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US markets inched higher on Wednesday, extending a streak of listless trading as investors continued to digest a slew of earnings. The Dow closed 45 points higher, or +0.20%, at 26,833. The broader S&P500, gained 0.30% to close at 3,004. Wednesday’s move nudged the S&P 500 closer to a record set in July. The index is less than 1% from that level. The NASDAQ climbed 0.20% to 8,119.

US markets traded mixed on Tuesday amid a flurry of earnings reports, news on Brexit and optimism that the U.S. and China were edging toward a resolution on bilateral trade.
The Dow closed 37 points lower, or -0.15%, after rising more than 100 points earlier in the session. The broader S&P500, slid 0.36% to 2,995 though remains within striking distance of a record high hit in July. Through Tuesday morning, more than 19% of S&P 500 companies have reported quarterly numbers. Of those companies, nearly 80% have beaten analyst earnings expectations. The NASDAQ pulled back -0.72%. Drug maker, Biogen Inc. surged on news it will ask US drug regulators to approve the company’s experimental Alzheimer’s therapy reviving the nearly abandoned treatment after a new analysis of data from two failed clinical trials showed promising results. “We got clear support from the FDA,” Chief Executive Officer Michel Vounatsos said in a telephone interview. The move by Biogen -- if successful -- would be the drug industry’s most dramatic reversal of fortune in history. Travelers, meanwhile, posted its worst day since 2008, plunging nearly 8%.

US equity markets advanced amid ongoing optimism around the progress of the US-China trade talks and following a better-than-expected start to the third quarter corporate earnings season - Dow up +58-points or +0.22%, with Apple Inc gaining +1.73% and touching a fresh record all-time high (US$240.99) following an upgrade by analysts at Raymond James (who lifted their target price to US$280 from US$250 and said they see "more stable near-term conditions" for Apple, including encouraging iPhone 11 channel checks). However, Boeing Co (down -3.76%) extended its recent slide as the Wall Street Journal reported that Congress was intensifying scrutiny of the plane maker as new details pointed to undue management pressure on employees and allegations suggested that officials knew of problems with its 737 MAX jet before the plane got approval to fly. Boeing alone knocked ~89-points off the Dow. The broader S&P500 rose +0.69% (to 3,006.72) to log its first close above >3,000 since 18 September and move to within 0.7% of its all-time high of 3,027.98 struck on 26 July. Approximately 8% of S&P 500 stocks hit 52-week highs overnight, the highest daily reading since 12 September. NASDAQ +0.89%. International Business Machines (IBM) fell -1.13% after UBS downgraded the company.

US equity markets closed out the week in the red as investors contemplated weak third quarter gross domestic product (GDP) figures out of China and a solid start to the third quarter corporate earnings season - Dow fell -256-points or -0.95% Boeing Co tumbled -6.79% after a Reuters report said that internal messages suggest the company misled federal aviation authorities about the safety of the 737 Max jet. Boeing is slated to report its third quarter result before the opening bell on Wednesday night AEST (23 October). Johnson & Johnson slumped -6.22% after the consumer products and drug company said it was recalling “a single lot” of Johnson’s Baby Powder after tests revealed traces of chrysotile asbestos. The broader S&P500 lost -0.39%, with Information Technology (down -0.91%) leading seven of the eleven primary sectors lower. The NASDAQ fell -0.83%. Harley-Davidson Inc (down -0.35%) is resuming production and deliveries of its first electric motorcycle about a week after it told dealers it was halting production due to a problem related to charging. The company said that the unidentified problem it found on one motorcycle was a "one-off" situation. For the week, the Dow slipped -0.17%, while the S&P500 gained +0.54% and the Nasdaq +0.4%.

US equity markets posted modest gains, losing some steam in the final minutes of the session - Dow edged +23-points or +0.09% higher, paring an earlier +110-point rise. The broader S&P500 rose +0.28% to 2,997.95 to close within 1% of its 26 July record closing high of 3,025.86. The NASDAQ gained +0.41%. Netflix Inc rose +2.5% after posting a solid third quarter result in the previous session.
China’s commerce ministry said on Thursday (17 October) that China hoped to reach a phased agreement with Washington as early as possible, and make progress on canceling tariffs on each others’ goods.

