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US equity markets retreated, once again selling off late in the session as longer dated Treasury yields continued to climb - Dow fell -291-points or -0.84% to 34,474.83, closing below its 50-day moving average for the first time since 1 July. The broader S&P500 dropped -0.77%, with Consumer Discretionary (down -1.27%) and Consumer Staples (-1.01%) leading ten of the eleven primary sectors lower overnight. Energy (up +1.11%) was the only primary sector to advance. The Nasdaq shed -1.17%, with Alphabet Inc (up +0.95%) the only member of the so-called ‘Magnificent Seven’ of technology megacaps to advance. Meta Platforms Inc (down -3.13% at US$285.09) joined Apple Inc (-1.46%), Microsoft Corp (-1.10%) and Nvidia Corp (-0.33%) in official correction territory, down at least 10% from its most recent peak (US$325.48 set on 28 July). Tesla Inc (down -2.83%) is in official bear market territory, down more than >20% from its most recent peak. Only Alphabet and Amazon.com Inc (down -0.81%) remain in bull market territory. Meta Platforms still remains the second best performer in the S&P500 year-to-date, up +136.9%. The small capitalisation Russell 2000 lost -1.15%.

US equity markets retreated to five week lows and longer term Treasury yields hit their highest levels since October last year as strong retail sales figures stirred concerns that US interest rates could remain higher for longer - Dow fell -361-points or -1.02%, snapping a three session winning streak. The broader S&P500 fell -1.16% to 4,437.86, sliding below its 50-day moving average for the first time since 28 March (snapping a 96-day streak of closes above the 50-day, the index’s longest since a 102-session streak ended on 17 September, 2020) and logging its lowest close since 11 July. Energy (down -2.44%) led all eleven primary sectors lower. Financials (-1.91%), Utilities (-1.69%), and Materials (-1.65%) all fell over >1.5%. The technology-centric Nasdaq lost -1.14%. The small capitalisation Russell 2000 lost -1.29%.

US equity markets recovered from earlier session losses, buoyed by a rebound for some megacap technology names and with investors eying earnings reports from some major retailers and along with the latest retail sales figures that could shed some light on the health of the US consumer - Dow edged +26-points or +0.07% higher, The broader S&P500 rose +0.58%, with Information Technology (up +1.85%) and Communication Services (+1.04%) rising over >1% and leading six of the eleven primary sectors higher. The more defensive Utilities (down -0.83%), Real Estate (-0.54%) and Consumer Staples (-0.52%) sat at the foot of the primary sector leaderboard. Tesla Inc fell -1.19% after the electric-vehicle maker cut the cost of two versions of its Model Y SUVs by ~US$1,900 in China. In early August, Tesla reported China deliveries slumped -31% in July to their lowest point of the year.

The S&P500 and Nasdaq fell on Friday (11 August) and posted their second straight weekly losses, as hotter-than-expected U.S. producer prices data pushed Treasury yields higher and pressured rate-sensitive megacap growth stocks – Dow rose +105-points or +0.30%, with energy giant Chevron Corp (up +2.06%) and pharmaceutical major Merck & Co (+1.77%) The broader S&P500 slipped -0.11% to 4,464.05, with Information Technology (down -0.88%) leading four of the eleven primary sectors lower. Energy (up +1.56%) sat atop the primary sector leaderboard. Tesla Inc fell -1.10% a day after a pair of exchange-traded funds (ETF) managed by Cathie Wood’s ARK Investment sold more shares in the electric vehicle manufacturer. Through Friday’s (11 August) close, the S&P500 index is still up nearly 25% from its bear-market closing low of 3,577.03 hit on 12 October. The Nasdaq fell -0.68%, with semiconductor stocks particularly weak including Advanced Micro Devices Inc -2.41%, Nvidia Corp -3.62% and Micron Technology Inc -1.64%. Foxconn Technology Group (also know as Hon Hai Technology Group), the company responsible for manufacturing Apple Inc’s (up +0.03%) iPhone in China, reports its second quarter result today. The small capitalisation Russell 2000 edged +0.13% higher.

