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US equity markets settled with modest losses, with the Dow and S&P500 logging their first fall in four sessions as investors eyed a fresh coronavirus outbreak in China - Dow down -170-points or -0.65%. Energy majors Exxon Mobil Corp (down -3.26%) and Chevron Corp (-2.65%) were a key drag on the index. The broader S&P500 eased -0.36%. Energy (down -3.28%) led eight of the eleven primary sectors lower. The NASDAQ edged +0.15% higher. Apple Inc (down -0.49%) rose as much as +0.9% to hit a fresh record intra-day high before settling in the red. U.S. Steel Corp (down -10.41%) filed to offer 57.5M shares, including underwriter options, after the closing bell and said it will use the proceeds to "strengthen its balance sheet, increase liquidity and for general corporate purposes." The announcement came after US Steel had earlier forecast a steeper-than-expected second loss, noting that a "significant portion" of its steel-making operations have been idled during the quarter as a result of the COVID-19 pandemic.

US equity markets rallied, buoyed by a combination of further global central bank support, talk of greater fiscal stimulus in the US and solid economic data - Dow up +527-points or +2.04% The broader S&P500 gained +1.90%, with Energy (up +2.82%) the best performing sector and with all eleven primary sectors advancing for a second session in-a-row. Schlumberger NV rose +1.19% after the oilfield services group announced that it has initiated "major changes" to its organizational structure, aimed at permanently removing over >$1.5B in costs on an annual basis. The NASDAQ rose +1.78%.

US equity markets settled higher after a volatile session, with the Federal Reserve announcing revisions to its corporate bond purchase programme - Dow up +158-points or +0.62%, recovering from an earlier drop of over >760-points or almost 3%. The broader S&P500 gained +0.83%, rebounding from an earlier fall of as much as +2.5%. Financials (up +1.38%), Consumer Staples (+1.06%), Real Estate (+1.01%) and Communication Services (+1.00%) led all eleven primary sectors higher with gains of 1%+. The NASDAQ advanced +1.43% after trading down as much as -1.9% earlier in the session. All of Facebook Inc (up +1.71%), Amazon.com Inc (+1.09%), Netflix Inc (+1.78%) and Apple Inc (+1.24%) rose over >1%. Zoom Video Communications (up +8.88%) hit a fresh intra-day record high (US$239.59). Moderna Inc gained +7.4% following a report that Israel is in advanced talks to buy its coronavirus vaccine. The New York Stock Exchange will allow a limited number of market makers to return to its trading floor on Wednesday (17 June) according to a spokesperson, nearly three months after closing it and moving to electronic trading for the first time in its 228-year history due to the coronavirus pandemic.

US equity markets advanced after a choppy session that saw the benchmark indices log their worst weekly performance since March - Dow settled +477-points or +1.90% higher after spanning an intra-session range of 783-points or ~3.5%. The broader S&P500 gained +1.31% after trading up ~3% at its session high and down ~0.6% at its session low. Real Estate (up +3.16%) and Financials (+3.01%) – with gains of over >3% - led nine of the eleven primary sectors higher. Utilities (down -0.22%) and Consumer Staples (-0.18%) were the laggard primary sectors. American Airlines Group Inc gained +16.41% after the carrier said it expects to halt its daily cash burn by the end of 2020 thanks to cost cutting measures and an improvement in travel demand, easing concerns about its short term liquidity. The NASDAQ gained +1.01% after briefly dipping into negative territory earlier in the session. Adobe Inc rose +4.9% to US$406.54 the software company posted its second quarter results after the close of the previous session, settling just shy of a record all time high (US$406.82) after touching an intra-day day record high (US$411.72). Dicks Sporting Goods Inc rose +8.96% after announcing it would resume paying shareholders a quarterly dividend (US$0.3125 per share on 30 June, unchanged from the previous quarter), citing strong early sales at its stores that re-opened. The sporting goods retailer said it expects to have nearly all its stores re-opened by the end of the month and has restored previously cut salaries for all its employees (except certain executives). In merger and acquisition (M&A) news, CNBC reported that AT&T Inc (up +1.1%) is in talks to sell off Warner Bros. Interactive Entertainment in a deal that could value the gaming business at as much as US$4B. Take-Two Interactive (down -0.7%), Electronic Arts Inc (-0.4%)and Activision Blizzard (+0.6%) have all been identified as possible suitors.

