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US equity markets settled mostly lower after the Bank of Canada joined the Reserve Bank of Australia (RBA) a day earlier in raising interest rates - Dow rose +92-points or +0.27%, The broader S&P500 eased -0.38% a day after logging its highest close since 16 August, 2022. Communication Services (down -1.87%) and Information Technology (-1.62%) led five of the eleven primary sectors lower. The Energy sector sat atop the primary sector leaderboard overnight with a +2.65% rally. Tesla Inc rose +1.47% after the electric vehicle maker posted an update on its website that showed new Model 3 and Model Y cars are eligible for a US$7,500 tax credit from the Inflation Reduction Act. The Nasdaq shed -1.29% a day after the technology-centric index recorded its highest close since 20 April, 2022. The small capitalisation Russell 2000 advanced +1.78%, extending a recent rally that that lifted it to the highest close since 9 March. The index is outperforming the Nasdaq Composite by 5.04% so far this month, its largest outperformance in the first five trading days of a month since October 2020, according to Dow Jones Market Data.

US equity markets advanced despite a dearth of fresh catalysts, with small capitalisation stocks outperforming - Dow eked out a +10-point or +0.03% rise, with losses for Merck & Co Inc (down -2.74%) and UnitedHealth Group Inc (-2.13%) capping gains. Boeing Co lost -0.71% after the aerospace and defence company said it found new problems with its 787 Dreamliner jets. The defect, which is not a flight safety concern, is connected with a stabilizer fitting, and will lead the company to inspect every plane in inventory before delivery, the company said, adding that “at this time we do not expect that this issue will change our full-year guidance regarding 787 deliveries.” The broader S&P500 added +0.24% to 4,283.85, marking its highest close since 16 August, 2022 but falling just short of entering a technical bull market. A close above 4,292.48 for the S&P500 would mark a 20% rally off the bear-market closing low of 3,577.03 set on 12 October, 2022, meeting the widely accepted definition of the end of a bear market. Financials (up +1.25%) and Consumer Discretionary (+0.99%) led seven of the eleven primary sectors higher overnight. Regional bank stocks traded strongly as did bellwethers like Goldman Sachs Group Inc (up +1.55%) and Morgan Stanley (+2.53). More defensive Health Care (down -0.88%) and Consumer Staples (-0.47%) underperformed. The Nasdaq rose +0.35% to 13,276.42, the highest settlement for the technology-centric index since 20 April, 2022. Apple Inc slipped -0.% a day after the company debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference. The small capitalisation Russell 2000 rallied +2.69% to 1,855.40, logging its highest close since 9 March. The Russell 2000 has gained +5.4% so far in 2023, compared with an +11.6% gain for the large-capitalisation benchmark S&P 500 and a +26.8% jump for the Nasdaq. Coinbase Global Inc dropped -12.09% after the Securities and Exchange Commission (SEC) sued the cryptocurrency exchange, alleging it has been operating an unregistered securities exchange.

US equity markets eased, trimming earlier session gains - Dow fell -200-points or -0.59%, The broader S&P500 slipped -0.20% to 4,273.79, reversing earlier gains that briefly lifted the index into technical bull market territory. The index touched an intra-session high of 4,299.28, which is 20.19% above the near two-year closing low of 3,577.03 set on 12 October last year. Declines for the Industrials (down -0.71%) and Financials (-0.65%) sectors offset gains for the Communication Services (up +0.58%) and Utilities (+0.45%) sectors. The Nasdaq dipped -0.09%. Apple Inc settled –0.76% lower at US$179.58 after briefly touching a fresh record intra-day high (US$184.95). The iPhone maker unveiled its highly anticipated virtual reality headset (Vision Pro) and a slew of software updates at its annual Worldwide Developers Conference overnight. Intel Corp shed -4.63% as Apple said an upcoming Mac Pro computer will include a new homemade chip (M2 Ultra), representing the completion of the company’s effort to bring its own processors to its entire PC line-up. The small capitalisation Russell 2000 lost -1.32%, handing back some of last Friday’s (2 June) +3.56% rally.

US equity markets rallied, starting Friday’s (2 June)on the front-foot after the US Senate on Thursday (1 June) approved a deal between the White House and congressional Republicans to lift the debt ceiling for two years in exchange for cuts to government spending, and then further buoyed by a robust May jobs report - Dow jumped +701-points or +2.12%, logging its biggest daily points gain since the end of November last year and largest percentage rise since 6 January. The broader S&P500 rallied +1.45% to 4,282.37, and on the cusp of exiting its longest bear market run since 1948. It marked the highest close for the S&P500 since 18 August, 2022 after the index touched its highest intra-day level (4,290.67) since April 2022. Palo Alto Networks Inc gained +5.38% in extended trading (after adding +0.21% in the regular session) after it was confirmed that the cybersecurity platform company would replace Dish network Inc (+16.24%) in the S&P500 as part of the quarterly rebalancing of the index when it takes effect on 20 June. The Nasdaq gained +1.07%. Apple Inc added +0.48% to US$180.95, recording its second highest close on record ahead of its Worldwide Developer Conference tonight AEST at which it’s expected to unveil new product and operating system releases. The small capitalisation Russell 2000 jumped +3.56%, logging its best daily performance since November 10, 2022 and rising above its 200-day moving average for the first time since 8 March, just before Silicon Valley Bank collapsed. The Russell has gained +3.96% year-to-date, well behind the S&P 500′s advance of +11.53%.

