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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%.