inflation the key broader themes - Dow added +28-points or +0.09% to 31,458.40. The Walt Disney Co erased earlier gains to close -1.7% lower despite announcing after the close of last Thursday’s (11 February) session that that its streaming platform, Disney+, surpassed 94.9M subscribers as part of its fourth quarter earnings release. Disney+ exceeded the company’s initial subscriber goal of 60M to 90M by 2024 back in November, forcing it to reforecast. The company now expects Disney+ will have 230M to 260M subscribers by 2024. The broader S&P500 rose +0.47% to 3,934.83, with Energy (up +1.40%), Materials (+1.02%) and Financials (+0.95%) logging gains of +0.9%+ and leading nine of the eleven primary sectors higher. Utilities (down 0.79%) and Real Estate (-0.06%) were the only primary sectors to close in the red. PayPal Holdings Inc rose +4.7% after several analysts raised their price targets following the payments company’s investor day last Thursday (11 February). The Nasdaq gained +0.50% to 14,095.47 The small capitalisation Russell 2000 index edged +0.18% higher. For the week, the Dow gained +1.0%, S&P500 +1.23% Nasdaq +1.73% US equity and bond markets are CLOSED tonight AEST for the Presidents Day holiday.
US equity markets lower after a choppy session - Dow added +62-points or +0.20% to 31,437.80 and a fresh record closing high, recovering from an earlier decline of as much as -150-points. The broader S&P500 dipped 0.03%. Energy (up +1.84%) returned to the top of the primary sector leaderboard, while Consumer Discretionary (down -0.94%) was the worst performer. Oracle Corp (down -0.63%) and Walmart Inc (-1.17%) closed lower following a report that a planned forced sale of TikTok’s American operations to a group that includes the two companies had been shelved indefinitely. The Nasdaq lost -0.25% after logging record closing highs for each of the previous four trading sessions, with Amazon.com Inc (down -0.56%), Microsoft Corp (-0.39%) and Apple Inc (-0.46%). However, Twitter Inc soared +13.2% after the social-media platform delivered its second-ever US$1B quarter after the close of the previous session. All three benchmark indices touched fresh record intra-day highs during the session. The small capitalisation Russell 2000 index lost -0.72%, also retreating from record highs.
US equity markets settled with modest declines, with the Dow and S&P500 snapping a six session winning streak - Dow slipped -10-points or -0.03% . The broader S&P500 dipped -0.11%, with Energy (down -1.52%) the worst performing primary sector after rallying over >4% in the previous session. The Nasdaq edged +0.14% higher to log its fifth consecutive record closing high (14,0007.70) and tenth of 2021. The NYSE FANG+TM index, which includes Facebook Inc (up +1.08%), Netflix Inc (+2.03%) and Tesla Inc (down -1.62%), rose to an all-time high. The small capitalisation Russell 2000 index rose +0.40% to a fresh record closing high of 2,299.00 and extending its year-to-date gain to over >16%.
A fresh round of record closing highs for the benchmark US equity indices as stimulus prospects and ongoing vaccine deployment continued to boost investor optimism around the pace of the economic recovery from the COVID-19 recession - Dow +238-points or +0.76% to 31,385.76. The broader S&P500 rose +0.35% to 3,915.59, with the Energy sector rallying +4.17% and leading ten of the eleven primary sectors higher. Utilities (down -0.78%) was the only sector to close in the red. Airline stocks jumped as documents showed Democrats’ stimulus proposal could include US$14B for the airline payroll assistance. American Airlines Group Inc popped +3.37%, while United Airlines Holdings +5.2% and Delta Air Lines Inc +5.1%. Both the Dow and S&P500 logged their sixth consecutive session of gains, marking their longest winning streak since August last year. The Nasdaq gained +0.95% to 13,987.64 The small capitalisation Russell 2000 index rallied +2.53% to 2,286.62and is up ~16% calendar year-to-date.
US equity markets advanced, with both the S&P500 and Nasdaq logging fresh record closing highs for a second straight session as sentiment was buoyed by a combination of corporate earnings optimism, stimulus talks and progress on COVID-19 vaccine rollouts - Dow added +92-points or +0.30% to 31,148.24, just shy of its 20 January closing record of 31,188.38. Nike Inc (up +3.19%) and Cisco Systems Co (+1.76%) were among the leading index performers. The broader S&P500 rose +0.39% to 3,886.83, logging its seventh record closing high year-to-date. Materials (up +1.71%), Communication Services (+0.95%), Energy (+0.92%) and Consumer Discretionary (+0.92%) rose 0.9%+ to lead ten of the eleven primary sectors higher. Information Technology (down -0.22%) was the only sector to close in the red after hitting a record high earlier in the session. Both the Dow and S&P 500 rose for a fifth straight session in their longest streak of gains since August. The Nasdaq gained +0.57% to 13,856.30, the eight record closing high for the technology-centric index year-to-date. The small capitalisation Russell 2000 index rose +1.4%.
US equity markets rallied, with the both the S&P500 and Nasdaq settling at fresh record closing highs - Dow gained +332-points or +1.08% . The broader S&P500 rallied +1.09% to settle at a record closing high of 3,871.74, with Financials (up +2.28%) leading ten of the eleven sectors higher as Treasury yields climbed. Materials (down -0.54%) was the only primary sector to close in the red. eBay Inc and PayPal Inc (+%) rallied after posting strong results The Nasdaq gained +1.22% to log a record closing high of 13,777.13. Apple Inc rose +2.58% after CNBC reported that it is close to finalizing a deal with Hyundai-Kia to produce driverless cars. The small capitalisation Russell 2000 index gained +1.98% to also register a record close.
US equity markets settled with modest gains - Dow added +36-points or +0.12% . The broader S&P500 rose +0.10%, extending its gains into a third straight session and with the Energy sector (up +4.27%) the clear outperformer. The Nasdaq dipped -0.02%, relinquishing earlier gains in the final hour of trading despite Google parent Alphabet Inc rallying +7.3% and hitting a record high after posting record profits for a second straight quarter after the closing bell of the previous session. Amazon Inc fell -2% after releasing their fourth quarter result after the close of Tuesday’s (2 February) session and announcing that Amazon Web Services (AWS) Chief Executive Officer (CEO) Andy Jassy will replace founder Jeff Bezos as CEO during the third quarter of this year as the company. The small capitalisation Russell 2000 index added +0.38%.
US equity markets made a strong start to February, rebounding from sharp falls in the previous session - Dow gained +230-points or +0.76% . The broader S&P500 rose +1.61%, logging is best day since 24 November last year and with Consumer Discretionary (up +2.77%), Information Technology (+2.51%) and Real Estate (+2.27%) all gaining over >2% and leading all eleven primary sectors higher. The Nasdaq gained +2.55%. Apple Inc (up +1.65%) announced that it was selling US$14B of its corporate bonds, spread over six tranches. The small capitalisation Russell 2000 index gained +2.53%.
US equity markets fell sharply on Friday night AEST (29 January), with the benchmark indices capping their worst weekly and monthly performance since October as investors eyed COVID-19 vaccine rollout delays and as surging prices on a small group of heavily shorted stocks continued to take oxygen out of the market as hedge funds covered short positions and reduced exposure to other stocks to reduce risk - Dow tumbled -621-points or -2.03% to 29,982.62, marking the indice’s lowest settlement – and first close below 2% and all eleven primary sectors closed in the red. American Airlines Group Inc (down -5.14%) authorised the sale of another US$1B in stock, the carrier said in a filing on Friday (29 January), in an effort to shore up cash as COVID-19 continues to depress travel demand. Both the Dow and S&P500 closed below their respective 50-day moving averages (3,716) for the first time since October last year. The Nasdaq slumped -2.00%, with Apple Inc down -3.74%. The small capitalisation Russell 2000 index fell -1.60%. For the week, the Dow dropped -3.27% S&P500 -3.31% and Nasdaq -3.49%. The Russell 2000 lost -1.6% last week. For the month, Dow lost -2.04% and S&P500 -1.11%, marking the worst monthly performance for both indices since last October. The Nasdaq gained +1.42%.
US equity markets rebounded a day after the benchmark indices logged their worst session in three months - Dow rallied +300-points or +0.99%, its largest one day point and percentage gain since 6 January a day after logging its worst single session decline (-634-points or -2.1%) since 28 October last year. The broader S&P500 rose +0.98%, with Financial, Materials and Industrials gaining over >1.5% leading all eleven primary sectors higher – the first time all key S&P500 sectors have advanced since 13 November last year. The Nasdaq gained +0.44%. Apple Inc (down -3.50%) and Facebook Inc (-2.62%) The small capitalisation Russell 2000 index slipped -0.10%. Overall trading Volumes surged, with more than >23B shares traded, the highest since May 2019, according to Dow Jones Market Data.
US equity markets slumped, logging their worst session in three months in the wake of the Federal Reserve’s latest sober monetary policy statement - Dow tumbled -634-points or -2.05%, logging its worst single session decline since 28 October last year. However, Walgreens Boots Alliance +4.01% after the pharmacy chain said it had tapped Starbucks Corp (down -6.51%) executive Roz Brewer to serve as its new chief executive. The broader S&P500 shed -2.57%, wiping out its gains for 2021. Communication Services (down -3.82%), Consumer Discretionary (-3.13%), Healthcare (-3.05%) and Materials (-3.00%) all fell 3%+ and led all eleven primary sectors lower. The Nasdaq lost -2.61%. Advanced Micro Devices Inc fell -6.% The small capitalisation Russell 2000 index fell -1.91%.
US equity markets settled modest losses, with the S&P500 and Nasdaq pulling back from the record closing highs set in Monday’s (25 January) session on what was a big day on the corporate earnings calendar - Dow eased -23-points or -0.07%, logging its fourth consecutive session decline after paring an earlier rally of over >150-points. The broader S&P500 slipped -0.15%, after hitting a fresh record intra-day high (3,870.90). The Nasdaq dipped -0.06%. The small capitalisation Russell 2000 index fell -0.%. The session was again marked by wild swings in some heavily shorted stocks, including omnichannel video game retailer GameStop Corp (up +92.71% in regular trading and climbing a further +43.80 in the extended session), Bed Bath and Beyond Inc (up +20.18% in regular trading and up over >15% in the extended session) and consumer robot company iRobot Corp (+9.14%). Both the S&P500 and Nasdaq settled at fresh record closing highs on Monday night AEST (25 January) after a choppy session ahead of the busiest week on US fourth quarter earnings calendar - Dow slipped -37-points or -0.12% . Caterpillar Inc and American Express Corp were the weakest performers on the Dow, falling -2.4% and -3.9% respectively. The broader S&P500 rose +0.36% to 3,855.36, recovering from an earlier decline of over >1%. Utilities (up +1.95%), Consumer Staples (+0.91%) and Information Technology (+0.88%) led eight on the eleven primary sectors higher. Energy (down -1.06%) and Financials (-0.76%) were the laggard sectors. The Nasdaq gained +0.69% to 13,635.99 after also clinching an intraday record (13,728.98 near the open of Monday’s session). The Russell 2000 index eased -0.25%. Moderna Inc rose +12.2% after it announced that it was testing an experimental booster shot to increase the immune response against a coronavirus variant first found in South Africa. In broader stock moves, AMC Entertainment Holdings Inc soared +25.93% after announcing that it had raised US$917M, meaning “any talk of an imminent bankruptcy for AMC is completely off the table” according to Chief Executive Officer (CEO) Adam Aron.
Some soft corporate earnings and economic releases saw US equity markets settle lower on Friday (22 January). The Dow fell -179 points or -0.57% . International Business Machines (IBM) Corp dropped -9.91% after posting a disappointing fourth quarter result after the closing bell of Thursday’s (21 January) session, with revenue down for a fourth straight quarter (down -6% on an annualised basis). Intel Corp fell -9.29% a day after the chipmaker posted a better-than-expected fourth quarter result, with some investors concerned about the competitive challenges from the likes of Nvidia Corp (down -1.12%) and Advanced Micro Devices (up +1.38%) confronting incoming Chief Executive Office (CEO) Pat Gelsinger. The broader S&P500 lost -0.30%, pulling back from the record closing set in the previous session. Financials (down -0.72%), Energy (-0.50%) and Industrials (-0.49%) led eight of the eleven primary sectors lower. Real Estate (up +0.31%), Utilities (+0.17%) and Communication Services (+0.12%) were the only primary sectors to advance. The Nasdaq inched +0.09% higher to log a fresh record closing high (13,543.06). Apple Inc rose +%, extending its weekly rise to +9.4%. The small capitalisation Russell 2000 also logged a fresh record closing high, rallying +1.3% to 2,168.76. For the holiday-shortened week, the Dow gained +0.59%, S&P500 +1.94% and the Nasdaq +4.19%. The Russell 2000 logged a +2.2% weekly gain.
US markets gave up afternoon gains Thursday as investors' optimism over stronger-than-expected earnings competed with signs that the labor market is still struggling to recover. The Nasdaq Composite rallied to a record close Thursday as investors showed renewed interest in megacap technology companies ahead of their earnings reports in the weeks ahead. The technology-heavy index climbed 73 points, or +0.5%, to 13,530, propelled higher by shares of Apple, Facebook and Amazon.com. The day marked the Nasdaq's third consecutive day of gains and its fourth record close of the year. Gains for the Nasdaq came amid an otherwise bumpy session for U.S. stocks, with both the S&P 500 and the Dow Jones Industrial Average swinging between small gains and losses throughout the day. The S&P 500 ultimately eked out a gain to finish at a record high, rising +1.22 points, or less than +0.1%, to 3,853.07. The Dow Jones Industrial Average, meanwhile, fell -12 points, or less than +0.1%, to 31,176. Hopes for a robust earnings season from the country’s largest communications and tech stocks have kept the mega-cap stocks trending upward, and the major indexes near records, during the holiday-shortened week. Apple and Facebook have risen +7.7% and +8.6%, respectively, this week ahead of their quarterly results, while Microsoft has gained +5.8%.
Fresh record intra-day and closing highs for the benchmark US equity indices as investors eyed fresh fiscal stimulus measures as Joe Biden was inaugurated as the 46th president of the United States - Dow rallied +258-points or +0.80% 31,188.38. The broader S&P500 rose +1.39% to 3,851.85, with Communication Services (up +3.61%), Consumer Discretionary (+2.26%) and Information Technology (+2.02%) all gaining over >2% and leading ten of the eleven primary sectors higher. Financials (down -0.47%) was the only primary sector to close in the red. The Nasdaq gained +1.96% to 13,457.25 Netflix Inc soared +16.85% and logged its best single session advance in more than four years after. Big technology names also traded strongly, including Google-parent Alphabet Inc up +5.36%, Amazon.com Inc +4.57% and Microsoft Corp +3.65%. The small capitalisation Russell 2000 index added +0.44%.
US equity markets advanced after resuming trading following the Martin Luther King Jnr. Day holiday, with as U.S. Treasury Secretary nominee Janet Yellen advocating for further fiscal stimulus - Dow added +116-points or +0.38%, snapping a three session slide. Boeing Co gained +3.13% as Canada said it would lift a near two-year flight ban on its 737 MAX following two fatal crashes involving the model while a final clearance from Europe to resume flying the jet is expected next week. The broader S&P500 rose +0.81%, with Energy (+2.05%), Communication Services (+1.87%) and Information Technology (+1.31%) leading eight of the eleven primary sectors higher. The more defensive sectors lagged, with Real Estate down =-0.54%, Consumer Staples -0.44% and Utilities -0.37%. General Motors Company jumped +9.75% after the automaker said it was partnering with Microsoft Corp (+1.78%) to speed up the commercialisation of driverless cars. As part of the “long-term strategic relationship,” Microsoft will join General Motors (GM) as well as Honda Motor Co. Ltd and institutional investors on a combined new US$2B equity investment in GM’s self-driving vehicle start-up Cruise. Tesla Inc rose +2.23% after the electric vehicle market leader tweeted over the weekend that it has started official deliveries of its Model Y vehicles in China. The technology-centric Nasdaq gained +1.53% to 13,197.18, settling just shy of its 8 January all-time high (13,201.98). The small capitalisation Russell 2000 index gained +1.32%. In broader stock moves, Harley Davidson Inc rose +2.1% toward a 2-year high after the motorcycle group said its 2021 line-up of bikes have arrived at its dealers.
US equity and bond markets were CLOSED overnight for the Martin Luther King holiday.
President-elect Joe Biden’s team confirmed overnight it planned to nominate two consumer champions to lead top financial agencies, signalling a tougher stance on the industry than many had anticipated. Gary Gensler will serve as chair of the Securities and Exchange Commission (SEC) and Federal Trade Commission member Rohit Chopra will head the Consumer Financial Protection Bureau (CFPB). Mr Gensler is expected to pursue new corporate disclosures on climate change related-risks, political spending, and the composition and treatment of company workforces, and to complete post-crisis executive compensation curbs, among other rules. Mr Chopra is expected to review payday lending and debt-collection rules
US equity markets dropped on Friday (15 January) as investors pondered incoming President Biden’s US$1.9 trillion stimulus plan and parsed quarterly results from a brace of major US banks - Dow down -177-points or -0.57%, paring an earlier decline of as much as -379-points. Dow Inc (down -%) and Chevron Corp (-%) both fell more than 3% led the 30-stock average lower. The broader S&P500 fell -0.72%, with the Energy sector dropping -4% and posting its worst one-day decline since late November. Financials (down -1.80%), Materials (-1.46%) and Industrials (-1.27%) all fell over >1%. The more defensive sectors outperformed, with Real Estate up +1.46%, Utilities +0.96% and Health Care +0.32%. Exxon Mobil Corp fell -4.81% after The Wall Street Journal reported that the Securities and Exchange Commission launched an investigation into allegations that an employee of the oil giant overstated the value of a key Permian Basin asset. Pfizer Inc slipped -0.14% after confirming it will temporarily reduce deliveries to Europe of its COVID-19 vaccine while it upgrades production capacity to 2B doses a year. The Nasdaq shed -0.87%. The small capitalisation Russell 2000 index fell -1.49%. For the week, the Dow lost -0.91%, S&P500 -1.48% and Nasdaq -1.54%. However, the Russell 2000 gained +1.50%. US equity and bond markets are CLOSED tonight AEST for the Martin Luther King holiday.
US equity markets settled with modest losses, relinquishing earlier gains in the final hour of trading that saw both the Dow and Nasdaq touch fresh record intra-day highs - Dow lost -69-points or -0.22%, having been up over >150-points earlier in the session and logging a fresh record intra-day high (31,223.78). Intel Corporation gained +4.04%, buoyed by a number of analyst upgrades after it was announced a day earlier that Chief Executive Officer (CEO) Bob Swan would step down effective 15 February, with VMWare Inc (+1.76%) CEO Pat Gelsinger to step into the role. The broader S&P500 fell -0.38%, with Information Technology (down -0.95%) leading seven of the eleven primary sectors lower. Energy returned to the top of the primary sector leaderboard with a +3.01% gain. The Nasdaq slipped -0.12% after scaling a fresh record intra-day peak (13,220.16) earlier in the session. Facebook Inc fell -2.38%, while Amazon.com Inc (-1.21%), Netflix Inc (-1.36%), Microsoft Corp (-1.53%) and Apple Inc (-1.51%) all declined by more than >1%. The small capitalisation Russell 2000 index rallied +2.05%. In merger and acquisition (M&A) news, Cisco Systems (down -0.46%) after CNBC reported that it was proposing a higher bit for Acacia Communications
•US equity markets edged higher after a choppy session, lifted by a defensive sectors and a rebound for technology stocks and as the latest political theatre unfolded in Washington - Dow dipped -8-points or -0.03%. Johnson & Johnson (JNJ) dipped -0.15% after the New York Times reported that the company unlikely to distribute as many COVID-19 vaccine doses in the spring as previously expected. Separately, the New England Journal of Medicine published trial data that showed Johnson & Johnson’s one-dose coronavirus vaccine is safe and appears to generate a promising immune response in both young and elderly volunteers. The broader S&P500 rose +0.23%, with Utilities (up +1.94%) and Real Estate (+1.39%) leading seven of the eleven primary sectors higher. Materials (down -1.06%), Industrials (-0.86%) and Energy (-0.81%) were the notable underperformers. Chipmaker Intel Corp gained +6.97% after it was announced that Chief Executive Officer (CEO) Bob Swan would step down effective 15 February, with VMWare Inc (down -6.79%) CEO Pat Gelsinger to step into the role. The Nasdaq gained +0.44%, with Apple Inc, Amazon.com Inc, Netflix Inc and Microsoft Corp advancing +1.62%, +1.44%, +2.74% and +0.66%, respectively. The small capitalisation Russell 2000 index fell -0.75% a day after hitting a fresh record closing high.
•US equity markets little changed as investors weighed a combination of higher rates, possible stimulus and political turmoil - Dow added +60-points or +0.19% at 31,069, just shy of last Friday’s (8 January) record closing high (31,097.97). Goldman Sachs Group Inc (up +2.85%) and JPMorgan Chase & Co (+1.57%) among the leading index performers. The broader S&P500 eked out a +0.04% rise, with the more cyclical sectors (including Energy up +3.5%, Materials +1.35% and Financials +1.06%) the leading performers. Communication Services was the worst performing primary sector with a -1.50% decline. The Nasdaq settled +0.28% higher despite falls for a number of big technology names including Facebook Inc (down -2.24%), Google parent Alphabet Inc (-1.14%) and Microsoft Corp (-1.18%). The small capitalisation Russell 2000 index once again outperformed with a +1.77% rally to a fresh record closing high (2,127.96). In merger and acquisition (M&A) news, Visa Inc (down -1.89%) has abandoned its US$5.3B takeover of Silicon Valley start-up Plaid about two months after the Department of Justice filed an antitrust lawsuit on grounds that it would limit competition in the payments industry.
US equity markets retreated from record highs albeit settled well off their worst levels of the session - Dow fell -89-points or -0.29%, paring an earlier decline of over >300-points. Boeing Co fell -1.48% lower after a 737-500 jet disappeared minutes after taking off from Jakarta, Indonesia’s capital, during heavy rain on Saturday (9 January). The broader S&P500 shed -0.66%, with Consumer Discretionary (down -1.89%), Communication Services (-1.77%) and Real Estate (-1.66%) all down over >1.5% and leading seven of the eleven primary sectors lower. Energy was the best performing primary sector with a +1.62% gain. Tesla Inc fell -7.82% after gaining ~25% last week. However, NIO Inc rallied +6.42% following its annual consumer event on Saturday (9 January) where it launched a new luxury sedan. However, the China-based electric vehicle maker fell over >3% in the extended session it will offer US$1.3B in convertible notes, split into US$650M in notes due 2026 and US$650M due the year after. Net proceeds will go mostly to general corporate purposes and "to further strengthen its cash and balance sheet positions," the China-based electric-car maker said. Gilead Sciences Inc lost -0.84% despite raising sales guidance to reflect revenue from its Covid-19 treatment remdesivir. The technology-centric Nasdaq shed -1.25%. Twitter Inc fell -6.41%, paring an earlier decline of over >12% amid concerns around the company’s engagement in selective censorship that included banning President Trump from the platform. Facebook Inc fell -4.01%. Amazon.com Inc fell -2.15% after Amazon Web Services ended its relationship as the web host for the right-of-centre chat service Parler, effectively blocking the service from the internet. Lululemon Athletica Inc slid -1.04% despite the company saying earnings would grow at the high end of its previous guidance. The small capitalisation Russell 2000 index dipped -0.03%.
US equity markets scaled fresh record highs to close a strong week as hopes of further economic stimulus overshadowed a soft December jobs report - Dow added +57-points or +0.18% to 31,097.97, having fallen over >200-points earlier in the session. Coca-Cola Co (up +2.24%) was the leading Dow performer. The broader S&P500 rose +0.55% to 3,824.68, with Consumer Discretionary (up +1.80%) and Real Estate (+1.09%) leading seven of the eleven primary sectors higher. Materials (down (-0.51%), Industrials (-0.22%) and Financials (-0.19%) - which outperformed their peers and scaled record levels earlier last week – slipped on Friday (8 January). Tesla Inc was the leading S&P500 performer, jumping +7.84% to yet another record closing high (US$880.02). The latest rally came on the back of heavy turnover, with Tesla trading US$62B worth of stock – more than the next ten most active stocks combined. Chinese electric vehicle maker NIO Inc rallied +8.5% ahead of unveiling its new all-electric sedan on Saturday (9 January) at its fourth annual NIO Day. In addition to the car, NIO also unveiled a higher-capacity battery and new swapping stations with more daily capacity. Both the Dow and S&P 500 posted four-day winning streaks. The Nasdaq gained +1.03% to 13,201.98. Apple Inc The small capitalisation Russell 2000 index slipped -0.16%.
Fresh records for US equity markets amid ongoing optimism of further stimulus measures - Dow gained +212-points or +0.69% to 31,041.13, paring an earlier gain of over >300-points but settling above >31,000 for the first time. Boeing Co fell -0.7% in the extended session after agreeing to pay more than >US$2.5B in penalties, including nearly US$1.8B in compensation for airlines, to resolve charges of misleading U.S. aviation authorities in connection with the company’s 737 Max aircraft, the Justice Department said late Thursday. Coca Cola Company (down -1.1%) retreated for a fourth consecutive session after J.P. Morgan became the latest bank to downgrade the beverage giant (to Neutral from Overweight), citing an increased risk that the company loses its current tax dispute with the Internal Revenue Service (IRS). American Express Company lost -0.79% after the Wall Street Journal reported that the investigative arms of three U.S. financial agencies were probing the card issuer’s sales practices. The broader S&P500 rose +1.48% to 3,803.79, settling above >3,800 for the first time. Information Technology (up +2.65%) led nine of the eleven primary sectors higher. Financials rose +1.47%, while the Industrial (+0.55%) and Materials (0.79%) sectors hit new records. DXC Technology surged + 9.3% and was the biggest gainer in the S&P500 on reports the IT-services giant has received takeover interest. Tesla Inc (up +7.94% to US$816.04) logged its tenth consecutive session gain and climbed above US$800 per share for the first time. The latest gain saw Elon Musk become the world’s richest person, overtaking Amazon.com Inc’s (u+0.76%) Jeff Bezos as his net worth crossed US$185B. Tesla’s market capitalisation (~US$774B) also exceeded Facebook Inc’s (~US$765B after the company’s shares rose +2.06%). T-Mobile Inc rose +1.26% and hit a record high (US$135.45) after announcing after the close of the previous session that it added a better-than-expected +1.6M postpaid subscribers in the fourth quarter of 2020 (versus consensus analyst expectations for the addition of +1.5M) despite a competitive few months as wireless companies flooded the market with iPhone 12 promotions. The Nasdaq jumped +2.56% to 13,067.48, climbing above >13,000 for the first time. Chipmakers traded strongly, with Advanced Micro Devices (up +5.35%), NVIDIA Corp (+5.78%) and Lam Research Corp (+3.62%) all gaining over >3%. The Russell 2000 index recorded a fresh record high, rising +1.88% to 2,096.64. It marked the third consecutive rise of 1% or more for the small capitalisation index, the longest such streak since June 2020 , according to Dow Jones Market Data.
US equity markets rallied as investors bought financial and industrial stocks on expectations that a Democratic sweep in the Senate run-off elections in Georgia would lead to more fiscal stimulus and infrastructure spending - Dow rallied +438-points or +1.44%, rallying as much as +600-points and hitting a fresh record intra-day high (31,022.65). Caterpillar Inc surged +5.5% to be among the leading index performers along with Goldman Sachs Inc (+5.40%) and JPMorgan Chase & Co (+4.70%). The broader S&P500 rose +0.57% and also touched an intra-day record peak (3,783.04). The Financials sector jumped +4.36% and led seven of the eleven primary sectors higher as US 10 Treasury yields topped >1% for the first time since March last year. Ford Motor Company rose +2.20% despite sales dropping -2.8% in the fourth quarter as sales of the star F-150 was hit by pandemic-related stoppages leading up to the release of the pickup truck’s newest version. Total vehicle sales in the U.S. fell nearly 10% to 542,749 units, with sales of trucks down more than >12% and SUV sales up 4%. The technology-centric Nasdaq lost -0.61% amid concerns over higher tax rates for the information technology sector. Facebook Inc (down -2.83%) and Amazon.com Inc (-2.49%) both fell over >2%. The small capitalisation Russell 2000 index jumped +3.98% to a record closing high of 2,057.92. In merger and acquisition (M&A) news, AmerisourceBergen Corp gained +8.60% after the U.S. drug wholesaler said it would buy Dow component Walgreens Boots Alliance’s (up +4.54%) drug distribution business for US$6.5B to expand in Europe.
US equity markets advanced after a choppy session as investors eyed the outcome of the Senate runoff elections in the battleground state of Georgia, which will determine the balance of power in Washington - Dow added +168-points or +0.55%, with Boeing Co (up +4.5%) the leading index performer. The broader S&P500 rose +0.71%, with the Energy sector (up +4.53%) logging its best single-session advance since 4 December and leading ten of the eleven primary sectors higher. Chevron Corp gained +2.7% and Exxon Mobil Corp +4.82%. Real Estate (down -0.08%) was the only primary sector to settle in the red. Tiffany & Co announced after the closing bell that its holiday net sales reached a record high, up 2% thanks in large part to sales in China and online transactions. Costco Wholesale Corp lost -1.16% ahead reporting its December 2020 sales and revenue figures tonight AEST. The Nasdaq gained +0.95%. The small capitalisation Russell 2000 index gained +1.71%.
US equity markets opened 2021 with sharp falls, with the Dow and S&P500 retreating from record highs set on the final session of 2020 - Dow dropped -383-points or -1.25%, paring an earlier decline of as much as -700-points or -2.7%. It marked the first negative start to a new year for the Dow since 2016. Coca-Cola and Boeing were the worst-performing Dow components, falling -3.8% and -5.3%, respectively. The broader S&P500 lost -1.48%. Both the Dow and S&P 500 hit record intra-day highs in opening trading (of 30,674.28 and 3,769.99 respectively) before turning lower. The Nasdaq shed -1.47%. Taiwan Semiconductor Manufacturing Co (TSMC) is reportedly going to announce a 2021 capital expenditure plan of US$22 billion, ~10% higher than previously estimated, at an event on Thursday (7 January), according to Taiwanese media reports. TSMC acts as a manufacturer for major chip companies like Advanced Micro Devices Inc (up +0.6%) and Nvidia Corp (+0.5%) that do not have their own fabrication plants. Companies that supply the materials and make the equipment that manufacturers like TSMC use saw their shares rise, including Lam Research Corp (up +1.2%), KLA Corp (+0.6%), Applied Materials Inc +0.7% and U.S-listed shares of ASML Holding NV (+2.5%). Intel Corp slipped -0.3%. The small capitalisation Russell 2000 index fell -1.47%.
The Dow Jones Industrial Average and S&P500 carved out fresh record intra-day and closing highs to conclude a volatile 2020 that marked both the end of the longest bull market and the shortest-lived bear market ever - Dow gained +197-points or +0.65% to 30,606.48, with Intel Corp (up +2.2%) the leading Dow constituent on the final trading day of 2020. The broader S&P500 rose +0.64% to 3,756.07, with the Financials and Utilities advancing more than >1% each to be the leading primary sector performers last Thursday (31 December). Exxon Mobil Corp fell -0.9% after the energy giant said it expects higher oil and gas and chemical prices to boost fourth-quarter earnings, but confirmed that it is also expecting to write down US$18B to US$20B of upstream assets. Exxon Mobil’s shares declined more than >40% in 2020. Tesla Inc released fourth-quarter delivery figures on Saturday (2 January), with electric vehicle maker recording it delivered 180,570 vehicles in the fourth quarter of 2020 - a quarterly record for deliveries, ahead of consensus analyst projections of ~176K and up about 60% compared from the fourth quarter of 2019. For the full year, Tesla delivered ~499K vehicles, just short of initial management projections of 500K vehicles albeit the initial projections were before COVID-19 impacted the entire auto industry. Tesla 2020 vehicle deliveries grew ~36% compared with the full year 2019, despite pandemic, lock downs and production disruptions. Tesla stock’s +743% gain in 2020 leaves the company worth ~US$669B (having started last year with a market capitalisation of ~US$76B) - and almost US$780B on a fully diluted basis. The Nasdaq edged +0.14% higher. The small capitalisation Russell 2000 index slipped -0.26%.
US stocks rose slightly on Wednesday amid renewed vaccine optimism while traders looked for clues on additional fiscal stimulus. The Dow Jones gained +73.89 points, or +0.24%, the S&P 500 climbed +0.13% and the Nasdaq advanced +0.15%. Wednesday marked the fourth positive session in five for both the Dow and S&P 500.
US stocks slipped on Tuesday after reaching fresh all-time highs as traders weighed the possibility of even more fiscal stimulus being approved by Congress. The Dow Jones closed 68.30 points lower, or -0.2%, the S&P 500 dipped -0.2% and the Nasdaq fell by -0.4%. Tuesday’s decline snapped a three-day winning streak for both the Dow and S&P 500. All three of the major averages hit record highs at the open and at its session high, the Dow was up more than 100 points.
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.
US equity markets climbed to cap a strong week, with the market processing another round of coronavirus stimulus headlines - Dow gained +161-points or +0.57%, with Microsoft Corp (up +2.48%) and Salesforce.Com Inc (+2.21%) the leading index performers. The broader S&P500 +0.88%, with Information Technology (up +1.54%) and Consumer Discretionary (+1.50%) leading eight of the eleven primary sectors higher. Energy (down -1.59%) was the clear underperforming sector. AT&T Inc lost -0.3% after the Wall Street Journal reported that the company is planning thousands of job cuts in its Warner Media unit as it seeks to cut costs by up to 20%. The technology-centric Nasdaq rose +1.39%. Amazon.com Inc (up +3.01%) host their 2020 Prime Day on the 13 and 14 October. It’s usually a summertime event, but was delayed by the coronavirus pandemic. The small capitalisation Russell 2000 index added +0.50%. In merger and acquisition (M&A) activity, the Wall Street Journal reported that Advanced Micro Devices Inc (down -4.1%) is in advanced talks to buy rival chipmaker Xilinx Inc (up 12%), citing people familiar with the matter. The deal could be valued at more than >US$30B and marking the latest big tie-up in the rapidly consolidating semiconductor industry.
Benchmark US equity indices climbed to their highest levels in five weeks as optimism continued to build around fresh fiscal stimulus measures - Dow settled +122-points or +0.43% higher. International Business Machines Corp (IBM) gained +5.98% to lead the Dow higher after the company announced its plan to spin off the Managed Infrastructure Services unit of its Global Technology Services business into a new publicly-traded company by the end of 2021. IBM has trimmed its legacy businesses over the years to focus on cloud, aiming to make up for slowing software sales and seasonal demand for its mainframe servers. McDonald’s Corp fell 0.3% despite the fast-food giant reporting third-quarter same-store sales that exceeded forecasts and said it was raising its dividend by 3%. The broader S&P500 +0.80%, with Energy (up +3.78%) the clear outperformer and leading all eleven primary sectors higher. The technology-centric Nasdaq rose +0.50%. In merger and acquisition (M&A) news, Eaton Vance Corp surged +48.14% after Morgan Stanley (+0.6%) agreed to buy the asset manager for ~US$7B in a cash-and-stock deal.
US equity markets rebounded, buoyed by President Trump urging Congress to pass a series of smaller, standalone bills that would include a bailout package for the airline industry battered by the coronavirus pandemic - Dow rallied +531-points or +1.91%. The broader S&P500 +1.74%, with Materials, Consumer Discretionary, and Industrials all logging gains of over >2% and leading all eleven primary sectors higher. Eli Lilly and Co rose 3.4% after saying it had submitted a request to the U.S. Food and Drug Administration for emergency use of its experimental COVID-19 antibody treatment. The technology-centric Nasdaq gained +1.83%.
