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Another volatile session left US equity markets nursing losses albeit the benchmark indices booked weekly gains after paring losses late in the trading day  - Dow fell -257-points or -0.98%, paring an earlier decline of as much as ~895-points and with much of the rebound coming in the final ten minutes of trading. JP Morgan Chase & Co (down -5.17%) and Microsoft Corp (-2.83%). Boeing Co fell -1.27% in extended trading, with Reuters reporting that they had seen a US House Committee report that finds the company’s 737 MAX jet design “marred by technical design failures” and declares a Federal Aviation Authority (FAA) certification review of the aircraft “grossly insufficient”.  The broader S&P500 lost -1.71% to log its tenth decline in the past twelve sessions. Energy (down -5.61%) led all eleven primary sectors lower.   Airline stocks recovered some ground after President Trump’s chief economic advisor Larry Kudlow said the White House is considering “targeted measures” to offset the negative impact on the industry from the coronavirus outbreak. United Airlines Holdings Inc rose +0.99% and Delta Air Lines Inc +1.96%.  Starbucks Corp fell -1.12% after the coffee chain said it expected sales in China for the quarter ending March to fall by -50% in stores open for at least a year.  The NASDAQ lost -1.87%. Apple Inc (down -1.33%) supplier ON Semiconductor Corp (-3.08%) issued a revenue warning for the first quarter, citing the change in business conditions being created by the coronavirus. Skechers USA Inc eased -0.9%, after the sporting shoe retailer said the fallout from the coronavirus has gotten worse since it last updated investors when it reported earnings last month. For the week, Dow gained +1.79%, S&P 500 +0.61% and Nasdaq +0.10%

Another volatile session saw the benchmark US indices erase much of the gains of the previous session, with ongoing anxiety around the spread of the coronavirus sending US Treasury yields to fresh all-time lows (and putting more pressure on bank share prices) - Dow fell -970-points or -3.58%. The Dow has had two 4% or more gains in the last three days. The last time the index had two 4% gains or more in a three trading day span was in November 2008. The broader S&P500 -3.39%, with Industrials (down -4.96%) and Financials (-4.88%) leading all eleven primary sectors into the red. Airline stocks took a beating and led declines in the Dow Jones Transportation Average (which entered official bear market territory). United Airlines Holdings Inc slumped -13.4%, while American Airlines Group Inc tumbled 13.2% to log its worst session since 2016. Trade body IATA forecast revenue losses for the global air transport sector in 2020 of between US$63B-US$113B, up from a previous estimate of US$29.3B. Car rental companies. The technology-centric NASDAQ fell -3.07%.

US equity markets soared a day after the Federal Reserve cut key lending rates by -50-basis points, with some solid quarterly results and upbeat economic data also driving the rally - Dow surged +1,173-points or +4.53%, reclaiming the 27,000 point level. UnitedHealth Group (up +10.72%) was the best performing Dow constituent. The broader S&P500 +4.22%, with Health Care (up +5.81%) and Utilities (+5.69%) leading all eleven primary sectors higher. Energy was the laggard albeit still posting a 2.22% advance. General Electric Company recovered from an earlier fall to close +0.64% higher after providing a 2020 outlook presentation to investors said it estimates that the coronavirus outbreak will negatively impact first-quarter industrial free cash flow (FCF) by US$300M to US$500M and operating income by US $200M to US $300M – setting the company up to undershoot current analysts’ consensus forecasts. GE had 18K employees in China, or ~9% of the total workforce of 200K, with 2K workers in the Hubei province, where the novel coronavirus was first detected in December. GE’s Chief Executive , Larry Culp, said most of the employees went back to work in February, but the sites there are operating at reduced capacity. The NASDAQ gained +3.79% to move back in the black for the year (up +0.46%). All three major indices climbed out of official correction territory, meaning they are now less than 10% down from their 52-week highs.

US equity markets settled sharply lower after a volatile and eventful session that saw the Federal Reserve announce a inter-meeting interest rate cut half an hour into the session - Dow fell -786-points or -2.94% after falling as much as -997-points earlier in the session. Major banks fell as US treasury yields hit a record low, with the 10-year Treasury yield falling below

US equity markets rebounded strongly, surging into the close amid hopes of global central bank stimulus measures  - Dow up +1,294-points or +5.09% higher, marking the indices largest daily points gain ever and biggest percentage advance since March 2009. Apple Inc (up +9.3%) was the leading Dow constituent. Walmart Inc and Merck & Co gained +7.6% and +6.3% respectively.  The broader S&P500 rose +4.61% to record its best single session performance since 26 December, 2018. All eleven primary sectors advanced, with Utilities (up +5.86^), Information Technology (+5.70%), Consumer Staples (+5.48%) and Real Estate (+5.05%) gaining over >5%. The NASDAQ jumped +4.48%. In merger and acquisition (M&A) headlines, Xerox Holdings Corp launched a cash-and-scrip offer to acquire HP Inc (for US$24 per share in cash and 0.149 Xerox shares for each HP share). HP said its board is reviewing the unsolicited bid.

