US equity markets advanced to kick off the second half of 2024, with the Nasdaq climbing to a fresh record high - Dow edged +51-points or +0.13% higher, with Merck & Co Inc (up +3.31%) the leading performer in the 30-stock index. Boeing Co rose +2.58% after announcing a long-awaited deal to reacquire parts supplier Spirit AeroSystems Holdings Inc (+3.35%). UnitedHealth Group Inc (down 2.87%) and Home Depot Inc (-2.34%) were the worst performing Dow components overnight.

US equity markets relinquished early gains that saw both the S&P 500 and Nasdaq touch fresh record intra-day highs to close out the month, quarter and half with a whimper on Friday (28 June) - Dow slipped -45-points or -0.12%. Nike Inc tumbled -19.98% recording its largest single session percentage decline on record after reporting a disappointing fourth quarter result and cutting full year guidance after the close of the previous session that prompted multiple broker downgrades. Boeing Co (down -.27%) will be charged with fraud by the US Justice Department, according to a Bloomberg report that was published over the weekend. The decision comes after the Justice Department said Boeing violated the terms of a 2021 deferred prosecution agreement in May.

US equity markets ended relatively unchanged as investors await fresh inflation data and what comes of the presidential debate scheduled for today- Dow rose +36 points or +0.09% to 39,164. Walgreens Boots Alliance slumped -22.16% after cutting its 2024 profit forecast and announcing plans to close more underperforming US stores. Nike shares were down -6% in extended trading, reporting its slowest annual sales growth in 14 years, excluding the Covid-19 pandemic, citing a slowdown in lifestyle stales, among other factors such as losing market share to start-ups On Running and Hoka.

US equity markets closed with modest gains after a choppy trading session, with investors holding their cards close to their chest ahead of a presidential debate and an inflation report closely watched by Federal Reserve policy makers - Dow rose +16.10 points or +0.04%, to 39,128.26.

 
The broader S&P500 +0.16% to 5,477.91. Shares of major US banks including Morgan Stanley, Citigroup and Bank of America have been boosted by the results of the Fed’s annual banking sector stress test with each of the 31 banks absorbing losses while maintaining capital requirements in an environment assuming 10% unemployment, commercial real estate values plunging 40% and housing prices falling -36%.

The S&P 500 and Nasdaq snapped three session losing streaks as Nvidia Corp (+6.76%) arrested a 3-day slide saw the chip giant enter official correction territory less than a week after hitting a record all time high - Dow dropped -299-points or -0.76%, snapping a five session winning streak and booking its worst single session decline since 30 May. Home Depot Inc fell -3.58% amid a broader sell-off of stocks exposed to the U.S. housing market. Boeing Co lost -2.23% following a Bloomberg report it had altered its offer to reacquire supplier Spirit AeroSystems (-3.96% to US$31.76) from an all-cash to all-stock offer that valued the target at US$35 per share.

US equity markets logged modest declines on Friday (21 June) as semiconductor stocks retreated for a second straight session - Dow inched +16-points or +0.04% higher, with Intel Corp (up +1.53%) and Nike Inc (+1.68%) rising over >1.5%. Boeing Co edged +0.15% higher amid reports it was nearing a deal to acquire supplier Spirit AeroSystems (+6%). Apple Inc dropped -1.04%, falling in the final minutes of the session - possibly a byproduct of Friday night AEST’s triple witching (the simultaneous expiration of stock options, stock index futures, and stock index options contracts) or a sizeable rebalancing of the US$70B Technology Select Sector SPDR Fund.

Goldman Sachs Group Inc (down -1.72%) and JPMorgan Chase & Co (-1.19%) were both under pressure after the U.S. Federal Deposit Insurance Corp (FDIC) and the Federal Reserve Board on Friday (21 June) said they have found “shortcomings” in the so-called living wills of four of the eight largest U.S. banks. Since the 2008 financial crisis and the Dodd-Frank legislation to shore up the U.S. banking system, big banks have been required to file living wills with regulators to lay out plans for an orderly bankruptcy. Meanwhile, New York Fed's Liberty Street Economics blog cautioned last Thursday (20 June) that the big US banks face growing spillover risks from non-banks that could trigger "vectors of shock transmission and amplification, forcing authorities to intervene and do so en masse," the post said, adding that the disruptions "could be rather severe."

US equity markets retreated as last week’s artificial intelligence (AI) and semiconductor sell-off continued amid some tentative signs of a change in market leadership - Dow rose +261-points or +0.67%, with Amgen Inc (up +3.24%),  Chevron Corp (+2.60%) and Goldman Sachs Group Inc (+2.65%) all gaining over >2.5%.  Apple Inc added +0.31% despite the iPhone maker being charged by the European Union for failing to comply with a new digital-competition law. Meanwhile, The Wall Street Journal reported that Apple has held discussions with Meta Platforms Inc (+0.83%) about potentially integrating Meta’s generative AI model into Apple Intelligence, the company’s AI strategy for iPhones, iPads, and Macs.

US equity markets mixed after resuming trading following the Juneteenth holiday, with semiconductor stocks weighing on the Nasdaq - Dow gained +300-points or +0.77%. Salesforce Inc (up +4.31%) and Chevron Corp (+2.2%) were the leading performers in the 30-stock index. Amazon.com Inc +1.8% as Anthropic, the OpenAI competitor it backs, unveiled a more advanced version of its Claude chatbot.

US equity and bond markets were CLOSED overnight AEST in observance of Juneteenth National Independence Day.
 In US economic data, the National Association of Home Builders (NAHB) Housing Market Index for June. A preliminary reading of Building Permits for May, the Philadelphia Fed Manufacturing Index for June, and the latest weekly jobless claims figures are released tonight AEST.

The S&P 500 and Nasdaq booked fresh record closing highs ahead of the Juneteenth public holiday. The Dow edged +57 points or +0.15% higher. Goldman Sachs Group Inc (up +1.61%), Verizon Communications Inc (+1.57%), Home Depot Inc (+1.25%) and JPMorgan Chase & Co (+1.04%) all rising over >1%. Boeing Co lost -1.91% as outgoing CEO David Calhoun called the company culture “less than perfect” in Senate testimony related to the jet maker’s manufacturing and safety standards.