Morgans AM

US equity markets - Dow fell -530-points or -1.63%, unwinding an earlier rally of ~200-points. The broader S&P500 -1.65%, having been up as much as +0.90% at its session peak. Real Estate (down -3.64%), Financials (-2.44%), Consumer Discretionary (-2.20%) and Energy (-2.11%) all fell over >2% to lead all eleven primary sectors lower. The Nasdaq -1.60%, having traded as +1.3% higher earlier in the session. The small capitalisation Russell 2000 lost -2.83%. Coinbase Global Inc fell over >13% in extended trading (extending an -8.16% decline recorded in regular trading) after the Securities and Exchange Commission (SEC) issued the cryptocurrency exchange a Wells notice, warning that it identified potential violations of U.S. securities law.

US equity markets rallied as investors welcomed a renewed sense of calm following recent unrest in the banking sector - Dow rose +316-points or +0.98%. The broader S&P500 reclaimed the 4,000 mark, settling +1.30% higher at 4,002.87. It marked the indice’s first close above >4,000 since 6 March. Energy (up +3.45%) led eight of the eleven primary sectors higher, with Consumer Discretionary (+2.71%), Financials (+2.47%) and Communication Services (+2.45%) all rising over >2%. The more defensive sectors underperformed, with Utilities down -2.06%, Real Estate -0.66% and Consumer Staples -0.12%. Tesla Inc popped +7.82% after Moody’s upgraded Tesla to Baa3 rating from its junk-rated credit. Moody’s called the electric-vehicle maker the “foremost manufacturers of battery electric vehicles” and said the upgrade reflects Tesla’s prudent financial policy and management’s operational track record. The Nasdaq gained +1.58%. Nvidia Corp (up +1.15%) hosted its annual GTC developer conference overnight, with the chipmaker’s Chief Executive Officer (CEO) Jensen Huang announcing a wide-ranging set of partnerships and products that enable the latest wave of artificial intelligence (AI) services. Mr Huang said Nvidia’s “biggest collaboration” is its partnership with Google Cloud Platform. The small capitalisation Russell 2000 gained +1.88%.

US equity markets rebounded amid optimism that the banking sector crisis may be easing, and with the Federal Reserve’s latest monetary policy meeting getting underway tonight AEST - Dow rebounded +383-points or +1.20%, recouping last Friday’s (17 March) losses and logging its best single session percentage gain since 6 January. The broader S&P500 +0.89%, wit Energy (up +2.11%) and Materials (+2.01%) up over >2% and leading all eleven primary sectors higher. The Nasdaq +0.39%. Amazon.com Inc settled -1.25% lower after the company announced a further 9,000 layoffs over the next few weeks. The move primarily affects Amazon Web Services, People Experience and Technology Solutions, advertising and Twitch. The small capitalisation Russell 2000 gained +1.11%.

US equity markets retreated as concerns re-emerged around the stability of the banking sector - Dow fell -385-points or -1.19%, The broader S&P500 -1.10%, with Financials (down -3.29%) leading all eleven primary sectors lower on Friday 17 March). FedEx Corporation rallied +7.97% after the economic bellwether posted fiscal third quarter earnings after the close of the last Thursday’s (16 March) session that comfortably topped Wall Street estimates. The Nasdaq lost -0.74%. The small capitalisation Russell 2000 lost -2.56%.

US equity markets rallied as an agreement by a group of big banks to deposit US$30B with troubled lender First Republic Bank helped soothe fears of a rolling banking crisis - Dow gained +372-points or +1.2%, The broader S&P500 rose +1.80%, with Information Technology (up +2.82%) and Communication Services (+2.77%) rallying over >2.5% to lead nine of the eleven primary sectors higher. Consumer Staples (down -0.07%) and Real Estate (-0.06%) were the only primary sectors not to advance. Charles Schwab Corp fell -2.8% despite executives disclosing that they had bought nearly US$7M worth of the financial-services giant’s beaten-down stock. The Nasdaq continued to outperform, rallying +2.50%. The technology-centric index is up +5.19% thus far this week and is on track to log its best week of the calendar year-to-date. Adobe Inc gained +5.90% after the software company topped Wall Street expectations for the first quarter after the close of the previous session. Intel Corp climbed +6.23% after analysts at Susquehanna unwound their bearish call on the chip maker, writing that “things are moving enough in the right direction.” Nvidia Corp rallied +5.42%. The small capitalisation Russell 2000 lost -0.49.

