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US equity markets retreated on Friday (19 August), with the recent rebound faltering as interest rate hike fears resurfaced ahead of the Jackson Hole Economic Symposium that begins on Thursday night AEST (25 August) - Dow fell -292-points or -0.86%, The broader S&P500 lost -1.29%, with Consumer Discretionary (-2.10%) and Financials (2.02%) both falling over >2% to lead nine of the eleven primary sectors lower, Information Technology (-1.83%) was also a major drag. Health Care (+0.27%) and Energy (+0.02%) were the only primary sectors to advance. General Motors Co rose +2.53% after it said it would reinstate quarterly dividend payouts. Occidental Petroleum Corp jumped more +9.88% after Warren Buffett’s Berkshire Hathaway Inc received regulatory approval (after filing an application with the Federal Energy Regulatory Commission on 11 July) to buy to half of the oil company. Berkshire currently owns 188.5M shares of Occidental, equal to a 20.2% position. It surpassed a key threshold where Berkshire could record some of the oil company’s earnings with its own, potentially adding billions of dollars in profit. The Nasdaq -2.01%. The small capitalisation Russell 2000 lost -2.17%. Bed Bath & Beyond Inc tumbled -40.54% after Bloomberg reported that some suppliers are restricting or halting shipments altogether after the home-goods retailer fell behind on payments. The report came after GameStop Corp Chairman Ryan Cohen disclosed in a filing after the close of last Wednesday’s (17 August) session that he’s planning to sell his big stake in the company just months after he bought it.

US equity markets eked out modest gains, turning positive in the final hour of the session as investors assessed mixed signals from several Federal Reserve officials on the potential pace of interest rate increases on deck for September - Dow inched +19-points or +0.06% higher. The broader S&P500 rose +0.23%, with Energy (up +2.53%) and Information Technology (+0.49%) leading seven of the eleven primary sectors higher. The Nasdaq added +0.21%. The small capitalisation Russell 2000 rose +0.68%. Bed Bath & Beyond Inc fell -19.63% (and dropped more than >44% in extended trading) after GameStop Corp Chairman Ryan Cohen disclosed in a filing after the close of the previous session that he’s planning to sell his big stake in the company just months after he bought it.

US equity markets retreated but settled off their worst levels of the session as investors digested the latest central bank monetary policy meeting minutes - Dow fell -172-points or -0.50%, paring an earlier decline of as much as -324-points but snapping a five session winning streak. The broader S&P500 -0.72% at 4,274.04, with Communication Services (down -1.85%), Materials (-1.40%) and Consumer Discretionary (-1.12%) all declined over >1% to lead ten of the eleven primary sectors lower. Energy (up +0.81%) was the only primary sector to advance overnight. The index challenged its 200-day moving average (~4,326) for the first time since April. The Nasdaq dropped -1.25%. The small capitalisation Russell 2000 shed -1.64%. ‘Meme’ stock Bed Bath & Beyond Inc extended its meteoric rise, up a further +11.77% overnight. However, the retailer fell over >16% in extended trading after activist investor Ryan Cohen said in a filing he intends to sell his entire stake in the company through his firm RC Ventures.

US equity markets mixed as investors weighed a pair of strong corporate results from major retailers Walmart Inc and Home Depot Inc against the backdrop of a slowdown in the housing market - Dow gained +239-points or +0.71% to 34,152.01, reclaiming the 34,000 level for the first times since 4 May as it extended its rally into a fifth straight session. The broader S&P500 edged +0.19% higher, Royal Caribbean Cruises Ltd gained +3.99% even after the company refinanced with a new batch of junk bonds yielding more than 11%. The Nasdaq slipped -0.19%. The small capitalisation Russell 2000 dipped -0.04%. ‘Meme’ stock Bed Bath & Beyond Inc continued to soar, rising +29.01% after another wild session that saw the company’s free float turn over 6.5 times during the session.

