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•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.