US equity markets eased as US-China trade caution lingered - Dow dipped -23-points or -0.08% The broader S&P500 -0.20%, General Motors Co rose 1.10% after the US automaker reached a tentative four-year labour deal with the United Auto Workers union, moving the sides closer to ending the month-long strike. The technology-centric NASDAQ eased -0.30%. MGM Resorts International fell 1.6% after it announced late in the session that it would sell its Circus Circus casino resort in Las Vegas and a huge interest in its Bellagio resort.

A strong start to the third quarter corporate earnings season lifted US equity markets - Dow up +237-points or +0.89% (to 27,024.80) to log its first close above >27,000 since 19 September. The broader S&P500 rose+1.00% to close within ~1% of its record closing high of 3,025.86 set on 26 July. The latest gains saw both the Dow and S&P500 turn higher for the month. The technology-centric NASDAQ gained +1.24%.

US markets settled with modest losses in a subdued session as the Columbus Day holiday limited price action (with government offices and agencies closed along with the bond market) - Dow down -29-points or -0.11% The broader S&P500 -0.14%, Materials (down -0.75%) and Utilities (-0.67%) leading nine of eleven primary sectors lower. Real Estate (up ++0.14%) and Financials (+0.12%) were the only sectors to advance. Harley-Davidson Inc rose +0.3% after a choppy ride following a Wall Street Journal reported that the company had to halt production and delivery of its first electric motorcycle (the Livewire) after finding a problem related to charging equipment. Harley is slated to report their third quarter result before the opening bell on 22 October. The technology centric NASDAQ slipped -0.10%. Overnight marked the lowest volume full trading day for US equity markets since December 2017, according to Bespoke Invest.

US equity markets posted strong gains amid a broad-based rally following the announcement of a partial trade deal between the US and China albeit the benchmark indices closed off their session highs - Dow up +320-points or +1.21%, paring an earlier ++517-point/+2% gain. The broader S&P500 gained +1.09% after trading as much as +1.9% earlier in the session. NASDAQ +1.34%, off an intra-session high that saw the technology-centric index up as much as +2.1%. Apple Inc rose +2.66% to a fresh record closing high of US$236.21 per share. Wendy’s Co rose +3.95% after the fast-food retailer announced third-quarter same-store sales that exceeded expectations and raised its dividend. President Trump told reporters at the Oval Office that phase one of the trade deal will be written over the next three weeks. As part of this phase, China will purchase between US$40B and US$50B in US agricultural products. President Trump also said the deal includes agreements on foreign-exchange issues with China and will take three to five weeks to finalise. In exchange, the US agreed to hold off on tariff hikes that were set to take effect Tuesday (15 October). Phase two of the deal will “start almost immediately” after the first one is signed, President Trump said. Separately, Treasury Secretary Steven Mnuchin said both sides struck an “almost complete agreement” on currency and financial services issues. However, equity markets lost some steam shortly before the close after US Trade Representative Robert Lighthizer said a decision had not been made over additional US tariffs of 15% scheduled for 15 December on ~US$160B in annual Chinese imports. Elsewhere, the China Securities Regulatory Commission said on Friday (11 October) that overseas financial service companies in futures, securities and mutual funds will be able to apply for total control of onshore ventures starting in 2020. The move came as the country speeds up its financial markets opening. Both the Dow and S&P500 snapped a three-week losing streak, gaining +0.91% and +0.62% for the week respectively. The Nasdaq rose +0.93% for the week.

US benchmark equity indices gained ground after a choppy session that saw markets continue to dance to the tune of US-China trade headlines - Dow up +151-points or +0.57%, paring an earlier ~257-point rise. Trade bellwether Caterpillar Inc (up +2.7%) was the leading Dow performer, while Morgan Stanley, Goldman Sachs and J.P. Morgan Chase advanced more than >1%. The broader S&P500 +0.64%, NASDAQ +0.60%.