US equity markets retreated after President Trump said he would put negotiations on a new fiscal stimulus package on hold until after the 3 November election - Dow fell -376-points or -1.34%, handing back an earlier rise of over >200-points. Boeing Co dropped -6.81% after the aircraft maker forecast an 11% drop in demand for commercial planes in the next decade and, in a separate outlook for the commercial aviation market, said it sees passenger-traffic growth to increase by an average of 4% a year in the next two decades. The broader S&P500 -1.40%, with the Consumer Discretionary (2.13%), Communication Services (-1.98%), Information Technology (-1.59%) and Energy (-1.52%) all logging falls over of over >1.5%. Utilities (up +0.85%) was the only primary sector to advance. The Nasdaq dropped -1.57%, with the major technology names under pressure amid reports that a House subcommittee that has investigated anticompetitive business practices for more than a year is set to recommend splitting them up and limiting the scope of their future acquisitions. Amazon.com Inc fell -3.01%, Google parent Alphabet Inc -2.19% and Facebook Inc -2.26%. Apple Inc (down -2.87%) announced it would hold an online event on 13 October that’s expected to bring the launch of its new family of iPhones.
US equity markets rallied, buoyed by positive updates on President Trump’s health and as investors continued to eye potential fresh stimulus measures - Dow settled +466-points or +1.68% higher.
US equity markets retreated as investors digested news that President Trump and the First Lady had contracted coronavirus, with technology stocks weighing heaviest on the key indices - Dow down -134-points or -0.48% .
•US markets edged slightly higher Thursday as investors tried to gauge the prospects of Washington passing an additional stimulus package to bolster the economy before next month's election. The Dow Jones Industrial Average rose +35 points, or +0.1%, to 27,816 after jumping 250 points earlier in the day. The S&P 500 gained +0.5%. The Nasdaq Composite outperformed, gaining +1.4%. Tech shares, which could do well even without another stimulus, provided the broader market with some support as well as Amazon, Microsoft, Alphabet and Facebook all jumped at least 1%. Netflix popped 5.5%.
U.S. markets climbed in volatile trading on Wednesday, shrugging off a chaotic clash at the Trump-Biden debate, instead choosing to focus on rising hopes for further coronavirus stimulus and better-than-expected economic data. The Dow Jones Industrial Average closed up 329.04 points, or 1.2%, to 27,781.70, after jumping 573 points at its session high. The S&P 500 rose 0.8%, or 27.53 points, to 3,363.00, while the tech-heavy Nasdaq Composite climbed 0.7%, or 82.26 points, to 11,167.51. Still, major averages suffered their first monthly declines since March partly due to a tech-led correction earlier in September. Markets were also buoyed by positive data regarding a potential coronavirus treatment from Regeneron Pharmaceuticals. Regeneron said after the close Tuesday its REGN-COV2 drug reduced viral levels and improved symptoms in non-hospitalized coronavirus patients. Meanwhile, Moderna’s experimental Covid-19 vaccine appears safe and shows signs of working in older adults, according to study results published in the New England Journal of Medicine. However, Financial Times reported Wednesday Moderna’s vaccine won’t be ready before the November election.
US equity markets fell for the first time in four days on Tuesday amid concerns over a possible resurgence in coronavirus cases.
The Dow Jones Industrial Average closed 131.40 points lower, or 0.5%, at 27,452.66. The S&P 500 also dipped 0.5% to end the day at 3,335.47 while the Nasdaq Composite slid 0.3% to 11,085.25. The major averages snapped a three-day winning streak.
Shares of airline companies led the declines. JetBlue and American Airlines slid 4.4% and 4% respectively. United dipped nearly 4% and Southwest closed lower by 1.7%.
US equity markets rose sharply on Monday as Wall Street built on strong gains from the previous session amid hope for a new deal on U.S. fiscal stimulus and several corporate deals being struck. The Dow closed 410.10 points higher, or 1.5%, at 27,584.06, to start the week, led by banks and tech. The broader S&P 500 gained 1.6% to close 3,351.60 and the Nasdaq climbed 1.9% to 11,117.53. Both the Dow and S&P 500 had their best session since Sept. 9. Sentiment on Wall Street got a boost after House Speaker Nancy Pelosi said Sunday a last-minute coronavirus aid deal remains on the table as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion.
US equity markets advanced after another choppy session although both the Dow and S&P500 logged their fourth straight weekly decline (matching their longest such losing streak since August 2019) – the Dow rose +359 points or +1.30%. Boeing Co rallied +6.8% after the US Federal Aviation Administration said its chief will conduct an evaluation flight of the grounded 737 MAX jet, while European regulators indicated a potential resumption of flights by year end. The broader S&P500 gained +1.60%, with the Information Technology sector (up +2.4%) logging its best session since 9 September and leading ten of the eleven primary sectors higher. Energy (down -0.07%) was the only primary sector to settle in the red. Cruise operators traded strongly (Carnival Corp up +9.7%, Norwegian Cruise Line +13.7% and Royal Caribbean +7.7%), buoyed by an upgrade from a Barclays analyst. NASDAQ +2.30%. Facebook Inc up +2.1%, Amazon.com Inc +2.5%, Apple Inc +3.8%, and Netflix Inc +2.1%. For the week, the Dow lost –1.8% and the S&P500 -0.6% as cyclical stocks underperformed. However, the Nasdaq gained +1.1% for the week, ending a three-week stretch of declines.
•US equity markets settled with modest gains after a turbulent session - Dow settled +52-points or +0.20% higher after trading in a 560-point intra-day range. The Dow was down -226-points at its session lows and climbed as much as +332-points. The broader S&P500 edged +0.30% higher to 3,246.59, having fallen into correction territory (defined as a fall of 10% or more from its most recent peak) after falling below
US equity markets logged sharp falls, with losses accelerating in the final hour of trading as technology stocks took a fresh leg lower - Dow dropped -525-points or -1.92%, unwinding an earlier +176-point rally. Johnson & Johnson (up +0.16%) announced the start of a 60,000-person clinical trial of its single-dose COVID-19 vaccine on three continents, making the drugmaker the fourth experimental vaccine candidate to enter final-stage testing in the U.S. Nike Inc gained +8.76% after posting fiscal first quarter numbers that were well above Wall Street’s expectations after the closing bell of the previous session. The broader S&P500 fell -2.37%, with Energy (down -4.55%) and Information Technology (-3.21%) leading all eleven primary sectors lower. NASDAQ tumbled -3.02%. Apple Inc fell -4.19%, with UBS downgrading the stock to ‘neutral’ from ‘buy’ and noting that the valuation “reflects a growth trajectory that we believe is unsustainable. Tesla Inc dropped -10.34% after the electric-auto maker unveiled innovations and increased efficiencies that seemingly underwhelmed investors at its “Battery Day” event. The stock was also under pressure after Tesla sued the U.S. government to overturn tariffs on China.
•US equity markets advanced, with both the S&P500 and Nasdaq arresting a four session slide - Dow up +140-points or +0.52% (to 27,288.18), recovering from an intra-session low of 26,989.93 snapping a three session losing streak. The broader S&P500 gained +1.05% . NASDAQ +1.71%. Amazon.com Inc rose +5.7%, buoyed by an upgraded to ‘outperform’ from ‘market perform’ by analysts at Bernstein. Facebook Inc (up +2.66%) and Microsoft Corp (+2.41%) both gained more than >2%. Lululemon Athletica Inc rose +1.4% in after hours trading (after a +6.10% gain in the regular session) after the athletic apparel retailer after announcing the company will restart its stock repurchase program, which was halted due to COVID-19. Tesla Inc fell -5.6% but rebounded +3.90% in the extended session as the electric vehicle maker’s annual meeting of stockholders and Battery Day presentation got underway. Chief Executive Officer (CEO) Elon Musk sought to manage expectations ahead of the electric carmaker’s Battery Day presentation, cautioning about hurdles to reaching mass production and noting any new battery technology announced “will not reach serious high-volume production until 2022.”
US equity markets retreated although a late session rally left the key indices well off their worst level of the session - Dow fell -510-points or -1.84%, well off its session lows that saw the index down as much as -942-points or -3.4%. JPMorgan Chase & Co fell -3.09% after being named in a leaked a report citing confidential documents that a number of global banks moved allegedly illicit funds over the past two decades despite warnings from U.S. officials. The broader S&P500 shed -1.16% to 3,281.06, paring an earlier decline of as much as -2.7%. A close below 3,222.76 would have put the index into correction territory (i.e. a drop of over >10% from its most recent peak). The latest falls marked the first time since February that the S&P 500 posted four straight daily losses. Materials (down -3.41%), Industrials (-3.38%) and Energy (-3.27%) logged declines of over >3% and led ten of the eleven primary sectors lower. Information Technology (up +0.76%) was the only primary sector to close in positive territory. Airlines (Delta Air Lines Inc fell -9.2% and United Airlines Holdings Inc -8.6%) and other travel-related stocks (Carnival Corp -6.66%)) were under pressure amid fresh coronavirus concerns. NASDAQ dipped -0.13%, staging an impressive intra-day turnaround that saw the technology-centric index recover from a drop of over >2.5%. The Nasdaq-100 index, comprising the Nasdaq Composite’s 100 largest companies, added +0.4%. Microsoft Corp rose +1.07% after announcing the acquisition of ZeniMax Media and its game publisher Bethesda Softworks for US$7.5B in cash. Apple Inc rose +3.03% and Netflix Inc +3.70%. In broader stock moves, Tesla Inc rose +1.6% in regular trading only to fall -5.33% in the extended session ahead of their “Battery Day” tonight AEST. Luxury homebuilder Toll Brothers Inc rose +5.1% after the company issued an upbeat mid-quarter update. Nikola Corp dropped -19.3% after founder Trevor Milton resigned as executive chairman following allegations by a short seller the company had misled investors about its technology.
•Technology stocks dragged US equity markets lower for a third straight session - Dow down -245-points or -0.88% The broader S&P500 lost -1.12% to 3,319.47, closing below its 50-day moving average (3,343.42) since 23 April. All eleven primary sectors closed in the red, with eight sectors logging falls of greater than >1% including Information Technology (down -1.66%). The technology centric NASDAQ fell -1.07%. Apple Inc fell -3.2% and is down -17.2% in September. Tesla Inc rose +4.4% ahead of their “Battery Day” event on Tuesday night AEST (22 September). Friday night’s (18 September) session marked quadruple witching’, the simultaneous expiry of market index futures, market index options, stock options and stock futures, and brought a spike in volume (with 14.31B shares trading on US exchanges, the highest since the reconstitution of the FTSE Russell indices in June).
•US equity markets settled in the red after a volatile session as investors continued to ponder the Federal Reserve’s latest observations and as the Information Technology sector (down -0.84%) was the subject of fresh selling - Dow down -130-points or -0.47%, snapping a four session winning streak but paring an earlier loss of as much as -385-points. The broader S&P500 shed -0.84%, with Real Estate (down -2.19% leading eight of the eleven primary sectors lower. Materials (up +0.76%), Industrials (+0.23%) and Energy (+0.21%) were the only primary sectors to advance. General Electric Co gained +4.4% to a two month high of US$7.05 on big trading volume (259.1M shares versus the daily average of 82.6M) as Chief Executive Larry Culp said he expected cash flow to be positive in the second half of the year. Ford Motor Co gained +3.70% as it said it had begun production of the new generation F-150 pickup truck at its Michigan facility. The technology-centric NASDAQ dropped -1.27%, briefly dipping back into correction territory (i.e. down -10% from its most recent peak). Facebook Inc and Amazon.com Inc fell -3.3% and -2.25%, respectively. Netflix Inc closed -2.82% lower. Google parent Alphabet Inc dropped -1.67%, while Apple Inc (-1.6%) and Microsoft Corp (-1.04%) were both down at least 1%. For September, Facebook, Amazon, Netflix, Microsoft and Apple are all down at least 10%. Tonight’s session is ‘quadruple witching’, the simultaneous expiry of market index futures, market index options, stock options and stock futures.
•US markets advanced ahead of the latest monetary policy pronouncements from the Federal Reserve- Dow inched +2-points higher. JPMorgan Chase & Co fell -3.1% as it lowered its full-year net interest income forecast. The broader S&P500 gained +0.52%, with Communication Services (up 1.72%), Real Estate (+1.39%), Consumer Discretionary (+1.03%) and Information Technology (+1.00%) all logging gains of 1% or more and leading eight of the eleven primary sectors higher. Financials (down -1.36% was the worst performing sector). Oracle Corp gained +2.5% after The Wall Street Journal reported that the Trump administration was reviewing the companies bid to become the “strategic partner” for TikTok’s U.S. operations, which is owned by China-based ByteDance. The technology-centric NASDAQ +1.21%. Amazon.com Inc rose +1.71% and Google-parent Alphabet Inc +1.46%, while Netflix Inc gained +4.14% and Facebook Inc +2.36%. Microsoft Corp rose +0.44% in extended trading (after a +1.64% gain in the regular session) after announcing it will raise its dividend by ~10% to US$56 cents per share from US$0.51c. Microsoft also disclosed that it will hold a virtual annual shareholders meeting on 2 December. Apple Inc (up +0.16%, unwinding an earlier gain of ~3%) unveiled new Apple Watches and iPads at a fall launch event that was devoid of iPhone announcements. The company also announced a new fitness subscription service and the option to bundle Apple services for a lower price than users would have had to pay to sign up for them each individually.
•US equity markets rebounded, snapping a three session losing streak as some of the selling seen in the technology sector abated - Dow rebounded +440-points or +1.60%. Walmart Inc rose +1.04% after the retailer announced it was testing a drone delivery program. The broader S&P500 rallied +2.01% , with Information Technology (up +3.35%) leading all eleven primary sectors higher. The technology-centric NASDAQ gained +294-points or +2.71%, booking its best one-day point and percentage gain since 29 April a day after sliding into correction territory at the fastest pace on record. Apple Inc rose +3.99% after falling over >6% in the previous session. Tesla Inc gained +10.92%, rebounding from a record one-day decline (down -21.06%) in the previous session. Those two stocks, along with Microsoft Corp (+4.26%), Amazon.com Inc (+3.77%), Alphabet Inc (+1.60%) and Facebook Inc (+0.94%), lost US$1 trillion in market value over the last three days. In merger and acquisition (M&A) news, Tiffany & Co fell -6.44% after LVMH Moet Hennessy Louis Vuitton SE (down -0.09%) said it wouldn’t be able to complete the previously announced us$16B takeover of the U.S. luxury goods retailer “as it stands.” LVMH cited a letter from the French government asking for a delay in light of the threat of tariffs on French products by the U.S., as well as Tiffany’s request to extend the deadline from 24 November to 31 December. Separately, the Wall Street Journal reported that mall operators Simon Property Group Inc (down -1.7%) and Brookfield Property Partners LP (up +0.27%) were set to buy struggling retailer J C Penney Company Inc out of bankruptcy for ~US$800M. Railroad company Kansas City Southern railroad company fell -1.33% (to US$183) in extended trading after the Wall Street Journal reported that the company had rejected a takeover offer from private equity firms. The offer was reportedly for US$208 per share.
US equity markets resumed trading following the Labor Day holiday with steep falls, with Technology stocks under fresh selling pressure - Dow dropped -632-points or -2.25%. Boeing Co fell -5.8% after the Wall Street Journal reported that production problems at a 787 Dreamliner factory prompted air-safety regulators to review quality-control lapses that could stretch back almost a decade. JPMorgan Chase & Co fell -3.5%, after the banks said it found evidence of employees and customers misusing the government’s flood of stimulus funds this spring and is cooperating with authorities The broader S&P500 shed -2.78% to cap its worst three day stretch (down -%) since June. The technology-centric NASDAQ tumbled -4.11% to 10,847.69, booking its quickest slide ever from a record close to correction territory after falling 10.03% from its record closing high of 12,056.44 on 2 September. A correction is typically defined as a drop of at least 10% from the prior closing high, which the Nasdaq accomplished overnight after only three trading sessions. Apple Inc fell -6.7% and logged its worst three-day slump since October 2008, according to Bespoke Investment Group. Tesla Inc fell -21.06% (to US$331.21) to log a record one-day decline after S&P Dow Jones Indices on Friday (4 September) unexpectedly decided not to include the electric-vehicle maker in the S&P500 as part of their latest re-balance.
US equity and bond markets CLOSED for the Labor Day holiday. In US corporate earnings, Lululemon Athletica Inc and Slack Technologies Inc report second-quarter results tonight AEST. In US economic data, the National Federation of Independent Business (NFIB) Business Optimism Index for August is released tonight AEST.
US equity markets retreated ahead of the Labor Day long weekend, with the sell off in the technology sector deepening - Dow fell -159-points or -0.56%, paring an earlier decline of as much as -628-points. Boeing Co rose +1.35%, while bank stocks also gained broadly (with JPMorgan Chase & Co up +2.16 and Goldman Sachs Group Inc +1.63%) The broader S&P500 shed -0.81%, with the Information Technology (down -1.3%), Consumer Discretionary (-3.6%) and Communication Services (-3.3%) sectors under pressure for a second straight session. The technology-centric NASDAQ -1.27%, logging its steepest two session drop since 17 March. Facebook Inc (-2.88%), Amazon.com Inc (-2.18%) and Alphabet Inc (-3.09%) all lost more than >2%. Netflix Inc slid -1.84% and Microsoft Corp dropped -1.4%. However, Apple Inc settled +0.1% higher, recovering from an earlier drop of as much as -8.3%.
•US equity markets fell sharply, retreating from record highs as the Information Technology sector (down -5.83%) snapped a 10-day winning streak and logged its sharpest drop since March - Dow down -808-points or -2.78% (to 28,292.73) a day after climbing above the 29,000 mark for the first time since February. The index had been down over >1,000 points earlier in the session. The fall marked the indice’s biggest one-day decline since 11 June and pushed the blue chip gauge back into negative territory for the year-to-date (down -0.9%). All but two (namely, American Express Co up +0.1% and Verizon Communications +0.1%) of the Dow’s 30 components closed lower. The S&P500 fell -3.51%, with 446 of the broader indice’s members falling. Consumer Discretionary (down -3.6%) and Communication Services (-3.3%) were the worst performing primary sectors behind Information Technology with falls of over >3%. All eleven primary sectors settled in the red, with Energy (down -0.7%) the best performer. The technology-centric NASDAQ dropped -4.96%, snapping a four session winning streak. Apple Inc (down -8.01%) posted its biggest one-day decline sine 16 March, losing ~US$180B in market capitalisation terms. Google parent Alphabet Inc shed -5% after reports the Justice Department could bring an antitrust case against the search giant as soon as this month. Facebook Inc dropped -3.8% after announcing it would ban new political ads from running in the week before the 3 November presidential election. The declines marked the biggest one-day drops for all three benchmark indexes since June. The Nasdaq-100, comprising the largest 100 non-financial stocks in the Nasdaq, fell -5.2%. Zoom Video Communications Inc (down -10%), Nvidia Corp (-9.3%) and Advanced Micro Devices Inc (-8.5%) were among the heavy decliners. Tesla Inc dropped -9.02% to be down over >18% month-to-date.
US equity markets booked a fresh round of records amid a broad rally, shrugging off a mixed batch of economic reports - Dow gained +455-points or +1.59% (to 29,100.50), reclaiming the 29,000 mark for the first time since February to sit ~1.5% below its 12 February record closing high (29,551.42). 28 of the 30 index constituents advanced. President Trump was pleased with the latest rally, taking to Twitter to type (replete with emoticons) “The Dow Jones Industrial just closed above 29,000! You are so lucky to have me as your President. With Joe Hiden’ it would crash” The broader S&P500 advanced +1.54% (to 3,580.84), logging its 22nd record closing high for the year. The Utilities sectors (up +3.1%) led ten of the eleven primary sectors higher, with Energy (down -0.4%) the sector to settle in the red. A total of 74 members, or 15%, of the benchmark large-cap U.S. index set all-time intraday records, including Nvidia Corp (up +3.80%), Advanced Micro Devices Inc (down -2.13%), PayPal Holdings Inc (+0.9%), Amazon.com Inc (+0.92%), Alphabet Class A (+4.07%), Apple Inc (down -2.1%) and Walmart Inc (+0.1%)name a few notables. The technology-centric NASDAQ +0.98% (to 12,056.44) and marking its 43rd record closing high of 2020. Tesla Inc fell -%, logging its largest single session decline in about six weeks after a regulatory filing disclosed that Scotland-based fund manager Baillie Gifford reduced its stake in the electric vehicle maker to 4.25% from 6.3% (selling ~19.23M shares worth ~US$9.14B). Baillie Gifford said it sold the stock to meet internal guidelines that limit the percentage of the portfolio that could be invested in a single stock, according to a report in The Wall Street Journal.
Stocks were mixed on Monday as the S&P 500 and Dow Jones Industrial Average wrapped up their best August performances since the 1980s. The Dow slid 223 points, or -0.8%, to 28,430.05 and the S&P 500 dipped -0.2% to close at 3,500. Meanwhile, the Nasdaq got a lift after two big stock splits took effect Monday. Apple shares gained 3.4% as a 4-for-1 split took effect. Tesla shares added 12.6% following its 5-for-1 split. Since announcing plans for the stock split on July 30, Apple has risen 35%, in the process becoming the first U.S. public company to surpass $2 trillion in market value and extending its gains for the year to 78%. Tesla shares, meanwhile, have surged 77% from the company's Aug. 11 stock-split announcement and have more than quintupled this year.
•Yet another round of records for both the S&P500 and Nasdaq to end the week, while the Dow Jones Industrial Average erased its losses for 2020 - Dow up +162-points or +0.57% to 28,653.87, to be up +0.4% for the year and settling ~3% shy of its 12 February record closing high (29,568.57) ahead of a restructuring of the index that becomes effective. Walmart Inc rallied +2.69% says a deal for video sharing TikTok US could potentially benefit the retail giant’s e-commerce, marketplace and advertising businesses. Walmart jumped +4.5% on Thursday (27 August) after it was revealed that the retailer is teaming up with Microsoft Corp (up +1.03%) on a bid for the video sharing site. However, China announced new restrictions on artificial-intelligence technology exports on Friday (28 August) that could further complicate the sale of TikTok’s U.S. operations. Coca-Cola Co rose +3.32% after the company announced a reorganisation and said it would offer voluntary job cuts to 4,000 workers in the US, Canada and Puerto Rico. Visa Inc (up +2.22% to US$215.71) notched its first record close since 19 February. Both Mastercard Inc (up +2.84%) and Visa received bullish research initiations last Thursday (27 August) at Mizuho Securities. The broader S&P500 gained +0.67% to a fresh record closing high (3,508.01) and first settlement above >3,500. The index logged it sixth record closing high since confirming a bull market on 18 August. Energy (up +1.85%) led all eleven primary sectors higher. The technology-centric NASDAQ +0.60%. Apple Inc slipped -0.16% ahead of the company’s 4-for-1 stock split coming into effect tonight AEST. Dell Technologies Inc rose +6.05% as working and learning from home trends underpinned a better-than-expected second quarter results release for the company after the close of the previous session, Tesla Inc dipped -1.13% on the final day before the electric vehicle company’s 5-for-1 stock split becomes effective. Tesla has rallied +61% since announcing its stock split and are up +958% over the past year (to be the seventh most valuable US company by market capitalisation but one not yet in the S&P500 index).
US equity markets settled with modest gains after a choppy session, with the S&P500 logging yet another record closing high after Federal Reserve Chair Jerome Powell said policy makers would no longer pre-emptively hike interest rates to stave off inflation - Dow up +160-points or +0.57%, well off its session peak that saw the index up as much as +385-points or +1.36% and briefly turn positive for the year. Walmart Inc (up +%) and Travellers Companies Inc (+%) accounted for about a quarter of the index’s rally. The broader S&P500 gained +0.17% (to 3,484.55), briefly topping >3,500 for the first time at its session high (3,501.38). NetApp Inc rose 4% after it reported unexpected earnings and sales growth after the closing bell of the previous session. The technology-centric NASDAQ lost -0.34%, pulling back from a record high but touching a fresh intra-day peak (11,730.01) earlier in the session. Facebook Inc and Netflix Inc dropped -3.52% and -3.88% respectively. Amazon.com Inc (-1.22%), Google-parent Alphabet Inc (-1.09%) and Apple Inc (-1.2%) were all down more than 0.9%. Microsoft Corp bucked the negative trend, rising +2.46%.
Yet another round of record closing highs for the both the S&P500 and Nasdaq as investors digested positive news on the US-China trade front and eyed the Federal Reserve’s annual symposium on monetary policy which kicks off tonight AEST - Dow up +83-points or +0.30% to 28,331.92 and is now just 1.02% shy of turning positive for the year and just 4.1% below its 12 February record closing high of 29,551.41. The broader S&P500 gained +1.02% to 3,478.73 and locking in its 18th record closing high for the year. The latest gains left the S&P 500 up more than 58% since hitting an intraday low on 23 March. Salesforce.com Inc surged +26.04% after the cloud-based customer-relationship-management company announced quarterly results after the closing bell of the previous session that topped forecasts as its revenues hit US$5B for the first time. The company also was benefiting from Monday’s (24 August) announcement by S&P Dow Jones Indices that it would be among a trio of companies to be included in the Dow Jones Industrial Average, effective Monday (31 August). The technology-centric NASDAQ +1.74% to 11,665.06 and marking its 39th record closing high of 2020. Netflix Inc rose +11.61% to US$547.53 on big volume (20.1M shares versus its 50-day average volume of 7.3M) and near its highest level since 13 July (US$575.37). Facebook Inc rose +8.22% (to US$303.91), closing above >US$300 per share for the first time. Tesla Inc rose +6.42% (and saw its market capitalisation top >US$400B), buoyed by analysts at Jefferies lifting their target price to US$2,500 from US$1,200. Analysts noted that "Tesla's competitive edge in cars may soon start to shrink but continues to widen in multiple other dimensions, from brand leverage and software to battery capacity and industrial efficiency" and also pointed to the company’s Battery Day on 22 September, where the company could “set new benchmarks and ambitions for battery density, materials and industrial processes leading to pack costs
•The S&P500 and Nasdaq climbed to fresh record highs - Dow down -60-points or -0.21% a day after S&P Dow Jones Indices announced an overhaul of its composition of the blue chip index (that included the removal of near 100-year member Exxon Mobil Corp (down -3.17%). Apple Inc logged its first decline in six sessions, settling -0.82% lower. Boeing Co fell -1.99%. The broader S&P500 gained +0.36% The technology-centric NASDAQ +0.76% to 11,466.17, logging its 38th record closing high of 2020. Facebook Inc rose +3.47%, buoyed by an upgrade from UBS. In merger and acquisition (M&A) news, Cisco Systems Inc announced it intends to acquire BabbleLabs, which has developed noise-removal and speech-enhancement technology. Terms were not disclosed.
•Fresh records for both the S&P500 and Nasdaq to begin the new trading week, with sentiment buoyed by reports of further advanced on the COVID-19 vaccine development front - Dow up +378-points or +1.35% to 28,308.46, settling above >28,000 for the first time in six months and just 4.2% shy of its 12 February record closing high. Boeing Co (up +6.43%) provided the biggest positive contribution. The broader S&P500 gained +1.00% to a fresh record closing high (3,431.28) and first close above >3,400. Energy (up +2.75%) and Financials (+2.32%) led ten of the eleven primary sectors higher, with Health Care (down -0.54%) the only sector to settle in the red. Travel and Leisure stocks traded strongly amid the latest encouraging COVID-19 vaccine headlines, with United Airlines Holdings Inc up +9.93% American Airlines Group Inc +10.53% and Delta Air Lines Inc +9.28%, while cruise operator Carnival Corp rallied +10.17%. The technology-centric NASDAQ +0.62%, hitting both a record closing (11,379.72) and intra-day (11,462.05) high. Apple Inc rose +1.2% and touched a fresh record high (US$515.14). Elsewhere, Facebook Inc rose +1.64%, Amazon.com Inc +0.69% and Google parent Alphabet Inc +0.49%. Twitter Inc rose +3.13% (to US$40.49), logging its highest close since 7 October, 2019. In merger and acquisition (M&A) news, Blackstone Group Inc rose 0.62% after Takeda Pharmaceutical Co announced it would sell its consumer health care business for 242B yen (~US$2.3B) to the U.S. private equity giant. Separately, diversified industrial company NN Inc fell -7.74% after the company said it has agreed to sell its Life Sciences unit to affiliates of American Securities LLC in a deal worth US$825M.
•Fresh record closing highs for the S&P500 and Nasdaq following some solid economic data and with Apple Inc rallying over >5% - Dow up +191-points or +0.69%. The broader S&P500 gained +0.34% to 3,397.16, logging its second record close of the week. Information Technology (+1.21%) was comfortably the best performing primary sector, leading seven of the eleven primary sectors higher. Energy (down -0.63%) and Materials (-0.53%) were the key laggards. Delta Air Lines Inc announced plans to resume 50 flights on the international route (including to Tokyo, Seoul, Beijing and Shanghai) this northern hemisphere winter and in 2021 that were suspended due to the COVID-19 pandemic. The technology-centric NASDAQ +0.42% to 11,311.80 and carving out its 36th record close of 2020. Apple Inc (up +5.15%) touched a record intra-day high (US$499.47) and marked its best 4-week performance (up %) since April 2009, according to Dow Jones Market Data. The small capitalisation Russell 2000 index fell -0.8%. Tesla Inc (up +2.41% to US$2,049.98) logged its first close above US$2,000 per share. Since announcing their respective stock splits last month, Apple Inc has gained ~29% and Tesla Inc ~53%.
•US equity markets retreated a day after both the S&P500 and Nasdaq set fresh records - Dow fell -85-points or -0.31%. The broader S&P500 lost -0.44% after logging a fresh record intra-day high (3,399.54)) earlier in the session. Real Estate (down -2.01%) was the worst performing sector, with all eleven primary sectors closing in the red. Southwest Airlines Co edged +0.32% higher after reporting a “modest” uptick in leisure demand this month as travellers booked last minute trips despite the pandemic. The technology-centric NASDAQ shed -0.55%. Apple Inc rose +0.13%, settling well off earlier highs (US$468.65. up +1.26%) that saw if become the first US company to attain a market capitalisation of US$2 trillion. Apple first reached a US$1 trillion market capitalisation on 2 August, 2018. On 31 July, Apple passed the state oil giant Saudi Aramco to become the world’s most valuable publicly traded company. The small-capitalisation Russell 2000 index closed +0.2% higher, extending a streak of outperformance that has it up +6.7% in the past month. In broader stock moves, recreational vehicle (RV) maker Winnebago Industries Inc said that its board of directors has approved a 9% dividend increase to US$0.12c per share (payable on 30 September to shareholders of record as of 16 September). Winnebago in June posted quarterly earnings above Wall Street expectations thanks to a surge in RV sales amid the pandemic.
US equity markets advanced, with both the S&P500 and Nasdaq setting fresh records - Dow eased -67-points or -0.24%. The broader S&P500 gained +0.23% to 3,389.78, logging its first record closing high since 19 February and recovering all its losses made since the onset of the coronavirus crisis. It has taken the S&P500 126 trading sessions to finish at a new record level after falling by at least 20%, which defines a bear market. Oracle Corp gained +2.20% following a CNBC report the company is discussing a deal for TikTok’s U.S., Canada, Australia and New Zealand operations. The technology-centric NASDAQ +0.73% to 11,210.97, notching its 34th record closing high of 2020. Amazon.com Inc outperformed with a +4.% gain.
•US equity markets mostly higher, with the Nasdaq logging its fifth record closing high for the month to date - Dow down -86-points or -0.31%. Home Depot Inc gained +2.74% ahead of their second quarter result before the opening bell tonight AEST, with the Wall Street Journal reporting foot traffic at the home improvement retailer has soared at least 35% since April despite the pandemic. Listed peer Lowe’s Companies Inc, which releases their second quarter result on Wednesday night AEST (19 August) gained +2.64%. The broader S&P500 added +0.27% (to 3,381.99), trading above its 19 February record closing high (3,386.15) earlier in the session. Consumer Discretionary sector (up +1.21%) led seven of the eleven primary sectors higher, with Financials (down -1.54%) the clear underperformer. The technology-centric NASDAQ outperformed with a +1.03% gain (to 11,129.73). Tesla Inc (up +11.2% to a record close of US$1,835.64) climbed above >US$1,800 per share for the first time, buoyed by an analyst upgrade at Wedbush who cited accelerating sales in China. Friday (21 August) is the record date for Tesla’s 5-for-1 stock split. Nvidia Corp rallied +6.7% (to US$493.48) ahead of the company’s second quarter result on Wednesday night AEST (19 August), pushing the chipmaker’s market capitalisation above >US$300B for the first time and consolidating its place as the largest US chip company. In merger and acquisition (M&A) headlines, Amazon.com Inc rose +1.09%, with Reuters reporting that the e-commerce giant wants a minority stake in cloud company Rackspace Technology (+10.30%).
US equity markets ended the week in muted fashion as the latest retail sales figures suggested consumer spending had lost some steam - Dow edged +34-points or +0.12% higher, moving into positive territory in the final minutes of trading. The broader S&P500 dipped -0.02%, with gains for the Energy (up +0.94%) and Industrials (+0.42%) sectors offset by declines for Utilities (down -0.91%) and Health Care (-0.22%). The technology-centric NASDAQ eased -0.21%. For the week, the Dow gained +1.81%, S&P500 +0.64% and Nasdaq +0.08%. Applied Materials Inc rose +3.92% after the company’s fiscal third quarter numbers and fourth quarter outlook released after the closing bell of the previous session exceeded analysts’ forecasts. Google-parent Alphabet Inc (down -0.71%) and Apple Inc (-0.09%) settled with modest losses, with Epic Games, the maker of “Fortnite,” launching a legal battle and accusing the technology giants of illegally exploiting a monopoly on app and in-app purchases.
•US equity markets rallied, with technology stocks returning to form - Dow up +290-points or +1.05%. The broader S&P500 gained +1.4% to 3,380.35, settling just 5.8 points shy of the record closing high of 19 February of 3,386.15 (after trading above that level intra-day). Information Technology (up +2.31%) led ten of the eleven primary sectors higher, with Financials (down -0.29%) the only sector to close in the red. Royal Caribbean Group fell 2.5% after the cruise operator said it has secured a US$700M term loan facility from investment bank Morgan Stanley. The technology-centric NASDAQ rebounded +2.10%. Amazon.com Inc (+2.65%), Google parent Alphabet Inc (+1.78%) and Netflix Inc (+1.83%) all gained at least 1.5%. Microsoft Corp (up +2.86%) and Apple Inc (+3.32%) gained more than >2.8% each. Tesla Inc jumped +13.12% after the electric vehicle maker’s board approved a 5-for-1 stock split after the closing bell of the previous session. Uber Technologies Inc fell -1.19% after Chief Executive Officer (CEO) Dara Khosrowshahi warned that the company’s ride-hailing service could shut down in California until November if the company loses its appeal of a judge’s ruling requiring drivers to be classified as employees instead of contractors.
US equity markets retreated, with the Dow and S&P500 relinquishing gains in the final hour of trading to snap a seven session winning streak for both indices - Dow down -105-points or -0.38%, handing back an earlier rally of over >300-points. The broader S&P500 lost -0.80%, logging its worst session since 23 July after trading to within 0.5% of its record intra-day high (3,393.52) set on 19 February earlier in the session. The technology-centric NASDAQ dropped -1.69%. It meant that the Nasdaq snapped a 107-day streak that has seen the index without three down days in-a-row – the second longest such streak in the indice’s history. Facebook Inc (down -2.61%) and Amazon.com Inc (-2.14%) each fell more than 2% along with Microsoft Corp (-2.34%). Apple Inc and Netflix Inc lost -2.97% and -3.4%, respectively. Tesla Inc jumped +7.10% in extended trading after the electric vehicle maker’s board approved a 5-for-1 stock split. Trading will begin on a stock split-adjusted basis on 31 August, 2020.
