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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.