US equity markets opened the new month on the front foot as concerns around a US debt default faded, with the S&P500 and Nasdaq logging their highest closes since August 2022 - Dow rose +153-points or +0.47%, The broader S&P500 rose +0.99% to 4,221.02, with Information Technology (up +1.33%) resuming its place at the top of the primary sector leaderboard and leading nine of the eleven primary sectors higher. Utilities (down -0.78%) and Consumer Staples (-0.09%) were the only two primary sectors to settle in the red. The Nasdaq rallied +1.28% to 13,100.98. The small capitalisation Russell 2000 climbed +1.05%.

US equity markets retreated but settled off their worst levels of the session ahead of a House vote on the federal debt-ceiling deal this morning AEST to prevent a potential default - Dow fell -135-points or -0.41%, The broader S&P500 lost -0.61%, with Energy (down -1.88%), Industrials (-1.40%), Financials (-1.22%), Materials (-1.12%) and Information Technology (-1.09%) all falling over >1% to lead seven of the eleven primary sectors lower. More defensive sectors outperformed, including Utilities (up +0.96%), Health Care (+0.85%) and Real Estate (+0.66%) all advancing over >0.50%. The Nasdaq -0.63%. The small capitalisation Russell 2000 lost -1.00%.

US equity markets were mixed after resuming trading following the Memorial Day long weekend fell on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling - Dow fell -51-points or -0.15%, The broader S&P500 unchanged, with gains for the Consumer Discretionary (up +0.76%) and Information Technology (+0.63%) sectors offsetting declines for the Consumer Staples (down -1.08%) and Energy (-0.94%) sectors. Tesla Inc rallied +4.14% as excitement built around Chief Executive Elon Musk’s first visit to China in about three years. Mr Musk is expected to spend time meeting key officials in Beijing, which may even include Premier Li Qiang. The Nasdaq added +0.32% to 13,017.43, paring an earlier rally of as much as +1.4% but still marking the technology-centric index’s highest close since August, 2022. The small capitalisation Russell 2000 lost -0.32%.

European bourses settled with modest losses, with the Technology sector (down -0.7%) handing back some of last Friday’s (26 May) +3% gain and leaving the pan-European Stoxx 600 index (which includes UK equities) -0.12% lower. The Oil and Gas sector added +0.2%. Germany's DAX slipped -0.20%. France's CAC eased -0.21%. In broader stock moves, Swedish property group SBB SE rose +2.62% after announcing it was exploring strategic options including a sale of the company or of specific assets and segments. Shares of the company have sunk ~80% over the last year as it struggles with the higher interest rate environment. Elsewhere, President Tayyip Erdogan secured victory in a presidential election in Turkey on Sunday (28 May), extending his increasingly authoritarian rule into a third decade. In economic data, a final reading of eurozone Consumer Confidence for May, and Consumer Inflation Expectations for May are released tonight AEST.

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US equity markets rallied ahead of the Memorial Day long weekend - Dow rose +329-points or +1.00% to snap a five-session losing streak, with Intel Corp (up +5.84%) and American Express (+4.08%) notable performers. The broader S&P500 gained +1.30% to its highest level since mid-August, with the Information Technology (up +2.68%) and Consumer Discretionary (+2.38%) popping over >2% to lead eight of the eleven primary sectors higher. Energy (down -0.37%) was the worst performing primary sector on Friday (26 May). Broadcom jumped +11.52% to a record closing high of US$812.73 - touching a record intra-day high of US$814.98 – to be the leading S&P500 performer on Friday (26 May) ahead of the chipmaker’s second quarter result later this week. Ford Motor Co rallied +6.24% after Chief Executive Jim Farley and Tesla Inc (+4.72%) Chief Executive Elon Musk held a Twitter Spaces livestream to reveal an agreement which would allow Ford owners to access Tesla Superchargers in the U.S. and Canada starting early next year, in addition to Ford’s own charging network. Ford electric vehicles (EVs) would use an adapter at first, but in a couple of years the EVs would have built-in connectors and no adapters would be needed. The Nasdaq rallied +2.19%. Marvell Technology Inc surged +32.4% after the chip company posted a solid quarterly result after the close last Thursday (25 May) and said it expected revenue from artificial intelligence (AI) to at least double this fiscal year. The Philadelphia Semiconductor index has added ~40% since the start of the year, driven by the booming AI industry. The small capitalisation Russell 2000 gained +1.05%.

US equity markets advanced, led by fresh solid gains for the technology sector - Dow slipped -35-points or -0.11%, extending declines into a fifth consecutive session. The broader S&P500 rose +0.88%, with Information Technology (up +4.45%) comfortably the leading primary sector performer and leading five of the eleven primary sectors higher. The Nasdaq jumped +1.71%, posting its best daily percentage gain since 5 May as the artificial intelligence (AI) thematic continued to power gains. Advanced Micro Devices Inc rallied +11.16% and Palo Alto Networks Inc +1.80%. The small capitalisation Russell 2000 lost -0.70%.