•Both the Dow and S&P500 booked a seventh straight session of gains, while the Nasdaq underperformed for a second session amid signs of a rotation away from high-growth stocks in the technology sector to more economically sensitive cyclical companies - Dow up +358-points or +1.30%. Economic bellwether Caterpillar Inc climbed +5.26% and Boeing Co +5.52%, adding a combined ~112-points to the Dow. A US$1 move in any of the Dow's 30 components equates to a 6.86-point swing. The broader S&P500 gained +0.27% to 3,360.47) to close within 1% of its 19 February record closing high (3,386.15), with Energy (up +3.08%) and Industrials (+2.43%) leading six of the eleven primary sectors higher. MGM Resorts International (up +13.77%) was the leading S&P 500 constituent, gaining +13.77% after Barry Diller, chairman of IAC/InterActiveCorp US:IAC unveiled a 12% stake in the company. The technology-centric NASDAQ -0.38%. Social media platform Twitter Inc gained +0.81% after The Wall Street Journal reported it had held preliminary talks about a potential combination with TikTok. Microsoft Corp (down -1.99%) is still seen as the front runner in any deal around the video sharing app after weeks of talks between it and TikTok’s owner, Beijing-based ByteDance Ltd.
US equity markets turned in a mixed performance to end the week as investors pondered the latest jobs data, stalled stimulus talks and US-China tensions, with the Dow and S&P500 clawing into positive territory in the final minutes of Friday’s (7 August) session - Dow edged +47-points or +0.17%. Boeing Co fell -1.3% after a report that a 737 craft operated by Air India crash landed in Southern India before breaking in two. Pfizer Inc gained +0.47% after it announced that it will help manufacture Gilead Sciences Inc’s COVID-19 treatment remdesivir as part of a multiyear agreement. The broader S&P500 eked out a +0.06% . T-Mobile US Inc rallied +6.47% following the release of their second quarter result after the closing bell of the previous session that saw the company surpass AT&T Inc (up +0.60%) in number of customers, making it the second-largest largest U.S. provider behind Verizon Communications Inc (+1.21%), following its merger with Sprint. Financials (up +2.18%), Utilities (+1.80%) and Industrials (+1.73%) were the leading primary sectors with gains of over >1.5%, while Information Technology (down -1.56%) was comfortably the worst performing primary sector. The technology-centric NASDAQ lost -0.87% and snapping a seven session winning streak. The small capitalisation Russell 2000 Index outperformed with a +1.6% gain.
The Trump administration, in coordination with the Centers for Disease Control and Prevention, rescinded its international travel warning that has been in place since March, inspiring a late session rally for US equity markets that lifted the technology-centric Nasdaq to yet another record closing high - Dow up +185-points or +0.68%. The broader S&P500 gained +0.64% . Both the Dow and S&P500 extended their recent rally into a fifth straight session. The NASDAQ rose +1.00% (to 11,108.07) to settle above 11,000 for the first time, logging its fourth consecutive record closing high and 32nd of 2020. The Nasdaq Composite also marked its fastest 1,000-point rally to a new round-number milestone in 20 years, taking just 40 trading days to move from 10,000 to 11,0000. It represented the quickest such ascent since the 38-day sessions it took to climb from 3,000 to 4,000 achieved in 1999 during the dot-com boom and bust. Amazon.com Inc rose +0.62%, with regulatory filings recording that founder and Chief Executive Officer (CEO) Jeff Bezos sold 1M shares in the e-commerce giant over the first two working days of August, pocketing US$3.1B. Mr Bezos still owns more than >54M shares worth ~US175B. Facebook Inc jumped +6.49% a day after launching its new short video product Reels for Instagram. Apple Inc +3.49%, Netflix Inc +1.39% and Microsoft Corp +1.6%.
•US equity markets advanced after a choppy session, with investors keeping an eye on fresh stimulus measures and digesting some mixed corporate earnings releases - Dow up +164-points or +0.62%,. Walmart Inc fell -1.36% in extended trading after it was reported that the company has delayed the launch of Walmart+, a subscription service meant to compete with Amazon Prime, for the second time this year, according to a report by Vox. The broader S&P500 gained +0.36%. with Energy (up +2.46%) the clear outperformer and leading nine of the eleven primary sectors higher. Health Care (down -0.45%) and Financials (-0.44%) were the two primary sectors to close in the red. A late rally saw the technology-centric NASDAQ settle with a +0.35% rise, notching a fifth straight day of gains and a fresh record closing high (10,941.17). The so-called FAANG complex was mixed, with Apple Inc up +0.67%, Amazon.com Inc +0.87% and Netflix Inc +2.21%. However, Facebook Inc fell -0.85% and Google parent Alphabet Inc -0.64%. Advanced Micro Devices (AMD) Inc soared to fresh records, carving out a fresh record closing high (up +9.49% US$85.04) and intra-day peak (US$85.81) after another broker upgrade (who described the lead of AMD and its chip fabricator Taiwan Semiconductor Manufacturing Co over Intel Corp as “systemic”). The chipmaker’s market capitalisation (US$99.84B) closed in on the US$100B mark. Listed peer Intel Corp settled +1.72% higher at US$49.13 (affording the company a market capitalisation of US$208.95B). In broader stock news, Eastman Kodak Co (down -3.61%) is reportedly under investigation by the Securities and Exchange Commission (SEC) around the company’s disclosure about being awarded a US$765M loan from the US government to start producing generic drug ingredients in response to the COVID-19 pandemic, according to a Wall Street Journal report. The company’s share price soared as much as 570% during trading on 29 July.
US equity markets opened August on a positive footing, buoyed by solid manufacturing data and merger and acquisition (M&A) activity - Dow up +236-points or +0.89% The broader S&P500 gained +0.72% to 3,294.61, with Information Technology (up +2.49%) again the clear outperformer and leading five of the eleven primary sectors higher. Real Estate (down -1.47%) was the worst performing sector. The S&P 500 also ended the session less than 3% below the intraday record (3,393.52) set on 19 February. The technology-centric NASDAQ rallied +1.47% to a fresh record closing high of 10,902.80 and touching a fresh record intra-day peak of 10,905.40. Microsoft Corp jumped +5.62% (adding +71-points to the Dow) after it said it would push ahead with talks to buy the U.S. operations of Chinese-owned TikTok. President Trump reversed course earlier on a planned ban of the short-video app, instead saying that any sale to a US company must be completed by 15 September or the app will be banned. President Trump also suggested the company should pay the U.S. Treasury as part of the deal. Microsoft’s largest acquisition to date is the 2016 acquisition of business social network LinkedIn for US$27B. Investors of the privately owned ByteDance, the Chinese company that owns TikTok, valued TikTok at US$50B, Reuters reported last week. Secretary of State Mike Pompeo over the weekend said that the White House may take action against other Chinese software companies. Netflix Inc rose +1.99%, while Amazon.com Inc bucked the stronger trend with a -1.67% decline. The small-capitalisation Russell 2000 index gained +1.8%.
A late session rebound saw US equity markets end the week and month on a positive note, with big technology names driving the gains - Dow up +115-points or +0.44% The broader S&P500 gained +0.77%, with Information Technology (up +2.50%) the clear outperformer following strong quarterly results from the big technology quartet after the closing bell of Thursday’s (30 July) session. Energy (down -0.69%) was the worst performing primary sector. The technology-centric NASDAQ +1.49%. Apple Inc outperformed the broader market, jumping +10.47% to a record closing high (US$425) and logging a fresh 52-week high after announcing better-than-expected fiscal third quarter earnings and a four-for-one stock split after the closing bell of the previous session. The latest gain saw Apple usurp Saudi Aramco as the world’s most valuable publicly traded company with a market capitalisation of US$1.84 trillion Microsoft Corp rose +0.54% following multiple media reports that it is in talks to buy TikTok because President Donald Trump is set to order the dance app’s Chinese owner, ByteDance, to divest its ownership of TikTok’s U.S. operations.
US equity markets climbed as investors digested the latest pronouncements from the Federal Reserve following the conclusion of their latest two day monetary policy meeting - Dow up +160-points or +0.61% The broader S&P500 gained +1.24%, with Energy (up +2.13%) and Financials (+2.02%) leading all eleven primary sectors higher. NASDAQ +1.35%. Advanced Micro Devices Inc soared +12.54% after the chip maker late Tuesday (29 July) reported second-quarter earnings that topped expectations and boosted its full-year forecast. Apple Inc (up +1.92%), Amazon.com Inc (+1.11%), Alphabet Inc (+1.45%) and Facebook Inc (+1.38%) all advanced ahead of their release of their. The Chief Executive Officers (CEOs) of all four of those big technology companies testified in front of Congress, addressing antitrust concerns. In broader stock moves, Eastman Kodak Co soared +318.14% after President Trump tapped the photography pioneer to produce ingredients in generic drugs in response to the coronavirus pandemic. The shares skyrocketed as much as 570% at one point, with trading halted more than 15 times due to volatility.
US equity markets retreated as investors eyed weaker consumer confidence data, some disappointing corporate earnings releases and the ongoing wrangling in the US congress over a fresh coronavirus aid plan - Dow fell -205-points or -0.77% The broader S&P500 shed -0.65%, with Materials (down -2.18%) and Energy (1.75%) leading eight of the eleven primary sectors lower. Real Estate (up +2.05%), Utilities (+1.56%) and Consumer Staples (+0.30%) advanced. The technology-centric NASDAQ fell -1.27%, with the FAANG complex (Facebook Inc -1.45%, Apple Inc -1.64%, Amazon.com Inc -1.8%, Netflix Inc -1.44% and Google-parent Alphabet Inc -1.95%) largely unwinding the gains of the previous session. The major Congressional hearing on competition in the U.S. technology sector takes place later today AEST and is set to see Amazon Chief Executive Officer (CEO) Jeff Bezos, Apple CEO Tim Cook, Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai testify before the House Judiciary Antitrust Subcommittee.
A fresh rally for technology stocks ahead of a raft of earnings releases in the sector later in the week lifted US equity markets - Dow up +115-points or +0.43% The broader S&P500 gained +0.74%. with Information Technology (up+1.61%), Materials (+1.41%) and Real Estate (+1.12%) all gaining over >1% and leading nine of the eleven primary sectors higher. Utilities (down -1.26%) and Financials (-0.81%) were the only primary sectors to close in the red. The technology-centric NASDAQ rallied +1.67%. The FAANG complex traded higher, with Facebook Inc up +1.21%, Apple Inc +2.37%, Amazon.com Inc +1.54%, Netflix Inc +3.16% and Google-parent Alphabet Inc +1.21%. Facebook announced it has delayed the release of their second quarter result until Thursday (30 July) to allow Chief Executive Officer Mark Zuckerberg to appear before the rescheduled Congressional hearing on competition in the U.S. technology sector. It means all of Facebook, Apple, Amazon and Alphabet will post earnings after the closing bell of Thursday’s (30 July) session.
Technology stocks weighed heaviest on US equity markets for second day in-a-row, with a combination of some soft corporate earnings releases, fresh US-China tensions and ongoing COVID-19 concerns promoting a broad-based sell-off - Dow down -182-points or -0.68%. Intel Corp tumbled -16.24% after revealing that its next generation of chips would be delayed and that it may seek a third-party manufacturer to make them. Goldman Sachs Group Inc (down -0.76%) will pay US$3.9B to settle Malaysia’s criminal probe over the U.S. investment bank’s role in the multibillion-dollar sovereign wealth fund 1Malaysia Development Bhd (1MDB) scandal. The broader S&P500 shed -0.62%, with Information Technology (down -1.19%) and Health Care (-1.11%) leading ten of the eleven primary sectors lower. Consumer Discretionary (up +0.33%) was the only primary sector to advance. The technology-centric NASDAQ fell -0.94%. Facebook Inc (down -0.81%), Google-parent Alphabet Inc (-0.25%), Apple (-0.25%) and Microsoft Corp (-0.61%) all traded lower. However, Amazon.com Inc and Netflix Inc bucked the weaker trend, rising +0.75% and +0.60% respectively. The major Congressional hearing on competition in the U.S. technology sector has been delayed two days to Wednesday (29 July), the House Judiciary Committee confirmed on Saturday (25 July). The antitrust hearing is set to see Amazon Chief Executive Officer (CEO) Jeff Bezos, Apple CEO Tim Cook, Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai testify before the House Judiciary Antitrust Subcommittee. Biotechnology company Moderna Inc on Sunday announced the U.S. government has committed up to an additional US$472M to its efforts to develop a coronavirus vaccine.
Technology stocks led US equity markets lower - Dow fell -354-points or -1.31%, with Apple Inc (down -4.55%) and Microsoft Corp (-4.35%) accounting for more than half of the index’s losses. Apple is reportedly delaying a fall launch event for its next batch of iPhones to the “latter half of October.” according to a Japanese technology blog. A US$1 move in any one of the 30 components of the Dow results in a 6.86-point swing. The S&P500 shed -1.32%, snapping a four session winning streak. Information Technology (down -2.63%) – which represent 27% of the weighting of the broader index – and Consumer Discretionary (-2.03%) led eight of the eleven primary sectors lower. The technology-centric NASDAQ dropped -2.29%. Amazon.com Inc and Netflix Inc dropped -3.6% and -2.5%, respectively. Tesla Inc fell -4.98% despite bettering Wall Street’s earnings expectations for a fourth quarter in-a-row after the closing bell of the previous session. The small capitalisation Russell 2000 index settle little changed.
US equity markets advanced, getting a boost in the final hour of trading after CNBC reported that the Republican party are considering extending the enhanced unemployment insurance benefit albeit at a dramatically reduced level of US$400 per month (down from US$600) through the rest of the year - Dow up +165-points or +0.62% to 27,005.84 and its highest close since 9 June. Pfizer Inc gained +5.1% and those of BioNTech SE +13.72% after the companies said they will receive US$1.95B from the U.S. government to produce at least 1M doses of their experimental COVID-19 vaccine if it receives approval or emergency use authorization from the Food and Drug Administration (FDA). The broader S&P500 advanced for a fourth straight session, up +0.57% . NASDAQ edged +0.22% higher. Advanced Micro Devices rose +8.4% to settle at an all-time high (US$61.79). In merger and acquisition (M&A) headlines, Dell Technologies Inc (up +1.15%) is exploring options for its $50 billion stake in cloud computing company VMWare Inc (up +0.56%), according to the Wall Street Journal quoting people familiar with the matter.
US equity markets mixed, paring earlier gains in the final hour of trading - Dow up +160-points or +0.60%, climbing above >27,000 at its session peak (27,0235.38). Chevron Corp (up +7.18%) and Boeing Corp (+2.41%) were among the leading index constituents. The broader S&P500 edged +0.17% higher, logging its highest close since 21 February and sits just 3.8% from its 19 February closing high. Some fresh rotation into economically sensitive cyclical stocks, with gains for the Energy (up +6.15%) and Financials (+1.91%) sectors were largely offset by a -1.06% fall for the Information Technology sector. The NASDAQ fell -0.81% after logging a fresh record intra-day high (10,839.93) shortly after the opening bell. Shares of Facebook Inc (down -1.50%), Amazon.com Inc (-1.83%), Netflix Inc (-2.45%), Microsoft Corp (-1.35%) and Apple Inc (-1.38%) were all down more than >1%.
More upbeat headlines around progress on coronavirus vaccines and fresh gains for technology heavyweights underpinned the the latest gains for US equity markets albeit trading volumes were light - Dow eked out a +9-point gain, recovering from an earlier -150-point decline. Dow member Pfizer Inc (up +0.69%) and BioNTech SE (+3.46%) reported early positive data on a joint coronavirus vaccine candidate, saying the drug “elicited high, dose level-dependent SARS-CoV-2-neutralizing titers and RBD-binding IgG concentrations after the second dose.” Pfizer shares rose 0.6% on the news while BioNTech traded 3.4% higher. The broader S&P500 gained +0.84% albeit Consumer Discretionary (up +3.14%), Information Technology (+2.58%) and Communications Services (+1.25%) were the only primary sectors to advance. Energy (down -1.73%) was the worst performing primary sector. Airlines were under pressure (American Airlines Group Inc down -3.69%, United Airlines Holdings Inc -4.69% and Delta Air Lines Inc -3.07%) after data from the U.S. Transportation Security Administration showed travel demand declined last week, snapping a 12-week increase. The technology-centric NASDAQ outperformed with +2.51% rally (to 10,767.09), booking its largest one-day percentage climb since 29 April and 28th record closing high of 2020. Amazon.com Inc jumped +7.93% (to US$3,196.84), with analysts at Goldman Sachs hiking their price target to US$3,800 per share and the highest among analysts covering the e-commerce giant. Analysts at MKM Partners also lifted their target price +33% to US$3,350 and citing the company as a two-pronged beneficiary of the COVID-19 pandemic given the accelerated shift to on-line shopping and towards cloud computing. The rise came after Amazon logged its worst weekly performance since the week ended 28 February - and first weekly loss in eleven weeks – last week with a -7.4% decline. Amazon is up +70.2% year-to-date. Texas Instruments Inc gained +2.01% to settle at a record closing high (US$136.58) ahead of their result tonight AEST. In merger and acquisition (M&A) news, Chevron Corp (down -2.2%) confirmed an all-stock ~US$5B deal to acquire Noble Energy Inc (up +5.44%)
US equity markets settled with modest gains as investors weighed the prospect of more fiscal stimulus against concerns around of further business disruptions due to a fresh rise in COVID-19 cases - Dow slipped -63-points or -0.23%, with Goldman Sachs Group Inc (down -1.5%) a key drag. The broader S&P500 rose +0.28%, with Utilities (up +2.28%), Real Estate (+1.40%) and Health Care (+1.36%) leading the gains and offsetting declines for Energy (down -1.52%) and Financials (-0.84%). The technology centric NASDAQ added +0.28%. Netflix Inc fell -6.5% after the streaming giant’s second quarter result released after the closing bell of last Thursday’s (16 July) session undershot analysts’ expectations in terms of earnings per share (US$1.51 versus US$1.81 expected) and was accompanied by weak third quarter guidance for subscriber growth. Amazon.com Inc fell -1.3% to cap its worst weekly performance since the week ended 28 February - and first weekly loss in eleven weeks - with a -7.4% decline. The Wall Street Journal reported over the weekend that The Walt Disney Co has “dramatically” slashed its advertising budget on Facebook Inc and Facebook-owned Instagram. Disney was Facebook’s biggest U.S. advertiser for the first six months of 2020, according to research firm Pathmatics Inc.
US equity markets fell amid mixed corporate earnings and economic data, with technology stocks underperforming - Dow down -135-points or -0.50%, snapping a four session winning streak. The broader S&P500 eased -0.34%. Financials (down 10.74%) were the major drag. Airlines (American Airlines Group Inc down -7.27%, United Airline Holdings Inc -5.17%) and cruise operators (Carnival Corp -9.73%) were under fresh pressure. The Centers for Disease Control and Prevention announced that it was extending a no-sail order that had been scheduled to expire 24 July through until the end of September. Major cruise lines that belong to an industry trade group had already cancelled cruises until 15 September because of ongoing discussions with federal officials over how to restart operations safely. The technology-centric NASDAQ lost -0.73%, with Apple Inc (down -1.23%) and Microsoft Corp (-1.98%) both fell over 1%. Harley-Davidson Inc (up +2.8% to US$29.68) climbed to a four-month high, buoyed by an upgrade from an analyst at Wedbush who has been a long time critic of the motorcycle group. James Hardiman lifted his rating on Harley-Davidson to ‘Outperform’ and raised his target price +33% to US$36 per share.
Some solid second quarter earnings releases and positive news on the coronavirus vaccine front lifted US equity markets - Dow settled +228-points or +0.85% higher after an opening rally of as much as +429 points or +1.61% (that lifted the index above >27,000 briefly), extending its rally into a fourth straight session. The broader S&P500 gained +0.91% . Airlines (American Airlines Group up +16.16%, United Airline Holdings +14.59% and Delta Air Lines Inc +9.54%) and cruise operators logged strong gains. Cruise operator Carnival Corp jumped +16.22% and said it is seeking to raise ~US$1.26B in debt to fund its operations as it has cancelled some sailings into 2021 due to the COVID-19 pandemic. NASDAQ rose +0.59%. Apple Inc rose +0.69% after the General Court of the European Union annulled a 2016 European Commission order for the technology giant to pay €13B in taxes. However, other major technology names lagged, with Amazon.com Inc (down -2.44%), Google parent Alphabet Inc (-0.46%), Microsoft Corp (-0.15%) and Netflix Inc (-0.31%) all lower. Twitter Inc fell -3.36% in after hours trading after the accounts of a number of high profile people including Bill Gates, Warren Buffet and Elon Musk were hacked to seek bitcoin donations. The S&P 500 outperformed the technology-centric Nasdaq for a fourth straight day, a feat scored only twice (5 June, 27 March) since Wall Street embarked on its big recovery last March. The small capitalisation Russell 2000 index rallied +3.5%, logging its biggest one-day gain since early June.
•US equity markets rebounded from the previous session’s sharp falls, with the benchmark indices settling near their best levels of the day after another choppy session - Dow up +557-points or +2.13%, logging its third consecutive advance and best day since 29 June. Caterpillar Inc (up +4.83%) was the best performing Dow constituent, with energy heavyweights Exxon Mobil Corp (+3.31%) and Chevron Corp (+3.45%) both up over >3%. The broader S&P500 gained +1.34%, with Energy (up +3.60%) and Materials (+2.54%) leading all eleven primary sectors higher. 3M Co rose +2.42% after the company said it is developing a rapid diagnostic test for COVID-19 that would be used at the point of care. The NASDAQ gained +0.94% although some big technology names lagged, including Amazon.com Inc (down -0.64%) and Netflix Inc (-0.12%). In broader stock moves, Bed Bath & Beyond Inc rose +8.6% after the home-accessories retailer said June same-store sales were “positive” for reopened stores and digital channels.
A broad rally for US equity markets unravelled in the final hour of trading as fresh coronavirus concerns weighed on investor sentiment - Dow inched +10.5-points or +0.04% higher, unwinding an earlier rally of as much as +564-points or +2.2%. Dow constituent Pfizer Inc (up +4.08%) and BioNTech SE (+10.55%) rallied after the pharmaceutical groups said two of their vaccine candidates to protect against the coronavirus had received Fast Track designation status from the Food and Drug Administration (FDA). Pfizer and BioNTech said they expect to start the next phase of the vaccine trial later this month with 30,000 subjects. The companies expect to have 100M doses of a vaccine by the end of 2020 and more than 1.2B doses by the end of 2021, according to a release. The broader S&P500 fell -0.94%, having been up over >1.5% earlier in the session and briefly pushing into positive territory for the year. Utilities (down -3.62%) and Information Technology (-2.12%) led eight of the eleven primary sectors lower. Financials rose +0.32% ahead of some key results in the sector tonight AEST. The NASDAQ shed -2.13%, logging its biggest intra-day reversal since 7 April. The technology-centric index had been up as much as +1.95%. The Nasdaq-100 - which comprises the 100-largest nonfinancial companies in the composite - briefly broke above 11,000 for the first time before settling -2.2% lower. The Nasdaq 100 has only seen an intra-day reversal of that magnitude twice – the last time was 7 March, 2000. Tesla Inc settled -3.1% lower after rallying as much as 16.2% earlier in the session (and taking its market capitalisation to a record above >US$330B, ranking the electric vehicle maker as the 10th largest company in the S&P500 and more than Toyota, Ford Motor, General Motors and Fiat Chrysler Automobiles combined). Tesla’s intra-day reversal was the largest swing from positive to negative since 30 June, 2010, according to Dow Jones Market Data. The 10 largest stocks in the S&P500 have an average of 1% of their float short sold – Tesla’s shoer interest is almost ten times that, according to Bespoke Investment Group. Moderna Inc jumped +14.7% after Nasdaq said it was adding the drugmaker to the Nasdaq-100 Index before the market opens on 20 July. The small capitalisation Russell 2000 index fell -1.34%.
US equity markets advanced in thin trading on Friday (10 July) - Dow up +369-points or +1.44% JPMorgan Chase & Co (up +5.4%) and Goldman Sachs Group Inc (+4.4%) the leading index performers. The broader S&P500 gained +1.05%, with Financials (up +3.48%) and Energy (3.25%) leading nine of the eleven primary sectors higher. Health Care (down -0.22%) and Information Technology (-0.03%) were the only sectors to close lower. Airlines (United Airlines Holdings up +8.29% and Delta Air Lines Inc +5.61%) and cruise operators rebounded from sharp falls in the previous session. Carnival Corp jumped +10.8% after the cruise line operator said it was planning to resume operations in a phased manner and would operate with a smaller fleet on its return. NASDAQ rose +0.66% to 10,617.44 logging its third consecutive record closing high and 27th for 2020. Amazon.com Inc gained +0.5% to an all-time high after Citi hiked its target on the e-commerce giant to a Wall Street high of US$3,550 per share. Netflix Inc gained +8% (to US$548.73) and logged a fresh record high, buoyed by a bullish research note from Goldman Sachs that saw the investment bank lift its target price for the streaming platform by +24% to US$670 per share. Tesla Inc (up +10.78% to US$1,544.65) topped >US$1,500 per share. The latest rally lifted the electric vehicle maker to 13th in terms of the largest US companies by market capitalisation (at ~US$286B). Tesla’s latest rally also saw Chief Executive Officer (CEO) Elon Musk’s wealth rise by US$6.5B to ~US$70.5B, lifting him to the seventh richest individual in the world and usurping the likes of Warren Buffet, Oracle Corp co-founder and executive chairman Larry Ellison and Google co-founder Sergey Brin according to the Bloomberg Billionaire’s Index. Tesla posts quarterly numbers on 22 July and analysts are forecasting the company to record its first cumulative four-quarter profit, which is a key hurdle for Tesla to be added to the S&P500 index.
US equity markets retreated although coronavirus concerns couldn’t knock technology stocks off their stride - Dow fell -361-points or -1.39%, erasing the gains for the week to date. The broader S&P500 shed -0.56% . Airlines (United Airlines Holdings down -7.25% and Delta Air Lines Inc -5.04%) and cruise operators (Carnival Corp down -4.83% and Royal Caribbean -5.89%) were under pressure. S&P Global Ratings downgraded United Airlines Holdings Inc debt one notch to B+ late in the session from BB-. The ratings agency said it expects the airline to generate "substantial cash flow deficit," due to a "steep decline" in bookings due to the COVID-19 pandemic. America’s fourth largest lender by assets, Wells Fargo and Company (down -2.08%) is preparing to cut thousands of jobs starting later this year due to pressure to “dramatically reduce costs”, according to a Bloomberg report. Wells Fargo reports their second quarter result next Tuesday night AEST (14 July). However, the technology-centric NASDAQ added +0.53% to 10,547.75, logging its fifth record closing high in the past six sessions and 26th of 2020. Gains for the Nasdaq and Nasdaq 100 accelerated in the closing hour of trading. Amazon.com Inc rose +3.3% to a fresh all-time high. On a combined basis, Amazon and Microsoft Corp (+0.70%) have seen their market capitalisations increase by US$1.1 trillion year-to-date. Netflix Inc rose +0.99% to see the streaming platform’s market capitalisation (US$223.3B) surpass Verizon Communication’s (US$223..2B) for the first time. Apple Inc rose +0.36%, with Berkshire Hathaway’s 22% stake in the company representing more than 22% of Warren Buffet’s investment vehicle’s market capitalisation. Tesla Inc rose +2.08%, with Chief Executive Elon Musk said in remarks made via a video message at the opening of Shanghai’s annual World Artificial Intelligence Conference (WAIC) that the company is “very close” to achieving level 5 autonomous driving technology. Tesla has become the highest-valued automaker as its shares surged to record highs and its market capitalisation overtook that of former front-runner Toyota Motors Corp and the electric vehicle maker is the 16th largest stock in the US by market capitalisation (at ~US$253B) – but is still not in the S&P500. Bed Bath & Beyond tumbled -24.5% after the retailer reported a double-digit sales decline during the company’s fiscal first quarter after the close of the previous session. Harley Davidson Inc (up +0.63%) announced that it will lay off 500 employees this year as part of new Chief Executive Officer’s (CEO) Jochen Zeitz’s efforts to revive the struggling motorcycle maker. Chief Financial Officer (CFO) John Olin will also depart the company immediately.
Technology stocks again led the latest rally for US equity markets - Dow up +177-points or +0.68% The broader S&P500 gained +0.78% . United Airlines Holdings Inc slipped -0.1% after saying it would send furlough or layoff warnings to 36,000 employees due to the coronavirus impact on demand for air travel. The technology-centric NASDAQ gained +1.44% (to 10,492.50) to log its 25th record closing high this year. Apple Inc rose +2.3% and hit a fresh record high (US$381.50), buoyed by Deutsche Bank hiking their target price . Amazon.com Inc (+2.70%), Facebook Inc (+1.13%), Microsoft Corp (+2.20%) and Netflix Inc (+1.95%) also all touched record highs. Nvidia Corp rose +3.5% and surpassed Intel Corp (%) as the largest U.S. chip maker by market capitalisation for the first time. Nvidia now has a market capitalisation of ~US$251B versus Intel at ~US$248B. In broader stock moves, Alibaba Group Holding Ltd rallied +9% following a report that the Chinese e-commerce giant plans an initial public offering for Ant Financial Services Group. Alcoa Corp fell -1.25% after the aluminium products maker provided preliminary second-quarter results that were above analyst expectations, citing productivity gains and cost savings amid challenges resulting from the COVID-19 pandemic. Taylor Morrison Home Corp jumped +16.9% after the homebuilder advised that June was its strongest sales month ever.
•US equity markets fell, with both the S&P500 and Nasdaq logging their first decline in five sessions as coronavirus concerns weighed on sentiment - Dow fell -397-points or -1.51% The broader S&P500 shed -1.08%, with Energy (down -3.18%) and Financials (-2.07%) leading ten of the eleven primary sectors lower. Consumer Staples (up +1.01%) was the only primary sector to advance. Airlines (American Airlines Group Inc down -6.95% and United Airlines Holdings Inc -7.55%) and cruise operators (Carnival Corp down -6.66% and Norwegian Cruise Line Holdings Ltd -5.33%) were under pressure. NASDAQ settled -0.86% lower after carving out a fresh record intra-day high (10,518.98) earlier in the session. Amazon.com Inc fell -1.9%. There were reports that Walmart Inc (up +6.8%) is close to launching its membership programme, a direct competitor to Amazon’s Prime Service. Netflix Inc dipped -0.1% after touching a fresh record intra-day high (US$504.82) earlier in the session. Tesla Inc advanced for a sixth straight session, up +1.33% to US$1,389.86 and another record close. Morgan Stanley published a research note with a US$2,000 per share “bull case scenario” target price. Tesla’s market capitalisation has increased by ~US$150B in the past three months. In merger and acquisition (M&A) news, residential solar-panel installer Sunrun Inc announced a deal Monday night to acquire rival Vivint Solar Inc for ~US$3.2B including debt.
US equity markets rallied strongly, buoyed by a solid rebound in US services industry activity in June and strong gains on Chinese equity markets - Dow up +460-points or +1.78%, with Goldman Sachs Group Inc (up +5.1%) the leading index performer. The broader S&P500 gained +1.59%, with Financials (up +1.95%) and Information Technology (+1.80%) helping to lift ten of the eleven primary sectors higher. Utilities (down -1.28%) were the laggard. The technology-centric NASDAQ rallied +2.21% to 10.433.65, logging its fifth consecutive advance and yet another record close. Amazon.com Inc rose to +5.8% (to US$3,057), topping the US$3,000 mark for the first time ever and clinching a US$1.5 trillion market capitalisation. Netflix Inc (up +3.55%) also hit a record high (US$499.50). Tesla Inc soared +13.48%, building on a four-day rally after JPMorgan bumped up its price target for the electric carmaker’s stock following its better-than-expected quarterly deliveries. JPMorgan projects the electric vehicle maker generate US$100B in annual revenue by 2025. Regeneron Pharmaceuticals Inc gained +0.77% as the drugmaker said it had begun late-stage clinical trials to assess the effectiveness of its antibody cocktail in preventing and treating COVID-19.
US equity and bond markets were CLOSED on Friday (3 July) for the Independence Day holiday. For the shortened trading week, the Dow rose +3.25% and pared its year-to-date decline to -9.5%. The S&P500 gained +4.02% and now sits -3.1% lower for the year. The Nasdaq rose +4.62% and sits ~14% higher for the year. In merger and acquisition (M&A) news. Warren Buffet’s investment vehicle Berkshire Hathaway Inc announced on Sunday (5 July) that it had agreed to buy Dominion Energy Inc’s natural gas transmission and storage business for US$4B in cash (and will assume US$5.7B in debt).
•U.S. stocks jumped Thursday after the June employment report showed the economy added more jobs than expected, reassuring investors that the recovery is continuing. All three major U.S. indexes finished the day and the week higher, despite seeing Thursday's gains ease in the final hour of trading. The Dow Jones Industrial Average finished the day up 92 points, or +0.4%. The blue-chip index had initially surged nearly 470 points to start the day, rising on excitement surrounding the jobs report. Meanwhile, broader the S&P 500 jumped +0.5% notching its fourth day of gains. The index's rally was broad-based, with nine of the index's 11 sectors ending the day higher. Growth stocks rallied, too. Google parent Alphabet added +1.9% and Tesla surged +8% after the electric car maker said Thursday that its second-quarter global deliveries fell less than expected. Amazon.com, meanwhile, edged up +0.4%, helping the company to notch its ninth consecutive weekly gain -- its longest weekly winning streak on record. Those jumps in momentum stocks pushed the Nasdaq Composite to a new all-time-high. he tech-heavy index gained +0.5%. All three indexes finished the week up +3.2% or more, with both the S&P 500 and the Dow industrials seeing their largest weekly increases since the first week of June. The Nasdaq, in comparison, clinched its highest one-week gain since the week ending May 8. Markets are closed Friday for the Independence Day holiday.
US stocks settled mostly higher with market sentiment getting a lift from positive coronavirus vaccine news and strong U.S economic data. The S&P 500 climbed +0.50%, after rising 20% over the past three months for its best quarterly performance since 1998. The tech-heavy Nasdaq Composite posted a record closing high, rising +0.95%, to 10,154. Shares of Amazon and Netflix — companies that benefit from people staying at home — led the way, rising 4.4% and 6.7%, respectively. The Dow Jones Industrial Average lagged, falling 77.91 points, or -0.3%, to 25,734.97. Shares of Pfizer rose 4.3% after the company reported promising results from a coronavirus vaccine candidate. The results were released online but have not been reviewed by a medical journal yet. The company also said that, if the vaccine gets regulatory approval, it expects to make up to 100 million doses by year-end and “potentially” more than 1.2 billion by the end of 2021.
US stocks rose broadly on Tuesday as Wall Street wrapped up its best quarterly performance in decades. The Dow Jones surged 217 points, or +0.9%, to close at 25,812. The S&P 500 gained +1.5% and the Nasdaq advanced +1.9%. The major averages hit their session high with less than an hour left in the session. The 30-stock Dow ended the second quarter with a 17.8% gain. That’s the average’s biggest quarterly rally since the first quarter of 1987, when it popped 21.6%. The S&P 500 had its biggest one-quarter surge since the fourth quarter of 1998, soaring nearly 20%. Meanwhile, the Nasdaq jumped 30.6% for the quarter, its best quarterly performance since 1999.
US Stocks rose sharply to start the week Monday as Wall Street cheered news on Boeing and traders shrugged off the latest surge in coronavirus cases. The Dow Jones closed 580.25 points higher or +2.3%. It was the Dow’s best day since June 5, when it soared more than 3%. The S&P 500 jumped +1.5% while the Nasdaq gained +1.2%. The major averages hit their session highs just minutes ahead of the close. That late-day surge put the S&P 500 in positive territory for the month with one trading day left.
