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Some solid second quarter earnings releases and positive news on the coronavirus vaccine front lifted US equity markets - Dow settled +228-points or +0.85% higher after an opening rally of as much as +429 points or +1.61% (that lifted the index above >27,000 briefly), extending its rally into a fourth straight session. The broader S&P500 gained +0.91% . Airlines (American Airlines Group up +16.16%, United Airline Holdings +14.59% and Delta Air Lines Inc +9.54%) and cruise operators logged strong gains. Cruise operator Carnival Corp jumped +16.22% and said it is seeking to raise ~US$1.26B in debt to fund its operations as it has cancelled some sailings into 2021 due to the COVID-19 pandemic. NASDAQ rose +0.59%. Apple Inc rose +0.69% after the General Court of the European Union annulled a 2016 European Commission order for the technology giant to pay €13B in taxes. However, other major technology names lagged, with Amazon.com Inc (down -2.44%), Google parent Alphabet Inc (-0.46%), Microsoft Corp (-0.15%) and Netflix Inc (-0.31%) all lower. Twitter Inc fell -3.36% in after hours trading after the accounts of a number of high profile people including Bill Gates, Warren Buffet and Elon Musk were hacked to seek bitcoin donations. The S&P 500 outperformed the technology-centric Nasdaq for a fourth straight day, a feat scored only twice (5 June, 27 March) since Wall Street embarked on its big recovery last March. The small capitalisation Russell 2000 index rallied +3.5%, logging its biggest one-day gain since early June.

•US equity markets rebounded from the previous session’s sharp falls, with the benchmark indices settling near their best levels of the day after another choppy session - Dow up +557-points or +2.13%, logging its third consecutive advance and best day since 29 June. Caterpillar Inc (up +4.83%) was the best performing Dow constituent, with energy heavyweights Exxon Mobil Corp (+3.31%) and Chevron Corp (+3.45%) both up over >3%. The broader S&P500 gained +1.34%, with Energy (up +3.60%) and Materials (+2.54%) leading all eleven primary sectors higher. 3M Co rose +2.42% after the company said it is developing a rapid diagnostic test for COVID-19 that would be used at the point of care. The NASDAQ gained +0.94% although some big technology names lagged, including Amazon.com Inc (down -0.64%) and Netflix Inc (-0.12%). In broader stock moves, Bed Bath & Beyond Inc rose +8.6% after the home-accessories retailer said June same-store sales were “positive” for reopened stores and digital channels.

A broad rally for US equity markets unravelled in the final hour of trading as fresh coronavirus concerns weighed on investor sentiment - Dow inched +10.5-points or +0.04% higher, unwinding an earlier rally of as much as +564-points or +2.2%. Dow constituent Pfizer Inc (up +4.08%) and BioNTech SE (+10.55%) rallied after the pharmaceutical groups said two of their vaccine candidates to protect against the coronavirus had received Fast Track designation status from the Food and Drug Administration (FDA). Pfizer and BioNTech said they expect to start the next phase of the vaccine trial later this month with 30,000 subjects. The companies expect to have 100M doses of a vaccine by the end of 2020 and more than 1.2B doses by the end of 2021, according to a release. The broader S&P500 fell -0.94%, having been up over >1.5% earlier in the session and briefly pushing into positive territory for the year. Utilities (down -3.62%) and Information Technology (-2.12%) led eight of the eleven primary sectors lower. Financials rose +0.32% ahead of some key results in the sector tonight AEST. The NASDAQ shed -2.13%, logging its biggest intra-day reversal since 7 April. The technology-centric index had been up as much as +1.95%. The Nasdaq-100 - which comprises the 100-largest nonfinancial companies in the composite - briefly broke above 11,000 for the first time before settling -2.2% lower. The Nasdaq 100 has only seen an intra-day reversal of that magnitude twice – the last time was 7 March, 2000. Tesla Inc settled -3.1% lower after rallying as much as 16.2% earlier in the session (and taking its market capitalisation to a record above >US$330B, ranking the electric vehicle maker as the 10th largest company in the S&P500 and more than Toyota, Ford Motor, General Motors and Fiat Chrysler Automobiles combined). Tesla’s intra-day reversal was the largest swing from positive to negative since 30 June, 2010, according to Dow Jones Market Data. The 10 largest stocks in the S&P500 have an average of 1% of their float short sold – Tesla’s shoer interest is almost ten times that, according to Bespoke Investment Group. Moderna Inc jumped +14.7% after Nasdaq said it was adding the drugmaker to the Nasdaq-100 Index before the market opens on 20 July. The small capitalisation Russell 2000 index fell -1.34%.

