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US equity markets declined as investors turned their attention to tonight’s AEST latest official jobs figures - Dow fell -544-points or -1.66% to 32,255, closing below its 200-day moving average for the first time since 9 November last year The broader S&P500 -1.85%, Financials (down -4.17%) led all eleven primary sectors lower, with the sector posting its worst single-session decline since June 2020. All of the Materials (-2.54%), Consumer Discretionary (2.36%), Real Estate (-2.29%), and Communication Services (-2.22%) fell over >2%. The Nasdaq shed -2.05%. The small capitalisation Russell 2000 lost -2.81%.

US equity markets settled modestly higher as markets digested further remarks from Federal Reserve chair Jerome Powell on the pace and duration of higher interest rate rises to fight inflation.- Dow eased -58-points or -0.18%, with Merck & Co Inc (down -2.68%) and Travelers Companies Inc (-1.44%) The broader S&P500 edged +0.14% higher, with Real Estate (up +1.32%) and Information Technology (+0.84%) offsetting falls for the Energy sector (down -1.02%). Tesla Inc fell -3.04% with the U.S. National Highway Traffic Safety Administration began investigating two complaints of steering wheels coming off 2023 Model Y vehicles while vehicle was in motion. Occidental Petroleum Inc gained +2.14% after a new regulatory filing showed Warren Buffett’s Berkshire Hathaway added to its already large stake in the company. The Omaha-based conglomerate bought nearly 5.8M shares of the oil company in recent sessions, bumping Berkshire’s ownership to 22.2%. Eli Lily and Co fell ~0.45% in extended trading (after rising +0.61% in the regular session) after the Wall Street Journal reported that the company’s drug aimed at preventing Alzheimer’s disease before symptoms start, solanezumab, had failed to slow down cognitive decline in healthy older adults at risk of developing the disease. The Nasdaq added +0.40%. The small capitalisation Russell 2000 inched +0.04% higher. Uber Technologies Inc rose +2.15% after Bloomberg reported that the company is weighing a potential spinoff of its freight logistics unit.

US equity markets mixed, relinquishing earlier session gains as investors eyed a busy week on the economic calendar - Dow added +40-points or +0.12%, paring an earlier gain of as much as +181-points. Merck & Co Inc rallied +3.95% after the Food and Drug Administration (FDA) approved the addition of the intramuscular (IM) route of administration for the company’s MMRV (Measles, Mumps, and Rubella Virus) family of vaccines. Merck also announced results from multiple studies The broader S&P500 settled +0.07% higher, having been up as much as 1% earlier in the session. Materials (down -1.65%) led six of the eleven primary sectors lower. Information Technology (up +0.53%) was the leading primary sector performer overnight. Apple Inc – which accounts for ~7% of the S&P500 - rose +1.85% to US$153.83, with a new analyst at Goldman Sachs initiating coverage on the technology giant with a ‘Buy’ rating and US$199 target price. The investment bank believes the market should be paying more attention to the company’s installed user base and recurring revenue growth from services, or as Goldman analysts put it, the “Apple-as-a-Service” opportunity. The Nasdaq slipped -0.11%, unwinding an earlier rally of as much as +1.2%. The small capitalisation Russell 2000 fell -1.48%.

US equity markets rallied, recording their biggest one-day gains in at least a month on Friday (3 March) after Treasury yields retreated from recent highs ahead of a week that sees the US labour market take centra stage - Dow gained +387-points or +1.17%, The broader S&P500 rose +1.61%, with Information Technology (up +2.14%), Consumer Discretionary (+2.12%) and Communication Services (+2.10%) gaining over >2% to lead all eleven primary sectors higher. The Nasdaq rallied+1.97%. The small capitalisation Russell 2000 gained +1.35%.

US equity markets climbed despite economic data exacerbating concerns that interest rates are set to stay higher for longer than previously forecast - Dow gained +342-points or +1.05% to 33,003.57. Salesforce Inc jumped +11.50% after the cloud client relationship management software group comfortably exceeded fourth quarter earnings per share (EPS) and revenue forecasts after the close of the previous session and provided very strong full year guidance. The broader S&P500 rose +0.76%, with Utilities (up +1.82%) leading nine of the eleven primary sectors higher and with six sectors climbing over >1%. Tesla Inc dropped -5.85% after the company failed to unveil details of any next-generation vehicles during its much-anticipated investor day on Wednesday (2 March). The Nasdaq climbed +0.73%. Advanced Micro Devices Inc gained +2.75% following a CNBC report that activist hedge fund Third Point had taken a passive stake in the chipmaker. The small capitalisation Russell 2000 added edged +0.21% higher.