US equity markets retreated as concerns around a banking crisis spread to Europe - Dow fell -281-points or -0.87%, paring an earlier decline of as much as 725-points. The broader S&P500 lost -0.70%, with the Energy sector (down -5.42%) under fresh pressure and leading six of the eleven primary sectors lower. Materials (down -3.28), Financials (-2.91%) and Industrials (-2.51%) all fell over >2.5%. Communication Services (up +1.50%) and Utilities (+1.34%) rose over >1% to sit atop the primary sector leaderboard. The technology-centric Nasdaq eked out a +0.05% rise and continued its recent outperformance as hawkish interest rate expectations recede. Apple Inc rose +0.26% and Microsoft Corp +1.78%. Meta Platforms Inc gained +1.92% after the Facebook parent company announced another round of job cuts and further reduced its expense targets earlier this week The small capitalisation Russell 2000 lost -1.74%.

US equity markets climbed and bonds retreated as some semblance of calm returned in the wake of the collapse of Silicon Valley Bank (SVB) late last week, and as investors parsed the latest monthly inflation figures - Dow gained +336-points or +1.06%, snapping a five session losing streak. The broader S&P500 +1.68%, with Communication Services (up +2.75%), Information Technology (+2.29%) and Financials (+2.12%) all advancing over to >2% to lead all eleven primary sectors higher. The technology centric Nasdaq rallied +2.14%. The small capitalisation Russell 2000 rose +1.87%.

US equity markets weaker as the collapse of SVB Financial Group ‘s Silicon Valley Bank (SVB) continued to reverberate, and with investors eyeing tonight’s AEST inflation figures - Dow fell -91-points or -0.28%, extending declines into a fifth straight session but paring an earlier decline of ~284-points. Boeing Co added +0.15%, with the Wall Street Journal reporting that the aircraft manufacturer is close to a deal under which two airlines in Saudi Arabia - Saudia, along with Riyadh Air - would buy nearly 80 wide-body 787 Dreamliners, with options for around 40 additional aircraft between the carriers. The broader S&P500 slipped -0.15%, with the Financials sector (down -3.85%) leading four of the eleven primary sectors lower. Energy (down -1.96%) and Materials (-1.09%) both fell over >1%. More defensive sectors sat atop the primary sector leaderboard, with Real Estate up +1.60%, Utilities +1.54% and Health Care +0.92%. The Nasdaq +0.45%. Apple Inc rose +1.33%. The small capitalisation Russell 2000 lost -0.49%.

US equity markets as regulators closed SVB Financial Group ‘s Silicon Valley Bank (SVB) and the Federal Deposit Insurance Corp took control on Friday (10 March), marking the largest demise of a U.S. bank since the 2008 financial crisis. The news somewhat overshadowed the latest monthly jobs report - Dow fell -345-points or -1.07%, its fourth straight day of declines to record its longest losing streak since December. Boeing Co (up +0.91%) was one of the few stocks to advance after U.S. aviation regulators cleared the aerospace and defence company to resume deliveries of its 787 Dreamliner jets. “The FAA may resume issuing airworthiness certificates next week,” a Federal Aviation Administration spokesperson said. The broader S&P500 lost -1.45%, with all eleven primary sectors settling in the red for a second consecutive session. Real Estate (down -3.25%) and Materials (-2.15%) were the worst performing sectors on Friday (10 March). Financials fell -1.76%, extending declines for the sector over the past two sessions to almost 6%. Goldman Sachs Group Inc shed -4.22% (extending the previous session’s -2.06% decline). Oracle Corp fell -3.22% after the software company reported fiscal third quarter revenue after the close of the previous session that fell a touch short of analysts’ expectations. The Nasdaq -1.76%. The small capitalisation Russell 2000 dropped -2.95%.