US equity markets advanced in thin trading on Friday (10 July) - Dow up +369-points or +1.44% JPMorgan Chase & Co (up +5.4%) and Goldman Sachs Group Inc (+4.4%) the leading index performers. The broader S&P500 gained +1.05%, with Financials (up +3.48%) and Energy (3.25%) leading nine of the eleven primary sectors higher. Health Care (down -0.22%) and Information Technology (-0.03%) were the only sectors to close lower. Airlines (United Airlines Holdings up +8.29% and Delta Air Lines Inc +5.61%) and cruise operators rebounded from sharp falls in the previous session. Carnival Corp jumped +10.8% after the cruise line operator said it was planning to resume operations in a phased manner and would operate with a smaller fleet on its return. NASDAQ rose +0.66% to 10,617.44 logging its third consecutive record closing high and 27th for 2020. Amazon.com Inc gained +0.5% to an all-time high after Citi hiked its target on the e-commerce giant to a Wall Street high of US$3,550 per share. Netflix Inc gained +8% (to US$548.73) and logged a fresh record high, buoyed by a bullish research note from Goldman Sachs that saw the investment bank lift its target price for the streaming platform by +24% to US$670 per share. Tesla Inc (up +10.78% to US$1,544.65) topped >US$1,500 per share. The latest rally lifted the electric vehicle maker to 13th in terms of the largest US companies by market capitalisation (at ~US$286B). Tesla’s latest rally also saw Chief Executive Officer (CEO) Elon Musk’s wealth rise by US$6.5B to ~US$70.5B, lifting him to the seventh richest individual in the world and usurping the likes of Warren Buffet, Oracle Corp co-founder and executive chairman Larry Ellison and Google co-founder Sergey Brin according to the Bloomberg Billionaire’s Index. Tesla posts quarterly numbers on 22 July and analysts are forecasting the company to record its first cumulative four-quarter profit, which is a key hurdle for Tesla to be added to the S&P500 index.

US equity markets retreated although coronavirus concerns couldn’t knock technology stocks off their stride - Dow fell -361-points or -1.39%, erasing the gains for the week to date. The broader S&P500 shed -0.56% . Airlines (United Airlines Holdings down -7.25% and Delta Air Lines Inc -5.04%) and cruise operators (Carnival Corp down -4.83% and Royal Caribbean -5.89%) were under pressure. S&P Global Ratings downgraded United Airlines Holdings Inc debt one notch to B+ late in the session from BB-. The ratings agency said it expects the airline to generate "substantial cash flow deficit," due to a "steep decline" in bookings due to the COVID-19 pandemic. America’s fourth largest lender by assets, Wells Fargo and Company (down -2.08%) is preparing to cut thousands of jobs starting later this year due to pressure to “dramatically reduce costs”, according to a Bloomberg report. Wells Fargo reports their second quarter result next Tuesday night AEST (14 July). However, the technology-centric NASDAQ added +0.53% to 10,547.75, logging its fifth record closing high in the past six sessions and 26th of 2020. Gains for the Nasdaq and Nasdaq 100 accelerated in the closing hour of trading. Amazon.com Inc rose +3.3% to a fresh all-time high. On a combined basis, Amazon and Microsoft Corp (+0.70%) have seen their market capitalisations increase by US$1.1 trillion year-to-date. Netflix Inc rose +0.99% to see the streaming platform’s market capitalisation (US$223.3B) surpass Verizon Communication’s (US$223..2B) for the first time. Apple Inc rose +0.36%, with Berkshire Hathaway’s 22% stake in the company representing more than 22% of Warren Buffet’s investment vehicle’s market capitalisation. Tesla Inc rose +2.08%, with Chief Executive Elon Musk said in remarks made via a video message at the opening of Shanghai’s annual World Artificial Intelligence Conference (WAIC) that the company is “very close” to achieving level 5 autonomous driving technology. Tesla has become the highest-valued automaker as its shares surged to record highs and its market capitalisation overtook that of former front-runner Toyota Motors Corp and the electric vehicle maker is the 16th largest stock in the US by market capitalisation (at ~US$253B) – but is still not in the S&P500. Bed Bath & Beyond tumbled -24.5% after the retailer reported a double-digit sales decline during the company’s fiscal first quarter after the close of the previous session. Harley Davidson Inc (up +0.63%) announced that it will lay off 500 employees this year as part of new Chief Executive Officer’s (CEO) Jochen Zeitz’s efforts to revive the struggling motorcycle maker. Chief Financial Officer (CFO) John Olin will also depart the company immediately.

Technology stocks again led the latest rally for US equity markets - Dow up +177-points or +0.68% The broader S&P500 gained +0.78% . United Airlines Holdings Inc slipped -0.1% after saying it would send furlough or layoff warnings to 36,000 employees due to the coronavirus impact on demand for air travel. The technology-centric NASDAQ gained +1.44% (to 10,492.50) to log its 25th record closing high this year. Apple Inc rose +2.3% and hit a fresh record high (US$381.50), buoyed by Deutsche Bank hiking their target price . Amazon.com Inc (+2.70%), Facebook Inc (+1.13%), Microsoft Corp (+2.20%) and Netflix Inc (+1.95%) also all touched record highs. Nvidia Corp rose +3.5% and surpassed Intel Corp (%) as the largest U.S. chip maker by market capitalisation for the first time. Nvidia now has a market capitalisation of ~US$251B versus Intel at ~US$248B. In broader stock moves, Alibaba Group Holding Ltd rallied +9% following a report that the Chinese e-commerce giant plans an initial public offering for Ant Financial Services Group. Alcoa Corp fell -1.25% after the aluminium products maker provided preliminary second-quarter results that were above analyst expectations, citing productivity gains and cost savings amid challenges resulting from the COVID-19 pandemic. Taylor Morrison Home Corp jumped +16.9% after the homebuilder advised that June was its strongest sales month ever.

