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US equity markets suffered another round of steep falls to conclude another extremely volatile week on Wall Street - Dow down -913-points or -4.55% AT 19,173.98, paring an earlier rally of ~444-points or ~2.2%. The 30-stock index closed at its lowest level since 10 October, 2016. 3M Co and Walt Disney C (-%) were among the biggest drags on the Dow. Boeing Co added +0.4% in extended trading (after ending the regular session down 2.8%) after announced that it will halt its dividend and extend its share buyback halt until further notice as the company draws on all of its resources to sustain operations. Boeing added that Chief Executive Dave Calhoun and Chairman Larry Kellner will forgo all pay until the end of the year. McDonald’s Corp (down -0.68%) Chief Executive Officer Chris Kempczinski told CNBC that the company has suspended share buybacks but has not changed its dividend policy (having declared a quarterly US$1.25 per share dividend in January, that was payed to shareholders on 16 March). McDonald’s has raised its dividend for 43 consecutive years since paying its first one in 1976. The broader S&P500 shed -4.34% to 2,304.92, its lowest close since 8 February, 2017. Macy’s Inc announced that it would suspend its quarterly dividend (albeit the US$0.3775c dividend already declared and payable on 1 April will not be affected) and withdrew its 2020 sales and profit forecasts. The department store operator also said that it would borrow US$1.5B from a revolving credit facility to deal with the impact of the coronavirus pandemic. The company has already shut stores for two weeks from 18 March but has kept its on-line operations open for business. The technology-centric NASDAQ lost -3.79% to6,879.52, having gained over >2% earlier in the session. Apple Inc fell -6.35% and briefly fell below US$1 trillion in market capitalisation in the final 10-minute of trading. Microsoft Corp (down -3.76%) is currently the only other member of the trillion dollar club.

Strong gains in large technology companies a led a relatively modest rebound on US equity markets in what was another choppy session - Dow up +188-points or +0.95% to settle back above 20,000. The index had earlier declined as much as -721 points or over >3%. The broader S&P500 gained +0.47% . Shares of rental-car companies rebounded, with Hertz Global Holdings Inc up +22.8% a day after slumping 39.6% to a record low after Moody's Investors Service downgraded Hertz's credit to B3, which is six notches deep into speculative, or "junk" territory, from B2, as the outlook was revised to negative from stable. Avis Budget Group Inc gained +24.4%. Bed Bath & Beyond Inc rose +17.32% despite announcing that it would temporarily close more than half of its stores in the U.S. and Canada to help reduce the spread of COVID-19. The company will continue to operate stores which sell essential products for health care, personal care, infant care, cleaning supplies, and food and beverages. Department store operator Kohl's Corp fell -5.01% in extended trading (after gaining +10.2% in the regular session) after announcing it is closing all of its more than 1,100 retail stores in the U.S. later today AEST because of the coronavirus pandemic and the stores will be closed at least until 1 April. The technology-centric NASDAQ rose +2.30%. Netflix and Facebook rose 5.3% and 4.2%, respectively. Amazon gained 2.8%. Dick’s Sporting Goods Inc rose +12.4% despite disclosing in a filing that foot traffic has plummeted, and noted it would close stores for the next two weeks. The stock has lost ~50% over the past 12-months.

US equity markets suffered another round of sharp selling albeit the benchmark indices rallied off their lows in the final minutes of trading after the Senate passed a bill Wednesday to expand paid leave and unemployment benefits in response to the coronavirus pandemic  - Dow dropped -1,335-points or -6.29% to 19,898.92 trading down as much –2,320points or ~11% to 18,917.46 and below the levels the index was trading at a day before Donald Trump was inaugurated as President (i.e.19,732.40 on 19 January, 2017). It also marked the first close below 60% since that date.

US markets rebounded from their worst session in three decades, with investor sentiment buoyed by White House plans that could inject US$1 trillion into the U.S. economy to cushion the blow of the coronavirus   - Dow up +1,049-points or +5.20% , erasing more than a third of Monday’s (16 March) plunge after briefly dropping below

US equity markets slumped, shrugging off the Federal Reserve’s announcement of a huge monetary stimulus campaign - Dow tumbled 2,999-points or -12.93% - the worst session since ‘Black Monday in 1987 (when the index fell over >22%) and leaving the index 31.7% below its all time high. The broader S&P500 -11.98% to 2,386.13 and hitting its lowest level since December 2018. A circuit breaker was once again triggered shortly after the market open when the index fell -8%. NASDAQ -12.42%, logging its worst single day percentage decline ever. The major averages fell to their lows into the close after President Trump said the worst of the outbreak could last until July or August. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, clarified President Trump’s remarks in saying that “The guidelines are a 15 day trial guideline to be reconsidering. It isn’t that these guidelines are going to be in effect until July. What the president was saying is that the trajectory of the outbreak may go until then.” President Trump was also asked by a reporter if the US was heading into recession and responded: "It may be. I think there is tremendous pent up demand in terms of the stock market and economy. Once we are done with it, you are going to see a tremendous surge".

US equity markets staged a powerful rally a day after both the Dow and S&P500 suffered their largest single session declines since the October 1987 crash. All three benchmarks booked their best one-day gains since 2008. Dow up +1,985-points or +9.36%, climbing back above >23,000 after logging its biggest points gain ever. . Microsoft Corp fell -3% in extended trade (after closing the regular session up +14%) after co-founder Bill Gates announced late in the session that he was stepping down from the boards of the software giant and Berkshire Hathaway. Microsoft said in a statement that Mr Gates will dedicate more time to philanthropy, and continue to serve as technology adviser to Chief Executive Satya Nadella. The broader S&P500 +9.29%, with the index posting 16 discernible intra-session swings of at least 1% over the six-and-half-hours of trading. NASDAQ +9.35%. Apple Inc and Facebook Inc both jumped more than >10% to lead the FAANG stocks higher. Google-parent Alphabet Inc gained +9.3%, with President Trump announced that the search giant would develop a website to help individuals determine whether they need a coronavirus test or not.

