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US stocks settled mostly higher with market sentiment getting a lift from positive coronavirus vaccine news and strong U.S economic data. The S&P 500 climbed +0.50%, after rising 20% over the past three months for its best quarterly performance since 1998. The tech-heavy Nasdaq Composite posted a record closing high, rising +0.95%, to 10,154. Shares of Amazon and Netflix — companies that benefit from people staying at home — led the way, rising 4.4% and 6.7%, respectively. The Dow Jones Industrial Average lagged, falling 77.91 points, or -0.3%, to 25,734.97. Shares of Pfizer rose 4.3% after the company reported promising results from a coronavirus vaccine candidate. The results were released online but have not been reviewed by a medical journal yet. The company also said that, if the vaccine gets regulatory approval, it expects to make up to 100 million doses by year-end and “potentially” more than 1.2 billion by the end of 2021.

US stocks rose broadly on Tuesday as Wall Street wrapped up its best quarterly performance in decades. The Dow Jones surged 217 points, or +0.9%, to close at 25,812. The S&P 500 gained +1.5% and the Nasdaq advanced +1.9%. The major averages hit their session high with less than an hour left in the session. The 30-stock Dow ended the second quarter with a 17.8% gain. That’s the average’s biggest quarterly rally since the first quarter of 1987, when it popped 21.6%. The S&P 500 had its biggest one-quarter surge since the fourth quarter of 1998, soaring nearly 20%. Meanwhile, the Nasdaq jumped 30.6% for the quarter, its best quarterly performance since 1999.

US Stocks rose sharply to start the week Monday as Wall Street cheered news on Boeing and traders shrugged off the latest surge in coronavirus cases. The Dow Jones closed 580.25 points higher or +2.3%. It was the Dow’s best day since June 5, when it soared more than 3%. The S&P 500 jumped +1.5% while the Nasdaq gained +1.2%. The major averages hit their session highs just minutes ahead of the close. That late-day surge put the S&P 500 in positive territory for the month with one trading day left.

US equity markets dropped as several US states imposed fresh business restrictions in response a spike in coronavirus cases - Dow fell -730-points or -2.84%. Nike Inc fell -7.62% after reporting an unexpected fiscal fourth quarter loss (-US$790M or -US$0.51c per share) and a sales decline of -38% year-on-year after the closing bell of the previous session. Bloomberg reported that Exxon Mobil Corp (down -3.43%) is preparing to cut between 5% and 10% of their US-based workforce. The broader S&P500 shed -2.42% (settling below its 200-day moving average), with Communication Services (down -4.49%), Financials (-4.33%) and Energy (-3.51%) leading all eleven primary sectors lower. Banks were under pressure following the release of the Federal Reserve’s latest stress-test results for the major banks after the closing bell of last Thursday’s (25 June) session. The central bank voted to require the 34 largest banks to preserve capital by suspending share repurchases and cap dividend payments in the third quarter to guard against a potential coronavirus-induced slump. Goldman Sachs Group Inc fell -8.65% and JPMorgan Chase and Co -5.48%. Airlines were also under fresh pressure. American Airlines Group (down -6.0%) announced it would sell flights to capacity starting 1 July, abandoning caps on passenger loads designed to promote social distancing during the coronavirus pandemic. However, Delta Air Lines Inc (down -3.93%) announced they will continue to limit the number of passengers on their planes beyond September. Meanwhile, United Airlines Holdings Inc (down -5.19%) announced it would resume service to China beginning 8 July. The NASDAQ fell -2.59%. Microsoft Corp (down -2.0%) said it will close all of its physical retail store locations in the US (and take a US$450M charge as a result) as part of the software and cloud giant’s new approach to retail. Facebook Inc dropped -8.3% after Unilever Plc and Verizon Communications joined an advertising boycott of the social media giant, saying that the company is not doing enough to prevent ‘hate speech’ on its platforms. In merger and acquisition (M&A) news, Amazon.com Inc (down -2.24%) announced that it was purchasing self-driving car company Zoox for more than >US$1B.

A late rally lifted the benchmark US equity indices to gains of over >1%, with the Financials sector buoyed by news that regulators are planning to loosen the restrictions imposed by the Volcker rule, allowing banks to more easily make large investments into venture capital and similar funds - Dow up +300-points or +1.18% Goldman Sachs Group Inc rallied +4.59% and JPMorgan Chase and Co +3.49%. Walt Disney Co pared losses but still settled -0.63% lower after it delayed re-opening theme parks due to COVID-19 concerns. The broader S&P500 gained +1.10% after logging its biggest final hour gain since 17 April according to Bespoke Investment Group data. Financials (up +2.71%) and Energy (+1.92%) led ten of the eleven primary sectors higher. Utilities (down -1.22%) was the only sector to settle in the red. The NASDAQ +1.09%. Macy’s Inc (down -4.13%) announced plans to reduce corporate and management headcount by 3,900 across its stores and supply chain/customer service network.

Fresh coronavirus concerns dented US equity markets - Dow down -710-points or -2.72% The broader S&P500 shed -2.59%. Energy (down -5.54%) led all eleven primary sectors lower. Airlines were under fresh pressure, with American Airlines Group down -7.1% and United Airlines Holdings -8.3%. The NASDAQ fell -2.19% a day after booking a yet another fresh record closing high and snapping an eight session winning streak. Apple Inc shed -1.8%, with the Department of Justice and state attorneys general looking at an investigation that would focus on the company’s App Store, according to a Politico report. The iPhone maker also said it would close seven stores in Houston amid the city’s COVID-19 case spike. The falls marked the worst daily point and percentage drop for all three benchmark indices since 11 June.