US equity markets dropped as several US states imposed fresh business restrictions in response a spike in coronavirus cases - Dow fell -730-points or -2.84%. Nike Inc fell -7.62% after reporting an unexpected fiscal fourth quarter loss (-US$790M or -US$0.51c per share) and a sales decline of -38% year-on-year after the closing bell of the previous session. Bloomberg reported that Exxon Mobil Corp (down -3.43%) is preparing to cut between 5% and 10% of their US-based workforce. The broader S&P500 shed -2.42% (settling below its 200-day moving average), with Communication Services (down -4.49%), Financials (-4.33%) and Energy (-3.51%) leading all eleven primary sectors lower. Banks were under pressure following the release of the Federal Reserve’s latest stress-test results for the major banks after the closing bell of last Thursday’s (25 June) session. The central bank voted to require the 34 largest banks to preserve capital by suspending share repurchases and cap dividend payments in the third quarter to guard against a potential coronavirus-induced slump. Goldman Sachs Group Inc fell -8.65% and JPMorgan Chase and Co -5.48%. Airlines were also under fresh pressure. American Airlines Group (down -6.0%) announced it would sell flights to capacity starting 1 July, abandoning caps on passenger loads designed to promote social distancing during the coronavirus pandemic. However, Delta Air Lines Inc (down -3.93%) announced they will continue to limit the number of passengers on their planes beyond September. Meanwhile, United Airlines Holdings Inc (down -5.19%) announced it would resume service to China beginning 8 July. The NASDAQ fell -2.59%. Microsoft Corp (down -2.0%) said it will close all of its physical retail store locations in the US (and take a US$450M charge as a result) as part of the software and cloud giant’s new approach to retail. Facebook Inc dropped -8.3% after Unilever Plc and Verizon Communications joined an advertising boycott of the social media giant, saying that the company is not doing enough to prevent ‘hate speech’ on its platforms. In merger and acquisition (M&A) news, Amazon.com Inc (down -2.24%) announced that it was purchasing self-driving car company Zoox for more than >US$1B.
A late rally lifted the benchmark US equity indices to gains of over >1%, with the Financials sector buoyed by news that regulators are planning to loosen the restrictions imposed by the Volcker rule, allowing banks to more easily make large investments into venture capital and similar funds - Dow up +300-points or +1.18% Goldman Sachs Group Inc rallied +4.59% and JPMorgan Chase and Co +3.49%. Walt Disney Co pared losses but still settled -0.63% lower after it delayed re-opening theme parks due to COVID-19 concerns. The broader S&P500 gained +1.10% after logging its biggest final hour gain since 17 April according to Bespoke Investment Group data. Financials (up +2.71%) and Energy (+1.92%) led ten of the eleven primary sectors higher. Utilities (down -1.22%) was the only sector to settle in the red. The NASDAQ +1.09%. Macy’s Inc (down -4.13%) announced plans to reduce corporate and management headcount by 3,900 across its stores and supply chain/customer service network.
Fresh coronavirus concerns dented US equity markets - Dow down -710-points or -2.72% The broader S&P500 shed -2.59%. Energy (down -5.54%) led all eleven primary sectors lower. Airlines were under fresh pressure, with American Airlines Group down -7.1% and United Airlines Holdings -8.3%. The NASDAQ fell -2.19% a day after booking a yet another fresh record closing high and snapping an eight session winning streak. Apple Inc shed -1.8%, with the Department of Justice and state attorneys general looking at an investigation that would focus on the company’s App Store, according to a Politico report. The iPhone maker also said it would close seven stores in Houston amid the city’s COVID-19 case spike. The falls marked the worst daily point and percentage drop for all three benchmark indices since 11 June.
US equity markets rallied, the technology-centric Nasdaq booking another record closing high - Dow up +131-points or +0.50%, with Apple Inc (+2.13%) and Nike Inc (+2.42%) among the leading performers. Apple Inc recorded its sixth record closing high (US$366.53) this month, with the stock rallying +63% in the past three months. The latest gains came after the company unveiled new operating systems for its iPhones and computers at the World Wide Developers Conference on Monday (22 June). Apple also said it would use its own chips when building new Mac computers, ditching Intel Corporation’s in the process. The broader S&P500 added +0.43% . The latest rally left the S&P 500 up more than 42% from its March 23 intraday low. The broad-market index is also down just 3.1% year to date. American Airlines Inc (down -6.2%) raised nearly US$2B, partially through an offering of 74.1M shares at $13.50 per share, as the airline moves to raise cash and bolster its liquidity position during the coronavirus pandemic. The airline also priced an offering of US$1B of convertible bonds that mature in 2025 at 6.50% NASDAQ rose +0.74% (to 10,131.37), recording its second straight record closing high and eight consecutive session advance (the longest winning streak since the 11 straight session gains posted in December last year). Amazon.com Inc (up +1.86%) hit a fresh all time high (US$2,783.11). The Nasdaq Composite’s advantage over the Dow and S&P 500 is the biggest since 1983, while the divergence between the S&P 500 and the Dow is widest since 2002, according to Dow Jones Market Data.
Technology stocks led fresh gains for US equity markets, which overcame a rocky opening to the session - Dow up +154-points or +0.59% (to 26,023), climbing back above >26,000. The broader S&P500 gained +0.65%, with Information Technology (up +1.93%) leading seven of the eleven primary sectors higher. Financials (down -0.48%) and Health Care (-0.36%) underperformed. American Airlines Group Inc fell -6.8% after confirming plans to raise ~US$1.5B via the offer of shares and convertible notes to shore up liquidity. Delta Air Lines Inc (%) announced it would resume flights between Seattle and Shanghai on 25 June, making it the first U.S. airline to restart operations between the United States and China after flights were suspended in February due to the COVID-19 pandemic. The technology-centric NASDAQ rallied +1.11% (to 10,056.35), logging its seventh consecutive session gain and 20th record closing high of 2020. Microsoft Corp rose +2.8% see its market capitalisation settle above >US$1.5 trillion for the first time. Netflix Inc gained +3.2% to see its market capitalisation climb above >US$200B for the first time. Apple Inc (up +2.62%) confirmed at the World Wide Developers Conference (WWDC) that it would transition away from Intel Corporation (+0.79%) chips over the next two years and is now designing its own chips for iOS devices and its Mac desktop and laptops. The small capitalisation Russell 2000 index rose +0.9%.
US equity markets settled lower on Friday (19 June) after another choppy trading session, erasing morning gains as fresh coronavirus concerns overshadowed reports that China plans to accelerate purchases of American farm goods to comply with the phase one trade deal - Dow down 209-points or -0.80% having rallied as much as +371-points earlier in the session. The broader S&P500 lost -0.56% having been down as much as -1.2% at it worst levels of Friday’s (19 June) session. Utilities (down -3.10%) led ten of the eleven primary sectors lower, with Health Care (up +0.87%) the only primary sector to advance. Norwegian Cruise Line Holdings Ltd (down -5.64%), Carnival Corp (-5.26%) and Royal Caribbean Cruises (-6.87%) tumbled after the Cruise Lines International Association announced a voluntary suspension of operations from U.S. ports until 15 September due to the COVID-19 outbreak. The current no-sail order had been set to expire on 24 July. Bloomberg reported on Sunday (21 June) that American Airlines Group Inc (down -2.97%) is planning to raise ~US$1.5B by via the offer of shares and convertible notes to shore up liquidity. The NASDAQ eked out a +0.03% rise to make it six consecutive positive sessions, having traded above its 10 June record closing high (10,020.35) earlier in the session (touching an intra-session peak of 10,053.91, up +1.15%). Apple Inc (down -0.6%) announced plans to once again close a total of 11 stores in Florida, Arizona, South Caroline and North Carolina. In merger and acquisition (M&A) news, Insurance Acquisition Corp rose in the extended session on Friday (19 June) following a Bloomberg report that the company was in talks to acquire online used car retailer Shift Technologies Inc in a transaction that could value Shift at more than >US$500M. All three benchmark indices posted modest weekly gains, with the Dow up +1.04%, S&P500 +1.86% and Nasdaq +3.73%.
A mixed close for US equity markets as investors continued to weigh a resurgence in coronavirus infections and digested the latest weekly jobless claims figures - Dow down -40-points or -0.15%, with American Express Co (down -1.73%) and Goldman Sachs Group Inc (-1.14%) notable drags on the index. The broader S&P500 eked out a +0.06% gain, with Energy (up +1.20%) leading just four of the eleven primary sectors higher. Real Estate was the worst performing sector, down -1.34%. McDonald’s Corp (down -0.68%) said that it plans to hire 260,000 workers in the US this northern summer as states re-open amid the coronavirus pandemic. The technology-centric NASDAQ advanced for a fifth consecutive session, adding +0.33%. In broader corporate news, Francesca's Holdings Corp fell -2.99% after the retailer said there are doubts about its ability to continue as a going concern. Meanwhile, grocery retailer Albertsons Companies Inc said it expects its initial public offering (IPO) to raise ~US$1.51B, with 75.7M shares being sold by certain stockholders at a price range of US$18 to US$20.
US equity markets settled with modest losses, with the Dow and S&P500 logging their first fall in four sessions as investors eyed a fresh coronavirus outbreak in China - Dow down -170-points or -0.65%. Energy majors Exxon Mobil Corp (down -3.26%) and Chevron Corp (-2.65%) were a key drag on the index. The broader S&P500 eased -0.36%. Energy (down -3.28%) led eight of the eleven primary sectors lower. The NASDAQ edged +0.15% higher. Apple Inc (down -0.49%) rose as much as +0.9% to hit a fresh record intra-day high before settling in the red. U.S. Steel Corp (down -10.41%) filed to offer 57.5M shares, including underwriter options, after the closing bell and said it will use the proceeds to "strengthen its balance sheet, increase liquidity and for general corporate purposes." The announcement came after US Steel had earlier forecast a steeper-than-expected second loss, noting that a "significant portion" of its steel-making operations have been idled during the quarter as a result of the COVID-19 pandemic.
US equity markets rallied, buoyed by a combination of further global central bank support, talk of greater fiscal stimulus in the US and solid economic data - Dow up +527-points or +2.04% The broader S&P500 gained +1.90%, with Energy (up +2.82%) the best performing sector and with all eleven primary sectors advancing for a second session in-a-row. Schlumberger NV rose +1.19% after the oilfield services group announced that it has initiated "major changes" to its organizational structure, aimed at permanently removing over >$1.5B in costs on an annual basis. The NASDAQ rose +1.78%.
US equity markets settled higher after a volatile session, with the Federal Reserve announcing revisions to its corporate bond purchase programme - Dow up +158-points or +0.62%, recovering from an earlier drop of over >760-points or almost 3%. The broader S&P500 gained +0.83%, rebounding from an earlier fall of as much as +2.5%. Financials (up +1.38%), Consumer Staples (+1.06%), Real Estate (+1.01%) and Communication Services (+1.00%) led all eleven primary sectors higher with gains of 1%+. The NASDAQ advanced +1.43% after trading down as much as -1.9% earlier in the session. All of Facebook Inc (up +1.71%), Amazon.com Inc (+1.09%), Netflix Inc (+1.78%) and Apple Inc (+1.24%) rose over >1%. Zoom Video Communications (up +8.88%) hit a fresh intra-day record high (US$239.59). Moderna Inc gained +7.4% following a report that Israel is in advanced talks to buy its coronavirus vaccine. The New York Stock Exchange will allow a limited number of market makers to return to its trading floor on Wednesday (17 June) according to a spokesperson, nearly three months after closing it and moving to electronic trading for the first time in its 228-year history due to the coronavirus pandemic.
US equity markets advanced after a choppy session that saw the benchmark indices log their worst weekly performance since March - Dow settled +477-points or +1.90% higher after spanning an intra-session range of 783-points or ~3.5%. The broader S&P500 gained +1.31% after trading up ~3% at its session high and down ~0.6% at its session low. Real Estate (up +3.16%) and Financials (+3.01%) – with gains of over >3% - led nine of the eleven primary sectors higher. Utilities (down -0.22%) and Consumer Staples (-0.18%) were the laggard primary sectors. American Airlines Group Inc gained +16.41% after the carrier said it expects to halt its daily cash burn by the end of 2020 thanks to cost cutting measures and an improvement in travel demand, easing concerns about its short term liquidity. The NASDAQ gained +1.01% after briefly dipping into negative territory earlier in the session. Adobe Inc rose +4.9% to US$406.54 the software company posted its second quarter results after the close of the previous session, settling just shy of a record all time high (US$406.82) after touching an intra-day day record high (US$411.72). Dicks Sporting Goods Inc rose +8.96% after announcing it would resume paying shareholders a quarterly dividend (US$0.3125 per share on 30 June, unchanged from the previous quarter), citing strong early sales at its stores that re-opened. The sporting goods retailer said it expects to have nearly all its stores re-opened by the end of the month and has restored previously cut salaries for all its employees (except certain executives). In merger and acquisition (M&A) news, CNBC reported that AT&T Inc (up +1.1%) is in talks to sell off Warner Bros. Interactive Entertainment in a deal that could value the gaming business at as much as US$4B. Take-Two Interactive (down -0.7%), Electronic Arts Inc (-0.4%)and Activision Blizzard (+0.6%) have all been identified as possible suitors.
US equity markets tumbled as investors digested the latest economic projections from the Federal Reserve and the potential for a second wave of coronavirus cases, with the benchmark indices posting their sharpest daily falls since 16 March - Dow plummeted -1,862-points or -6.9%. It was the fourth worst daily points drop for the Dow in history, with the other top three all occurring in March. Boeing Co fell -16.42% after telling its biggest supplier, Spirit AeroSystems Holdings Inc (-15.61%), to freeze a recently restarted production of parts for four 737 MAX and 16 other planes to prevent creating a glut of new jets for airlines adjusting to the slump in demand amid the coronavirus pandemic. The broader S&P500 tumbled -5.89% to book its third consecutive fall of over >1% and first three day losing streak since early March. The index also retreated below its 200-day moving average. It was a broad sell-off, with 504 of the index’s 505 constituents closing in the red. Grocery chain Kroger Co (up +0.40%) was the only index member to eke out a gain. Energy (down -9.45%) and Financials (-8.18%) led all eleven primary sectors lower (with all sectors logging falls of over >3.8%). Trading volumes on the S&P 500 were ~28% above the 30-day moving average. Exxon Mobil Corp fell -8.83%, while JPMorgan Chase & Co dropped -8.34%, Wells Fargo -9.83% and Bank of America -10.04%. Airlines (Delta Air Lines down -14.03%, United Airlines -16.11% and American Airlines Group -15.51%) and cruise lines (Carnival Corp down -15.3% and Royal Caribbean Cruises -14.28%) were also under heavy pressure. The technology-centric NASDAQ lost -5.28% a day after posting a record closing high above >10,000. The small capitalisation Russell 2000 index slumped -7.3%. In merger and acquisition (M&A) developments, Grubhub gained +4.64% after the food delivery platform agreed to be acquired by European delivery giant Just Eat Takeaway.com (down -3.07%) in a US$7.3B all-stock deal.
US equity markets mixed as investors digested the latest pronouncements from the Federal Reserve, although technology stocks continued to outperform - Dow down -282-points or +1.04%, with Boeing Co (down -6.15%), Chevron Corp (-3.89%), American Express Co (-3.89%) and JPMorgan Chase & Co (-4.05%) among the key drags on the index. The broader S&P500 lost -0.53% . MGM Resorts International fell -7.03% despite saying that it is reopening more resorts in Las Vegas over the next few weeks. Best Buy Co Inc rose +0.78% after saying late Tuesday (9 June) that starting Monday (15 June) it will allow a “limited” number of people inside most of its stores, without the need for an appointment. Delta Air Lines Inc fell -1.83% in extended trading (following a -7.4% decline in the regular session) after saying that it is taking measures to remain liquid for the year as the COVID-19 pandemic hits the airline's revenue. In a filing with the Securities and Exchange Commission, the airline said it expects second-quarter revenue to be down 90% from a year ago with capacity down 85%. Delta said it expects to reduce its daily cash outflow to US$40M by the end of June, down from the US$100M a day it was losing back on 31 March, and hopes to reduce that to zero by the end of December. The airline said it hopes to have US$10B in cash by the end of December, having raised more than >US$10B in funds since March through new debt and the Payroll Support Program under the Coronavirus Aid, Relief and Economic Security Act. The NASDAQ logged its eight gain in the past nine session, up +0.65% (to 10,020.35), logging its first ever settlement above >10,000. Apple Inc and Microsoft Corporation became the first companies to have market capitalisations in excess of >US1.5 trillion. Amazon.com Inc (up +1.8%)also hit a record high (US$2,722.35), while Google parent Alphabet Inc (+0.67%) topped the >US1 trillion market capitalisation level for the first time since February. Hertz Global Holdings Inc dropped -39.71% and handed back more than half of its post bankruptcy surge after the car-rental company disclosed that it received a delisting notice from the New York Stock Exchange.
US equity markets took a breather after a strong recent rebound, although technology stocks continued to power ahead - Dow fell 300-points or -1.09%, snapping a six session winning streak (the longest since the eight-session stretch ended 13 September, 2019). Boeing Co fell -6% after the company reported 737 MAX jet cancellations exceeded orders in May, though the company found a bright spot with fresh deals for cargo planes. Microsoft Corporation rose +0.8% to log its first record high (US$189.80) since 10 February. The broader S&P500 lost -0.78%, with Energy (down -3.59%) leading nine of the eleven primary sectors lower. Information Technology (up +0.48%) and Communications Services (+0.18%) were the only primary sectors to advance. Some of the recent outperformers in the Travel and Leisure sector saw some profit taking, with United Airlines Holdings Inc down -8.32% and Delta Air Lines -7.57%. Cruise lines Carnival Corp and Royal Carribbean Cruises Ltd fell -7.51% and -6.94% respectively. The technology-centric NASDAQ added +0.29% to settle at a fresh record closing high (9,953.75) after briefly climbing above >10,000 and touching a record intra-day high (10,002.50). The Nasdaq-100 index, representing the largest companies within the Nasdaq Composite by market value, gained +0.7%. Apple Inc rallied +3.16% and touched an intra-day all-time high (US$345.61), buoyed a research report from Evercore ISI that observed that the company’s ability to design processors in house is “underappreciated”. The research note comes after Bloomberg reported that Apple could announce a plan to put its own chips in Macs as soon as next week’s WWDC developer event. Amazon.com Inc (up +3.04%) also touched an intra-day record high (US$2,626.43) and saw its market capitalisation climb above >US$1.3 trillion. Google-parent Alphabet Inc (Class A) rose +0.28% and sits ~US$6B shy of re-joining the US trillion dollar market capitalisation club. Online used car seller Vroom Inc made a strong debut as a listed company, soaring +118%. Separately, commercial credit data and analytics company Dun & Bradstreet Holdings Inc said it hopes to raise up to $1 billion in an initial public offering, according to a Securities and Exchange Commission filing released earlier this morning AEST.
US equity markets continued to rally amid ongoing optimism around the potential economic recovery as coronavirus lockdown measures continued to ease - Dow rose +461-points or +1.70% , logging its sixth consecutive advance and trimming its 2020 losses to -3.3%. Boeing Co was once again at the forefront of the Dow’s latest gains with a +12.2% jump (to be ~65% higher over the past month). The broader S&P500 gained +1.20% (to 3,232.39) climbing back into positive territory for the calendar year (up +0.05%) in the closing minutes of the session. Since 23 March, the S&P 500 has rallied more than >47% while the Dow has gained over >50%. Energy (up +4.32%), Utilities (+2.64%) and Real Estate (+2.15) all advanced over >2% to lead all eleven primary sectors higher. Companies tied to the reopening of the economy, including airlines, retailers and cruise lines, led the gains once again. United Airlines rallied +14.8%, American Airlines +9.2 and cruise operator Carnival Corp +15.8%. Shares of The technology-centric NASDAQ gained +1.13% to settle at a record closing high (9,924.74) and extend its year-to-date gain to +10.6%. Tesla Inc (up +7.26% at US$949.92) logged a record closing high. The small capitalisation Russell 2000 index gained +2%. Hertz Global Holdings Inc surged +115.2% higher (to US$5.53 versus a recent record low of US$0.56c) on record trading volume of more than >517.5M shares, erasing all the losses suffered since the car rental company declared bankruptcy (after the closing on Friday, 22 May), amid increasing signs that travel demand continues to improve.
US markets settled with modest losses ahead of tonight’s AEST jobs report for May - Dow eked out a fourth straight daily gain, settling +12-points or +0.05% higher. Boeing Co (up +6.43%) did much of the heavy lifting. The broader S&P500 lost -0.34% . American Airlines Group (AAL) soared +41.1% to its highest close since 10 March amid record volume (394.4M shares versus average daily volume of ~72M) after the airline indicated it was boosting capacity. AAL said that it expects to fly in June ~55% of the domestic capacity that was flown during July 2019, as load factors improved 55% at the end of May from 15% for the month of April. The International Air Transport Association (IATA) on Wednesday (3 June) said daily flights increased by 30% between 21 April 21 and 27 May. The IATA said the improvement in the data suggests “the industry has seen the bottom of the crisis, provided there is no recurrence.” NASDAQ dropped -0.69% to leave the technology index ~2.1% below in all-time closing high struck on 19 February. The Nasdaq 100 overnight became the first U.S. equity index to reclaim its intra-day record high (scaling an intra-session peak of 9,741.97, usurping its previous record intraday high struck on 19 February), before settling -0.77% lower. The NYSE FANG+TM Index, which includes Facebook Inc (down -1.68%), Apple Inc (-0.86%), Amazon.com Inc (-0.72%), Netflix Inc (-1.81%) and Alphabet Inc (-1.68%), also hit a record high during the morning session.
A fresh, broad rally for US equity markets - Dow up +527-points or +2.05% to 26,269.89. Boeing Co (up +12.95%) jumped following reports that billionaire investor Daniel Loeb’s Third Point had taken a stake in the aerospace group. American Express Co (+6.39%) was also a key contributor to the Dow’s latest rise. The broader S&P500 gained +1.36% to 3,112.87, posting its first four day winning streak since early February. Industrials (up +3.91%), Financials (+3.83%) and Energy (3.05%) led ten of the eleven primary sectors higher. Health Care (down -0.20%) was the only laggard. Data compiled by LPL Financial showed the S&P 500 posted its largest 50-day rally in history. The data also showed stocks were higher 100% of the time six and 12 months after the previous largest rallies on record. Both the Dow and S&P500 logged their highest close since 4 March. The NASDAQ rose +0.78% to 9,682.91 and settled ~1.4% below its 19 February record closing high (9,817.18). The Nasdaq-100 briefly traded above its February peak late in the session. The small capitalisation Russell 2000 index gained +2.4%. AMC Entertainment Holdings Inc fell -2.5% after the US’ largest cinema chain warned of a first-quarter loss of between US$2.1B and US$2.4B in its preliminary quarterly release as its theatres stay closed due to the coronavirus. The company did observe that they “believe, but cannot guarantee, that the exhibition industry will ultimately rebound and benefit from pent-up social demand for out-of-home entertainment, as government restrictions are lifted and home sheltering subsides”.
US markets advanced late in the session as investors continued to shrug off the civil unrest and instead focus on the re-opening of the economy - Dow gained +268-points or +1.05% The broader S&P500 advanced +0.82%, with Energy (up +2.65%) and Materials (+1.76%) leading all eleven primary sectors higher. The latest gains saw the S&P 500 settle more than >40% above its late-March intraday low. Union Pacific Corp rose +1.1% after the railroad operator provided an optimistic volume outlook at the UBS Global Industrials and Transportation Conference. Chief Financial Officer (CFO) Jennifer Hamann was quoted as saying that the company was "feeling just a tad more optimistic" on volumes, and "it does feel like things have maybe bottomed a little bit". NASDAQ rose +0.59%. Big technology stocks lagged the broader market for most of the day, but eked out slight gains in the final minutes of trading. Facebook Inc (up +0.35%), Netflix Inc (+0.33%) and Apple Inc (+0.46%) all closed at least 0.3% higher while Google parent Alphabet Inc gained +0.52%. Amazon.com Inc inched +0.06% higher.
US markets modestly higher, closing well off their session highs as traders adopted a cautious stance ahead of President Trump's two-day summit with China's President Xi Jinping and with the US administration alluding to possible some form of action against Syria following the heinous chemical weapons attack in the country earlier this week - Dow up +15-points or 0.07%, S&P500 +0.19% (with Energy leading seven sectors higher), NASDAQ +0.25%.
US equity markets recovered from losses earlier in the session to settle mostly higher and cap a strong weekly and monthly performance - Dow slipped -18-points or -0.07%, recovering from a slide earlier in the session of as much as -368-points. Pfizer Inc fell -7% in after-hours trading after the company reported that a study of a potential breast-cancer treatment was halted because it was unlikely to achieve its intended change in survival rates. The broader S&P500 added +0.48% . NASDAQ +1.29%, with chipmakers leading the gains (Nvidia Corp up +4.6%). Moderna Inc jumped +10.% after announcing late in the session that the latest study of its potential COVID-19 vaccine has begun. The first participants in each age range have been dosed with its vaccine candidate, known as mRNA-1273, and will receive another dose 28 days later before being followed for 12 months to determine efficacy.
A late sell-off left the benchmark US indices nursing modest losses - Dow down -148-points or -0.58% The broader S&P500 slipped -0.21%, with strong gains for the Utilities sector (up +3.04%) largely offsetting a -2.91% decline for the Energy sector. Financials (down -1.56%) were also a notable underperformer overnight after their solid recent rally. General Electric Co fell -7% after warning that it expects to burn more cash than expected in the second quarter (in part due to the struggles confronting its aviation business) and that 2020 free cash flow will be negative. The NASDAQ -0.46%. Facebook Inc fell -1.6% and Twitter Inc -4.5% after President Trump said he would sign an executive order related to social media companies to "defend free speech from one of the gravest dangers it has faced in American history".
US markets recovered from earlier session declines to close solidly higher - Dow up +553-points or +2.21% (to 25,548.27), closing above >25,000 for the first time since March. Goldman Sachs Group Inc gained +6.97% after the investment bank’s President and Chief Operating Officer (COO) John Waldren said the company remains on track to achieve its medium and long term growth targets despite the economic shocks of the coronavirus pandemic. J.P.Morgan Chase & Co rose +5.8%. After the closing bell the head of the company’s corporate and investment banking division said second quarter revenues are on track to be more than >50% higher than the same period last year. AT&T Inc gained +3.9% after the launch of the HBO Max streaming service. Boeing Co gained +4.7% in the extended session (after gaining +3.3% in regular trading) after the jet maker announced plans to layoff 6,770 U.S. workers, with the first employees affected being notified this week. Boeing said it is seeing "green shoots" after the devastation wrought by the virtual halt on air travel, but the industry will take "some years to return to what it was just two months ago." In a separate press release, the company announced it was resuming production of its 737 Max aircraft in Renton, Washington. The broader S&P500 gained +1.48% (to 3,036.13) to settle above >3,000 for the first time since March and back above its 200-day moving average. Financials (up +4.34%) and Industrials (+3.34%) led all eleven primary sectors higher. The Financials sector is up ~10% over the past two days, its biggest two day increase since 8-9 April. General Electric Co climbed +7.2% after the industrial conglomerate announced a deal to sell its nearly 130-year old GE Lighting business to privately held home control and automation company Savant Systems Inc. The Wall Street Journal reported that the deal was valued at ~US$250M. MGM Resorts International rose +2.61% after the company said it plans to reopen its Las Vegas properties on June 4, including the Bellagio, MGM Grand Las Vegas, New York-New York and The Signature casino resorts. FedEx Corp (up +4.5%) is close to taking a stake in German parcel delivery firm Hermes, according to the Handelsblatt newspaper NASDAQ +0.77%, with the technology-centric index staging its biggest intraday percentage comeback since 28 February, according to Dow Jones Market Data. Micron Technology Inc gained +7.97% after the chipmaker lifted its revenue forecast for the third quarter (to a range of US$5.2B to US$5.4B from US$4.6B to US$5.2B)
US stocks surged on Tuesday, adding to their strong gains from last week, as optimism grew about the reopening of the economy and a potential coronavirus vaccine. The Dow added 530 points to gain +2.2%, the S&P 500 rallied +1.2% trading above 3,000 points for most of the session but fell back below that level in the final minutes. The NASDAQ lagged rising just +0.2%.
US bond and equity markets were CLOSED for the Memorial Day holiday. In US corporate earnings, Autozone Inc reports third quarter earnings tonight AEST. In US economic data, the Chicago Fed National Activity Index (CFNAI) for April, the S&P/Case-Shiller Home Price Index for March, New Home Sales for April are released tonight AEST.
US equity markets settled with modest gains ahead of the long weekend despite mounting Sino-US tensions - Dow slipped -9-points or -0.04%, with Caterpillar Inc (down -1.39%) and Chevron Corp (-1.91) the key drags on the index. The broader S&P500 edged +0.24% higher, with Real Estate (up +2.21%) leading six of the eleven primary sectors higher. Energy (down -0.67%) was the worst performing sector. NASDAQ +0.43%. The smaller capitalisation Russell 2000 index gained +0.6%. Hertz Global Holdings filed for Chapter 11 bankruptcy late Friday (22 May) For the week, the Dow rose +3.29% to log its best such rise since the week ended 9 April. The S&P500 and Nasdaq logged a weekly rise +3.2% and +3.44% respectively. The Russell 2000 outperformed with a +7% weekly jump. US equity and bond markets are CLOSED tonight AEST for the Memorial Day holiday.
In US markets, the Dow was down 102 points or -0.41%, the broader S&P500 fell -0.78% while the NASDAQ lost -0.92%.
Stocks dropped on Thursday as Wall Street digested a strong rally this week along with the latest weekly jobless claims data and rising tensions between China and the U.S. Amazon shares slid 2.1% after hitting a record high earlier in the session. Netflix closed 2.6% lower while Alphabet and Apple dipped 0.2% and 0.8%, respectively.
The Labor Department reported Thursday another 2.4 million people filed for unemployment benefits last week. Thursday’s report brings the total number of filings during the pandemic to more than 38 million. The number of continuing claims was at 25.07 million, its highest level on record.
Rising tensions between China and the U.S. tempered market sentiment on Thursday. On Wednesday, the Senate passed a bill that could ban Chinese companies such as Alibaba and Baidu from listing on U.S. exchanges. That measure was passed after President Donald Trump said in a tweet that the “incompetence of China” caused “this mass Worldwide killing,” referring to the coronavirus. Shares of Alibaba dropped 2.1% and JD.com fell by 3.2%.
US equity markets logged their fourth gain in the past five sessions - Dow up +369-points or +1.52%, largely recouping the previous session’s -390-point drop and briefly traded above its 100-day moving average (that has acted as a resistance level). The broader S&P500 gained +1.67% to 2,971.61, its highest close since 6 March. Energy (up +3.82%) led all eleven primary sectors higher, with Communication Services (+2.70%), Financials (+2.22%) and Information Technology (+2.12%) all gaining over >2%. The NASDAQ rallied +2.08% and sits just 4.5% away from its all-time record high struck on 19 February. Amazon.com Inc (up 1.98%) hit a record all time high (US$2,500.01). Facebook Inc rose +6.04% to settle at a record high ($229.97) a day after unveiling a new e-commerce platform called Facebook Shops. For perspective, the market capitalisation of the FANGMAN group (Facebook, Amazon, Netflix Inc, Google-parent Alphabet, Microsoft Corp, Apple Inc and NVIDIA Corp) hit an all-time high of US$6.1 trillion, equal to the combined gross domestic product (GDP) of Germany and Italy. The small capitalisation Russell 2000 index outperformed with a +3.00% gain.
US equity markets fell as investors digested some sobering remarks on the economy from Federal Reserve Chair Jerome Powell - Dow down -517-points or -2.17%, with American Express Co (down -5.19%), Dow Inc (-3.43%) and Raytheon Technologies Corp (-3.25%) all posting declines of more than >3%. The broader S&P500 shed -1.75%, with Energy (down -4.39%) and Financials (3.01%) leading all eleven primary sectors lower. General Electric fell -3.5% to its lowest close (US$5.79) since 20 December 1991, amid growing concerns over the troubled aerospace industry as the COVID-19 pandemic continues. Mastercard Inc rose almost +3% in the extended session after observing that it has detected a slight rebound in credit-card use in the two weeks ended 7 May, in part due to the loosening of social-distancing rules in several areas and the impact of fiscal stimulus in the U.S. NASDAQ lost -1.55%.
•US equity markets rallied albeit pared gains in the final hour of trading to see the benchmark indices settle well shy of their best levels of the session - Dow up +211-points or +0.89%, paring an earlier climb of as much as +430-points or ~1.82%. Pfizer Inc fell -3.1% The broader S&P500 gained +1.15%, with Energy (up +2.47%), Financials (+2.22%) and Materials (+2.13%) leading nine of the eleven primary sectors higher. Consumer Staples (-0.41%) and Health Care (-0.05%) were the laggards. Airlines rebounded from the across-the-board declines of the previous session, with American Airlines Group Inc up +3.77%, Delta Air Lines Inc +4.58% and United Airlines Holdings Inc +1.06% The NASDAQ rose +1.41% to climb back into positive territory for 2020 (up +0.08% calendar year-to-date) after being down as much as 25%. The technology-centric index is up 35.4% from its 23 March low. PayPal Holdings Inc jumped +14.32% following the company’s first quarter result after the close of the previous session that saw the digital payments pioneer note that trends were improving in April and beyond, with 1 May marking the company’s highest volume transaction day in its history.
•US equity markets lost some steam late in session to settle lower although technology stocks traded strongly - Dow down -218-points or -0.91%. UnitedHealth Group Inc (down -1.71%) and Travelers Companies Inc (down -4.02%) each shaved more than >20 points off the index. The broader S&P500 shed -0.70%, with Information Technlogy (up +0.71%) and Consumer Discretionary (+0.31%) the only primary sectors to advance. Utilities (down -3.51%), Energy (-2.63%) and Financials (-2.31%) were the worst performing primary sectors. Airline stocks were the subject of another broad sell-off (American Airlines Group Inc down -2.7%, Delta Air Lines Inc -3.3%, United Airlines Holdings Inc -5.0% and Southwest Airlines Co -5.36%). NASDAQ +0.51%, with Netflix Inc up +2.41% and Amazon.com Inc +1.15%.
US markets advanced for a second day but settle well off their session highs, with a growing number of states beginning to re-open their economies - Dow up +133-points or +0.56%, paring an earlier climb of as much as +419-points. The broader S&P500 gained +0.90%, with Healthcare (up +2.15%) and Information Technology (+1.42%) leading ten of the eleven primary sectors higher. Financials dipped -0.07%. NASDAQ +1.13%.
The Wall Street Journal reported that researchers at New York University and the University of Maryland School of Medicine said overnight that they had begun injecting people with the first of four vaccine candidates from Pfizer Inc (up +3.64%) and Germany’s BioNTech SE (+9.20%).
US equity markets rallied, buoyed by biotechnology giant Gilead Science Inc saying it was aware of positive data out of a clinical trial being conducted by the National Institute of Allergy and Infectious Diseases' into its Remdesivir antiviral drug for use against the coronavirus- Dow up +532-points or +2.21% The broader S&P500 gained +2.66%, with Energy (up +7.35%) leading nine of the eleven primary sectors higher. Utilities (down -0.92%) and Consumer Staples (-0.41%) were the laggards. The technology-centric NASDAQ gained +3.57%. The small capitalisation Russell 2000 index rallied +4.8%.
US equity markets retreated, with the benchmark indices all relinquishing earlier session gains of over >1% as major technology stocks retreated ahead of impending quarterly results releases - Dow eased -33-points or -0.13%, snapping a four session winning streak and unwinding an earlier ~378-point/1.6% rally. The broader S&P500 lost -0.50%, having gained as much as +1.5% earlier in the session. Energy (up +2.19%) and Materials (+1.96%) led seven of the eleven primary sector higher. Healthcare (down -2.13%) was the laggard. The NASDAQ dropped -1.4% after being up as much a +1.2% at its session highs, with investors eyeing the release of quarterly numbers from a host of major technology companies in the coming days.