US equity markets tumbled as investors digested the latest economic projections from the Federal Reserve and the potential for a second wave of coronavirus cases, with the benchmark indices posting their sharpest daily falls since 16 March - Dow plummeted -1,862-points or -6.9%. It was the fourth worst daily points drop for the Dow in history, with the other top three all occurring in March. Boeing Co fell -16.42% after telling its biggest supplier, Spirit AeroSystems Holdings Inc (-15.61%), to freeze a recently restarted production of parts for four 737 MAX and 16 other planes to prevent creating a glut of new jets for airlines adjusting to the slump in demand amid the coronavirus pandemic. The broader S&P500 tumbled -5.89% to book its third consecutive fall of over >1% and first three day losing streak since early March. The index also retreated below its 200-day moving average. It was a broad sell-off, with 504 of the index’s 505 constituents closing in the red. Grocery chain Kroger Co (up +0.40%) was the only index member to eke out a gain. Energy (down -9.45%) and Financials (-8.18%) led all eleven primary sectors lower (with all sectors logging falls of over >3.8%). Trading volumes on the S&P 500 were ~28% above the 30-day moving average. Exxon Mobil Corp fell -8.83%, while JPMorgan Chase & Co dropped -8.34%, Wells Fargo -9.83% and Bank of America -10.04%. Airlines (Delta Air Lines down -14.03%, United Airlines -16.11% and American Airlines Group -15.51%) and cruise lines (Carnival Corp down -15.3% and Royal Caribbean Cruises -14.28%) were also under heavy pressure. The technology-centric NASDAQ lost -5.28% a day after posting a record closing high above >10,000. The small capitalisation Russell 2000 index slumped -7.3%. In merger and acquisition (M&A) developments, Grubhub gained +4.64% after the food delivery platform agreed to be acquired by European delivery giant Just Eat Takeaway.com (down -3.07%) in a US$7.3B all-stock deal.

US equity markets mixed as investors digested the latest pronouncements from the Federal Reserve, although technology stocks continued to outperform - Dow down -282-points or +1.04%, with Boeing Co (down -6.15%), Chevron Corp (-3.89%), American Express Co (-3.89%) and JPMorgan Chase & Co (-4.05%) among the key drags on the index. The broader S&P500 lost -0.53% . MGM Resorts International fell -7.03% despite saying that it is reopening more resorts in Las Vegas over the next few weeks. Best Buy Co Inc rose +0.78% after saying late Tuesday (9 June) that starting Monday (15 June) it will allow a “limited” number of people inside most of its stores, without the need for an appointment. Delta Air Lines Inc fell -1.83% in extended trading (following a -7.4% decline in the regular session) after saying that it is taking measures to remain liquid for the year as the COVID-19 pandemic hits the airline's revenue. In a filing with the Securities and Exchange Commission, the airline said it expects second-quarter revenue to be down 90% from a year ago with capacity down 85%. Delta said it expects to reduce its daily cash outflow to US$40M by the end of June, down from the US$100M a day it was losing back on 31 March, and hopes to reduce that to zero by the end of December. The airline said it hopes to have US$10B in cash by the end of December, having raised more than >US$10B in funds since March through new debt and the Payroll Support Program under the Coronavirus Aid, Relief and Economic Security Act. The NASDAQ logged its eight gain in the past nine session, up +0.65% (to 10,020.35), logging its first ever settlement above >10,000. Apple Inc and Microsoft Corporation became the first companies to have market capitalisations in excess of >US1.5 trillion. Amazon.com Inc (up +1.8%)also hit a record high (US$2,722.35), while Google parent Alphabet Inc (+0.67%) topped the >US1 trillion market capitalisation level for the first time since February. Hertz Global Holdings Inc dropped -39.71% and handed back more than half of its post bankruptcy surge after the car-rental company disclosed that it received a delisting notice from the New York Stock Exchange.

US equity markets took a breather after a strong recent rebound, although technology stocks continued to power ahead - Dow fell 300-points or -1.09%, snapping a six session winning streak (the longest since the eight-session stretch ended 13 September, 2019). Boeing Co fell -6% after the company reported 737 MAX jet cancellations exceeded orders in May, though the company found a bright spot with fresh deals for cargo planes. Microsoft Corporation rose +0.8% to log its first record high (US$189.80) since 10 February. The broader S&P500 lost -0.78%, with Energy (down -3.59%) leading nine of the eleven primary sectors lower. Information Technology (up +0.48%) and Communications Services (+0.18%) were the only primary sectors to advance. Some of the recent outperformers in the Travel and Leisure sector saw some profit taking, with United Airlines Holdings Inc down -8.32% and Delta Air Lines -7.57%. Cruise lines Carnival Corp and Royal Carribbean Cruises Ltd fell -7.51% and -6.94% respectively. The technology-centric NASDAQ added +0.29% to settle at a fresh record closing high (9,953.75) after briefly climbing above >10,000 and touching a record intra-day high (10,002.50). The Nasdaq-100 index, representing the largest companies within the Nasdaq Composite by market value, gained +0.7%. Apple Inc rallied +3.16% and touched an intra-day all-time high (US$345.61), buoyed a research report from Evercore ISI that observed that the company’s ability to design processors in house is “underappreciated”. The research note comes after Bloomberg reported that Apple could announce a plan to put its own chips in Macs as soon as next week’s WWDC developer event. Amazon.com Inc (up +3.04%) also touched an intra-day record high (US$2,626.43) and saw its market capitalisation climb above >US$1.3 trillion. Google-parent Alphabet Inc (Class A) rose +0.28% and sits ~US$6B shy of re-joining the US trillion dollar market capitalisation club. Online used car seller Vroom Inc made a strong debut as a listed company, soaring +118%. Separately, commercial credit data and analytics company Dun & Bradstreet Holdings Inc said it hopes to raise up to $1 billion in an initial public offering, according to a Securities and Exchange Commission filing released earlier this morning AEST.