US equity markets settled little changed, with all three benchmark indices relinquishing earlier gains of over >1% as investors balanced softer inflation figures against a weaker-than-expected 30-year bond auction - Dow eked out a +3-point gain to 35,126.12, paring an earlier rally of as much as +450-points. Walt Disney Co rallied +4.88% despite a mixed fiscal third quarter result released after the close of the previous session, with the company announcing an upcoming price hike for ad-free Disney+ subscriptions. The broader S&P500 inched +0.03% higher, with gains for Communication Services (up +0.43%) and Consumer Discretionary (+0.28%) largely offset by declines for Utilities (down -0.32%) and Real Estate (-0.31%). The technology-centric Nasdaq edged +0.08% higher. Among the so-called “Magnificent Seven” stocks credited with being the biggest contributors to this year’s rally, Apple Inc (down -0.12%), Nvidia Corp (-0.39%), Microsoft Corp (up +0.22%) and Tesla Inc (+1.30%) all closed below their 50-day averages this week. The small capitalisation Russell 2000 lost -0.42%.

US equity markets retreated as investors’ attention turned to tonight’s AEST inflation figures - Dow fell -191-points or -0.54%, with Salesforce.com Inc (down -2.70%) and Intel Corp (-2.11%), while Goldman Sachs Group Inc (-1.60%) and JPMorgan Chase & Co (-1.34%) were also notable underperformers. The broader S&P500 lost -0.70%, with Information Technology (down -1.51%), Communication Services (-1.24%) and Consumer Discretionary (-1.20%) all down over >1% to lead seven of the eleven primary sectors lower. Energy (up +1.22%) sat atop the primary sector leaderboard. The technology-centric Nasdaq shed -1.17%, with Apple Inc falling -0.90% and Amazon.com Inc -1.49%. Nvidia Corp -4.72% amid concerns the chipmaker is facing supply constraints for popular graphics chips. Super Micro Computer Inc (down -23.39%) Chief Executive Charles Liang told analysts on the company’s earnings call that the company is seeing supply constraints for the graphics chips coming from Nvidia that are designed for artificial intelligence (AI) applications.. The small capitalisation Russell 2000 lost -0.86%.

US equity markets retreated following the release of weak China international trade data for July that heightened concerns about a slowing global economy, while Moody’s Investors Service downgraded the credit ratings of 10 banks and placed six banking giants on review for potential downgrades - Dow fell -159-points or -0.45%, paring an earlier decline of as much as -465-points. Goldman Sachs Group Inc fell -2.05%. The broader S&P500 lost -0.42%, with Materials (down -1.05%) leading eight of the eleven primary sectors lower. Healthcare (up +0.78%), Utilities (+0.49%) and Energy (+0.49) were the only primary sectors to advance overnight. The Nasdaq declined -0.79%. Both the S&P500 and Nasdaq were down over >1% at their session lows and have declined for five of the past six sessions. The small capitalisation Russell 2000 lost -0.59%.

US equity markets rebounded, with the Dow recording its best session since mid-June, while the S&P500 and Nasdaq arrested a four session slide - Dow rallied +408-points or +1.16%, logging its largest one-day point and percentage gain since 15 June. The broader S&P500 rose +0.90% in a broad-based rally that saw ten of the eleven primary sectors advance, led by Communication Services (up +1.88%). Utilities (down -0.02%) was the only primary sector to settle in the red. Tesla Inc lost -0.95% after the electric vehicle maker announced the immediate departure of its Chief Financial Officer (CFO) Zachary Kirkhorn after four years in the role and thirteen years with the company more broadly. Mr Kirkhorn was replaced by Vaibhav Taneja, previously Tesla’s chief accounting officer. The Nasdaq +0.61%. The small capitalisation Russell 2000 lost -0.49%. Berkshire Hathaway Inc class B shares closed at a record high (up +3.60% at US$362.58) following the release of the conglomerate’s second quarter result on Saturday (5 August).

US equity markets retreated on Friday (4 August) as the dust settled on some major technology results and investors digested the latest non-farm payrolls report - Dow fell -150-points or -0.43%, with The broader S&P500 lost -0.53%, with Information Technology (down -1.4%), Utilities (-1.21%) and Consumer Staples (-1.02%) falling over >1% to lead nine of the eleven primary sectors lower. Consumer Discretionary (up +1.91%) and Energy (+0.03%) were the only primary sectors to advance on Friday (4 August). It’s been 113 trading sessions since the S&P 500 has seen a daily drop of 2% or more, the longest such stretch since 21 February, 2020, according to Dow Jones Market Data. When measured by the total number of 2% swings in either direction, last year was the most volatile for U.S. stocks since 2009. The S&P 500 recorded 46 daily swings of 2% or more in either direction last year, compared with 55 in 2009, according to Dow Jones Market Data. Of those, roughly half were down days.