US equity markets climbed as investors eyed moves to re-open the economy- Dow rallied +359-points or +1.51% (to 24,133.78), extending its gains into a fourth straight session and logging its first close above >24,000 since 17 April. JPMorgan Chase & Co (up +4.31%) and Walt Disney Co (+4.81%)were the best-performing Dow stocks, rising more than >4% each. Boeing Co rose +1.03% in extended trading after the company announced that it plans to reopen its Dreamliner factory in South Carolina in early May after it shut down operations there for nearly a month because of the Covid-19 pandemic. The broader S&P500 gained +1.47%,with Financials (up +3.61%) and Real Estate (+3.00%) leading all eleven primary sectors higher. The S&P500 has now recovered almost 30% from its March lows. General Motors Co recouped an earlier session decline to gain +2.28% after announcing that it would suspend its dividend and stock repurchases to preserve cash. The NASDAQ gained +1.11%. Tesla Inc fell -1.92% in the extended session after San Francisco Bay Area authorities extended the regional shelter-in-place orders through the end of May, quashing hopes that Tesla's Fremont, California factory would restart soon. Tesla stock ended the regular session up +10.15% following an earlier report that the factory, Tesla's only U.S. car-making plant, was readying a resumption of operations as the Bay Area's shutdown orders were due to expire next week. The small capitalisation Russell 2000 index outperformed with a +4% gain.
US equity markets advanced after a choppy session to end the week - Dow up +260-points or +1.11% Boeing Co fell -6.4% following a report in The Wall Street Journal that said that the Max jet return is expected to be delayed until late summer or early fall. The broader S&P500 gained +1.39%, with Information Technology (up +2.11%) leading all eleven primary sectors higher. Gilead Sciences rebounded +% after Reuters reported that a U.S. government-led trial of remdesivir was running ahead of schedule. The report said those results could be ready by mid-May, with preliminary numbers possibly out earlier. NASDAQ +1.65%. Facebook Inc gained +2.7% after the social-media platform said it is launching a new video chat feature that appears to be a rival to Zoom Video Communications Inc (down -6.1%) US:ZM and Microsoft Corp’s (up +1.8%) Teams service. The small-capitalisation Russell 2000 index gained +1.6%. Retailer J.C. Penney Co fell -11.3% after The Wall Street Journal reported that it was in advanced talks for bankruptcy financing. The U.S. House of Representatives overwhelmingly approved a US$484B coronavirus relief bill – the fourth passed to address the impact of the pandemic - funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near US$3 trillion. The measure passed the Democratic-led House by a vote of 388-5, with one member voting present. House members were meeting for the first time in weeks because of the coronavirus pandemic. For the week, the Dow fell -1.93% S&P500 -1.32% Nasdaq -0.18%
US equity markets climbed after two days of declines, buoyed by a combination of stabilising crude markets, some better-than-expected corporate earnings releases and expectations that the House of Representatives will pass a near US$500B emergency package that will provide additional aid to small business and funding for hospitals that was cleared by the Senate earlier this week - Dow up +457-points or +1.99% The broader S&P500 gained +2.29%, with Information Technology (up +3.87%) and Energy (+3.58%) leading all eleven primary sectors higher. L Brand Inc fell -15.51% and was briefly halted trading following a report that private equity firm Sycamore Partners was looking to cancel its deal to buy a majority stake in Victoria’s Secret. Avis Budget Group Inc rose more than >7% in the extended session after the rental-car company said it expects first-quarter sales modestly below consensus, thanks to a busy January and February. The technology-centric NASDAQ rose +2.75%. Facebook Inc (up +6.72%) announced that it will invest US$5.7B for a 9.99% stake in Jio Platforms, the digital technology arm of Indian billionaire Mukesh Ambani's sprawling conglomerate Reliance Industries.
US equity markets dropped to two week lows, with technology stocks leading the declines and with investors pondering the historic collapse in oil prices - Dow fell -632-points or -2.67% International Business Machines (IBM) Corp fell -3% reported after reporting the closing bell of the previous session that revenue returned to a decline in the first quarter amid the spread of COVID-19, The broader S&P500 shed -3.07%, with Information Technology (down -4.10%) leading all eleven primary sectors lower. The Energy sector declined -1.68%. President Trump tweeted that he instructed the Energy and Treasury departments to “formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future.” Salesforce.Com Inc (down -7.5%) and Oracle Corp (down -4.82%) both fell more than 4% after IBM said its software and global business segments suffered from strong headwinds in the last two weeks of March due to the virus. United Airlines Holdings Inc fell -1.76% in after hours trading after announcing plans to raise more than >US$1B via the issue of 39.205M shares in a price range of US$25.95-to-US$26.50 per share (versus the closing price of US$). The NASDAQ -3.48%. Wall Street analysts cut their price targets for Alphabet Inc (down -4%) and Facebook Inc (-4.2%) and warned about further weakness in online advertising sales.
US equity markets retreated and settled near their session lowsas a crash in crude prices overshadowed building optimism around plans for a staggered easing of global lockdowns in the wake of the coronavirus pandemic- Dow fell -592-points or -2.44%. Boeing Co (down -6.75%) led the index lower, with energy heavyweights Chevron Corp (down -4.13%) and Exxon Mobil (-4.72%) both dropping more than >4%. The broader S&P500 shed -1.79%, with Utilities (down -3.89%), Real Estate (-3.74%) and Energy (-3.29%) leading all eleven primary sectors lower. Short bets against the popular SPDR S&P 500 Trust rose to more than >US$68B last week, marking the highest level since 2016, according to the Wall Street Journal, citing data from analytics firm S3 Partners. The NASDAQ lost -1.03% after briefly trading in positive territory earlier in the session. Luxury retailer Neiman Marcus Group Inc. is preparing to file for bankruptcy protection as soon as Wednesday (22 April), with plans to restructure its debt in hopes of reopening most of the chain’s stores after the coronavirus pandemic, according to a Wall Street Journal report citing people familiar with the matter.
US equity markets extended their rally to cap a solid shortened trading week - Dow up +705-points or +2.99% Boeing Co jumped +14.7% after the airplane maker said it would resume production in the Seattle area as early as 20 April. The aerospace and defense company also announced after the close of last Friday’s session (17 April) that said it will resume all commercial-airplane production at its Puget Sound, Washington state-area facilities in "a phased approach this week. The broader S&P500 gained +2.68% (to 2,874.56 and settled above its 50-day moving average). Ford Motor Co gained +3.64% after raising US$8B from corporate debt investors to shore up its balance sheet. The move came after the automotive company lost its investment grade status last month and will see Ford pay investors interest of between 8.50% and 9.625% on the new debt securities (having sold similarly-dated securities with a yield of under 50% of its coronavirus declines. The Nasdaq gained +6.09%.
Technology stocks lifted US equity markets after another choppy session that included another grim weekly jobless claims report - Dow added +33-points or +0.14%, recovering from a slide of over >200-points earlier in the session. Boeing Co gained +% in the extended session (having ended the regular session down -8%) after the aerospace and defense company said it will resume next week all commercial-airplane production at its Puget Sound, Washington state-area facilities in "a phased approach", a move that will see ~27K employees return to work. The broader S&P500 gained +0.58% . Gilead Sciences Inc surged +16.4% in the extended session following a report on health care media site Stat that one of the company's drugs (Remdesivir) showed promising results in treating COVID-19 patients. This report is being cited as a key reason for an ~700-point jump in Dow futures after the markets’ close. The NASDAQ rallied +1.63%. Netflix Inc (up +2.91%) and Amazon.com Inc (+4.36) each rose more than >2.5% to record levels. Netflix was buoyed by a marked upgrade by analysts at Goldman Sachs. The latest gains left Netflix up +36% year to date and Amazon up +30.3%.
A combination of very weak economic data and disappointing quarterly earnings releases dragged US equity markets lower - Dow down -445-points or -1.86% The broader S&P500 fell -2.20% Energy (down -4.67%), Materials (-4.51%) and Financials (-4.37%) led all eleven primary sectors into the red. Airline stocks were mixed even after the biggest carriers struck an agreement in principle with the federal government on financial assistance aimed at averting layoffs in the hard-hit industry. Delta Air Lines Inc fell -0.8%, while United Airlines Holdings Inc rose +3.1% and American Airlines Group advanced +2.9%. It marked the worst single session performance for both the Dow and S&P500 since 1 April.The NASDAQ dropped -1.44%. President Trump said earlier this morning AEST that he is planning a Thursday (16 April) announcement on guidelines for re=opening parts of the country amid the coronavirus pandemic. He said data suggests the U.S. has passed its peak of new cases and such "encouraging developments" allow for finalizing guidelines for states on reopening.
Growing expectations that the worst of COVID-19 pandemic may have passed saw US equity markets book another round of strong gains, with investors also eyeing the start of the first quarter corporate earnings season- Dow up +559-points or +2.39% (to 23,949.76). Boeing Co closed down -4.3% after the company said it delivered fewer commercial airplanes in the first quarter than expected.The broader S&P500 gained +3.06% (to 2,846.06). The latest 3% moves marks the 23rd move of at least 3% in either direction for the index, matching such moves in all of 2009, according to Dow Jones Market Data. The S&P 500 also booked its 38th session gain of at least 1% this year, surpassing last year’s total. The S&P500 now sits 27.2% above its 23 March low. The index has also capped its best 15-day performance since May 1933. Both the Dow and S&P 500 settled at their highest levels since 10 March. The biggest U.S. airlines reached an agreement in principle with the federal government on financial assistance aimed at preventing layoffs in an industry hit hard by the coronavirus pandemic, according to a Wall Street Journal report. The US$2.2 trillion economic relief package passed last month included US$25B in direct aid to allow passenger airlines to continue paying salaries and benefits to employees in the coming months. Treasury officials are expected to announce an agreement on the terms of the federal aid later this morning AEST. American Airlines Group Inc rose +11.26% in the extended session and Delta Air Lines Inc +9.58%. The NASDAQ rallied +3.95% to settle more than 20% above its most recent low and hence exit the bear market the technology-centric index entered on 12 March. The Nasdaq is less than 14% from its 52- week high on 19 February. Amazon.com Inc jumped +5.28% to settle at a record high of US$2,283.32 (and boosting the company’s market capitalisation to US$1.137 trillion). Tesla Inc jumped +9.05%, adding to a nearly 60% gain in the past seven days as Credit Suisse analysts upgraded the stock to hold from sell and upped their price target to US$580 from US$415.
The Dow and S&P500 retreated in subdued trading as investors’ attention turns to the first quarter corporate earnings season that kicks off this week - Dow down -329-points or -1.39%. Caterpillar Inc fell -8.71% and was the worst performing Dow constituent after a Bank of America analyst cut his rating on the stock to underperform from neutral.The broader S&P500 fell -1.01%, with Real Estate (down -4.59%) and Financials (-3.58%) leading eight of the eleven primary sectors lower. Consumer Discretionary (up +1.10%) was the best performing primary sector. Ford Motor Co fell -3.91% after the auto maker warned of lower sales in the first quarter due to the pandemic. A late rally saw the NASDAQ settle with a +0.47% gain. Netflix Inc jumped +7.01%, recouping all of its COVID-19 induced losses and topping its previous record closing high of US$387.78 set on 18 February. Fellow television streaming company Roku Inc jumped over >10% in extended trading after announcing it added nearly 3M new users in the first three months of the year, more than the 2.56M net additions that analysts expected. The company said that collective streaming hours for the period was 13.2B, up 49% from last year. Amazon.com Inc rallied +6.17% after the e-commerce and cloud giant said it was hiring 75,000 more employees, in addition to the 100,000 it already hired, to help meet increased demand. Apple Inc (up +1.96%) and Google unveiled a rare partnership to add technology to their smartphone platforms that will alert users if they have come into contract with a person with COVID-19. People must opt in to the system known as contact tracing.
US equity markets rallied, lifting the S&P500 into fresh technical bull market territory - Dow up +780-points or +3.44%. Caterpillar Inc rose +4.5% after the company said that it has decided to maintain its quarterly dividend of US$1.03 per share, with the next dividend payable 20 May to shareholders recorded on the register on 20 April. Walt Disney Co said paid subscriptions to its Disney+ streaming service, which launched in November last year, soared past 50M. Disney+ was rolled out in eight Western European countries including the UK, Ireland, France, Germany, Italy, Spain, Austria, and Switzerland in the past two weeks. The broader S&P500 gained +3.41% to 2,749.98, with the latest rally lifting the index more than >20% above its 23 March closing low (2,237.40). Real Estate (up+7.41%), Energy (+6.73%) and Utilities (+5.41%) led all eleven primary sectors higher. General Motors Co rose +8.6% after confirming it had secured an US$489.4M contract to produce 30,000 ventilators for the Strategic National Stockpile by the end of August. Starbucks Corp fell -2.07% in extended trading (having gained +4.16% in the regular session) said that second-quarter earnings will be cut roughly in half from a year ago due to the spread of COVID-19 in China and the US. Starbucks revealed that it expects adjusted earnings of US$0.28c to US$0.32c per share for the second quarter, down from US$60c per share in the second quarter of 2019. The company also rescinded its annual guidance. Costco Wholesale Corp fell -2.28% in extended trading after reporting that its March net sales rose nearly 12% (to US$15.49B from US$13.87B in March 2019), including a 48% jump in online sales. Combined, store sales in the U.S., Canada and other countries where Costco has a presence were up +9.6%. FedEx Corp (up +8.27%) and United Parcel Service Inc (+6.33%)rose after The Wall Street Journal reported that Amazon.com Inc (+1.56%) was halting its competing Amazon Shipping delivery service. The NASDAQ gained +2.58%. Bernie Sanders dropped out of the presidential race overnight, pushing Joe Biden a step closer to the Democratic nomination. A reminder that US equity and bond markets are closed on Friday night AEST (10 April) for Good Friday.
US equity markets relinquished solid opening gains to settle with modest losses - Dow slipped -26-points or -0.12%, having rallied as much as +937-points or +4.1% earlier in the session. Exxon Mobil Corp (up +1.9%) announced that it was reducing its 2020 capital expenditure by 20% and lowering its cash operating expenses by 30% to combat the effects of lower oil prices. The broader S&P500 dipped -0.16%, unwinding an earlier gain of as much as +3.5%. AT&T Inc (up +2.17%) announced a US$5.5B term-loan agreement to further insulate it from an economic slowdown and that it expects to keep paying its dividend. The NASDAQ settled -0.33% lower after gaining as much as +2.9% at its session peak. The intra-day reversal marked the largest gains handed back in a single session by both the Dow and S&P500 since October 2008, according to Dow Jones Market Data.
US equity markets ripped higher, with the benchmark indices all rallying more than >7% and closing near their session highs amid signs that the coronavirus pandemic is peaking in multiple regions - Dow soared +1,627-points or +7.73%, with Boeing Co (up +19.8%) the leading index performer. Raytheon Technologies Corp (up +15.28%), American Express Co (+13.95%) and Visa Inc (+11.58%) rose more than 11% each JP Morgan Chase & Co rose +6.44% after Chief Executive Officer (CEO) Jamie Dimon said in his annual letter to shareholders that the bank had sufficient capital to get through even the most adverse scenario, but conceded the bank’s 2020 earnings would be “meaningfully” lower. The broader S&P500 jumped +7.03%, with Information Technology (up +8.78%) leading all eleven primary sectors higher. Seven of the eleven primary S&P500 sectors posted gains of over >7%. . Carnival Corp surged +20.26% after the Saudi Arabia-based sovereign-wealth fund The Public Investment Fund disclosed it had acquired an 8.2% stake in the cruise operator, making it the third biggest shareholder in the company. Kraft Heinz Co rose +2.28% in the extended session after the food company said it expects a +3% rise in first-quarter sales (and an ~6% rise in organic sales) and postponed its upcoming investor day due to the COVID-19 pandemic. The S&P 500 has bounced more than >21% from an intraday low (2,191.86) set on 23 March. The NASDAQ +7.26%. The overnight gains marked the biggest one-day percentage gain for all three stock indexes since 24 March, according to Dow Jones Market Data.
US equity markets concluded another volatile week of trading in the red following the release of the official March non-farm payrolls report that ended 113-month consecutive months of employment growth - Dow dropped -361-points or -1.69%. American Express Co (down -3.99%), UnitedHealth (-4.55%) and International Business Machines Corp (IBM) (-3.33%) fell more than >3% each to lead the Dow lower. The broader S&P500 fell -1.51%. Utilities (down -3.62%), Materials (-2.34%), Financials (-2.23%) and Communication Services (-2.20%) all fell over -2% to lead eleven of the twelve primary sectors lower. Consumer Staples (up +0.54%) was the only sector to advance, with Walmart Inc rose +0.70% after the Wall Street Journal (WSJ) reported that sales from Walmart’s over 4,700 US stores increased nearly 20% over the past four weeks compared with the same period a year earlier. Sales on Walmart.com rose over >30% over the past eight weeks, with downloads of Walmart's online grocery mobile app skyrocketing, according to documents viewed by the WSJ. United Airlines Holdings Inc (UAL) fell -8.15% in the extended session (having lost -2.28% in the regular session) after the airline announced an ~80% capacity cut for April and expects even larger cuts in May. UAL said it will evaluate and cancel flights on a rolling 90-day basis until demand recovers. The airline said it is losing more than US$100M a day in revenue and that it expects fourth-quarter revenue to be down at least 30% from the year-ago period. UAL has also reportedly filed for a federal grant in order to keep paying employees.Delta Air Lines Inc fell -11.48% in the extended session (having dipped -0.88% in regular trading) after the carrier said its second quarter will be "even more difficult than the first", while Chief Executive Ed Bastian said that the company is “burning more than $60M in cash every day” and “we know we still haven't seen the bottom". Mr Bastian said that Delta’s April schedule will be about 80% smaller than planned, with 115,000 flights cancelled,. Mr Bastian also said that the airline has applied for government support but that the funds alone “are not nearly enough” as revenue is expected to be down 90% for the second quarter. Without action, that government’s relief funds would be gone by June, Mr Bastian said. Separately, Warren Buffett's investment vehicle Berkshire Hathaway Inc disclosed on Friday (3 April) that it had sold ~18% of its stake (~13M shares or ~US$314M) in Delta and ~4% of its holding (~2.3m shares or ~US$74M) in Southwest Airlines Co (-3.05%) The NASDAQ -1.53%. The latest data released by the Semiconductor Industry Association (SIA) late on Friday (3 April) recorded that global chip sales momentum stalled in February due a slowing in demand from China amid the COVID-19 pandemic. While worldwide February sales rose 5% to $34.5B from a year ago, they declined 2.4% from January's sales of $35.4 billion, with sales from China falling 7.5% from January. "Global semiconductor sales in February were solid overall, outpacing sales from last February, but month-to-month demand in the China market slipped significantly and the full impact of the COVID-19 pandemic on the global market has yet to be captured in available sales numbers," said John Neuffer, SIA president and chief executive.
US equity markets rallied as a surge in oil prices eclipsed another grim weekly jobless claims report - Dow settled +470-points or +2.24% higher after trading in a greater than >700-point range. Energy giant Chevron Corp and Exxon Mobil Corp led the Dow higher, gaining 11% and 7.7%, respectively. The broader S&P500 gained +2.28%, with Energy (up +9.07%) the standout performer and leading all eleven primary sectors higher. The NASDAQ rose +1.65%. Tesla Inc rallied more than >17% in the extended session (after ending the regular trading day down -5.6%) after announcing that it delivered 88,400 vehicles in the first quarter, a performance the company called its “best ever” first quarter and a number only a tad below Wall Street expectations (i.e. 89K). In broader stock moves, Luckin Coffee Inc slumped -75.57% after the Chinese coffee chain said that an internal investigation had shown that its chief operating officer and other employees had fabricated sales transactions.
The Dow and S&P500 logged their worst start to quarter ever as President Trump warned that a “very, very painful” two weeks lie ahead for the country in face of a rapidly spreading COVID-19 epidemic - Dow dropped -973-points or -4.44% (to 20,944) to settle with its worst opening to a quarter in its 124-year history. Boeing Co (down -12.36%), American Express (down -9.08%) and Dow Inc (-7.52%) all fell more than >7.5% The broader S&P500 fell -4.41% to book its worst start to a quarter since the index was created in 1957 . The Utilities (down -6.12%), Real Estate (-6.11%) and Financials (-5.97%) sectors all fell over >5%, leading all eleven primary sectors into the red. A collapse of showroom traffic in March led to a big drop in U.S. sales for major car companies in the first quarter. Fiat Chrysler Automobiles N.V. (-5.15%) reported a -10% drop in first-quarter U.S. sales, saying strong results in January and February were more than offset by the impact of the virus in March. General Motors Co (down 7.3%) said its U.S. sales were down 7% in the January-to-March period, citing similar reasons, while Nissan Motor Co. reported a -30% drop in the first quarter. Ford Motor Co (-8.9%) is slated to release its first-quarter sales results tonight AEST. Cruise ship operator Carnival Corp rose +2.39% in the extended session (after ending the regular session down -33.18%) after securing a huge rescue financing package a US$4B senior secured bond offering that gives investors an 11.5% coupon, yielding near 12% yield on debt that matures in 2023. The NASDAQ -4.41%. The small capitalisation Russell 2000 index skidded -7.03% lower. The major indices touched their session lows in the final minutes of the session, with Dow briefly down over >1,100-points.
US equity markets ended the month and quarter in the red to leave both the Dow and S&P500 nursing their worst first quarter performance ever - Dow down -410-points or -1.84%, paring a climb of as much as much as +152-points. The broader S&P500 shed -1.6% . S&P Dow Jones Indices announced after the closing bell that retailer Macy's Inc will depart the S&P500 (along with Raytheon Co following the expected completion of their merger with United Technologies Corp) and join the S&P SmallCap 600. Otis Worldwide Corp and Carrier Global Corp will join the S&P 500. The changes come into effect at the opening of the market this Friday night AEST (3 April). The NASDAQ fell -0.95%. In merger and acquisition (M&A) news, Xerox Holdings Corp announced that is has dropped its ~US$30B hostile takeover bid to acquire larger rival HP Inc because of the uncertainty created by the COVID-19 pandemic
US equity markets booked another round of solid gains as the benchmark indices look to consolidate last week’s hefty weekly rebound (that Dow record its strongest weekly advance (up +12.8%) since 1938, while the S&P 500 rose 10.3% for its biggest weekly jump since 2008) - Dow gained +691-points or +3.19% after briefly dipping into the red in morning trading. Johnson & Johnson jumped +8% after the company said it had identified a lead candidate in its efforts to develop a COVID-19 vaccine, with human trials to begin by September at the latest and the product potentially ready in early 2021. The broader S&P500 gained +3.35% . Medical device maker Abbott Laboratories rallied after announcing late last Friday (27 March) that it received emergency use authorisation from the U.S. Food and Drug Administration (FDA) for a rapid COVID-19 test. Regeneron Pharmaceuticals Inc rose +5%, while the American Depositary Receipts (ADRs) for Sanofi SA advanced 4.9% after the companies said Monday (30 March) that the first patient in a global clinical trial testing Kevzara as a therapy for patients hospitalized with severe cases of COVID-19 had been treated. Ford Motor Co announced late in the session that it has reached a deal to begin manufacturing ventilators needed by hospitals to treat COVID-19 patients. The company said that it will manufacture the equipment at an Ypsilanti, Michigan, plant using a design licensed from Airon Corp. by the health care division of General Electric Co. The NASDAQ rose +3.57%. Apple Inc (up +2.9%) was added to Bank of America’s ‘best ideas’, with analysts citing the company’s stellar balance sheet (US$200B in gross cash and ~US$100B in net cash or ~US$22 per share). Microsoft Corp jumped +7% while Alphabet Inc and Amazon.com Inc climbed +3.3% and +3.4%, respectively. Domino's Pizza Inc reported global retail sales are up 4.4% thus far in preliminary first-quarter numbers it shared on Monday. Domino's is scheduled to release its final quarterly results on 23 April.
US markets stumbled after a stellar three-day rally - Dow down -915-points or -4.06%. Boeing Co fell - 10.3% and was the worst performer in the Dow, with Treasury Secretary Steven Mnuchin confirming that the aerospace group won’t seek a government bailout. Chevron Corp (down -9.95%) and Walt Disney Co (-8.50%) each fell more than >8% The broader S&P500 shed -3.37% Energy (down -6.91%) and Information Technology (-4.61%) led ten of the eleven primary sectors into the red, with Utilities (up +0.52%) the only sector to advance. Abbott Laboratories rose +2.1% in extended trading after announcing late Friday that it received emergency use authorisation from the U.S. Food and Drug Administration (FDA) for a rapid COVID-19 test. The portable testing platform will detect a positive result for COVID-19 in "as little as five minutes" and determine negative results in 13 minutes. Abbott said that it will make the rapid tests available to healthcare providers involved in urgent care next week and is working with the government to determine where they can have the largest impact. The company said that between this and a separate testing platform it will have the capacity for ~5M tests a month. General Motors Co rose +4.16% in extended trading (after falling -5.23% in regular trading). President Trump signed a presidential memorandum directing the government to use “any and all authority available under the Defense Production Act” to compel the automaker to manufacture ventilators for patients with COVID-19. President Trump earlier criticised the company, saying negotiations were taking too long. The NASDAQ fell -3.79%. For the week, the Dow gained +12.84% to book its strongest weekly rise since 1938. S&P 500 rose +10.26% to post its biggest weekly rise since 2008. The Nasdaq rose +9.05% to record its best weekly advance since March 2009.. The US dollar index posted its biggest weekly decline (down -3.90%) since March 2009.
US equity markets extended their solid rebound into a third straight session, shrugging off a weekly unemployment report that predictably made for difficult reading - Dow up +1352-points or +6.38% (to 22,522,1), capping its biggest three day rally (up +20.14%) since 1931. Boeing Co (up +13.75%), Chevron Corp (+10.26%) and Walgreens Boots Alliance (+10.21%) were the leading index constituents with gains of over >10% apiece. The broader S&P500 advanced +6.24% , with the more defensive sectors (Utilities up +8.39%, Real Estate +7.81% and Health Care +6.98%) leading all eleven primary sectors higher. The NASDAQ gained +5.60%. Facebook Inc (up +4.56%), Amazon.com Inc (+3.69%), Apple Inc (+5.26%) Netflix Inc (+6.02%) and Google-parent Alphabet Inc (+5.3%) all gaining more than >3.5%. The words “short-covering” and ‘re-balancing’ were mentioned often in overnight reports (and with month and quarter end approaching). The Dow, S&P 500 and Nasdaq ended the session still down at least 20.7% from their respective all-time highs set last month.
US equity markets settled higher despite a stumble into the close of the session amid reports that several senators may be putting forward some last minute opposition that threatens to slow the passage of a bill proposing a US$2 trillion fiscal stimulus package agreed between White House lawmakers - Dow up +495-points or +2.39%, with Boeing Co (up +24%) the leading index constituent and taking the aerospace giant’s gains to almost 70% Vin the past three sessions. Nike Inc (+9.2%) was also among the leading performers in the wake of their strong result after the closing bell of Tuesday’s (24 March). At its session high the Dow was up more than >6%. Nonetheless the index built on its biggest one day percentage gain since 1933 (+11.37%) and biggest one-day points increase (+2,113) ever recorded a day earlier, The broader S&P500 gained +1.15%, having traded over >5% higher earlier in the session and building on the previous session’s 9.38% advance (and best one day gain since October 2008). Industrials (up +5.29%), Real Estate (+4.50%) and Energy (+4.49%) lead eight of the eleven primary sectors higher. Communication Services (down -1.58%) was the worst performing sector. Home improvement retailer Lowe's Companies (+8.31%) said it will hire 30,000 new workers and committed $100 million "to support the emerging needs" of employees, customers and communities amid the coronavirus pandemic. Both the Dow and S&P 500 logged their first back-to-back gains in seven weeks. Indeed, the Dow has logged its best two gain (2,608-points or +13.67%) since 1987. The technology-centric NASDAQ eased -0.47%, with all of the FAANG complex (Facebook Inc down -3.0%, Amazon.com Inc -2.80%, Apple Inc -0.55%, Netflix Inc -4.18% and Google parent Alphabet Inc -2.82%) closing in the red.
US equity markets soared amid growing optimism that Congress will come to an agreement on an ~US$2 trillion fiscal stimulus package aimed at combatting the economic impact of the coronavirus epidemic - Dow rocketed +2,113-points or +11.37% to log its biggest one-day point gain ever and its best percentage gain since 1933 (and fifth best ever) - and just a day after plumbing the lowest levels since 2016. Fitch ratings Boeing Co’s credit rating to two notches above junk, with a negative outlook (which means there’s a one-in-three chance of a further downgrade). However, Boeing rallied +20.9% after Chief Executive Officer (CEO) Dave Calhoun said he would not accept the government taking an equity stake in the aerospace giant in exchange for a bailout. The broader S&P500 gained +9.38% - its biggest single day percentage gain since October 2008 - with 303 index constituents recording double-digit rises (62 of those companies logging gains of over >20%). Energy (up +16.3%) led all eleven primary sectors higher. Chevron Corp jumped +22.74% after the oil giant said it would cut its 2020 capital expenditure by US$4B and temporarily halt share repurchases. General Motors (up +19.9%) said that it is planning to draw down ~$16B from its revolving credit facility. The NASDAQ gained +8.12%. Intel Corp rose +5.7% despite the company announcing it would suspend its share repurchase program. President Trump on floated the idea of restarting the economy soon to limit the damage to small and medium-size businesses, For the year to date, the Dow is down 27.45%, S&P 500 -24.25%, and the technology-heavy Nasdaq is -17.33%.
Fresh measures by the Federal Reserve failed to stem the bleeding on Wall Street - Dow fell -582-points or -3.04% to 18,591.93, its lowest level since 9 November, 2016 – the day of President Trump’s election. Boeing Co rebounded +11.2% despite the aerospace giant announcing that it would suspend production at its Puget Sound facilities due to the coronavirus, with the halt is intended to last two weeks beginning 25 March. Goldman Sachs penned a note saying that the company had enough cash to survive the coronavirus downturn and that air travel would eventually return. The broader S&P500 lost -2.93% . General Electric Co fell -6.3% to a 28-year low after the industrial conglomerate said its GE Aviation unit is planning to cut 10% of its US workforce, as the COVID-19 pandemic has led to a “rapid contraction” of air travel. NASDAQ slipped -0.36%. Apple Inc fell -2% to relinquish its title as a trillion US dollar market capitalisation company, leaving Microsoft Inc as the only company to hold the mantle. Applied Materials Inc dipped -0.4% in extended trading (after settling +6% higher in the regular session) after withdrawing its fiscal second quarter guidance because the COVID-19 outbreak is impacting the company’s supply chain and manufacturing operations. All three key index futures had hit their 5% daily limit at the open of trade. The New York Stock Exchange went all-electronic on Monday (23 March), marking the first time the exchange has operated without floor traders.
US equity markets suffered another round of steep falls to conclude another extremely volatile week on Wall Street - Dow down -913-points or -4.55% AT 19,173.98, paring an earlier rally of ~444-points or ~2.2%. The 30-stock index closed at its lowest level since 10 October, 2016. 3M Co and Walt Disney C (-%) were among the biggest drags on the Dow. Boeing Co added +0.4% in extended trading (after ending the regular session down 2.8%) after announced that it will halt its dividend and extend its share buyback halt until further notice as the company draws on all of its resources to sustain operations. Boeing added that Chief Executive Dave Calhoun and Chairman Larry Kellner will forgo all pay until the end of the year. McDonald’s Corp (down -0.68%) Chief Executive Officer Chris Kempczinski told CNBC that the company has suspended share buybacks but has not changed its dividend policy (having declared a quarterly US$1.25 per share dividend in January, that was payed to shareholders on 16 March). McDonald’s has raised its dividend for 43 consecutive years since paying its first one in 1976. The broader S&P500 shed -4.34% to 2,304.92, its lowest close since 8 February, 2017. Macy’s Inc announced that it would suspend its quarterly dividend (albeit the US$0.3775c dividend already declared and payable on 1 April will not be affected) and withdrew its 2020 sales and profit forecasts. The department store operator also said that it would borrow US$1.5B from a revolving credit facility to deal with the impact of the coronavirus pandemic. The company has already shut stores for two weeks from 18 March but has kept its on-line operations open for business. The technology-centric NASDAQ lost -3.79% to6,879.52, having gained over >2% earlier in the session. Apple Inc fell -6.35% and briefly fell below US$1 trillion in market capitalisation in the final 10-minute of trading. Microsoft Corp (down -3.76%) is currently the only other member of the trillion dollar club.
Strong gains in large technology companies a led a relatively modest rebound on US equity markets in what was another choppy session - Dow up +188-points or +0.95% to settle back above 20,000. The index had earlier declined as much as -721 points or over >3%. The broader S&P500 gained +0.47% . Shares of rental-car companies rebounded, with Hertz Global Holdings Inc up +22.8% a day after slumping 39.6% to a record low after Moody's Investors Service downgraded Hertz's credit to B3, which is six notches deep into speculative, or "junk" territory, from B2, as the outlook was revised to negative from stable. Avis Budget Group Inc gained +24.4%. Bed Bath & Beyond Inc rose +17.32% despite announcing that it would temporarily close more than half of its stores in the U.S. and Canada to help reduce the spread of COVID-19. The company will continue to operate stores which sell essential products for health care, personal care, infant care, cleaning supplies, and food and beverages. Department store operator Kohl's Corp fell -5.01% in extended trading (after gaining +10.2% in the regular session) after announcing it is closing all of its more than 1,100 retail stores in the U.S. later today AEST because of the coronavirus pandemic and the stores will be closed at least until 1 April. The technology-centric NASDAQ rose +2.30%. Netflix and Facebook rose 5.3% and 4.2%, respectively. Amazon gained 2.8%. Dick’s Sporting Goods Inc rose +12.4% despite disclosing in a filing that foot traffic has plummeted, and noted it would close stores for the next two weeks. The stock has lost ~50% over the past 12-months.
US equity markets suffered another round of sharp selling albeit the benchmark indices rallied off their lows in the final minutes of trading after the Senate passed a bill Wednesday to expand paid leave and unemployment benefits in response to the coronavirus pandemic - Dow dropped -1,335-points or -6.29% to 19,898.92 trading down as much –2,320points or ~11% to 18,917.46 and below the levels the index was trading at a day before Donald Trump was inaugurated as President (i.e.19,732.40 on 19 January, 2017). It also marked the first close below 60% since that date.
US markets rebounded from their worst session in three decades, with investor sentiment buoyed by White House plans that could inject US$1 trillion into the U.S. economy to cushion the blow of the coronavirus - Dow up +1,049-points or +5.20% , erasing more than a third of Monday’s (16 March) plunge after briefly dropping below
US equity markets slumped, shrugging off the Federal Reserve’s announcement of a huge monetary stimulus campaign - Dow tumbled 2,999-points or -12.93% - the worst session since ‘Black Monday in 1987 (when the index fell over >22%) and leaving the index 31.7% below its all time high. The broader S&P500 -11.98% to 2,386.13 and hitting its lowest level since December 2018. A circuit breaker was once again triggered shortly after the market open when the index fell -8%. NASDAQ -12.42%, logging its worst single day percentage decline ever. The major averages fell to their lows into the close after President Trump said the worst of the outbreak could last until July or August. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, clarified President Trump’s remarks in saying that “The guidelines are a 15 day trial guideline to be reconsidering. It isn’t that these guidelines are going to be in effect until July. What the president was saying is that the trajectory of the outbreak may go until then.” President Trump was also asked by a reporter if the US was heading into recession and responded: "It may be. I think there is tremendous pent up demand in terms of the stock market and economy. Once we are done with it, you are going to see a tremendous surge".