US equity markets continued to rally amid ongoing optimism around the potential economic recovery as coronavirus lockdown measures continued to ease - Dow rose +461-points or +1.70% , logging its sixth consecutive advance and trimming its 2020 losses to -3.3%. Boeing Co was once again at the forefront of the Dow’s latest gains with a +12.2% jump (to be ~65% higher over the past month). The broader S&P500 gained +1.20% (to 3,232.39) climbing back into positive territory for the calendar year (up +0.05%) in the closing minutes of the session. Since 23 March, the S&P 500 has rallied more than >47% while the Dow has gained over >50%. Energy (up +4.32%), Utilities (+2.64%) and Real Estate (+2.15) all advanced over >2% to lead all eleven primary sectors higher. Companies tied to the reopening of the economy, including airlines, retailers and cruise lines, led the gains once again. United Airlines rallied +14.8%, American Airlines +9.2 and cruise operator Carnival Corp +15.8%. Shares of The technology-centric NASDAQ gained +1.13% to settle at a record closing high (9,924.74) and extend its year-to-date gain to +10.6%. Tesla Inc (up +7.26% at US$949.92) logged a record closing high. The small capitalisation Russell 2000 index gained +2%. Hertz Global Holdings Inc surged +115.2% higher (to US$5.53 versus a recent record low of US$0.56c) on record trading volume of more than >517.5M shares, erasing all the losses suffered since the car rental company declared bankruptcy (after the closing on Friday, 22 May), amid increasing signs that travel demand continues to improve.

US markets settled with modest losses ahead of tonight’s AEST jobs report for May - Dow eked out a fourth straight daily gain, settling +12-points or +0.05% higher. Boeing Co (up +6.43%) did much of the heavy lifting. The broader S&P500 lost -0.34% . American Airlines Group (AAL) soared +41.1% to its highest close since 10 March amid record volume (394.4M shares versus average daily volume of ~72M) after the airline indicated it was boosting capacity. AAL said that it expects to fly in June ~55% of the domestic capacity that was flown during July 2019, as load factors improved 55% at the end of May from 15% for the month of April. The International Air Transport Association (IATA) on Wednesday (3 June) said daily flights increased by 30% between 21 April 21 and 27 May. The IATA said the improvement in the data suggests “the industry has seen the bottom of the crisis, provided there is no recurrence.” NASDAQ dropped -0.69% to leave the technology index ~2.1% below in all-time closing high struck on 19 February. The Nasdaq 100 overnight became the first U.S. equity index to reclaim its intra-day record high (scaling an intra-session peak of 9,741.97, usurping its previous record intraday high struck on 19 February), before settling -0.77% lower. The NYSE FANG+TM Index, which includes Facebook Inc (down -1.68%), Apple Inc (-0.86%), Amazon.com Inc (-0.72%), Netflix Inc (-1.81%) and Alphabet Inc (-1.68%), also hit a record high during the morning session.

A fresh, broad rally for US equity markets - Dow up +527-points or +2.05% to 26,269.89. Boeing Co (up +12.95%) jumped following reports that billionaire investor Daniel Loeb’s Third Point had taken a stake in the aerospace group. American Express Co (+6.39%) was also a key contributor to the Dow’s latest rise. The broader S&P500 gained +1.36% to 3,112.87, posting its first four day winning streak since early February. Industrials (up +3.91%), Financials (+3.83%) and Energy (3.05%) led ten of the eleven primary sectors higher. Health Care (down -0.20%) was the only laggard. Data compiled by LPL Financial showed the S&P 500 posted its largest 50-day rally in history. The data also showed stocks were higher 100% of the time six and 12 months after the previous largest rallies on record. Both the Dow and S&P500 logged their highest close since 4 March. The NASDAQ rose +0.78% to 9,682.91 and settled ~1.4% below its 19 February record closing high (9,817.18). The Nasdaq-100 briefly traded above its February peak late in the session. The small capitalisation Russell 2000 index gained +2.4%. AMC Entertainment Holdings Inc fell -2.5% after the US’ largest cinema chain warned of a first-quarter loss of between US$2.1B and US$2.4B in its preliminary quarterly release as its theatres stay closed due to the coronavirus. The company did observe that they “believe, but cannot guarantee, that the exhibition industry will ultimately rebound and benefit from pent-up social demand for out-of-home entertainment, as government restrictions are lifted and home sheltering subsides”.