A mixed start to March for US equity markets - Dow inched +5-points higher. 3M Co gained +2.29%, rebounding from a five month low after the maker of consumer, industrial and healthcare products said the U.S. Department of Defence’s records show that the “vast majority” of the 175,000 claimants in litigation over the company’s Combat Arms earplugs have “no hearing impairment” under American Medical Association standards. Some analysts had estimated potential liabilities from the litigation at ~US$14B. Caterpillar Inc rallied +3.81% after the construction- and mining-equipment maker said it reached a six-year “tentative labour agreement” with the United Autoworkers (UAW) union. The broader S&P500 eased -0.47%, with Utilities (down -1.72%), Real Estate (-1.49%), and Consumer Discretionary (-1.28%) all down over >1% and leading eight of the eleven primary sectors lower. Energy (up +1.94%) sat atop the primary sector leaderboard. Tesla Inc fell over >2.5% in extended trading (extending a -1.43% decline in the regular session) as the electric vehicle manufacturer’s Investor Day got underway. The Nasdaq lost -0.66%. The small capitalisation Russell 2000 eked out a +0.07% gain.

The benchmark US indices retreated to round out a tough month for equity markets - Dow fell -232-points or -0.71% to 32,656.70, settling at its lowest level of 2023 to date (and logging its lowest close since 9 November). Goldman Sachs Group Inc fell -3.80% after hosting their 2023 investor day, with Chief Executive David Solomon acknowledging mistakes in an ill-fated foray into consumer banking and raising the prospect of selling parts of the business The broader S&P500 -0.30%, with Utilities (down -1.72%) and Energy (-1.44%) leading eight of the eleven primary sectors lower. Materials (up +0.45%) was the leading primary sector performer overnight. Tesla Inc eased -0.92% ahead of their Investor Day tonight AEST. The Nasdaq -0.10%. Applied Materials Inc outperformed its chipmaking peers, rising +3.64% after unveiling its Centura Sculpta patterning system that promises a lower cost way of etching the transistors into the silicon wafers used to make semiconductors. Intel Corp edged +0.12% higher, while Nvidia Corp fell -1.21%. The small capitalisation Russell 2000 inched +0.04% higher. Paramount Global dropped -2.7% after The Wall Street Journal reported that the media and entertainment company had turned down a bid from former executive David Nevins to buy its Showtime streaming service for more than >US$3B.

US equity markets settled with modest gains after the benchmark indices recorded their worst weekly performance of 2023 last week - Dow added +72-points or +0.22%, The broader S&P500 gained +0.31%, with Consumer Discretionary (up +1.18%) and Industrials (+0.83%) leading seven of the eleven primary sectors higher overnight. More defensive sectors underperformed, with Utilities (down -0.77%), Health Care (0.31%) and Consumer Staples (-0.18%). Railroad operator Union Pacific Corp rallied +10.09% after the company announced that Chief Executive Officer (CEO) would step down in 2023, prompting an upgrade from Bank of America. Tesla Inc rose +5.46% following a Reuters report that the company’s Brandenburg plant in Germany hit a production rate of 4,000 vehicles per week ahead of schedule, quadrupling from May. The electric vehicle manufacturer hosts an Investor Day on Wednesday night AEST (1 March) Albemarle Corp rose +3.01% after Wells Fargo named the specialty chemicals company a signature pick, noting: “ALB remains our preferred growth name in chemicals, given its position as one of the world’s largest low-cost lithium suppliers.” The Nasdaq rose +0.63%. The small capitalisation Russell 2000 settled +0.31% higher.

US equity markets fell on Friday (24 February) to wrap up their worst weekly performance of 2023 as the latest economic data was seen cementing expectations the Federal Reserve will continue lifting its key interest rate above >5% in its effort to bring down inflation - Dow down -337-points or -1.02%, dropping over >500-points at its session lows on Friday (24 February). Boeing Co fell -4.8% following confirmation after the close of the previous session that the airplane maker had temporarily halted deliveries of the 787 Dreamliner to conduct additional analysis on a fuselage component. Home Depot Inc (down -0.89%) and Microsoft Corp (-2.18%) were other notable index drags. The broader S&P500 fell -1.05%, with Real Estate (down -1.82%), Information Technology (-1.77%) and Consumer Discretionary (-1.56%) all down over >1.5% to lead nine of the eleven primary sectors lower. Materials (up +0.65%) and Financials (+0.10%) were the only primary sectors to advance. Adobe Inc fell -7.63% after a Bloomberg report, citing people familiar with the matter, said the U.S. Justice Department is preparing a lawsuit to block the company’s $20B acquisition of start-up Figma. The Nasdaq shed -1.69%. Nvidia Corp lost -1.60% Goldman Sachs upgraded the chipmaker on the back of its fourth-quarter results. The small capitalisation Russell 2000 lost -0.92%.

US equity markets advanced, with the S&P500 snapping a four session losing streak after a choppy session as investors continued to weight the path of Federal Reserve interest rate hikes - Dow up +109-points or +0.33%, Boeing Co fell over >2.5% in extended trading (after a +1.15% gain in the regular session) after the company and the Federal Aviation Administration reported a temporary halt to deliveries of its 787 Dreamliners so it can do additional analysis on a fuselage component. The broader S&P500 rose +0.53%, with Information Technology (+1.63%) and Energy (+1.3%) leading seven of the eleven primary sectors higher. The Nasdaq rose +0.72%. Nvidia Corp soared +14.02% - extending the year-to-date rally to +59% - as investors continued to cheer the chipmaker’s fiscal fourth quarter released after the close of the previous session and the growth opportunities presented by artificial intelligence (AI). The small capitalisation Russell 2000 gained +0.71%.