US equity markets staged a powerful rally a day after both the Dow and S&P500 suffered their largest single session declines since the October 1987 crash. All three benchmarks booked their best one-day gains since 2008. Dow up +1,985-points or +9.36%, climbing back above >23,000 after logging its biggest points gain ever. . Microsoft Corp fell -3% in extended trade (after closing the regular session up +14%) after co-founder Bill Gates announced late in the session that he was stepping down from the boards of the software giant and Berkshire Hathaway. Microsoft said in a statement that Mr Gates will dedicate more time to philanthropy, and continue to serve as technology adviser to Chief Executive Satya Nadella. The broader S&P500 +9.29%, with the index posting 16 discernible intra-session swings of at least 1% over the six-and-half-hours of trading. NASDAQ +9.35%. Apple Inc and Facebook Inc both jumped more than >10% to lead the FAANG stocks higher. Google-parent Alphabet Inc gained +9.3%, with President Trump announced that the search giant would develop a website to help individuals determine whether they need a coronavirus test or not.
A global equity market rout overnight, with “circuit breakers” triggered on US markets shortly after the open after an initial -7% drop for the second time this week - Dow plummeted -2,352-points or -9.99%, notching its fifth worst decline in history and worst single session decline since ‘Black Monday’ in 1987 (when the index collapsed by over >22%). Walt Disney Co fell 2.68% in late trading (after closing down 12.98% in the regular session) after announcing their closure of Disneyland through the end of the month. The broader S&P500 -9.51%, with Energy (down -12.30%) leading all eleven primary sectors sharply lower. The technology-centric NASDAQ shed -9.51%. The bear claimed both the S&P 500 and Nasdaq indices. It has taken just 16 trading days for the S&P500 to decline over >20% from its all time high. The small-capitalisation Russell 2000 index cratered by -11%. Morgans Chief Economist Michael Knox described the latest falls as “revenge of the machines”, referring to large algorithmic programmes run by large investment companies that preference momentum and drives a complete divorce from market fundamentals.
US equity markets suffered another round of sharp falls, with losses intensifying after the World Health Organisation declared the coronavirus outbreak an official global pandemic - Dow slumped -1,465-points or -5.85% to 23,553.53, closing more than 20% below last month’s all-time closing high and ending the longest bull market in history. Boeing Co dropped -18.2% after announcing a number of MAX order cancellations when providing its monthly update to the market. The broader S&P500 dropped -4.89%, with all eleven primary sectors in the red and with Industrials (-5.94%), Financials (-5.52%), Energy (-5.46%), Real Estate (-5.44%), Consumer Discretionary (-5.36%) and Utilities (5.10%) all logging falls of greater than >5%. All but 8 S&P 500 stocks closed lower. The NASDAQ -4.71%. Both the S&P 500 and Nasdaq narrowly avoided entering official bear market territory, with the S&P 500 closing -19.2% below its record intra-day high of 3,393.52 set on 19 February at 2,741.38. Goldman Sachs’ Chief Equity Strategist, David Kostin, set set a midyear target of 2,450 for the S&P 500. However, Mr Kostin expects a new bull market will begin during the second half of 2020 and has a year-end target for the benchmark index of 3,200. That would make for a 1% decline for 2020 (excluding dividends) and a 6% decline from the S&P 500’s intraday record high hit on 19 February.
Another volatile session saw the US equity markets settle sharply higher as investors attention re-focussed on potential further stimulus measures - Dow up +1,167-points or +4.89% (to 25,105.14). climbing back above >25,000. JPMorgan Chase and Home Depot led the Dow higher, rising more than 7% each. The broader S&P500 +4.94%, notching its best day since 26 December, 2018. Tech and financials were the best-performing sectors in the S&P 500, rising at least 6% each. Energy gained more than 4%. Airlines, including American Airlines Group Inc , Delta Air Lines Inc and Southwest Airlines Co announced capacity reductions and other measures in response to the coronavirus outbreak. Global Payments Inc gained in the after session after Chief Executive Officer (CEO) Jeff Sloan reaffirmed earlier forecasts, saying the company has seen “no discernible impact” on operations so far. Hilton Worldwide Holdings Inc fell -3.7% in extended trading after the hotel chain pulled its guidance for the first quarter and the year because of the COVID-19 coronavirus's impact on the global economy. NASDAQ also rose +4.94%. Facebook (up +5.1%), Amazon.com Inc (+5.07%), Apple (+7.2%), Netflix (+5.09%) and Google-parent Alphabet (+5.33%) all rose more than >4.8%.
Another sharp sell-off on US equity markets saw 'level 1 market-wide circuit breakers' triggered after the S&P500 opened the session down -7% (and resulting in a 15-minute trading halt), with further sharp falls in oil prices sowing further concerns - Dow tumbled -2014-points or -7.79% to record its worst single session performance since 15 October 2008 (when the index fell -8.7%). Boeing Co fell -13.4% to its lowest levels since 2017 after the US Federal Aviation Authority (FAA) said it did not agree with the planemaker’s decree that its 737 MAX wiring bundles met safety standards. Separately, Ethiopian investigators singled out faulty 737 Max systems in a new interim report on last year’s fatal crash. Boeing Co, Apple Inc (down -7.91%), Goldman Sachs Inc (-10.39%) and Caterpillar Inc (-14.28%) cut the index by at least 100 points each. The broader S&P500 -7.6% to 2,746.56, logging its worst single trading day since 1 December, 2008. J.P. Morgan Chase and Co (down -13.55%) and Bank of America Corporation (down -14.7%) were under particular pressure among the banks as they are among the biggest lenders to the energy sector. For those of a technical bent, the closing level represents the 61.8% Fibonacci retracement level. The 61.8% retracement of the S&P 500's rally off the 24 December, 2018 closing low of 2,351.10 to the 19 February, 2020 record close of 3,386.15 comes in at 2,746.49. Many chart watchers believe a convincing close below that level would suggest a full retracement of the previous rally becomes the next downside target. The NASDAQ -7.29%.
Another volatile session left US equity markets nursing losses albeit the benchmark indices booked weekly gains after paring losses late in the trading day - Dow fell -257-points or -0.98%, paring an earlier decline of as much as ~895-points and with much of the rebound coming in the final ten minutes of trading. JP Morgan Chase & Co (down -5.17%) and Microsoft Corp (-2.83%). Boeing Co fell -1.27% in extended trading, with Reuters reporting that they had seen a US House Committee report that finds the company’s 737 MAX jet design “marred by technical design failures” and declares a Federal Aviation Authority (FAA) certification review of the aircraft “grossly insufficient”. The broader S&P500 lost -1.71% to log its tenth decline in the past twelve sessions. Energy (down -5.61%) led all eleven primary sectors lower. Airline stocks recovered some ground after President Trump’s chief economic advisor Larry Kudlow said the White House is considering “targeted measures” to offset the negative impact on the industry from the coronavirus outbreak. United Airlines Holdings Inc rose +0.99% and Delta Air Lines Inc +1.96%. Starbucks Corp fell -1.12% after the coffee chain said it expected sales in China for the quarter ending March to fall by -50% in stores open for at least a year. The NASDAQ lost -1.87%. Apple Inc (down -1.33%) supplier ON Semiconductor Corp (-3.08%) issued a revenue warning for the first quarter, citing the change in business conditions being created by the coronavirus. Skechers USA Inc eased -0.9%, after the sporting shoe retailer said the fallout from the coronavirus has gotten worse since it last updated investors when it reported earnings last month. For the week, Dow gained +1.79%, S&P 500 +0.61% and Nasdaq +0.10%
Another volatile session saw the benchmark US indices erase much of the gains of the previous session, with ongoing anxiety around the spread of the coronavirus sending US Treasury yields to fresh all-time lows (and putting more pressure on bank share prices) - Dow fell -970-points or -3.58%. The Dow has had two 4% or more gains in the last three days. The last time the index had two 4% gains or more in a three trading day span was in November 2008. The broader S&P500 -3.39%, with Industrials (down -4.96%) and Financials (-4.88%) leading all eleven primary sectors into the red. Airline stocks took a beating and led declines in the Dow Jones Transportation Average (which entered official bear market territory). United Airlines Holdings Inc slumped -13.4%, while American Airlines Group Inc tumbled 13.2% to log its worst session since 2016. Trade body IATA forecast revenue losses for the global air transport sector in 2020 of between US$63B-US$113B, up from a previous estimate of US$29.3B. Car rental companies. The technology-centric NASDAQ fell -3.07%.
US equity markets soared a day after the Federal Reserve cut key lending rates by -50-basis points, with some solid quarterly results and upbeat economic data also driving the rally - Dow surged +1,173-points or +4.53%, reclaiming the 27,000 point level. UnitedHealth Group (up +10.72%) was the best performing Dow constituent. The broader S&P500 +4.22%, with Health Care (up +5.81%) and Utilities (+5.69%) leading all eleven primary sectors higher. Energy was the laggard albeit still posting a 2.22% advance. General Electric Company recovered from an earlier fall to close +0.64% higher after providing a 2020 outlook presentation to investors said it estimates that the coronavirus outbreak will negatively impact first-quarter industrial free cash flow (FCF) by US$300M to US$500M and operating income by US $200M to US $300M – setting the company up to undershoot current analysts’ consensus forecasts. GE had 18K employees in China, or ~9% of the total workforce of 200K, with 2K workers in the Hubei province, where the novel coronavirus was first detected in December. GE’s Chief Executive , Larry Culp, said most of the employees went back to work in February, but the sites there are operating at reduced capacity. The NASDAQ gained +3.79% to move back in the black for the year (up +0.46%). All three major indices climbed out of official correction territory, meaning they are now less than 10% down from their 52-week highs.
US equity markets settled sharply lower after a volatile and eventful session that saw the Federal Reserve announce a inter-meeting interest rate cut half an hour into the session - Dow fell -786-points or -2.94% after falling as much as -997-points earlier in the session. Major banks fell as US treasury yields hit a record low, with the 10-year Treasury yield falling below
US equity markets rebounded strongly, surging into the close amid hopes of global central bank stimulus measures - Dow up +1,294-points or +5.09% higher, marking the indices largest daily points gain ever and biggest percentage advance since March 2009. Apple Inc (up +9.3%) was the leading Dow constituent. Walmart Inc and Merck & Co gained +7.6% and +6.3% respectively. The broader S&P500 rose +4.61% to record its best single session performance since 26 December, 2018. All eleven primary sectors advanced, with Utilities (up +5.86^), Information Technology (+5.70%), Consumer Staples (+5.48%) and Real Estate (+5.05%) gaining over >5%. The NASDAQ jumped +4.48%. In merger and acquisition (M&A) headlines, Xerox Holdings Corp launched a cash-and-scrip offer to acquire HP Inc (for US$24 per share in cash and 0.149 Xerox shares for each HP share). HP said its board is reviewing the unsolicited bid.
US equity markets caught a major bounce in the final minutes of the worst week since the global financial crisis that saw the key indices settle in official correction territory - defined as a decline of at least 10%, but not more than 20%, from a recent peak - last Thursday (27 February) - Dow fell -357-points or -1.39% after being down over >1,000 points earlier in Friday’s (28 February) session. Boeing Co (down -%) and JPMorgan Chase (-%) were the biggest decliners in the Dow The Dow now sits 14.1% below its intraday record high set on 12 February. The broader S&P500 -0.82%, NASDAQ inched +0.01% higher to avert a seven session losing streak. Chip stocks and software stocks broke ranks with the rest of the technology sector with a solid rebound. Microsoft Corp rose +2.4%. Chipmaker Nvidia Corp gained +6.9% (paring its weekly decline to -8.2% and settle up more than >14$ for the month) to lead the PHLX Semiconductor Index +2.2% higher. Elsewhere, Harley-Davidson Inc rose ~5% in late trading after the company announced that Matthew Levatich had relinquished his titles of president and Chief Executive Officer (CEO) as well as his seat on the board by mutual agreement. Board member Jochen Zeitz was named acting president and CEO of the motorcycle company. Harley-Davidson’ s revenue has declined year-over-year in the past five quarters in a row, and eleven of the past fourteen, as the company has struggled to appeal to younger customers. For the week, the Dow fell -3,583-points or -12.36%. The S&P500 dropped -11.49%, joining October 1987, April 2000, September 2001 and October 2008 as the only other occasions since Word War II that the broader index has fallen over >10% in a week. Nasdaq -10.54%. For the month of February, Dow -10.07%, S&P500 -8.41% Nasdaq -6.38%
US equity markets tumbled into correction territory as coronavirus fears continued to escalate - Dow racked up its second four digit points decline this week, dropping -1,192-points or -4.42% (to 25,766.64) and losing its grip on the 26,000 level as the selling accelerated into the close. Apple Inc (down -6.54%), Intel Corp (-6.4%) and Exxon Mobil Corp (-6.02%) were among the worst-performing Dow constituents, dropping at least 6% each. The broader S&P500 -4.42% (to 2,978.76), closing below 3,000 for the first time since October last year and settling well below its 200-day moving average (3,046.91). Trading volumes for the S&P500 were ~US$87B, the fourth highest daily turnover on record and the four times the daily average (and the third day on the spin that turnover exceeded >US$60B). The NASDAQ fell -4.63% to settle -12.7% below its record closing high of 9,817.18 set on 19 February. AMD and Nvidia fell 7.3% and 5.6% respectively. Bed Bath & Beyond Inc rose ~2.6% in the extended session (after falling -3% in the regular session) after the housewares retailer said it would restructure and lay off 500 workers.
US equity markets settled with modest losses as an attempted rebound faded - Dow lost -127-points or -0.46% after rebounding as much as +462-points or +1.7% earlier in the session. The latest decline brought the Dow’s points decline to more than >2,000 points. The Walt Disney Company (down -3.77%) was the worst performing Dow constituent overnight a day after announcing that Chief Executive Bob Iger is stepping down. The broader S&P500 fell -0.38%, unwinding an earlier advance of over >1%. Energy down (-2.97%) was comfortably the worst performing primary sector, with Information Technology (up +0.40%) the only sector to advance. The NASDAQ edged +0.15% higher, paring an earlier rally of as much as +2%. Microsoft Corp fell over >2% in extended trading after lowering their fiscal third quarter guidance previously provided for the segment that includes Windows.
Coronavirus concerns continued to rattle Wall Street - Dow down -879-points or -3.10% after gaining ~180-points shortly after the opening bell. Major banks were under pressure amid another sharp drop in Treasury yields. The Dow notched its worst two-session stretch since 5 February, 2018 and posted back-to-back losses of at least 800 points for the first time ever. The broader S&P500 -3.08%, posting back-to-back declines of at least 3% for the first time since November 2008. Mastercard Incorporated Inc fell -6.71% after the company said Chief Executive Officer Ajay Banga will step down at the start of the next year and be replaced by products head Michael Miebach. Listed rival Visa Inc dropped -5.2%. The technology-centric NASDAQ dropped -3.0%, retreating below
Coronavirus fears roiled global equity markets, with the benchmark US equity indices skidding sharply lower - Dow shed -1031-points or -3.56% (27,960.80), with the index recording its second-biggest daily point drop in its 124-year history. The Dow closed well below its 50-day moving average (28,805.54) and slightly above its 200-day moving average (27,224.03). The broader S&P500 -3.35%, breaching its 50-day moving average (3,275.90) for the first time since October. The technology centric NASDAQ -3.69%. The selloff marks the first time all three major benchmarks each fell by at least 3% on the same day since 4 December, 2018. Last night’s falls also wiped out this year’s gains for the Dow (now -2%) and the S&P 500 (now -0.15%). The Nasdaq still sits +2.8% higher for the year. Bespoke Investment Group make the case that, over the past 11 years, declines of more than 2% for the S&P 500 have tended to see healthy rebounds, particularly when that daily slide happens on a Monday - “Since March 2009, there have been 18 prior 2%+ drops on Mondays, and SPY has seen an average gain of 1.02% on the next day (Turnaround Tuesday).”
US equity markets fell sharply on Friday (21 February) to leave the benchmark indices nursing their first weekly falls in three weeks - Dow fell -228-points or -0.78% (to 28,992.40), retreating below
US equity markets retreated, with the much of the selling being triggered mid-session and with investors struggling to pinpoint a particular catalyst for the sudden move - Dow fell -135-points or -0.46%, paring an earlier -388-point drop. Intel Corp (down -2.5%) was the worst performing index constituent. Coca Cola Co increased its quarterly dividend to US$0.41c per share from US$0.40c. The broader S&P500 fell -0.38% and the technology NASDAQ -0.72% after both indices hit record highs in the previous session. In merger and acquisition (M&A) news, Morgan Stanley announced a deal to acquire discount brokerage E*Trade Financial Corp in an all scrip transaction worth US$13B. The deal marks the largest takeover by a big US bank since the global financial crisis (GFC). Sprint Corp and T-Mobile US Inc have agreed their merger after tweaking the terms of the deal.
Fresh record highs for both the S&P500 and Nasdaq, with investors eyeing stimulus measures being mooted by Chinese authorities to mitigate the economic impact of the coronavirus epidemic - Dow up +116-points or +0.40%, with Apple Inc gaining +1.5%. The broader S&P500 added +0.47% (to 3,386.15), with Energy (uop +1.32%) and Information Technology (+1.09%) leading seven of the eleven primary sectors higher. The NASDAQ gained +0.87% (to 9,817.48). Harley-Davidson Inc (up +0.8% in regular trading) announced after the market close that its board of directors had approved a +1.3% increase in their dividend to US$0.38 cents per share, an 1.3% increase. The board also authorised a stock buyback program of up to 10M shares of the company.
Apple Inc’s announcement after the close of the previous session that their second quarter earnings guidance was under pressure from the coronavirus impact weight on US equity markets - Dow down -166points or -0.54% Apple Inc fell -1.8%, closing well off its session lows (US$314.61) that saw the stock down as much as -3.2%. The broader S&P500 -0.32%, General Electric Co fell -0.62% after The Wall Street Journal reported that the Trump administration may stop it from selling jet engines to China. However, the technology-centric NASDAQ inched +0.01% higher to eke out a fresh record closing high (9,732.74). Netflix Inc rose +1.9% to touch its highest level since July 2018.
US equity and bond markets were CLOSED overnight in observance of Presidents Day. Apple Inc warned earlier this morning AEST that it no longer expects to meet the revenue guidance it offered in late January for the quarter ending in March, citing the effects of the coronavirus. The company said in a statement posted to the Apple website that iPhone supply would be temporarily constrained, with manufacturing partners in China resuming production more slowly than had been anticipated, while the disease has also affected demand for Apple products in China.
US equity markets closed little changed heading into the holiday long weekend, with uncertainties surrounding the coronavirus epidemic and some downbeat economic data weighing on investor sentiment for much of the session - Dow slipped -25-points or -0.09%, paring a decline of over >100-points earlier in the session. The broader S&P500 edged +0.18% higher (to 3,380.16), with Real Estate (up +1.11%) and Utilities (+0.65%) leading eight of the eleven primary sectors higher. Energy (down -0.81%) was the worst performing primary sector. The technology-centric NASDAQ added +0.20% (to 9,731.18). Both the S&P500 and Nasdaq eked out fresh record closing highs. A CNBC report that the Trump administration could introduce a tax incentive for people earning less than
US equity markets eased back from record highs amid some fresh uncertainty around the coronavirus outbreak in China, which offset another round of solid corporate earnings releases - Dow fell -128-points or -0.40%. Boeing Co fell -0.75%, with Southwest Airlines Co (up +0.10%) saying that it will extend the period the 737 MAX planes are removed from flight schedules to 10 August from 6 June. The broader S&P500 dipped -0.16% after notching a fresh record intra-day high (3,385.09). NASDAQ slipped -0.13%but also logged a record intra-day high (9,748.32).
US equity markets continued to shrug off coronavirus fears, with all three benchmark indices carving out fresh record closing highs - Dow gained +275-points or +0.94% (to 29,551.42) , with United Health Group Inc (up +4.36%) and Nike Inc (+2.98%) alone contributing to approximately one third of the index’s gains. The broader S&P500 +0.65% (to 3,379.45), with Energy (up +1.36%) and Information Technology (+1.06%) the best performing primary sectors. NASDAQ gained +0.90% (to 9,725.96).
US equity markets posted modest gains, with both the S&P500 and Nasdaq edging their way to fresh record closing highs - Dow flat 29,276.34, paring an earlier +138-point climb. The broader S&P500 inched +0.17% higher (to 3,357.75). NASDAQ +0.11% (to 9,638.94). All three key indices touched fresh record intra-day highs earlier in the session. In merger and acquisition (M&A) developments, a US district judge approved a US$26B merger between T-Mobile US Inc (up +11.78%)and Sprint Corp (+77.50%).
US equity markets advanced, with both the S&P 500 and Nasdaq touching fresh record closing highs following another round of mostly solid fourth quarter earnings releases - Dow gained +174-points or +0.60% after dropping ~100-points at the start of the session. Microsoft Inc (up +2.62%) regained its title as the largest US company by market capitalisation., usurping Apple Inc. Boeing Co (up +2.35%), Visa Inc (+1.60%) and Cisco Systems Inc (+1.88%) also traded strongly. The broader S&P500 rose +0.73% (to 3,352.09), with Information Technology (up +1.35%), Consumer Discretionary (+1.26%) and Real Estate (+1.23%) all advancing more than >1% and leading ten of the eleven primary sectors higher. Energy (down -0.81% ) was the only sector to close in the red. NASDAQ rallied +1.13% (to 9,628.39). Amazon.com Inc rose +2.6% to break above US$2,100 per share for the first time. However, Apple Inc added +0.5%, recovering from an earlier slide amid concerns the outbreak will hurt production of the tech giant’s best-selling product, the iPhone. Foxconn, one of Apple’s biggest suppliers, got approval to resume production at a key China manufacturing plant (in Zhengzhou) but only 10% of its workforce has returned, Reuters reported. Separately, Samsung Electronics Co is scheduled to hold its “Galaxy Unpacked” event in San Francisco today, and the tech company is expected to unveil a host of new products.
The benchmark US indices snapped a four session winning streak last Friday (7 February) but still settled with solid weekly gains after hitting fresh record closing highs earlier in the week - Dow fell -277-points or -0.94%, with Boeing Co (down -1.6%) and Caterpillar Inc (-2.8%) - two economic bellwether stocks – a notable drag on the index. The broader S&P500 fell -0.54%, with Materials (down -1.46%) and Information Technology (-0.98%) leading eight of the eleven primary sectors into the red. The technology-centric NASDAQ -0.54%. In merger and acquisition (M&A) news, Fidelity National Financial fell -6.24% after the company announced plans to buy insurer FGL Holdings in a deal valued at US$2.7B. EBay Inc fell -4.74% after Intercontinental Exchange Inc (up +2.80%) said that it was no longer looking to acquire the company. For the week, the Dow gained +3%, the S&P500 +3.17% (to log its biggest weekly advance in eight months and Nasdaq +4.04% (marking the biggest weekly gain in more than a year).
US equity markets advanced, with all three benchmark indices carving out fresh record closing highs - Dow up +89-points or 0.30% (to 29,379.77) surpassing its previous record closing high (29,348.10) set back on 17 January. Boeing Co (up +3.6%) and Microsoft Inc (+2.1%). were among the leading index performers. The broader S&P500 +0.33% to remain on pace for its biggest weekly gain since June last year. NASDAQ +0.67%. China’s Ministry of Finance confirmed rumours circulating late yesterday AEST in confirming that tariffs on some US goods will be cut from 10% to 5%, and from 5% to 2.5% on others. The adjustments will take effect from 14 February. China’s finance ministry said the tariff cut was timed in conjunction with a U.S. decision last month to halve tariffs on roughly $120 billion worth of Chinese products.
US equity markets extended their rally into a third straight session - Dow rallied +483-points or +1.68% with United Health and International Business Machines (IBM) The broader S&P500 gained +1.13% to a record closing high (3,334.69), with Energy (up +3.78%) leading ten of the eleven primary sectors higher. Real Estate (down -0.07%) was the only laggard. The index had been down as much as 3.1% earlier in the session. The S&P500 has posted five moves of at least 1% over the past two weeks. Prior to that, the S&P 500 had gone 74 sessions without a move of that magnitude. Ford Motor Co tumbled -9.5% after the company delivered a weaker-than-expected 2020 forecast after the close of the previous session. The NASDAQ added +0.44% to (9,508.68) and also minted a fresh record closing high. Tesla Inc fell -17.2% after surging over >% in the preceding two sessions alone. A senior executive warned that the coronavirus outbreak in China would delay deliveries of Model 3 cars made at its Shanghai plant.
US equity markets consolidated the solid rebound of the previous session - Dow soared +408-points or +1.4% The broader S&P500 gained +1.51%, with Information Technology (up +2.6%) leading ten of the eleven primary sectors higher. Utilities (down -1.03%) was the only laggard. Nike Inc fell -1.4% in extended trading after the company said it has temporarily closed about half of its stores in China because of the coronavirus outbreak. The company said its remaining open stores are operating with reduced hours and have experienced lower than expected retail traffic.
US markets rebounded, by gains in heavyweight technology shares and surprising strength in U.S. manufacturing activity- Dow up +144-points or +0.51% Nike Inc led the Dow higher with a +3.1% rise after analysts at UBS and JPMorgan Exxon Mobil Corp fell -2.6% after Goldman Sachs downgraded the company to a “Sell” recommendation, citing concerns that the oil giant is on track to come up well short of its target for investment returns. The broader S&P500 +0.73% and the NASDAQ +1.34%. Tesla Inc surged +19.89% and touched a fresh record high intra-day high (US$786.14). It was the stock’s largest one-day percentage increase since 9 May, 2013, when it rose 24.4%. Argus Research analyst Bill Selesky became the latest analyst to rais his price target on Tesla (to US$808 from US$556 and retaining a ‘Buy’ rating). Tesla shares have gained 132% in the past 12 months, far outperforming advances of 20% and 13% for the S&P 500 and the Dow respectively.
US equity markets fell sharply after President Trump late Friday (31 January) declared a US public health emergency in response to the coronavirus outbreak in China, ordering up to a 14-day quarantine for citizens returning from China’s Hubei province and denying entry to some foreigners. - Dow tumbled -603-points or -2.09% The broader S&P500 -1.77%, NASDAQ -1.59%. However, Amazon.com Inc jumped +7.4% after the company posted a quarterly profit and revenue that easily beat analyst expectations. Amazon Web Services, the company’s cloud business, saw stronger-than-expected revenues. Apple Inc (down -4.43%) announced over the weekend that it has closed its more than >40 its stores and corporate offices in China until 9 February. For the week, the Dow lost -2.53%, S&P500 -2.12% and Nasdaq -1.76%.
A strong rebound in the closing hour of trading saw US equity markets settle higher after the benchmark indices spent much of the session in the red - Dow up +124-points or 0.43%, recovering from an earlier -245-point/-0.9% fall. The broader S&P500 added +0.31%, rebounding from a -0.9% decline. The technology-centric NASDAQ rose +0.26%
US equity markets settled little changed as some solid corporate earnings releases offset ongoing concerns around the coronavirus outbreak - Dow edged +12-points or +0.04% higher, with Apple Inc (up +2.1% and touching an intra-day record high of US$324.34), McDonald’s Corp (+1.9%) and Boeing Co (+1.7%) keeping the index in the black. However, Goldman Sachs Group Inc fell -% after hosting their first even Investor Day. The broader S&P500 dipped -0.09%, while the technology-centric NASDAQ eked out a +0.06% gain. Chip maker Advanced Micro Devices Inc lost -5.9% after posting disappointing data centre sales and providing a soft outlook late in the previous session.
US equity markets bounced back from two days of sharp falls, with Apple Inc leading the recovery - Dow up +187-points or +0.65% , snapping a five session losing streak. Apple Inc (up +2.8% in regular trading)and Goldman Sachs Inc (+1.86%) were the leading index performers. The broader S&P500 +1.01%, with Information Technology (up +1.87%) and Financials (+1.13%) leading a broad-based rebound that saw all eleven primary sectors close higher. The technology-centric NASDAQ +1.43%, largely recovering from is biggest single session decline since 23 August last year (down -1.90%) a day earlier.
US equity markets ended last week on the back foot as concerns around the spread of the coronavirus rattled investor sentiment - Dow tumbled -454-points or -1.57%, extending its decline into a fifth straight session logging its worst single session decline since 2 October last year. The index also wiped out its gains for the calendar year. Caterpillar Inc, a bellwether for global growth, fell 3.3% The broader S&P500 also lost -1.57% to record its worst one day drop since 8 October, 2019. The technology-centric NASDAQ shed -1.89%, logging its worst daily fall since 23 August last year. Last Friday (24 January), the Dow fell -170-points or -0.58%. Boeing Co recovered from early falls to end +1.7 % higher after a report the aircraft maker may make further cuts to its 787 Dreamliner production. The broader S&P500 lost -0.90%. Airlines were under pressure, with United Airlines Holdings Inc losing -3.5% and American Airlines Group Inc -4% on concern the spread of the virus will limit demand for air travel and tourism NASDAQ -0.93%. Intel Corp jumped +8.13% after the chipmaker reported fourth-quarter earnings after the closing bell last Thursday (23 January) that beat expectations following an upswing in personal-computer shipments and robust demand for chips to power data centres. For the week, the Dow lost -1.22% and S&P500 -1.03%. The Nasdaq lost -0.79% to snap an six week winning streak.
US Stocks closed little changed on Thursday, recovering most of their losses from earlier in the session, after the World Health Organization quelled some of the fears around the deadly coronavirus. The Dow ended the day down -26.18 points or -0.09% recovering from a fall of more than 200 points. The broader S&P500 gained +0.11% while the NASDAQ rose +0.2%.
U.S. markets ended a volatile session along the flatline on Wednesday despite gains from IBM that lifted the overall technology sector. The Dow Jones Industrial Average fell 10 points, or less than 0.1%. Earlier in the day, the Dow was up more than 120 points. The S&P 500 added less than 0.1%. it also reached an intraday record. The Nasdaq Composite notched an intraday all-time high as well, advancing 0.1%.
US equity markets resumed trading after the long weekend on the backfoot after the US Centers for Disease Control and Prevention announced the first case of the coronavirus within the US - Dow fell -152-points or -0.52%, snapping a five session winning streak. Boeing Co fell -3.33% on news the company doesn’t expect regulators to sign off on the beleaguered 737 Max jet until June or July. The broader S&P500 -0.33%, The technology-centric NASDAQ slipped -0.17% after touching a fresh record intra-day high (9,397.58) earlier in the session. Chinese tech behemoth Tencent Holdings Ltd dropped -2.88%, after the firm’s Chairman Pony Ma reportedly sold $2B Hong Kong dollars (~US$257.31M) worth of shares, according to Reuters.
US equity and bond markets were CLOSED overnight in observance of the Martin Luther King Jr. holiday. In stock headlines, Boeing Co is reportedly in talks with banks about borrowing US$10B or more amid rising costs following two crashes involving its 737 MAX jetliner. Boeing has reportedly has reportedly thus far secured US$6B from banks and is talking to other lenders for further contributions (source: Reuters).
US equity markets capped a strong week with another round of record highs, buoyed by some strong housing data - Dow up +-50-points or +0.17% (to 29,348.10). Boeing Co fell 2.36% after the company said that it is grappling with a new software headache before its 737 MAX can return to service, a problem industry and government officials said prevents the jet’s flight-control computers from powering up as required prior to flight. The broader S&P500 gained +0.39% (to 3,329.62) NASDAQ rose +0.34% (to 9,388.94). All three main indices touched fresh record intra-day and closing highs. For the week all three benchmark indices posted their largest percentage gains since 30 August last year, with the Dow gaining +1.82%, S&P500 +1.97% and Nasdaq +2.29%. US equity and bond markets are closed tonight AEST in observance of the Martin Luther King Jr. holiday.
US equity markets rallied, pushing deeper into record territory amid optimism on the trade front - Dow up +267-points or +0.92% (to 29,297.64) to book its fourth straight gain and back-to-back record closing highs. The broader S&P500 +0.84% (to 3,316.81), breaking above >3,300 for the first time, with Information Technology (up +1.40%) leading all eleven primary sectors higher. Gap Inc jumped as much as +9% in the extended session after announcing that it no longer plans to spin off its Old Navy brand, saying the "cost and complexity" of the separation limited the creation of "appropriate value" from the split. Southwest Airlines Co (up +0.49%) said that it removed the Boeing Co.’s (+0.67%) 737 Max flights from its schedule through 6 June. The technology-centric NASDAQ gained +1.06% (to 9,357.14) Microsoft Inc (up +1.83%) hit record highs, while Google-parent Alphabet Inc’s (+0.87%) market capitalisation topped US$1 trillion for the first time (joining fellow technology companies Apple Inc and Microsoft in the exclusive club). The company reports fourth-quarter earnings on 3 February. All three benchmark indices settled at all-time highs.
US equity markets advanced albeit closed well off their best levels of the session as investors eyed the signing of the first phase of a multi-staged trade pact between China and the US - Dow up +91-points or +0.31% (to 29,030.55, off an intra-session peak of 29,127), closing above >29,000 for the first time. The gain marks the 40th trading day since its last milestone on 15 November, and the fastest such ascent for the Dow since January of 2018 when it took only eight trading sessions to close at 26,000. The broader S&P500 rose +0.19% (to 3,289.29) and a fresh record closing high but pared an earlier climb of ~0.5%. Retailer Target Corp slumped -6.6% after it missed its own expectations for 2019 holiday season sales after reporting a drop in online growth and demand for toys and electronics. The technology-centric NASDAQ edged +0.08% higher (to 9,258.79), closing just shy of a fresh record closing high after paring an earlier climb of as much as +0.5%. All three benchmark indices touched intraday record highs.
US equity markets settled mixed , with the S&P 500 and Nasdaq pulling back from record highs as the fourth quarter earnings season got underway - Dow up +27-points or +0.11%. FedEx Corp rose 1.8% after Amazon.com Inc said sellers on the platform can begin using FedEx’s ground delivery after again after temporarily halting access to the FedEx service during the holiday shopping season. The broader S&P500 slipped -0.15% and the technology-centric NASDAQ -0.23%. Stocks hit session lows after a report from Bloomberg News said that existing tariffs on Chinese imports would likely stay in place through the election and any reduction would depend on Chinese compliance with the terms of the accord before mostly recouping those losses.
Fresh record highs for both the S&P500 and Nasdaq ahead of the signing of a phase one trade deal between the US and China - Dow up +83-points or +0.29%. Goldman Sachs Group Inc and Cisco Systems rose more than >1% each to lead the Dow higher. The broader S&P500 gained +0.70% (to 3,288.13), with Materials (up +1.36%) and Information Technology (+1.34%) leading ten of the eleven primary sectors higher, with Health Care (down -0.35%) the only laggard. The technology-centric NASDAQ rallied +1.04% (to 9,272.33). Apple Inc rose +2.14% and touched a fresh record high (US$317.07). Tesla Inc jumped +9.77% and above >US$500 for the first time, with analysts at Oppenheimer hiking their price target on the electric vehicle maker to US$612 per share from a previous target of US$385 per share. Traders also noted that short interest in Tesla has fallen to historical lows. Lululemon Athletica gained +4.40% after the athletic apparel company lifted its outlook for the current quarter. In merger and acquisition (M&A) news, Visa Inc has agreed to acquire privately held financial technology startup Plaid Inc for US$5.3B.
US equity markets closed lower on Friday (10 January) but the benchmark indices still logged solid weekly gains - Dow down -133-points or -0.46% after briefly topping 29,000 for the first time. Boeing Co fell -1.91% after the company released internal emails that painted a disturbing picture of its 737 Max program, with employees bragging about fooling Federal Aviation Administration (FAA) regulators and ridiculing its safety. The emails were part of more than 100 pages of documents sent Thursday (9 January) by Boeing to House and Senate committees that have been investigating the aircraft maker in the wake of two crashes in 2018 and 2019 that killed a combined 346 people. The broader S&P500 eased -0.29%, with Financials (down -0.78%), Industrials (-0.71%) and Energy (-0.64%) leading eight of the eleven primary sectors into the red. The technology-centric NASDAQ slipped -0.27%. All three benchmark indices set fresh intraday highs. For the week, the Dow rose +0.66%, S&P500 +0.94% and Nasdaq +1.75%.
