US equity markets staged a huge intrasession rebound to settle sharply higher despite another hit inflation report - Dow soared +828-points or +2.83% to 30,038.72, logging the largest one day percentage gain since 9 November, 2020 after recovering from an earlier decline of as much as -550-points. It marked the first time on record that the Dow has risen at least 800 points in the same trading day that it was down at least 500 points at its low, according to Dow Jones Market Data. Goldman Sachs and JPMorgan rose +3.98% and +5.56%, respectively. The broader S&P500 +2.60%, with Financials (up +4.14%) and Energy (+4.08%) both rising over >4% to lead all eleven primary sectors higher. The index recorded its widest trading range since March 2020 and fifth largest intra-day reversal in its history. The Nasdaq +2.23%. Netflix Inc gained +5.27% after the streaming company said it will charge US$6.99 for its ad-supported subscriptions. Taiwan Semiconductor Manufacturing Co injected some much needed optimism into the chip sector after the company not only reported that net income nearly doubled from a year ago, as revenue surged nearly 50%, but also forecast a “flattish” outlook that still exceeded the Street consensus at the time. The news lifted the PHLX Semiconductor Index SPX +2.60%, with Advanced Micro Devices Inc up +1.88%, Intel Corp +4.30%, and Nvidia Corp +4.00%. The small capitalisation Russell 2000 rallied +2.41%.

The S&P500 and Nasdaq extended declines into a fifth consecutive session following choppy trading, pulled lower in part by the announcement from the Bank of England (BoE) that it would end its emergency intervention in the UK bond market by Friday (14 October) - Dow added +36-points or +0.12%, paring an earlier session rally of as much as +400-points. Amgen Inc paced gains for the Dow with a +5.72% gain, with the biotechnology company buoyed by an upgrade to an “overweight” recommendation (US$279 target price) by analysts at Morgan Stanley. Walgreens Boots Alliance Inc rose +2.42% after the company said it has accelerated its plans to buy full ownership of CareCentrix, acquiring the remaining 45% stake for US$392M. The broader S&P500 fell -0.65% to 3,588.84, settling within 0.1% of its 30 September 2022 closing low of 3,585.62. Communication Services (down -1.64%) and Information Technology (-1.52%) both fell over >1.5% to lead seven of the eleven primary sectors lower. Real Estate (up +1.02%) and Consumer Staples (+0.93%) were the leading primary sector performers overnight. The Nasdaq dropped -1.10% to 10,426.19, logging its lowest close since 28 July, 2020. Meta Platforms Inc (down -3.92%) and Netflix Inc (-6.82%) were both under notable pressure, with both stocks having dropped more than >60% year to date. Chipmakers also saw fresh selling, with the PHLX Semiconductor Index dropping -2.5%. Advanced Micro Devices Inc lost -0.31%, and Nvidia Corp -0.72% The small capitalisation Russell 2000 inched +0.06% higher.

US equity markets booked steep losses on Friday (7 October), with the decline accelerating in the final hour of the session as investors digested the latest jobs report, which is anticipated to reinforce the Federal Reserve’s resolve to keep tightening monetary policy - Dow fell -630-points or -2.11% to 29,296.79, touching an intra- session low of 29,142.66. The broader S&P500 shed -2.80%, with ~94% of index constituents settling in the red. Information Technology (down -4.14%) led all eleven primary sectors lower, with Consumer Discretionary (-3.54%), Communication Services (-2.84%) and Materials (-2.54%) all falling over >2.5%. Energy (down -0.72%) was yet again the best performing sector on a relative basis. The Nasdaq tumbled -3.80%. The PHLX Semiconductor Index fell -6.06% on Friday (7 October), closing at its lowest level since early November 2020 and recording its third 6%+ one-day drop of the year after the U.S. Department of Commerce expanded its list of chip technology that requires a license to be sold to China. News of the ban came on the heels of Advanced Micro Devices Inc (down -13.87%) cutting its already conservative forecast because a drop in PC sales after two years of pandemic-driven sales appears worse than feared. Intel Corp fell 5.37%, Nvidia Corp -8.03%, and Texas Instruments Inc -4.36%. Meta Platforms Inc (down -4.04%) holds its annual ‘Connect’ event on Tuesday night AEST (11 October) showcasing new augmented and virtual reality products, including the much touted headset codenamed Project Cambria. The small capitalisation Russell 2000 lost -2.87%.

US equity markets retreated ahead of tonight’s AEST key jobs figures and as Treasury yields continued to climb - Dow fell -347-points or -1.15%, The broader S&P500 -1.02%, with Utilities (down -3.30%) and Real Estate (-3.20%) both dropping over >3% to lead ten of the eleven primary sectors lower. However, the Energy sector extended its relative outperformance into a fourth straight session, up +1.82%. The Nasdaq -0.68%. The small capitalisation Russell 2000 lost -0.58%.