•US equity markets fell, with both the S&P500 and Nasdaq logging their first decline in five sessions as coronavirus concerns weighed on sentiment - Dow fell -397-points or -1.51% The broader S&P500 shed -1.08%, with Energy (down -3.18%) and Financials (-2.07%) leading ten of the eleven primary sectors lower. Consumer Staples (up +1.01%) was the only primary sector to advance. Airlines (American Airlines Group Inc down -6.95% and United Airlines Holdings Inc -7.55%) and cruise operators (Carnival Corp down -6.66% and Norwegian Cruise Line Holdings Ltd -5.33%) were under pressure. NASDAQ settled -0.86% lower after carving out a fresh record intra-day high (10,518.98) earlier in the session. Amazon.com Inc fell -1.9%. There were reports that Walmart Inc (up +6.8%) is close to launching its membership programme, a direct competitor to Amazon’s Prime Service. Netflix Inc dipped -0.1% after touching a fresh record intra-day high (US$504.82) earlier in the session. Tesla Inc advanced for a sixth straight session, up +1.33% to US$1,389.86 and another record close. Morgan Stanley published a research note with a US$2,000 per share “bull case scenario” target price. Tesla’s market capitalisation has increased by ~US$150B in the past three months. In merger and acquisition (M&A) news, residential solar-panel installer Sunrun Inc announced a deal Monday night to acquire rival Vivint Solar Inc for ~US$3.2B including debt.

US equity markets rallied strongly, buoyed by a solid rebound in US services industry activity in June and strong gains on Chinese equity markets - Dow up +460-points or +1.78%, with Goldman Sachs Group Inc (up +5.1%) the leading index performer. The broader S&P500 gained +1.59%, with Financials (up +1.95%) and Information Technology (+1.80%) helping to lift ten of the eleven primary sectors higher. Utilities (down -1.28%) were the laggard. The technology-centric NASDAQ rallied +2.21% to 10.433.65, logging its fifth consecutive advance and yet another record close. Amazon.com Inc rose to +5.8% (to US$3,057), topping the US$3,000 mark for the first time ever and clinching a US$1.5 trillion market capitalisation. Netflix Inc (up +3.55%) also hit a record high (US$499.50). Tesla Inc soared +13.48%, building on a four-day rally after JPMorgan bumped up its price target for the electric carmaker’s stock following its better-than-expected quarterly deliveries. JPMorgan projects the electric vehicle maker generate US$100B in annual revenue by 2025. Regeneron Pharmaceuticals Inc gained +0.77% as the drugmaker said it had begun late-stage clinical trials to assess the effectiveness of its antibody cocktail in preventing and treating COVID-19.

US equity and bond markets were CLOSED on Friday (3 July) for the Independence Day holiday. For the shortened trading week, the Dow rose +3.25% and pared its year-to-date decline to -9.5%. The S&P500 gained +4.02% and now sits -3.1% lower for the year. The Nasdaq rose +4.62% and sits ~14% higher for the year. In merger and acquisition (M&A) news. Warren Buffet’s investment vehicle Berkshire Hathaway Inc announced on Sunday (5 July) that it had agreed to buy Dominion Energy Inc’s natural gas transmission and storage business for US$4B in cash (and will assume US$5.7B in debt).

•U.S. stocks jumped Thursday after the June employment report showed the economy added more jobs than expected, reassuring investors that the recovery is continuing. All three major U.S. indexes finished the day and the week higher, despite seeing Thursday's gains ease in the final hour of trading. The Dow Jones Industrial Average finished the day up 92 points, or +0.4%. The blue-chip index had initially surged nearly 470 points to start the day, rising on excitement surrounding the jobs report. Meanwhile, broader the S&P 500 jumped +0.5% notching its fourth day of gains. The index's rally was broad-based, with nine of the index's 11 sectors ending the day higher. Growth stocks rallied, too. Google parent Alphabet added +1.9% and Tesla surged +8% after the electric car maker said Thursday that its second-quarter global deliveries fell less than expected. Amazon.com, meanwhile, edged up +0.4%, helping the company to notch its ninth consecutive weekly gain -- its longest weekly winning streak on record. Those jumps in momentum stocks pushed the Nasdaq Composite to a new all-time-high. he tech-heavy index gained +0.5%. All three indexes finished the week up +3.2% or more, with both the S&P 500 and the Dow industrials seeing their largest weekly increases since the first week of June. The Nasdaq, in comparison, clinched its highest one-week gain since the week ending May 8. Markets are closed Friday for the Independence Day holiday.