All three benchmark US equity indices notched fresh all-time intraday and closing highs - Dow up +212-points or +0.74% (at 28,956.90) and closing within 4-points of 29,000. Goldman Sachs Inc Group Inc climbed +2.1% after Bank of America upgraded the investment bank to ‘buy’ from ‘neutral’, citing an attractive valuation and the benefits of a possible global economic rebound. The broader S&P500 +0.67%, with Information Technology (up +1.13%) leading all eleven primary sectors higher. However, Kohls Corp fell -6.54% after the department store operator issued earnings guidance to the low end of their fiscal 2019 forecast. The NASDAQ +0.80%. Apple Inc rose to +2.1% to log their third record high (US$310.43) of the year following a Barron’s report based calculations of data published by the China Academy of Information and Communications Technology that recorded that the company shipped a larger-than-expected 3.2M iPhones in China in December. Advanced Micro Devices Inc rose +2.38%, with the chipmaker buoyed by an upgrade from Mizuho Securities which cited a potentially stronger server market in 2020.
US markets settled with modest losses - Dow down -120-points or -0.42%. Energy names were the biggest drag on the Dow, with Chevron Corp (down -1.28%) and Exxon Mobil Corp (-0.82%) among the top five contributors to the benchmark’s more than 100 point drop. Chevron, America’s No. 2 oil, company said in a statement Monday (6 January) that it evacuated all its American oil workers from Iraq following rising tensions in the region, following steps by Exxon to withdraw all of its employees from oil fields in southern Iraq. Boeing Inc rose +1.06%, helped by a rumour that Warren Buffett's investment vehicle Berkshire Hathaway might be buying the stock. The broader S&P500 -0.28%, UBS bumped up their year-end target for the US S&P 500 from 3,000 to 3,250, observing that that the Federal Reserve interest rate cuts in 2019 had sown the seeds for the next economic recovery, with US gross domestic product (GDP) growth likely to trough later in 2020. NASDAQ -0.04%. Micron Technology Inc (up +8.8%) led a fresh rally for chipmakers, buoyed by a broker upgrade. Tesla Inc climbed 4.2% after the electric-car maker said it was expanding production at its first overseas plant in China. Tesla’s market capitalisation has jumped above US$82B, exceeding Ford Motor Co’s at its valuation peak - a market capitalisation of US$80.8B in 1999, the same year Tesla’s Chief Executive Elon Musk founded a couple of tech companies, including the one that would later become PayPal Holdings Inc. Apache Corp surged 25% and logged its biggest one-day percentage gain since 1973 after it reported what it termed a significant oil discovery off the coast of Suriname.
US equity markets staged an afternoon rebound to close higher, with the rally gathering momentum in the closing minutes of trading to see stocks clinch their biggest intra-session comeback in three months - Dow up +68.50-points or +0.24%, recovering from an earlier -216-point or -0.9% slide. Boeing Co is considering plans to raise more debt to bolster finances strained by the grounding of its 737 MAX jets, according to The Wall Street Journal. The broader S&P500 rose +0.35%. Bed Bath & Beyond Inc – which is slated to report their third quarter result on Wednesday night AEST – rose +2.99% after The Wall Street Journal reported that the home-goods retailer has signed a deal to sell roughly half its real estate to a private-equity firm and lease back the space in a transaction that will generate more than US$250M in proceeds. Merck & Co fell -0.92% in extended trading after the pharmaceutical company said that its lung cancer drug Keytruda did not meet one its end points in a clinical study. The technology-centric NASDAQ +0.56%. Netflix Inc and Google-parent Alphabet Inc advanced 3.1% and 2.7% respectively, while Facebook Inc and Apple Inc both rose more than >1%. Looking ahead, Chinese officials are set to arrive in Washington on 13 January for a four-day meeting with US counterparts to sign a preliminary trade pact to end the protracted trade conflict.
US equity markets retreated from record highs amid a sharp escalation in geopolitical tensions in the Middle East after a US military air strike killed the leader of the foreign wing of Iran’s Islamic Revolutionary Guard Corps, Qassem Soleimani - Dow down -234-points or -0.81%, paring an opening -360 point drop. The broader S&P500 -0.71%, with the more defensive Real Estate (up +0.81%) and Utilities (+0.11%) sectors the only primary sectors to advance. Materials (down _1.62%) and Financials (-1.10%) logged the largest sector declines. A surge in oil prices weighed on airline stocks, with American Airlines Group Inc down -4.95%, Delta Air Lines Inc -1.66% and United Airlines Holdings Inc -2.05%. The technology-centric NASDAQ fell -0.79%. Tesla Inc gained +3.0% after the electric vehicle maker reported fourth quarter delivery data of 112K vehicles that met its full-year guidance range. For 2019, Tesla said it delivered 367,500 vehicles, up 50% from a year ago, and in line with its guidance range of 360,000 to 400,000 vehicles. All three benchmark indices finished off their lows for the session. For the holiday-shortened week, the Dow lost -0.04% and the S&P500 -0.16%. However, the Nasdaq eked out a weekly rise of +0.16%.
US equity markets jumped out of the gates to open 2020, with the benchmark indices logging another round of record highs and building on the best year for the S&P500 and Nasdaq since 2013 - Dow up +330-points or +1.16% (to 28,868.80), with Apple Inc a leading index performer, gaining +2.3% to another record all-time high of US$300.35 after rallying +86% in 2019. Boeing Co closed 2.3% higher despite Reuters reporting that Airbus SE (+1.66%) has seized the crown of the world’s largest plane maker for the first time since 2011 after delivering a forecast-beating 863 aircraft in 2019. The broader S&P500 +0.84% (to 3,257.85). The technology-centric NASDAQ rose +1.32% (to 9,092.20), with Advanced Micro Devices Inc (up +7.1% to a record high of US$49.10) buoyed by a broker upgrade. All three benchmark indices logged fresh record intra-day and closing highs. The S&P500 rose +28.9% in 2019, the broader index’s best annual performance since 2013 (when it gained +29.6%). The Dow climbed +22.3% in 2019 to record its best year since 2017, while the Nasdaq jumped +35.23% to settle with its best yearly advance since 2013.
Stocks rose slightly on Tuesday as Wall Street wrapped up a banner year that saw equities surge to record highs, overcoming concerns about the economy and a trade fight with China. The Dow gained 76.30 points or +0.27%, the S&P 500 rose +0.29% while the NASDAQ ended up +0.30%.
The benchmark US equity indices logged fresh record closing highs to open the holiday-shortened Christmas trading week - Dow up +96-points or +0.34% to 28,551.53. Boeing Co was the leading index performer, jumping +2.9% and adding ~65-points to the Dow after the company ousted Chief Executive Officer (CEO) Dennis Muilenburg with immediate effect amid the 737 Max crisis. Chairman David Calhoun will become CEO on 13 January, with the transition period allowing him to exit his non-Boeing commitments. The broader S&P500 eked out +0.09% rise to 3,224.01. The NASDAQ rose +0.23% to 8,945.44 to book its ninth consecutive record closing high - the technology-centric index’s longest such streak since 1998. Apple Inc rose 1.63% after Wedbush’s Dan Ives - the tech giant’s biggest bull on Wall Street - raised his price target to US$350 per share, ~23% higher than the stock’s closing price of US$284. Apple Inc has more than doubled off its lows of the year. Tesla Inc rose +3.36% In merger and acquisition (M&A) news, Apache Corp rallied +17.8% after the oil-and-gas explorer announced an agreement with French peer Total SA (+0.58%) to acquire a 50% working interest in Block 58 of the offshore Guyana-Suriname basin. Separately, online-gambling company DraftKings Inc. said it will become a public company via an acquisition of Diamond Eagle Acquisition Corp (up +6.1%) and SBTech, a gaming technologies firm. The deal is expected to close in the first half of 2020, when the combined company will trade under a new symbol, listed on the Nasdaq.
US stocks rose and made fresh record highs on Friday to end a week that saw solid gains as geopolitical risks abate toward the end of a blockbuster 2019. The Dow Jones Industrial Average climbed 78.13 points, or 0.3% to 28,455.09. The broader S&P 500 rose 0.5% to 3,221.23 while the Nasdaq Composite advanced 0.4% to 8,924.96 and notched an eight-day winning streak. Carnival shares led the S&P 500 higher, surging more than 7% on strong quarterly results. Verizon and 3M both rose more than 1.8% to push the Dow into record levels. The S&P 500 was up more than 1.5% for the week and posted its fourth consecutive weekly gain. The Dow and Nasdaq were up 1.2% and 2.1%, respectively, for the week. The S&P 500 and Nasdaq also had their best weekly performance since August. The S&P 500 is up nearly 28.5% year to date with less than 10 trading days left in 2019. That would be the index’s best one-year performance since 2013, when it rallied 29.6%. Stocks tend to carry such strong momentum into the following year. Data compiled by Nordea Research shows the S&P 500 posted positive returns the year after rallying more than 25% in 12 of 18 occasions.
Stocks once again hit all-time highs on Thursday as investors looked past Trump’s impeachment and mixed U.S. economic data. The S&P 500 advanced +0.5% to 3,205, marking its first close above 3,200. The Dow also climbed +0.5% to 28,376. The Nasdaq gained +0.7% to end the day at 8,887.
US stocks slipped on Wednesday, reversing gains late in trading after Wall Street fell short of extending its winning streak to six days. Gains were kept in check as investors digested weak earnings from shipping giant Fed Ex.
The S&P 500 and the Dow Jones Industrial Average traded slightly lower, falling 0.04% and 0.1%, respectively. Both the S&P 500 and Nasdaq Composite hit intraday all-time highs, with the latter index the only one of the three ending higher, up just 0.05%. The S&P 500 has rallied more than 27% year to date and is on pace for its biggest one-year gain since 2013. The Dow and Nasdaq have surged in 2019 by 21% and 33%, respectively.
US equity markets eked out modest gains to climb for a fifth straight session and extend their winning streak, with strong housing and manufacturing data bolstering investor confidence in the economy - Dow up +31-points or 0.11%. The broader S&P500 edged +0.03% higher (to 3,192.52). Boeing Co closed flat after confirming late Monday (16 December) it would suspend production of its 737 MAX jetliner. The technology-centric NASDAQ added +0.07% (to 8,823.36). Both the S&P 500 and Nasdaq logged their fourth consecutive record closing highs, the longest such streak since August 2018. Netflix Inc gained +3.7% after the streaming giant disclosed strong membership growth numbers in key regions, including Asia-Pacific and Europe, the Middle East and Africa. Apple Inc rose +0.2% to log another record high.
The benchmark US equity indices carved out another round of record intra-day and closing highs amid ongoing US-China trade-related optimism - Dow up +100-points or +0.36% to 28,235.82. Boeing Co fell -4.3% after The Wall Street Journal reported Sunday (15 December) the company was nearing a decision on possibly halting or cutting production of the 737 Max. The report follows Federal Aviation Administration chief Steve Dickson telling CNBC last week the 737 Max jet’s return was unlikely to be cleared until 2020. The broader S&P500 gained +0.71% (to 3,191.45), with Energy (up +1.43%), Utilities (+1.29%) and Health Care (+1.08%) leading ten of the eleven primary sectors higher, with Industrials (down -0.03%) the only laggard. The technology-centric NASDAQ rose +0.91% (to 8,814.32), with Tesla Inc (up +6.45%) the best index performer. Both the S&P500 and Nasdaq logged their third consecutive record closing highs. In merger and acquisition (M&A) news, Intel Corp fell -0.2% after the chip maker announced it had acquired artificial-intelligence firm Habana Labs for $2B to deepen its push into the data-centre business. Separately, Uber Technologies Inc climbed +5.5% after news reports said the ride-hailing app company was in talks to sell its food-delivery business in India to a local competitor.
US markets settled little changed after all three benchmark indices hit fresh record intra-day highs earlier in the session, with some of the initial euphoria around the phase one trade deal fading - Dow inched +3-points or +0.01% higher, paring an earlier 159-point/+0.6% rally. The broader S&P500 eked out a +0.01% gain and record closing high (3,168.80). The index had gained over +0.4% earlier in the session NASDAQ rose +0.20% to a fresh record closing high of 8,734.88, having gained as much as 0.6% earlier in the session. Apple Inc rose +1.4% to a record high. Walt Disney Co’s (down -0.34%) Disney+ streaming service, which made its debut on 12 November, has been downloaded 22M times to mobile devices, according to app-tracking firm Apptopia. Separately, Star Wars: The Rise of Skywalker launches in theatres on Friday (20 December). For the week, the Dow gained +0.43%, S&P500 +0.73% and Nasdaq +0.91%. Through Friday’s close, the S&P 500 is up +26.4% for 2019. The Dow and Nasdaq are up +20.6% and +31.6%, respectively, this year.
Fresh record highs for all three benchmark US equity indices amid reports that the US and China had agreed to terms for a phase one trade deal that would involve cancelling planned tariffs set to go into effect on Sunday (15 December) and rolling back of existing tariffs on US$360B in annual imports from China - Dow gained +221-points or +0.79% to 28,132. The broader S&P500 +0.86% to 3,168.57. The NASDAQ +0.69% to 8,713.92. Facebook Inc fell -2.72% following a Wall Street Journal report that the Federal Trade Commission (FTC) is weighing a preliminary injunction as early as next month against the social-networking giant amid antitrust concerns over how its products interact. Apple Inc rose +0.25% Both the S&P500 and Nasdaq settled at record closing highs, while all three key indices set fresh record intra-day highs.
US equity markets snapped a two session slide, settling with modest gains as investors digested a cautious message from the Federal Reserve - Dow up +30-points or 0.11% Home Depot Inc fell -1.81% after posting a disappointing preliminary outlook for fiscal year 2020 ahead the company’s Investor Day. Home Depot expects sales and same-store sales growth of about 3.5% to 4% versus the current consensus for sales and same-store sales growth of 4.3%.The broader S&P500 +0.29%, with Materials (up +0.71%) and Information Technology (+0.71%) leading eight of the eleven primary sectors higher. The NASDAQ rose +0.44%. All three benchmarks ended Tuesday within 1% or less of their record closes set nearly two weeks ago on 27 November.
US equity markets dipped into the red as trade uncertainties lingered - Dow eased -28-points or -0.10%. The broader S&P500 slipped -0.11% and the technology-centric NASDAQ -0.06%. Chevron Corp fell -0.7% in extended trading after the energy major said that it expects to write down as much as US$11B in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices. Chevron Corp is considering the sale of its shale-gas holdings, along with its Kitimat liquefied natural gas project in Canada, according to its statement. Chevron Corp said it will keep its 2020 capital budget at US$20B, the third consecutive year it hasn’t boosted spending.
US equity markets settled with modest declines and snapped a three session winning streak, with some citing the soft China trade data published over the weekend - Dow down -105-points or -0.38%, with Apple Inc (down -1.4%) leading the index lower. The broader S&P500 -0.32%, with Health Care (down -0.68%) and Utilities (-0.49%) and Information Technology (-0.48%) the weakest of the primary sectors. The NASDAQ -0.42%. In merger and acquisition (M&A) news, Merck & Co. Inc dipped -0.20% after the pharmaceutical company said it would buy ArQule Inc (up +104%) in a deal worth US$2.7B. Separately, UnitedHealth Group Inc subsidiary OptumRx’s is acquiring Diplomat Pharmacy Inc (down -32.7%) for $4 a share, well below last Friday’s closing price of US$5.81.
US equity markets rose sharply to end the week, buoyed by a strong November employment report - Dow rallied +337-points or +1.22%, logging its best single session performance since 4 October. 3M Co was the leading index performer with a gain of +4.32% following a Bloomberg report that the consumer and industrial products conglomerate is exploring the sale of its drug delivery systems business, which could be worth ~US$1B. The broader S&P500 +0.91%, marking its largest one-day rise since 15 October and moving back to within 0.2% of its record high (3,153.63) struck on 27 November. Energy (up +2.0%, with Chevron Corp up +1.44% and Exxon Mobil Corp +1.61%) and Financials (+1.35%, with Bank of America Corp up +1.75% and J.P. Morgan Chase & Co +1.49%) led ten of the eleven primary sectors higher, with Utilities (down -0.22%) the only sector to close in the red. The NASDAQ rose +1.00%. Apple Inc (up 0.9%) and Google parent Alphabet Inc (+1.9%) both touched record highs. For the week, the S&P500 rose +0.16%, while both the Dow and Nasdaq lost -0.1%.
US markets settled with modest gains as investors remained confident of a trade resolution of sorts and ahead of tonight’s AEST key non-farm payrolls report - Dow settled +22-points or +0.10% higher after trading in the red for much of the session. Nike Inc (up +%) was among the leading index performers after Goldman Sachs upgraded the company to ‘Buy’ from ‘Neutral’, saying it saw the group as a “unique asset” with China as a “key driver of growth”. The broader S&P500 added +0.10%, NASDAQ +0.50%. Investors remained optimistic about a U.S. - China trade deal after a spokesman for China’s Ministry of Commerce, Gao Feng, said at a weekly briefing on Thursday (5 December) that negotiations toward a so-called phase-one pact to cease tariff hostilities between the world’s largest economies are progressing. However, Mr Feng emphasised that China wants a rollback of existing tariffs to be included as a part of any resolution.
•US markets advanced for the first time in four sessions as the narrative around a US-China trade deal again turned positive - Dow up +147-points or +0.53%, snapping a three session losing streak. The broader S&P500 +0.63%, NASDAQ +0.54%. Alphabet Inc gained +1.95% after Google’s parent said Chief Executive Officer (CEO) Larry Page is stepping down and will be replaced by Sundar Pichai, currently CEO of Alphabet’s Google unit. Bloomberg News, citing sources familiar, reported that Beijing and Washington were making progress toward a phase-one trade pact despite tensions over Hong Kong and Xinjiang.
US equity markets fell sharply but settled well of their lows of the session as President Trump cast fresh doubts over a US-China trade deal - Dow fell -280-points or -1.01%, paring an earlier ~457-point or -1.7% decline. Trade sensitive stocks bore the brunt of the selling, with Caterpillar Inc down -2.0%, 3M Co – and Apple Inc -1.8%. Major banks (Goldman Sachs Inc down -2.8% and J.P. Morgan Chase & Co -1.8%) were also under pressure from a sharp pullback in bond yields. The broader S&P500 -0.66%, similarly paring an earlier decline of 1.7%. NASDAQ settled -0.55% lower after trading down as much as -1.6%. All three benchmarks now sit more than >2% below their all time peaks touched on 27 November. In merger and acquisition (M&A) news, PepsiCo Inc fell -0.3% after saying it planned to acquire BFY Brands Inc for an undisclosed sum. Separately, AK Steel Holding Corp rallied +4.15% after the steel maker agreed to be bought out by iron ore mining company Cleveland-Cliffs Inc (down -10.7%) in an all-scrip deal. Under terms of the deal, which is expected to close in the first half of 2020. AK Steel shareholders will receive 0.40 shares of Cleveland-Cliffs common stock for each AK Steel share they own.
US equity markets retreated amid fresh trade jitters and as the latest data recorded that US manufacturing contracted in November - Dow fell -268-points or -0.96% The broader S&P500 -0.86%, Four of the five so-called FAANG stocks – Facebook Inc, Apple Inc, Amazon.com Inc and Google parent Alphabet Inc – along with Microsoft Inc have accounted for ~25% of the S&P 500’s ~26% gain thus far in 2019. NASDAQ -1.12%. Intel Corp fell -0.5% after it announced the completion of the sale of the majority of its smartphone modem business to Apple Inc, a US$1B deal announced back on 25 July.
US equity markets closed Friday’s (29 November) abbreviated session post the Thanksgiving Day holiday lower as investors continued to monitor developments on the US-China's trade front as Washington's 15 December deadline for a fresh round of tariffs on Chinese goods nears - Dow down -113-points or -0.40% The broader S&P500 -0.40%, NASDAQ -0.46%. In merger and acquisition (M&A) news, Tech Data Corp jumped 12% after the company’s board unanimously accepted the amended offer of US$145 per share offer from private-equity group Apollo Global Management. Tech Data’s. Globally, 2019 is already the sixth best year of the past twenty in terms of M&A totals, according to data compiled by Bloomberg. The 26,321 pending and completed transactions announced this year total US$2.73 trillion and compare to the 30,225 transactions amounting to US$3.0T trillion last year. A surge of deals in the past week have added more than US$70B to the total, including Charles Schwab Corp’s US$26B buyout of discount broking peer TD Ameritrade Holding Corp; luxury goods giant LVMH Moet Hennesy Louis Vuiiton’s US$16.2B move on Tiffany & Co; and Swiss drugmaker Novartis AG’s US$9.7B purchase of the maker of cholesterol drugs, Medicines Company.
US equity and bond markets were CLOSED for the Thanksgiving Day holiday. Tonight’s AEST session will be a half day. Investors will also be monitoring the progress of the Black Friday sales event.
European markets retreated amid thin trading volumes, with some investors concerned that a new law passed in Washington could scupper progress made in trade negotiations with Beijing - Germany's DAX down -0.31% Lufthansa fell -% US aviation authorities proposed a $6.4M civil penalty against the German airline due to accusations that it made hundreds of unapproved flights in the country. France's CAC lost -0.24%. French drinks maker Rémy Cointreau S.A. fell -2.41% after the company’s first-half results undershot already lowered market expectations and the company said it only sees only slight organic growth ahead.
US equity markets edged higher to log a fresh round of record closing eyes on Thanksgiving eve, buoyed by some upbeat economic data - Dow up +42-points or 0.15% to 28,164. Boeing Co capped gains, losing -1.4% and weighed on the Dow, after the Federal Aviation Administration said it will keep full control over approvals of each new Boeing 737 Max built since the planes were grounded in March, rather than delegating some of the work to Boeing employees. Separately, the Seattle Times reported that the fuselage of a Boeing 777X split open during a stress test in September. The broader S&P500 +0.42% to 3,153.63. The NASDAQ +0.67% to 8,705.18, with all of Apple Inc (up +1.34%), Amazon.com Inc (+1.20%) and Facebook Inc (+1.52%) gaining over >1%. In merger and acquisition (M&A) headlines, Hudson’s Bay Co, the parent company of Saks Fifth Avenue, soared +11.33% after reports Catalyst Capital Group had offered C$11 per share to acquire the company. US equity and bond markets are CLOSED tonight AEST for the Thanksgiving Day holiday.
The benchmark US equity indices logged another round of record closing highs in thin trading ahead of the Thanksgiving Day holiday - Dow up +54-points or +0.19%. Walt Disney Co was among the leading index performers, gaining +1.3% and touching a reached a record high (US$153.41) after a report found that close to a million new subscribers a day are signing up for its newly launched digital streaming service, Disney+, less than two weeks after its initial rollout. The broader S&P500 added +0.22% and the NASDAQ +0.21%. Alibaba Group Holding Ltd (up +2.23%) made a strong debut on the Hong Kong Stock Exchange yesterday (26 November), rising +6.59%. On the merger and acquisition front, Xerox Holdings said it plans to follow through on a threat to take its US$33B bid for HP Inc directly to shareholders unless the two companies are able to agree on due diligence terms.
A fresh round of record closing highs for the benchmark US equity indices amid optimism around the progress of US-China trade talks and some merger and acquisition (M&A) activity - Dow up +191-points or +0.68% at 28,066.47. The broader S&P500 gained +0.75% to 3,133.64. Information Technology (up +1.43%) led ten of the eleven primary sectors higher, with Utilities (down -0.37%) the only laggard. The technology-centric NASDAQ rose +1.31% to 8,632.49. Nvidia Corp rose 4.9% after Morgan Stanley upgraded the semiconductor firm to overweight. Uber Technologies Inc fell -1.5% after the global ride-hailing company was stripped of its London license. All three indices also set fresh record intra-day highs. In M&A news, Charles Schwab Corp (up +2.3%) confirmed it will acquire rival TD Ameritrade Holding Corp (+7.58%) for US$26B in an all-stock deal that will, upon completion, create a new company with more than US$5 trillion in assets. Ebay Inc. closed up 2.1% after confirming an earlier report in The Wall Street Journal in announcing a deal to sell its ticketing business StubHub to Viagogo for US$4B. Ebay bought StubHub for US$310M in 2007.
US equity markets closed out the week with modest gains but the benchmark indices broke a run of weekly rises - Dow gained +109-points or +0.39% The broader S&P500 rose +0.22%, with Nordstrom Inc (up +10.58%) the leading index performer after the department store group released third quarter numbers after the close of the previous session and lifted its full year earnings per share (EPS) forecasts. The NASDAQ added +0.16%. Tesla Inc fell -6.1% after the release event for its electric pickup truck that has a base level ticket price under
US markets - Dow fell -55-points or -0.20% The broader S&P500 drifted -0.16% lower, NASDAQ -0.22%. On the merger and acquisition (M&A) front, CNBC reported that discount broker Charles Schwab Corp (up +7.33) is in talks to acquire rival TD Ameritrade Holdings Corp ( +16.92%) , a deal that would create a company with US$5 trillion in combined assets.
US markets - Dow fell -55-points or -0.20% The broader S&P500 drifted -0.16% lower, NASDAQ -0.22%. On the merger and acquisition (M&A) front, CNBC reported that discount broker Charles Schwab Corp (up +7.33) is in talks to acquire rival TD Ameritrade Holdings Corp ( +16.92%) , a deal that would create a company with US$5 trillion in combined assets.
Both the Dow Jones Industrial Average and S&P500 retreated from record highs amid fresh doubts about substantive progress on a partial trade deal with China ahead of a 15 December deadline for the increase of import tariffs - Dow lost -102-points or -0.36% Boeing Co settled --0.7% lower after a volatile session after the National Transportation Safety Board (NTSB) recommended the company develop a “more robust” design of its plane’s engine structure and components. The recommendation was announced during an NTSB meeting. The stock had been up in early morning trade after receiving 50 orders for its grounded 737 MAX. The broader S&P500 -0.06%, The technology-centric NASDAQ added +0.25% to 8,851 and logged its third consecutive record closing high. Advanced Micro Devices was the leading Nasdaq performer, gaining +3.5% to US$41.29 – its highest level since 2 March, 2006 - after launching a new graphics card for 3-D designers, architects and engineers. Macy’s Inc sank more than 10% in Tuesday trading after reports that the department store retailer experienced a data breach in October.
The benchmark US equity indices inched higher to carve out fresh record closing highs - Dow up +31-points or +0.11% to 28,036, with Walt Disney Co (up +%) the leading index performer. The broader S&P500 edged +0.05% higher to 3,122, NASDAQ eked out a +0.10% gain to 8,549. J.P. Morgan Asset Management upgraded its outlook for global equities overnight, citing hopes for a breakthrough in US-China trade talks, a reduced risk of a US recession and a moderately positive earnings outlook.
Record closing highs for all three benchmark US equity indices to close out the week, with the latest rally lifting the Dow Jones Industrial Average above >28,000 for the first time - Dow rallied +223+-points or +0.80% to 28,004.89 to mark its eleventh record close of 2019. The broader S&P500 +0.77% to 3,120.46, The Healthcare sector (up +2.21%) led ten of the eleven primary sectors higher after the Trump administration released a plan that would force hospitals, group health plans and insurance companies to improve their price transparency and disclose the rates they negotiated. UnitedHealth Group rallied +5.3% and Pfizer Inc +2.0%. Materials (down -0.07%) was the only sector to close in the red. The technology-centric NASDAQ rose +0.73% to 8,540.83. Tesla Inc (up +0.81%) is slated to unveil their electric pick-up truck on Thursday (21 November). For the week, the Dow rose +1.% - its fourth consecutive weekly gain. It has taken the Dow just over four months to rise from 27,000 for the time to 28,000. Apple Inc rose +1.19% to a record high (US$265.78) last on Friday night AEST (15 November) and is the best-performing stock in the Dow since 11 July, when the index first reached 27,000. Apple Inc alone has contributed +434 points to the Dow's rally since 11 July. Apple fell -10% on the second trading day of 2019 following a warning on soft iPhone sales. The stock has since rallied +87%. Intel Corp, J.P. Morgan Chase & Co, United Technologies Corp and Home Depot Inc are among other stocks that have also rallied more than >10% since 11 July. S&P500 rose +0.9% to log its sixth consecutive weekly gain - the longest such streak since 2017 (when the index posted 8 consecutive weekly rises). The Nasdaq gained +0.8%, its seventh straight weekly advance. After downgrading both global equities and credit to 'underweight' back on 8 July, Morgan Stanley's cross-asset strategist has capitulated and returned to a 'neutral' weighting on equities
US equity markets little changed at US-China trade optimism started to fade once more - Dow dipped -2-points The broader inched S&P500 +0.08% higher to eke out its 21st record closing high (3,096.63) of 2019. The technology-centric NASDAQ flat. Cisco Systems Inc fell over >7% after posting a weak earnings outlook after the close of the previous session. Nike Inc rose +0.5% in extended trading after announcing that it was increasing its dividend by +11% to US$0.245c from US$0.22c on the company's class A and B stock. It is the eighteenth consecutive year that the company has increased the dividend payout. Warren Buffet's investment vehicle Berkshire Hathaway Inc revealed new stakes in furniture maker RH and energy company Occidental Petroleum Corp according to a filing earlier this morning AEST. The conglomerate owned ~1.2M shares of RH, formerly known as Restoration Hardware, and nearly 7.5M shares of Occidental. Berkshire Hathaway trimmed stakes in Apple Inc and Wells Fargo, among other companies. In April, Berkshire committed US$10B to help Occidental's bid for Anadarko Petroleum Corp, giving Occidental an edge over Chevron Corp CVX, -0.26%, which was also vying for Anadarko and later bowed out. RH rallied more than >6% in the extended session, while Occidental rose +1.6%.
Fresh record closing highs for both the Dow Jones Industrial Average and S&P500 - Dow up +92-points or +0.33% to 27,783.59, also touching a record intra-day high (27,806.40). Walt Disney Co jumped +7% and touched a record high (US$149.92) after the company announced that its new streaming service had more than >10M subscribers in the wake of the service's Tuesday (12 November) launch. The broader S&P500 eked out a +0.07% rise to 3,094.04 to log its 20th record closing high of the year. The more defensive Utilities (up +1.47%) and Real Estate (+1.07%) led six of the eleven primary sectors higher, while Financials (down -0.57%) and Energy (-0.51%) the laggards. The technology-centric NASDAQ dipped -0.04%. Nike Inc announced that it will complete its current pilot with Amazon Retail as it focusses on direct sales. The announcement comes a year after Nike announced it would sell its products on Amazon.com. Foot Locker Inc rose +0.90%.
US equity markets swung between small gains and losses as investors monitored President Trump's address to the Economic Club of New York - Dow unchanged. The broader S&P500 added +0.16% to 3,091.84, falling just shy of a fresh record closing high. The technology-centric NASDAQ rose +0.26% to 8,486.09 to log its 15th record closing high of 2019. Walt Disney Co gained +1.3% on the day of the debut of Disney+, the company’s new subscription video streaming product, despite reports of some access problems being experienced by users. The company said demand for the streaming service was well above expectations. Facebook Inc rose +2.7% after announcing it would launch a payment system across Facebook, Messenger, Instagram, and Whatsapp. Both the S&P 500 (3,102.61) and Nasdaq (8,514.84) carved out fresh intra-day records earlier in the day. In corporate news, Dean Foods Co. voluntarily filed for chapter 11 bankruptcy protection, with the dairy company saying it was working toward an "orderly" sale of the company.
US equity markets settled with modest losses but well off their session lows, with fresh caution around the US-China trade negotiations and amid an escalation in tensions in Hong Kong - Dow eked out a +10-point gain and fresh record closing high (27,691.49) – its ninth this year and erasing an earlier -163-point drop. Boeing Co gained +4.55% amid reports that the aviation and defense contractor will resume deliveries of its controversial 737 MAX as soon as January. The broader S&P500 lost -0.20%, snapping a three session winning streak. The technology-centric NASDAQ dipped -0.14%. Alibaba Group Holdings (down -0.24%) set a Singles Day record, with sales of 268.4B yuan or ~US$38B.
US equity markets eked out modest gains to finish the week despite conflicting reports around the US-China trade negotiations, with all three benchmark indices logging fresh record closing highs - Dow inched +6-points higher to 27,681.24. Walt Disney Co (up +3.76%) was the leading index performer a day after Walt Disney launches its much anticipated streaming service, Disney+, in the US, Canada and the Netherlands on Tuesday (12 November). The broader S&P500 added +0.26% to 3,093.08, logging its fourth record closing high in the past six sessions. The technology-centric NASDAQ +0.48% to 8,475.31. Alibaba Group Holding Ltd (up +0.27%) is aiming to raise US$10B to US$15B in a second listing in Hong Kong as soon as this month, according to people familiar with the matter, reviving the planned offering even as the city’s political climate remains unstable. A listing of $10B or more would surpass Uber Technologies Inc as the biggest stock offering so far this year, although it could quickly be overtaken by oil producer Saudi Aramco’s initial public offering. For the week, the Dow rose +1.22%, S&P500 +0.85% (to log its first five week winning streak since March) and Nasdaq +1.06%. White House adviser Peter Navarro said that the US had not agreed to roll back tariffs, following reports that there were disagreements within the Trump administration whether to remove existing import levies. President Trump later cast further doubt on whether there would be a rollback on exiting tariffs on Chinese goods, confirming that he had not made a final decision a day after officials from both countries reportedly said that a framework had been laid out for rolling back existing import duties on top of the ones that were set to kick in at 15 December as part of a phase one trade deal. Mr Navarro repeated late on Friday (8 November) in an interview with Yahoo Finance’s The Final Round that "There is no agreement to rollback any exiting tariffs as part of the Phase One deal, noting that it was never on the table when the parties met and had a handshake deal in October.
Fresh record highs for both the Dow Jones Industrial Average and S&P500 indices as investors responded to news to of progress on US-China trade talks- Dow up +182-points or +0.66% to 27,678.1 and fresh all-time high. The broader S&P500 +0.27% to 3,085.18 - also a fresh record high - with Energy (up +1.58%) back atop the leading sector performers. The more defensive Utilities (down -1.35%) and Real Estate (1.085%) sectors lagged once again. The technology-centric NASDAQ added +0.29% to 8,434, just falling short of a record high. US-traded shares of Baidu Inc rallied 13.52% after the Chinese internet giant reported sales and earnings growth Wednesday (6 November) evening that surpassed Wall Street estimates. However, Expedia Group Inc slumped -27.39% after the travel website reported worse-than-expected earnings results after the close of trade Wednesday (6 November).The small capitalisation Russell 2000 index rose 0.26% to 1,593.99.
A mixed session for US equity markets , with the recent rally stalling amid some fresh US-China trade uncertainty yet again - Dow slipped -15-points or -0.06% The broader S&P500 inched +0.07% higher, with the Energy sector (down -2.29%) the laggard sector after leading all eleven primary sectors in the preceding two sessions. The more defensive sectors found some renewed support after underperforming recently, with Utilities (up +0.56%) the leading sector performer overnight. The technology-centric NASDAQ eased -0.28%. In merger and acquisition headlines (M&A), HP Inc surged more than >6% after Xerox Holdings Corp (+3.55%) reportedly made a cash-and-stock offer for the personal-computer and printer maker.
US markets eked out modest gains a day after all three benchmark indices logged record closing highs - Dow up +31-points or +0.11% The broader S&P500 dipped -0.12%, with the more defensive Real Estate (down -1.76%) and Utilities (-1.02%) lagging once again. Energy (up +0.45%) was the best performing primary sector for a second session in-a-row. The NASDAQ eked out a +0.02% gain, with Walgreens Boots Alliance Inc rallying +3.19% following a Reuters report that the company has been exploring a deal to go private. A 13D/A filing with the Securities and Exchange Commission on Tuesday showed that Luxembourg-based Alliance Sante Participations S.A. (ASP) controlled 144.8M shares, or 16.2% of the shares outstanding. Uber Technologies Inc (down -9.85% to US$28.02) declined to its lowest closing price on record a day after the company reported yet another quarterly loss of more than >$1b and ahead of a lockup expiration that could release millions of new shares to the market. Netflix Inc (down -%)
The benchmark US equity indices made it a clean sweep overnight, with all three gauges carving out fresh record all-time closing highs - Dow up +115-points or +0.42% The broader S&P500 +0.37%, NASDAQ +0.55%.