US equity markets settled with modest losses despite a big reversal in the final hour of the trading session as Treasury yields resumed their march higher - Dow slipped -42-points or -0.14%, reversing an earlier decline of as much as -430-points. The broader S&P500 eased -0.20%, with Utilities (down -2.25%) and Real Estate (-1.90%) leading eight of the eleven primary sectors lower. Energy (up +2.06%) sat atop the primary sector leaderboard for a third straight session, with Exxon Mobil Corp rallying +4.04%. The Information Technology and Health Care sectors advanced +0.36% and +0.33% respectively. Cruise line stocks retreated after getting an initial boost from news that Norwegian Cruise Line Holdings Ltd (down -0.75%) will suspend all COVID-19 testing, masking and vaccination requirements from Tuesday next week (11 October). Carnival Corp fell -4.25%. The Nasdaq settled -0.25% lower. The small capitalisation Russell 2000 lost -0.74%.

US equity markets extended their strong start to the month and quarter - Dow rallied +825-points or +2.80%, with Boeing Co (up +5.92%) and Goldman Sachs Group Inc (+5.25%) alone contributing over >150-points in gains. The broader S&P500 jumped +3.06%, logging its best two-day gain (+5.65%) since April 2020. Energy (up +4.34%) led all eleven primary sectors higher for a second consecutive session, with Financials (+3.79%) and Consumer Discretionary (3.56%) both advancing over >3.5%. The rally comes after three straight quarters of declines for the S&P 500 - the longest quarterly losing streak since 2008. Exxon Mobil Corp estimates that changes in liquid prices will have a negative effect of between US$1.4B to US$1.8B in the third quarter compared with second-quarter results, according to a filing with the Securities and Exchange Commission (SEC). The oil and gas company also forecast a favourable effect of US$1.8B to US$2.2B on results for the recent quarter due to changes in gas prices, compared with the second quarter. Exxon Mobil is slated to release its third quarter result on 28 October. The technology-centric Nasdaq climbed +3.32%. Tesla Inc settled +2.90% higher, pulling back from an earlier session rally of as much as +6.2% following the release of a letter filed with the SEC in which the electric vehicle maker's chief executive, Elon Musk, proposed moving forward with his acquisition of Twitter Inc (up +22.24%) on the original terms (including the US$54.20 per share bid price). Amazon.com Inc (up +4.50%) is implementing a hiring freeze on the corporate side of its retail business for the rest of the year, according to a New York Times report, becoming the latest company to pause hiring plans amid growing concerns about an economic downturn. Meta Platforms Inc (up +1.20%), which owns Facebook and Instagram, is reportedly planning to reduce its own headcount amid fears over what the economy might look like in the coming months. The small capitalisation Russell 2000 outperformed with a +3.91% gain. Some traders suggested some of last week’s selling pressure may have been driven by quarter-end rebalancing, which has now abated.

US equity markets opened the new month and quarter firmly on the front foot, with the benchmark indices rallying over >2% - Dow rallied +765-points or +2.66%, rising as much as +922 points at its session peak and recording its the biggest percentage gain since 24 June, according to Dow Jones Market Data. The broader S&P500 gained +2.59%, with Energy climbing +5.77% to lead all eleven primary sectors higher. Chevron Corp rose +5.61%, Exxon Mobil Corp +5.28%, Marathon Petroleum Corp +3.48%. The Energy Select Sector SPDR Fund, an exchange-traded fund that aims to mirror the performance of the S&P 500 energy sector, rose +5.65% to US$76.09, its biggest daily percentage-point gain since 23 November, 2020, according to Dow Jones Market Data. Tesla Inc fell -8.61% after the electric vehicle maker released third quarter delivery figures on Sunday (2 October) that fell short of consensus expectations. General Motors Co rose +2.43% after reporting that third-quarter vehicle sales increased +24% (to 555,580) compared to a year ago, when supply chain issues weighed more heavily on the company’s output. The Nasdaq rose +2.25%, with Apple Inc up +3.08% and Microsoft Corp +3.37%. The small capitalisation Russell 2000 gained +2.65%.

US equity markets resumed their slide, dragging the S&P500 to a fresh 2022 low amid a broad-based decline - Dow fell -458-points or -1.54%, having been down as much as -686-points at its session lows. The broader S&P500 dropped -2.11% to 3,640.47, logging its lowest close since 30 November, 2020. Utilities (down -4.07%) led all eleven primary sectors lower. Energy outperformed albeit the sector settled with a -0.13% decline.