US equity markets caught a major bounce in the final minutes of the worst week since the global financial crisis that saw the key indices settle in official correction territory - defined as a decline of at least 10%, but not more than 20%, from a recent peak - last Thursday (27 February) - Dow fell -357-points or -1.39% after being down over >1,000 points earlier in Friday’s (28 February) session. Boeing Co (down -%) and JPMorgan Chase (-%) were the biggest decliners in the Dow The Dow now sits 14.1% below its intraday record high set on 12 February. The broader S&P500 -0.82%, NASDAQ inched +0.01% higher to avert a seven session losing streak. Chip stocks and software stocks broke ranks with the rest of the technology sector with a solid rebound. Microsoft Corp rose +2.4%. Chipmaker Nvidia Corp gained +6.9% (paring its weekly decline to -8.2% and settle up more than >14$ for the month) to lead the PHLX Semiconductor Index +2.2% higher. Elsewhere, Harley-Davidson Inc rose ~5% in late trading after the company announced that Matthew Levatich had relinquished his titles of president and Chief Executive Officer (CEO) as well as his seat on the board by mutual agreement. Board member Jochen Zeitz was named acting president and CEO of the motorcycle company. Harley-Davidson’ s revenue has declined year-over-year in the past five quarters in a row, and eleven of the past fourteen, as the company has struggled to appeal to younger customers. For the week, the Dow fell -3,583-points or -12.36%. The S&P500 dropped -11.49%, joining October 1987, April 2000, September 2001 and October 2008 as the only other occasions since Word War II that the broader index has fallen over >10% in a week. Nasdaq -10.54%. For the month of February, Dow -10.07%, S&P500 -8.41% Nasdaq -6.38%

US equity markets tumbled into correction territory as coronavirus fears continued to escalate  - Dow racked up its second four digit points decline this week, dropping -1,192-points or -4.42% (to 25,766.64) and losing its grip on the 26,000 level as the selling accelerated into the close. Apple Inc (down -6.54%), Intel Corp (-6.4%) and Exxon Mobil Corp (-6.02%) were among the worst-performing Dow constituents, dropping at least 6% each. The broader S&P500 -4.42% (to 2,978.76), closing below 3,000 for the first time since October last year and settling well below its 200-day moving average (3,046.91). Trading volumes for the S&P500 were ~US$87B, the fourth highest daily turnover on record and the four times the daily average (and the third day on the spin that turnover exceeded >US$60B). The NASDAQ fell -4.63% to settle -12.7% below its record closing high of 9,817.18 set on 19 February.  AMD and Nvidia fell 7.3% and 5.6% respectively. Bed Bath & Beyond Inc rose ~2.6% in the extended session (after falling -3% in the regular session) after the housewares retailer said it would restructure and lay off 500 workers.

US equity markets settled with modest losses as an attempted rebound faded - Dow lost -127-points or -0.46% after rebounding as much as +462-points or +1.7% earlier in the session. The latest decline brought the Dow’s points decline to more than >2,000 points. The Walt Disney Company (down -3.77%) was the worst performing Dow constituent overnight a day after announcing that Chief Executive Bob Iger is stepping down. The broader S&P500 fell -0.38%, unwinding an earlier advance of over >1%. Energy down (-2.97%) was comfortably the worst performing primary sector, with Information Technology (up +0.40%) the only sector to advance. The NASDAQ edged +0.15% higher, paring an earlier rally of as much as +2%. Microsoft Corp fell over >2% in extended trading after lowering their fiscal third quarter guidance previously provided for the segment that includes Windows.

Coronavirus concerns continued to rattle Wall Street  - Dow down -879-points or -3.10% after gaining ~180-points shortly after the opening bell. Major banks were under pressure amid another sharp drop in Treasury yields. The Dow notched its worst two-session stretch since 5 February, 2018 and posted back-to-back losses of at least 800 points for the first time ever. The broader S&P500 -3.08%, posting back-to-back declines of at least 3% for the first time since November 2008.  Mastercard Incorporated Inc fell -6.71% after the company said Chief Executive Officer Ajay Banga will step down at the start of the next year and be replaced by products head Michael Miebach. Listed rival Visa Inc dropped -5.2%. The technology-centric NASDAQ dropped -3.0%, retreating below

Coronavirus fears roiled global equity markets, with the benchmark US equity indices skidding sharply lower - Dow shed -1031-points or -3.56% (27,960.80), with the index recording its second-biggest daily point drop in its 124-year history. The Dow closed well below its 50-day moving average (28,805.54) and slightly above its 200-day moving average (27,224.03). The broader S&P500 -3.35%, breaching its 50-day moving average (3,275.90) for the first time since October. The technology centric NASDAQ -3.69%. The selloff marks the first time all three major benchmarks each fell by at least 3% on the same day since 4 December, 2018. Last night’s falls also wiped out this year’s gains for the Dow (now -2%) and the S&P 500 (now -0.15%). The Nasdaq still sits +2.8% higher for the year. Bespoke Investment Group make the case that, over the past 11 years, declines of more than 2% for the S&P 500 have tended to see healthy rebounds, particularly when that daily slide happens on a Monday - “Since March 2009, there have been 18 prior 2%+ drops on Mondays, and SPY has seen an average gain of 1.02% on the next day (Turnaround Tuesday).”