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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%.