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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.