US equity markets rallied, the technology-centric Nasdaq booking another record closing high - Dow up +131-points or +0.50%, with Apple Inc (+2.13%) and Nike Inc (+2.42%) among the leading performers. Apple Inc recorded its sixth record closing high (US$366.53) this month, with the stock rallying +63% in the past three months. The latest gains came after the company unveiled new operating systems for its iPhones and computers at the World Wide Developers Conference on Monday (22 June). Apple also said it would use its own chips when building new Mac computers, ditching Intel Corporation’s in the process. The broader S&P500 added +0.43% . The latest rally left the S&P 500 up more than 42% from its March 23 intraday low. The broad-market index is also down just 3.1% year to date. American Airlines Inc (down -6.2%) raised nearly US$2B, partially through an offering of 74.1M shares at $13.50 per share, as the airline moves to raise cash and bolster its liquidity position during the coronavirus pandemic. The airline also priced an offering of US$1B of convertible bonds that mature in 2025 at 6.50% NASDAQ rose +0.74% (to 10,131.37), recording its second straight record closing high and eight consecutive session advance (the longest winning streak since the 11 straight session gains posted in December last year). Amazon.com Inc (up +1.86%) hit a fresh all time high (US$2,783.11). The Nasdaq Composite’s advantage over the Dow and S&P 500 is the biggest since 1983, while the divergence between the S&P 500 and the Dow is widest since 2002, according to Dow Jones Market Data.

Technology stocks led fresh gains for US equity markets, which overcame a rocky opening to the session - Dow up +154-points or +0.59% (to 26,023), climbing back above >26,000. The broader S&P500 gained +0.65%, with Information Technology (up +1.93%) leading seven of the eleven primary sectors higher. Financials (down -0.48%) and Health Care (-0.36%) underperformed. American Airlines Group Inc fell -6.8% after confirming plans to raise ~US$1.5B via the offer of shares and convertible notes to shore up liquidity. Delta Air Lines Inc (%) announced it would resume flights between Seattle and Shanghai on 25 June, making it the first U.S. airline to restart operations between the United States and China after flights were suspended in February due to the COVID-19 pandemic. The technology-centric NASDAQ rallied +1.11% (to 10,056.35), logging its seventh consecutive session gain and 20th record closing high of 2020. Microsoft Corp rose +2.8% see its market capitalisation settle above >US$1.5 trillion for the first time. Netflix Inc gained +3.2% to see its market capitalisation climb above >US$200B for the first time. Apple Inc (up +2.62%) confirmed at the World Wide Developers Conference (WWDC) that it would transition away from Intel Corporation (+0.79%) chips over the next two years and is now designing its own chips for iOS devices and its Mac desktop and laptops. The small capitalisation Russell 2000 index rose +0.9%.

US equity markets settled lower on Friday (19 June) after another choppy trading session, erasing morning gains as fresh coronavirus concerns overshadowed reports that China plans to accelerate purchases of American farm goods to comply with the phase one trade deal - Dow down 209-points or -0.80% having rallied as much as +371-points earlier in the session. The broader S&P500 lost -0.56% having been down as much as -1.2% at it worst levels of Friday’s (19 June) session. Utilities (down -3.10%) led ten of the eleven primary sectors lower, with Health Care (up +0.87%) the only primary sector to advance. Norwegian Cruise Line Holdings Ltd (down -5.64%), Carnival Corp (-5.26%) and Royal Caribbean Cruises (-6.87%) tumbled after the Cruise Lines International Association announced a voluntary suspension of operations from U.S. ports until 15 September due to the COVID-19 outbreak. The current no-sail order had been set to expire on 24 July. Bloomberg reported on Sunday (21 June) that American Airlines Group Inc (down -2.97%) is planning to raise ~US$1.5B by via the offer of shares and convertible notes to shore up liquidity. The NASDAQ eked out a +0.03% rise to make it six consecutive positive sessions, having traded above its 10 June record closing high (10,020.35) earlier in the session (touching an intra-session peak of 10,053.91, up +1.15%). Apple Inc (down -0.6%) announced plans to once again close a total of 11 stores in Florida, Arizona, South Caroline and North Carolina. In merger and acquisition (M&A) news, Insurance Acquisition Corp rose in the extended session on Friday (19 June) following a Bloomberg report that the company was in talks to acquire online used car retailer Shift Technologies Inc in a transaction that could value Shift at more than >US$500M. All three benchmark indices posted modest weekly gains, with the Dow up +1.04%, S&P500 +1.86% and Nasdaq +3.73%.

A mixed close for US equity markets as investors continued to weigh a resurgence in coronavirus infections and digested the latest weekly jobless claims figures - Dow down -40-points or -0.15%, with American Express Co (down -1.73%) and Goldman Sachs Group Inc (-1.14%) notable drags on the index. The broader S&P500 eked out a +0.06% gain, with Energy (up +1.20%) leading just four of the eleven primary sectors higher. Real Estate was the worst performing sector, down -1.34%. McDonald’s Corp (down -0.68%) said that it plans to hire 260,000 workers in the US this northern summer as states re-open amid the coronavirus pandemic. The technology-centric NASDAQ advanced for a fifth consecutive session, adding +0.33%. In broader corporate news, Francesca's Holdings Corp fell -2.99% after the retailer said there are doubts about its ability to continue as a going concern. Meanwhile, grocery retailer Albertsons Companies Inc said it expects its initial public offering (IPO) to raise ~US$1.51B, with 75.7M shares being sold by certain stockholders at a price range of US$18 to US$20.