In US corporate earnings, Under Armour Inc tumbled after the company confirmed it was the subject of a federal investigation into its accounting practices. The athletic gear company reported a third-quarter decline in North America sales and cut its full year earnings outlook. After the closing bell, Uber Technologies Inc announced earnings that beat analyst estimates on the top and bottom lines for its third quarter or 2019 but the stock fell more than 5% after the company reported over $1 billion in net losses. Sprint Corp and Roku Inc report tonight AEST.
In US economic data, Durable Goods and Factory Orders data for September Both the Institute of Supply Management (ISM) and Markit release their Services Purchasing Manager's Indices (PMI) for October tonight AEST (5 October), while Balance of Trade figures for September (with the trade deficit forecast to decrease to US$52.5B from US$54.9B) are also scheduled for release.
US equity markets opened November sharply higher, with both the S&P 500 and Nasdaq Composite indices climbing to fresh records - Dow rallied +301-points or +1.11% The broader S&P500 +0.97% to 3,066.91, logging its third record close in five trading sessions. The technology-centric NASDAQ gained +1.13% to 8,386.40, also a fresh record closing high. Apple Inc rose +2.84% Google parent Alphabet Inc announced that it will acquire smartwatch maker Fitbit Inc for US$2.1B or ~US$7.35 per share in cash. Fitbit jumped +15.53% (to US$7.14) following the announcement, having traded to an all time high of US$51.90 back on 5 August, 2015 - a couple months after its stock market debut at $30.40. The latest gains for equity markets came as concerns about an economic slowdown were allayed by the latest US jobs report and factory activity figures in China. Note: with the clocks changing in the US over the weekend the US markets now close at 8am AEDT (or 7am AEST)
US equity markets retreated, with the S&P500 pulling back from the previous session's record close as some uncertainty re-emerged on the US-China trade front - Dow down -140-points or -0.52% with 3M Co (down -2.01%) and Walgreens Boots Alliance Inc (-1.93%) alone knocking a combined ~30-points off the index. The broader S&P500 -0.30%, NASDAQ -0.11%. For the month of October, the Dow rose +0.48%, S&P 500 +2.04% and Nasdaq +3.66%.
U.S. markets rose after the Federal Reserve cut interest rates again and signalled it may hold off on further cuts this year.
The S&P 500 hit an all-time high, climbing 0.3% to 3,046.77. The Dow Jones Industrial Average closed 115.27 points higher, or 0.4% at 27,186.69. The Nasdaq Composite ended the day up 0.3% at 8,303.98. Utilities and health care were the best-performing sectors in the S&P 500, rising 0.9% and 0.8%, respectively. General Electric was among the S&P 500′s biggest advancers on the back of strong earnings. Johnson & Johnson outperformed all other Dow stocks, rising 2.9% after the company said it found no asbestos in its baby powder after testing.
U.S. markets ended a lacklustre session lower as trade headlines and a spate of corporate earnings weighed on shares ahead of tomorrow’s expected rate cut by the Federal Reserve.
The broader S&P500 index fell less than -0.1%, failing to build on Tuesday’s record close. The Dow Jones Industrial Average fell 20 points, or -0.07%, after rising as much as 75 points earlier in the session. The Nasdaq Composite declined -0.6% as technology stocks stumbled in the wake of Alphabet's disappointing earnings report. Major stock indexes have been largely rangebound the past few months, and observers aren't convinced yet that the range has been broken with the latest move up.
U.S. stocks climbed to a record high as rising optimism for a trade deal with China combined with solid earnings and bets the Federal Reserve will cut rates.
The S&P 500 finished the day up +0.55% to 3039, its highest close on record and up more than 20% year to date completing a rebound from an August sell-off. The Nasdaq gained +1.0% to 8326, a few points shy of its highest close in history. The Dow, meanwhile, gained +0.5% and is within 1% of July’s high. Microsoft shares contributed to Monday’s gains, rising 2.5% on news the company won a $10 billion cloud contract from the Defense Department. Shares of Tiffany surged 30% after LVMH Moet Hennessy Louis Vuitton confirmed it is talks for a potential takeover that would value the iconic jewellery brand at $14.5 billion.
Another round of largely upbeat corporate earnings lifted the benchmark US equity indices, with the S&P500 touching a fresh record intra-day high (3,027.39) - Dow gained +153-points or +0.57% to move within 1.5% of its record all time closing high of 27,359.16. The broader S&P500 +0.41% (to 3,022.55), briefly pushing above its record close set on 26 July of 3,025.86. The NASDAQ +0.70%. The US Defense Department announced last Friday night AEST that it had awarded its US$10B Joint Enterprise Defense Infrastructure (JEDI) cloud computing contract to Microsoft Inc's Azure, a surprise outcome given most analysts expected Amazon.com Inc and Amazon Web Services division to be awarded the contract. Microsoft Inc gained +3% in after hours trading, while Amazon.com fell -0.77%. Amazon.com Inc shed 1% in regular trading after the tech giant reported a 26% fall in profit late Thursday (24 October) as it invested heavily to speed up shipping times.
Technology shares led gains in U.S. stocks as investors assessed a raft of corporate earnings against the backdrop of a global economic slowdown.
The Dow was in the red, dragged by a 4.2% fall in shares of 3M Co. after the industrial bellwether lowered its full-year profit forecast. The broader S&P500 traded above the 3,000 level, approaching its all-time high. The NASDAQ composite gained 0.8% to close at 8,185 and cap off a directionless session for the major indexes.
In terms of trade, China has said it is willing to buy $20 billion of US farm goods in a year if it signs a partial trade deal with the US. The purchase would take imports of US farm goods back to around the level in 2017, before the US began imposing tariffs. U.S. Vice President Mike Pence criticized China’s actions against protesters in Hong Kong while calling for greater engagement between the world’s two biggest economies.
US markets inched higher on Wednesday, extending a streak of listless trading as investors continued to digest a slew of earnings. The Dow closed 45 points higher, or +0.20%, at 26,833. The broader S&P500, gained 0.30% to close at 3,004. Wednesday’s move nudged the S&P 500 closer to a record set in July. The index is less than 1% from that level. The NASDAQ climbed 0.20% to 8,119.
US markets traded mixed on Tuesday amid a flurry of earnings reports, news on Brexit and optimism that the U.S. and China were edging toward a resolution on bilateral trade.
The Dow closed 37 points lower, or -0.15%, after rising more than 100 points earlier in the session. The broader S&P500, slid 0.36% to 2,995 though remains within striking distance of a record high hit in July. Through Tuesday morning, more than 19% of S&P 500 companies have reported quarterly numbers. Of those companies, nearly 80% have beaten analyst earnings expectations. The NASDAQ pulled back -0.72%. Drug maker, Biogen Inc. surged on news it will ask US drug regulators to approve the company’s experimental Alzheimer’s therapy reviving the nearly abandoned treatment after a new analysis of data from two failed clinical trials showed promising results. “We got clear support from the FDA,” Chief Executive Officer Michel Vounatsos said in a telephone interview. The move by Biogen -- if successful -- would be the drug industry’s most dramatic reversal of fortune in history. Travelers, meanwhile, posted its worst day since 2008, plunging nearly 8%.
US equity markets advanced amid ongoing optimism around the progress of the US-China trade talks and following a better-than-expected start to the third quarter corporate earnings season - Dow up +58-points or +0.22%, with Apple Inc gaining +1.73% and touching a fresh record all-time high (US$240.99) following an upgrade by analysts at Raymond James (who lifted their target price to US$280 from US$250 and said they see "more stable near-term conditions" for Apple, including encouraging iPhone 11 channel checks). However, Boeing Co (down -3.76%) extended its recent slide as the Wall Street Journal reported that Congress was intensifying scrutiny of the plane maker as new details pointed to undue management pressure on employees and allegations suggested that officials knew of problems with its 737 MAX jet before the plane got approval to fly. Boeing alone knocked ~89-points off the Dow. The broader S&P500 rose +0.69% (to 3,006.72) to log its first close above >3,000 since 18 September and move to within 0.7% of its all-time high of 3,027.98 struck on 26 July. Approximately 8% of S&P 500 stocks hit 52-week highs overnight, the highest daily reading since 12 September. NASDAQ +0.89%. International Business Machines (IBM) fell -1.13% after UBS downgraded the company.
US equity markets closed out the week in the red as investors contemplated weak third quarter gross domestic product (GDP) figures out of China and a solid start to the third quarter corporate earnings season - Dow fell -256-points or -0.95% Boeing Co tumbled -6.79% after a Reuters report said that internal messages suggest the company misled federal aviation authorities about the safety of the 737 Max jet. Boeing is slated to report its third quarter result before the opening bell on Wednesday night AEST (23 October). Johnson & Johnson slumped -6.22% after the consumer products and drug company said it was recalling “a single lot” of Johnson’s Baby Powder after tests revealed traces of chrysotile asbestos. The broader S&P500 lost -0.39%, with Information Technology (down -0.91%) leading seven of the eleven primary sectors lower. The NASDAQ fell -0.83%. Harley-Davidson Inc (down -0.35%) is resuming production and deliveries of its first electric motorcycle about a week after it told dealers it was halting production due to a problem related to charging. The company said that the unidentified problem it found on one motorcycle was a "one-off" situation. For the week, the Dow slipped -0.17%, while the S&P500 gained +0.54% and the Nasdaq +0.4%.
US equity markets posted modest gains, losing some steam in the final minutes of the session - Dow edged +23-points or +0.09% higher, paring an earlier +110-point rise. The broader S&P500 rose +0.28% to 2,997.95 to close within 1% of its 26 July record closing high of 3,025.86. The NASDAQ gained +0.41%. Netflix Inc rose +2.5% after posting a solid third quarter result in the previous session.
China’s commerce ministry said on Thursday (17 October) that China hoped to reach a phased agreement with Washington as early as possible, and make progress on canceling tariffs on each others’ goods.
US equity markets eased as US-China trade caution lingered - Dow dipped -23-points or -0.08% The broader S&P500 -0.20%, General Motors Co rose 1.10% after the US automaker reached a tentative four-year labour deal with the United Auto Workers union, moving the sides closer to ending the month-long strike. The technology-centric NASDAQ eased -0.30%. MGM Resorts International fell 1.6% after it announced late in the session that it would sell its Circus Circus casino resort in Las Vegas and a huge interest in its Bellagio resort.
A strong start to the third quarter corporate earnings season lifted US equity markets - Dow up +237-points or +0.89% (to 27,024.80) to log its first close above >27,000 since 19 September. The broader S&P500 rose+1.00% to close within ~1% of its record closing high of 3,025.86 set on 26 July. The latest gains saw both the Dow and S&P500 turn higher for the month. The technology-centric NASDAQ gained +1.24%.
US markets settled with modest losses in a subdued session as the Columbus Day holiday limited price action (with government offices and agencies closed along with the bond market) - Dow down -29-points or -0.11% The broader S&P500 -0.14%, Materials (down -0.75%) and Utilities (-0.67%) leading nine of eleven primary sectors lower. Real Estate (up ++0.14%) and Financials (+0.12%) were the only sectors to advance. Harley-Davidson Inc rose +0.3% after a choppy ride following a Wall Street Journal reported that the company had to halt production and delivery of its first electric motorcycle (the Livewire) after finding a problem related to charging equipment. Harley is slated to report their third quarter result before the opening bell on 22 October. The technology centric NASDAQ slipped -0.10%. Overnight marked the lowest volume full trading day for US equity markets since December 2017, according to Bespoke Invest.
US equity markets posted strong gains amid a broad-based rally following the announcement of a partial trade deal between the US and China albeit the benchmark indices closed off their session highs - Dow up +320-points or +1.21%, paring an earlier ++517-point/+2% gain. The broader S&P500 gained +1.09% after trading as much as +1.9% earlier in the session. NASDAQ +1.34%, off an intra-session high that saw the technology-centric index up as much as +2.1%. Apple Inc rose +2.66% to a fresh record closing high of US$236.21 per share. Wendy’s Co rose +3.95% after the fast-food retailer announced third-quarter same-store sales that exceeded expectations and raised its dividend. President Trump told reporters at the Oval Office that phase one of the trade deal will be written over the next three weeks. As part of this phase, China will purchase between US$40B and US$50B in US agricultural products. President Trump also said the deal includes agreements on foreign-exchange issues with China and will take three to five weeks to finalise. In exchange, the US agreed to hold off on tariff hikes that were set to take effect Tuesday (15 October). Phase two of the deal will “start almost immediately” after the first one is signed, President Trump said. Separately, Treasury Secretary Steven Mnuchin said both sides struck an “almost complete agreement” on currency and financial services issues. However, equity markets lost some steam shortly before the close after US Trade Representative Robert Lighthizer said a decision had not been made over additional US tariffs of 15% scheduled for 15 December on ~US$160B in annual Chinese imports. Elsewhere, the China Securities Regulatory Commission said on Friday (11 October) that overseas financial service companies in futures, securities and mutual funds will be able to apply for total control of onshore ventures starting in 2020. The move came as the country speeds up its financial markets opening. Both the Dow and S&P500 snapped a three-week losing streak, gaining +0.91% and +0.62% for the week respectively. The Nasdaq rose +0.93% for the week.
US benchmark equity indices gained ground after a choppy session that saw markets continue to dance to the tune of US-China trade headlines - Dow up +151-points or +0.57%, paring an earlier ~257-point rise. Trade bellwether Caterpillar Inc (up +2.7%) was the leading Dow performer, while Morgan Stanley, Goldman Sachs and J.P. Morgan Chase advanced more than >1%. The broader S&P500 +0.64%, NASDAQ +0.60%.
US equity markets arrested a two session slide as investors digested the latest US-China headlines and the Federal Reserve meeting minutes - Dow up +182-points or +0.70% The broader S&P500 +0.91%, with the Information Technology (up +1.45%), Energy (+1.07%), Materials (+1.02%) and Financials (+1.00%) all posting gains of 1%+ and with all eleven primary sectors advancing. Bed Bath & Beyond Inc soared +20.83% in extended trading after announcing former Target Corp executive Mark Tritton as their new Chief Executive Officer (CEO). The NASDAQ +1.00%, with Apple Inc gaining +1.17% after Cannacord Genuity lifted their price target on the company to US$260 per share from US$240. The Federal Reserve will also release the minutes of their September monetary policy meeting
US equity markets retreated as investor optimism around a US-China trade deal faded amid a series of headlines - Dow fell -314-points or -1.19% The broader S&P500 -1.56%, with Financials (down -2.02%) leading all eleven primary sectors into the red. Boeing Co fell -0.65% after the aircraft maker reported that its deliveries of airliners to customers in September plunged 70% from the level of a year earlier. Boeing delivered 26 airliners in September, down from 87 a year earlier and trailing the 71 reported by its European rival Airbus. Over the first nine months of the year, Boeing delivered 302 airplanes, compared with 571 by Airbus. The grounded 737 Max accounted for virtually the entire drop in Boeing shipments. NASDAQ -1.67%. Oracle Corp fell 1.4% after the company announced its planning to hire 2,000 new workers as part of a plan to expand cloud computing services to more companies in the competition with Amazon Web Services and Microsoft. U.S.-traded shares of Alibaba Group Holding Ltd (down -3.8%), JD.com Com (-3.88%) and Baidu Inc (-1.91%) fell following reports that the White House is considering limits on Chinese stock holdings in government pension funds
US markets settled lower after media reports suggested Chinese officials would not strike a deal on intellectual property protections, a provision American industry has long hoped for, when negotiators meet later this week- Dow down -96-points or -0.36% The broader S&P500 lost -0.45%, with Energy (down -0.92%) leading ten of the eleven primary sectors into the red (with Communication Services eking out a +0.04% gain to be the only sector to advance). However, ConocoPhillips rose +2.06% and was among the best performers in the S&P 500 after the oil and gas major raised its quarterly dividend by 37.7% to US$0.42c per share. The NASDAQ lost -0.33%.
US equity markets stormed back to post solid gains following the release of the September jobs report that quelled recession fears without downgrading the odds of further monetary policy easing from the Federal Reserve - Dow up +373-points or +1.42% , recovering from an earlier -335-point/-1.3% slide. The broader S&P500 rallied +1.42%, with Financials (up +1.93%) and Information Technology (+1.71%) leading all eleven primary sectors into positive territory. The S&P 500 also moved back above both its 100-day (2,927.04) and 5-day (2,942.08) moving averages. The NASDAQ +1.4%. Apple Inc rose +2.8%, buoyed by a report in the Nikkei Asian Review that the company has asked suppliers to increase production of its iPhone 11 models by up to 8M units, or ~10%. Sources cited by the Nikkei Asian Review said that the recent surge in iPhone orders is concentrated in the cheapest iPhone 11 model and the iPhone 11 Pro model, while Apple has slightly revised down orders for its top range model, the iPhone 11 Pro Max, which has a starting price of US$1,099. For the week, both the Dow (down --0.92%) and S&P500 (-0.33%) logged their third consecutive weekly decline, while the Nasdaq posted its first weekly rise (+0.54%) in the past three.
US equity markets arrested a steep, two day sell-off that opened the fourth quarter, with the benchmark indices recovering from losses earlier in the session that were prompted by weak services sector data - Dow up +123-points or +0.47%, rebounding from a slide of as much as 335-point or ~1.3% earlier in the session. The broader S&P500 gained+0.80%, recovering from an earlier -1.1% decline. NASDAQ +1.20%.
US equity markets extended their poor start to the fourth quarter amid mounting concerns around economic growth - Dow tumbled -494-points or -1.85%, breaking below its 50-day and 100-day moving averages. The slide of -3.14% over the past two sessions represents the worst start to a quarter since the last three months of 2008, when the Dow slumped 19.4% in the fourth quarter. The broader S&P500 -1.79%, with the Energy sector (down -2.61%) leading the index below is 100-day moving average. All eleven primary sectors closed in the red for a second consecutive session (the first time that has happened since late December 2018), with ten of them logging falls of at least 1.2%. Both Ford Motor Co (down -3.26%) and General Motors Co (-3.96%) fell after reporting disappointing quarterly sales. The -3.02% drop over the past two sessions marks the S&P500's worst start to a quarter since the indice's -5.49% slide to start the fourth quarter of 2009. The NASDAQ -1.51%., with Amazon.com Inc, Apple Inc and Google parent Alphabet Inc all dropping at least 1.3%. Tesla Inc fell a further ~3.6% in after-hours trading (after falling -2% in the regular session) after the electric-car maker reported disappointing third-quarter deliveries of ~97K vehicles versus analysts' forecasts for ~99K. All three benchmark indices posted their steepest single day slide since 23 August. The Nasdaq (down 2.7% so far in October) and the small capitalisation Russell 2000 index (falling -1.9% overnight and down -3.1% over the past two sessions) also marked their worst starts to the quarter since 2009.
Weak September manufacturing data dragged the benchmark US equity indices into the red on the first trading day of the fourth quarter - Dow settled -344-points or -1.28% lower, unwinding an earlier gain of more than >100-points The broader S&P500 lost -1.23%, Manufacturers Honeywell International Inc and 3M Co both fell at least 2.8% on the back of the weak manufacturing data. NASDAQ shed -1.13%. However, Apple Inc rose +0.28% after the company's chief executive Tim Cook told German tabloid Bild that the newly launched iPhone 11 has enjoyed a "very strong start". Global year-over-year sales of chips fell for an eighth straight month, according to data released by the Semiconductor Industry Association (SIA). August chip sales fell -15.9% to US$34.2B from the previous year, when semiconductor sales peaked at record levels. However, the SIA did point out that "While worldwide semiconductor sales remain well behind the totals reached in 2018, month-to-month sales increased in two consecutive months for the first time in nearly a year,"
US equity markets closed out the month and quarter on a positive note - Dow up +97-points or +0.36% The broader S&P500 rose +0.50% and enters the fourth quarter with its biggest year-to-date gain (up +18.74%) in more than two decades. The NASDAQ gained +0.75%, with Apple Inc (up +2.4%) buoyed by a J.P. Morgan lifting their target price on the company by ~9% to US$265 per share and retaining their 'overweight' rating after raising their iPhone sales forecasts. The gain saw Apple recoup its trillion US dollar market capitalisation. U.S.-listed shares of Chinese tech firms Alibaba Group Holding Ltd (up +0.75%) and Baidu Inc (+1.53%) rebounded following the US Treasury Department’s denial that it was considering banning Chinese firms from U.S. exchanges. In corporate news, the parent of office-space sharing company WeWork, We Co. said that it would withdraw its planned initial public offering (IPO) for now. The company had filed for an IPO on 14 August but was forced to delay its plan to go public after investors raised concerns about losses, liabilities and valuations, leading co-Founder and CEO Adam Naumann to resign last week. For the month, the Dow gained +1.95%, S&P500 +1.72% and Nasdaq +0.46%. For the quarter, both the Dow and S&P500 gained +1.19% to log their third straight quarter of gains. The Nasdaq slipped -0.09%.
US equity markets fell as investors weighed the latest US-China headlines - Dow fell -71-points or -0.26%, erasing an earlier gain of ~130-points. The broader S&P500 fell -0.53%, with Financials (up +0.24%) the only primary sector to advance as Wells Fargo and Company gained+3.7% after the US' fourth-largest bank announced that it has named Bank of New York Mellon Chairman and Chief Executive Officer (CEO) Charles Scharf as its new CEO. Information Technology (down -1.26%) was the worst primary sector performer. The NASDAQ shed-1.13%. Micron Technology Inc tumbled -11.09% after the chipmaker reported its fiscal fourth quarter result after the close of last Thursday's (26 September) session and said that the US trade war with China is hurting the company’s business with Huawei, weighing on the company’s fourth-quarter results and threatening to harm its future financials. Equity markets initially rallied, buoyed by a CNBC report that top US and Chinese negotiators are set to meet 10-11 October in Washington, with Chinese Vice Premier Liu He to lead the delegation from Beijing. However, investor sentiment was subsequently rattled by a Bloomberg News report alleged that the Trump administration has been discussing ways to curb US portfolio inflows into China. The report weighed on China names, including Alibaba Group Holding Ltd (down -5.15%) and Baidu Inc (-3.67%). However, US Treasury spokeswoman Monica Crawley said that the Trump administration "is not contemplating blocking Chinese companies from listing shares on the US stock exchanges at this time" in an emailed statement on Saturday (28 September). On Sunday (29 September), China's ice Commerce Minister Wang Shouwen said that China’s top trade negotiator will lead an upcoming 13th round of trade talks between the US and China although he did not specify dates. For the week, the Dow lost -0.43%, S&P500 -1.01% and Nasdaq -2.19%.
US markets - The Dow closed down almost 80 points or 0.3%, the broader S&P500 was down 0.24%, while the NASDAQ was +0.58% lower. Stocks fell on Thursday as traders monitored the latest trade developments and assessed a whistleblower complaint against President Donald Trump that was released. The whistleblower said in the complaint that the president used his office to solicit interference from a foreign country ahead of the 2020 election. Stocks hit their session lows after Bloomberg News reported, citing a source, that the U.S. is unlikely to extend a temporary waiver that allows U.S. companies to sell supplies to Huawei, a Chinese telecommunications giant. The market turned slightly higher after China’s foreign Minister Wang Yi said the U.S. has shown good will by waiving tariffs and China is willing to buy more American products, Reuters reported.
In US markets, the Dow closed up almost 163 points or +0.61%, the S&P500 gained +0.62% while the NASDAQ rose +1.05%. Stocks rose on Wednesday after President Donald Trump said a U.S.-China trade deal could arrive sooner than expected. Investors also pored through a rough transcript of Trump’s call with the Ukrainian president from earlier this year. Tech was the best-performing sector in the S&P 500, rallying more than 1% along with consumer services. Facebook, Amazon, Netflix and Alphabet all closed higher.
US equity markets retreated as politics sadly dominated investor sentiment - Dow down -142-points or -0.53%, paring an earlier decline of over >200-points. The broader S&P500 -0.84%, logging its largest single session decline since 23 August. The technology-centric NASDAQ lost -1.46% to book its worst loss of the month to date. Netflix Inc dropped a further -4.26% to extend the streaming company's decline over the past five sessions to -15.63% amid concerns around increasing competition. Amazon.com fell -2.45% and below its 200-day moving average. Broadcom Inc fell ~2.7% in the extended session after the chip maker announced a US$3B convertible-stock offering. Broadcom said it plans to use the proceeds to repay debt. In August, Broadcom offered US$10.7B to buy Symantec Corp.'s (-1.64%) enterprise security business. Starbucks Corporation fell -0.98% despite a European Union court ruling that a tax deal between the Dutch government and the coffee company did not amount to illegal state support Levi Strauss & Co rose ~1.4% in extended trading after the apparel maker's board of directors approved a +7% dividend increase to US$0.15c per share. After the markets' close, House Speaker Nancy Pelosi confirmed earlier speculation in announcing an impeachment inquiry into President Trump following reports that Trump pressed Ukraine’s President Volodymyr Zelensky to investigate Democratic presidential candidate Joe Biden and his son. However, President Trump said that he has authorised the release of the “complete, fully declassified and unredacted” transcript of a phone call with the Ukrainian President.
US equity markets faded into the close of Monday's session to leave the benchmark indices little changed - Dow inched +14-points or +0.06% higher, with American Express up +1.2% after the company announced a buyback programme of up to 120M shares and lifted its dividend by 10% to US$0.43c per share. The broader S&P500 dipped -0.01%, with Consumer Staples (up +0.36%) and Real Estate (+0.23%) the leading sector performers. The NASDAQ slipped -0.06%. Amazon.com Inc retreated 0.5% after Morgan Stanley cut their price target on the firm by 4% to US$2,200.
US equity markets retreated as trade concerns continue to unsettle investors - Dow down -160-points or -0.59% The broader S&P500 -0.49%, NASDAQ -0.80%, with Apple Inc down -1.46% as the new iPhone 11 went on sale for the first time in stores. Netflix Inc fell for a third straight session (down -5.83%), with Chief Executive Officer (CEO) Reed Hastings warning investors at a conference last Friday (20 September) that “While we’ve been competing with many people in the last decade, it’s a whole new world starting in November . . . It’ll be tough competition.” Roku Inc tumbled -19.22% after a research analyst at Pivotal Research distributed a note pondering if the streaming-device maker was “broken.” Last Friday's (20 September) trading session marked "quadruple witching", the simultaneous expiry of stock-index futures, stock-index options, stock options and stock futures, which also stoked some volatility. For the week, the Dow lost -1.05%, S&P500 -0.51% and Nasdaq -0.72%.
US equity markets relinquished much of their earlier session gains into the close of trading albeit the benchmark indices still sit within striking distance of their record highs - Dow down -52-points or -0.19%, with gains in Microsoft Corp (up +1.84%) and UnitedHealth Group Inc (+0.97%) weren’t enough to offset losses in Boeing Co (down -0.51%), Home Depot Inc (-1.17%) and Walt Disney Co (-2.56%). The broader S&P500 settled flat, with gains for the Health Care (up +0.47%) and Utilities (+0.36%) sectors offset by falls for the Industrials (down -0.50%) and Financials (-0.4%) sectors. The NASDAQ inched +0.07% higher. Tonight's AEST trading session marks "quadruple witching", the simultaneous expiry of stock-index futures, stock-index options, stock options and stock futures, which can stoke some volatility (particularly late in the session).
US equity markets recovered from declines earlier in the session to settle with modest gains as investors digested the latest monetary policy decision and pronouncements from the Federal Reserve - Dow settled +36-points or +0.13% higher, recovering from an earlier decline of as much -212-points or -0.80%. J.P. Morgan Chase & Co (up +1%) and Goldman Sachs Group Inc (+0.5%) combined to add ~16 points to the Dow. The broader S&P500 eked out a +0.03% gain, NASDAQ -0.11%. Microsoft declared an 11% quarterly dividend increase (to US$0.51c, up from US$0.46c)after the closing bell , the latest in a series of regular hikes.
US equity markets settled with modest gains as investors digested the latest headlines around the Saudi Arabia's oil production and await the Federal Reserve's latest interest rate decision - Dow up +34-points or +0.13% The broader S&P500 +0.26%, NASDAQ +0.40%. Value stocks have outperformed their growth counterparts this month, rising 6.7% through last night's AEST close. Growth stocks, meanwhile, are down -0.4%.
Deputy-level U.S-China trade talks are scheduled to start in Washington on Thursday, the U.S. Trade Representative’s office said, paving the way for high-level talks in October.
US equity markets retreated as the weekend attacks on Saudi Arabia's key oil facilities unsettled investors on the eve of the Federal Reserve's latest two day monetary policy meeting - Dow down -143-points or -0.52%, snapping an eight session winning streak. The broader S&P500 slipped -0.31% despite a +3.29% gain for the Energy sector. General Motors fell -4.3% after United Auto Workers union went on strike. The NASDAQ dipped -0.28%. Investors also eyed some soft China economic data released yesterday (16 September).
US equity markets were mixed last Friday but the benchmark indices logged their third consecutive week of gains - Dow up +37-points or +0.14%, marking the index's eighth straight advance. Trade bellwethers Caterpillar Inc and Boeing Co rose +1.5% and +1.1%, respectively. The broader S&P500 dipped -0.07%, with Materials (up+1.14%), Financials (0.84%) and Energy (+0.8%) the best performing sectors. Major banks Bank of America Corporation (up +1.69%), Citigroup Inc (+1.57%) and J.P.Morgan Chase and Co (+1.97%) all rose more than >1.5%. The NASDAQ eased -0.22%. Apple Inc fell -1.94%, with Goldman Sachs cutting their target price on the stock to US$165 from US$187 (but retaining their 'neutral' rating on the company) on concerns that Apple TV+ may act as a drag on earnings. The fall saw Apple's market capitalisation fall back below
US markets settled with modest gains as investors digested a host of US-China trade headlines - Dow up +45-points or +0.17% and extending its winning streak into a seventh straight session. The index closed to within 0.6% of of its all time high (27,398.68) set on 16 July. The broader S&P500 added +0.29%, with Materials (up +0.72%) leading nine of the eleven primary sectors higher. The technology-centric NASDAQ rose +0.30%. Bloomberg News reported that the White House was contemplating a limited trade deal with China. In return for promises on agricultural purchases and intellectual-property issues, the U.S. would delay and take away some tariffs on Chinese imports. However, a senior White House official later denied the report to CNBC, saying that the Trump administration was "absolutely not" considering an interim trade deal with China. Separately, The Wall Street Journal reported that Beijing was looking to split trade negotiations into two tracks, separating the more thornier national security issues from less contentious trade concerns, in the hopes of advancing stalled trade talks with the US.
US equity markets rallied, buoyed by fresh signs of progress between the US and China on the trade front - Dow up +228-points or +0.85% (to 27,137.04) to log its first six session winning streak since June and close above the >27,000 mark for the first time since 30 July. The index also now sits within 1% of its record all time high (27,398.68) struck on 16 July. The broader S&P500 +0.72% (to 3000.93) to close above >3,000 and also move within 1% of its record high (3,027.98) set on 26 July. The NASDAQ climbed +1.06% (to 8,169.68) and marked its best close since 31 July. Apple Inc gained +3.2% and reclaimed its status as trillion US dollar company a day after the company unveiled new iPhones, Apple Watches and an iPad, as well as new details about its subscription TV service Apple TV+ and Apple Arcade.
US markets little changed although value stocks significantly outperformed their growth counterparts for a second consecutive session - Dow rose +74-points or +0.28% to extend its winning streak into a fifth consecutive session. The broader S&P500 inched +0.03% higher, Ford Motor Co fell -1.26%^ after ratings agency Moody's downgraded the auto maker’s credit rating to junk status, citing below-expectations profit margins and cash flow. The NASDAQ dipped -0.05%. Apple Inc rose +1.18% as it kicked off its annual fall product launch, where the company unveiled new iPhones, Apple Watches and an iPad, as well as new details about its subscription TV service Apple TV+ and Apple Arcade. Apple announced that Apple TV+ will launch in November and will be free for a year for customers who buy a Mac, iPhone or Apple TV. The announcement weighed on Netflix Inc (down -2.16%), Walt Disney Co (-2.19%) and Roku Inc (-10.49%). Facebook Inc (down 1.1%) and Amazon.com Inc (-0.60%) were also key drags on the Nasdaq. President Trump abruptly announced in a tweet overnight that he has asked national security adviser John Bolton to resign, noting that he "strongly disagreed with many" of Mr Bolton's suggestions "as did others in the administration."
US markets logged a mixed performance - Dow added +38-points or +0.14% to extend its recent rally into a fourth consecutive session, with Caterpillar Inc (up +3.7%) the leading index performer. The broader S&P500 dipped -0.01%, with Energy (up +1.85%) and Financials (+1.54%) the leading sector performers. AT&T Inc rose +1.49% after activist hedge fund Elliott Management revealed a $3.2B stake in the telecom giant. In a letter to shareholders, Elliott said AT&T can “improve its business and realise a historic increase in value.”The technology-centric NASDAQ slipped -0.19%. Alphabet Inc (down -0.1%) pared an earlier ~1% fall that came on reports that 50 attorneys general are joining an antitrust probe against Google. The small capitalisation Russell 2000 index outperformed with a climb of +1.3%. A number of traders were noting signs of an interesting rotation overnight, with value-oriented stocks enjoying one of their strongest days of the year relative to their growth counterparts. Energy and financial stocks - two mainstays of value investors—are rallying while technology and health-care stocks, longtime favourites of growth buyers, are lower. Software stocks were hit particularly hard.
US equity markets ended a strong week with mixed results as investors pondered the latest non-farm payrolls reports and comments from Federal Reserve Chair Jerome Powell - Dow up +69-points or +0.26% (to 26,797.46). The broader S&P500 +0.09% (to 2,978.71), The NASDAQ dipped -0.17% (to 8,103.07). Symantec Corp rallied +4.47% following a report that private-equity firms are looking to keep what's left of the cybersecurity company once Broadcom Inc ( +0.31%) closes its acquisition of its enterprise business. Apple Inc (down -0.01%) will unveil their next generation of iPhones as part of their new product launch event on Tuesday (10 September) For the week, the Dow climbed +1.49% and stands 2.1% shy of its record closing peak of 27,359.16 established on 15 July. The S&P500 gained +1.79% to move within ~1.6% of its record closing high of 3,025.86 set on 26 July. The Nasdaq rose +1.76% and sits ~2.7% below its closing record high of 8,330.21 also set on 26 July.
US markets rallied following news that fresh US-China trade talks had been scheduled for October, pushing the benchmark indices out of the range they have been trading in for much of the last month and to within striking distance of their record highs struck in June - Dow up +373-points or +1.41% The broader S&P500 gained +1.30%, with Information Technology (up +2.13%) the leading sector performer and pushing the index back up to within ~1.7% of its all time high. The technology-centric NASDAQ rallied +1.74%. China’s Commerce Ministry issued a statement saying that Liu He, Beijing’s top negotiator on trade, had spoken with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. The two sides agreed to hold another round of trade negotiations in Washington, D.C., towards the beginning of next month, and consultations will be made in mid-September in preparation for the meeting, the statement said. Ministry of Commerce spokesperson Gao Feng told a press briefing that the two delegations will strive to achieve "substantial progress" in October.
US equity markets posted solid gains and settled near their session highs as investors eyed some easing in global tensions - Dow up +237-points or +0.91%, the Intel Corp (up +4.1%) the leading index constituent. The broader S&P500 +1.08%, with Information Technology (up +1.71%) leading all eleven primary sectors higher. The technology-centric NASDAQ +1.30%. Starbucks Corporation fell -0.7% after cutting their full year earnings outlook a little more than a month after posting better-than-expected third quarter earnings.