A global equity market rout overnight, with “circuit breakers” triggered on US markets shortly after the open after an initial -7% drop for the second time this week  - Dow plummeted -2,352-points or -9.99%, notching its fifth worst decline in history and worst single session decline since ‘Black Monday’ in 1987 (when the index collapsed by over >22%). Walt Disney Co fell 2.68% in late trading (after closing down 12.98% in the regular session) after announcing their closure of Disneyland through the end of the month.  The broader S&P500 -9.51%, with Energy (down -12.30%) leading all eleven primary sectors sharply lower. The technology-centric  NASDAQ shed -9.51%. The bear claimed both the S&P 500 and Nasdaq indices. It has taken just 16 trading days for the S&P500 to decline over >20% from its all time high.  The small-capitalisation  Russell 2000 index cratered by -11%. Morgans Chief Economist Michael Knox described the latest falls as “revenge of the machines”, referring to large algorithmic programmes run by large investment companies that preference momentum and drives a complete divorce from market fundamentals.

US equity markets suffered another round of sharp falls, with losses intensifying after the World Health Organisation declared the coronavirus outbreak an official global pandemic - Dow slumped -1,465-points or -5.85% to 23,553.53, closing more than 20% below last month’s all-time closing high and ending the longest bull market in history. Boeing Co dropped -18.2% after announcing a number of MAX order cancellations when providing its monthly update to the market. The broader S&P500 dropped -4.89%, with all eleven primary sectors in the red and with Industrials (-5.94%), Financials (-5.52%), Energy (-5.46%), Real Estate (-5.44%), Consumer Discretionary (-5.36%) and Utilities (5.10%) all logging falls of greater than >5%. All but 8 S&P 500 stocks closed lower. The NASDAQ -4.71%. Both the S&P 500 and Nasdaq narrowly avoided entering official bear market territory, with the S&P 500 closing -19.2% below its record intra-day high of 3,393.52 set on 19 February at 2,741.38. Goldman Sachs’ Chief Equity Strategist, David Kostin, set set a midyear target of 2,450 for the S&P 500. However, Mr Kostin expects a new bull market will begin during the second half of 2020 and has a year-end target for the benchmark index of 3,200. That would make for a 1% decline for 2020 (excluding dividends) and a 6% decline from the S&P 500’s intraday record high hit on 19 February.

Another volatile session saw the US equity markets settle sharply higher as investors attention re-focussed on potential further stimulus measures  - Dow up +1,167-points or +4.89% (to 25,105.14). climbing back above >25,000. JPMorgan Chase and Home Depot led the Dow higher, rising more than 7% each. The broader S&P500 +4.94%, notching its best day since 26 December, 2018. Tech and financials were the best-performing sectors in the S&P 500, rising at least 6% each. Energy gained more than 4%.  Airlines, including American Airlines Group Inc ,  Delta Air Lines Inc and Southwest Airlines Co  announced capacity reductions and other measures in response to the coronavirus outbreak. Global Payments Inc gained in the after session after Chief Executive Officer (CEO) Jeff Sloan reaffirmed earlier forecasts, saying the company has seen “no discernible impact” on operations so far. Hilton Worldwide Holdings Inc fell -3.7% in extended trading after the hotel chain pulled its guidance for the first quarter and the year because of the COVID-19 coronavirus's impact on the global economy. NASDAQ also rose +4.94%. Facebook (up +5.1%), Amazon.com Inc (+5.07%),  Apple (+7.2%), Netflix (+5.09%) and Google-parent Alphabet (+5.33%) all rose more than >4.8%.

Another sharp sell-off on US equity markets saw 'level 1 market-wide circuit breakers' triggered after the S&P500 opened the session down -7% (and resulting in a 15-minute trading halt), with further sharp falls in oil prices sowing further concerns - Dow tumbled -2014-points or -7.79% to record its worst single session performance since 15 October 2008 (when the index fell -8.7%). Boeing Co fell -13.4% to its lowest levels since 2017 after the US Federal Aviation Authority (FAA) said it did not agree with the planemaker’s decree that its 737 MAX wiring bundles met safety standards. Separately, Ethiopian investigators singled out faulty 737 Max systems in a new interim report on last year’s fatal crash. Boeing Co, Apple Inc (down -7.91%), Goldman Sachs Inc (-10.39%) and Caterpillar Inc (-14.28%) cut the index by at least 100 points each. The broader S&P500 -7.6% to 2,746.56, logging its worst single trading day since 1 December, 2008. J.P. Morgan Chase and Co (down -13.55%) and Bank of America Corporation (down -14.7%) were under particular pressure among the banks as they are among the biggest lenders to the energy sector. For those of a technical bent, the closing level represents the 61.8% Fibonacci retracement level. The 61.8% retracement of the S&P 500's rally off the 24 December, 2018 closing low of 2,351.10 to the 19 February, 2020 record close of 3,386.15 comes in at 2,746.49. Many chart watchers believe a convincing close below that level would suggest a full retracement of the previous rally becomes the next downside target. The NASDAQ -7.29%.