US equity markets advanced, shrugging off some underwhelming economic data out of China - Dow gained +151-points or +0.45%, its fourth consecutive session gain and longest winning streak since its six session strong of gains that ended 27 May. The 30-stock index also closed above its 200-day moving average for the first time since 20 April. The broader S&P500 rose +0.40%, with Consumer Staples (up +1.05%) and Utilities (+0.81%) leading nine of the eleven primary sectors higher. Energy (down -1.96%) sat at the foot of the primary sector leaderboard, with Exxon Mobil Corp down -1.79%, Chevron Corp -1.90% and Marathon Oil Corp -2.78%. Tesla Inc rose +3.1%, with Chief Executive Elon Musk tweeting that the electric-vehicle maker has produced more than >3M vehicles, with a third of them made in China. The Nasdaq climbed +0.62%. Apple Inc (up +0.63%) may expand its advertising to more of its first-party apps on the iPhone in an effort to boost revenue, according to Bloomberg. The company generates ~US$4B in annual revenue from its ad business but wants to grow the segment into the “double digits,” according to the report. The small capitalisation Russell 2000 added +0.23%. Bed Bath & Beyond Inc soared +23.55% as the Reddit crowd that made it a meme stock again embraced it. Volume of 127M shares traded was more than eight times the 65-day average of 15m shares per day. The stock has been rallying amid with no real news, but participants on Reddit’s WallStreetBets forum were celebrating the gains. The stock, which has been shorted by many large funds, is up ~200% so far this month.

US equity markets rallied into the close of Friday’s (12 August) session to cap another strong week - Dow gained +424-points or +1.27%, The broader S&P500 rallied +1.73% to 4,280.15. The S&P 500 crossed a closely watched technical level of 4,231 points during last Friday’s (12 August) session, meaning the benchmark index has recouped half its losses since tumbling from its all-time closing peak (4,796.56) set on 3 January. A 50% retracement for some signals a bull market. All 11 primary sectors S&P 500 advanced on Friday (12 August), with Consumer Discretionary (up +2.30%), Information Technology (+2.07%) and Communication Services (+2.02%) all rising over >2%. The Philadelphia Semiconductors Index (+2.99%) and Dow Jones Transport Average (+0.49%) also advanced. The S&P500 Growth Index (up +2.06%) outperformed the S&P500 Value Index (+1.41%). The Nasdaq climbed +2.09% to 13,047.18. The small capitalisation Russell 2000 also gained +2.09%.

US equity markets erased earlier session gains to settle with modest losses, running out of steam in the closing hour of trading despite another reassuring inflation report - Dow edged +27-points or +0.08% higher. Walt Disney Co gained +4.68% after the media and entertainment giant reported its second quarter result after the close of the previous session, adding more streaming subscribers than expected and announcing plans to launch an ad-supported tier while increasing prices on its current offerings before the end of the year. Investment banks Goldman Sachs Group Inc (up +1.08%) and JPMorgan Chase & Co (+1.48%) also continued to trade strongly. The broader S&P500 dipped -0.07%, with the more defensive sectors (Health Care down -0.71%, Real Estate -0.55%) among the key underperformers overnight. Energy (up +3.19%) sat atop the primary sector leaderboard following a strong session on crude markets. Heal The Nasdaq lost -0.58%. Bloomberg reported late in the session that Apple Inc (down -0.44%) is requesting that its suppliers "build at least as many" of the company's new iPhones as they did last year. The report said that Apple also continues to expect suppliers to build ~220M total iPhones for the year, which is roughly equal to last year's figure as well. Bloomberg noted that the report suggested confidence on the part of Apple executives that the company would be able to withstand economic challenges and still drive strong demand for its devices. The small capitalisation Russell 2000 rose +0.31%.

US equity markets rallied after a softer-than-expected inflation report prompted investors to dial back their forecasts on the scale of further interest rate hikes in September - Dow gained +535-points or +1.63%, exiting official correction territory. The broader S&P500 +2.13% to 4,210.24, settling +14.8% above its mid-June low. Materials (up +2.88%), Consumer Discretionary (+2.87%), Information Technology (+2.77%) and Communication Services (+2.77%) all climbing over >2.5%. All eleven primary sectors advanced, with six sector logging gains of over >2%. Tesla Inc gained +3.89% despite filings on Tuesday (9 August) with the Securities and Exchange Commission (SEC) revealing that Elon Musk had sold ~7.9M shares between Friday (5 August) and Tuesday at prices ranging from US$838.57 to US$911.75 - ~US$6.88B in total. In a tweet, Mr Musk indicated he was done selling, adding: “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.” Last week, Tesla shareholders approved plans for a 3-for-1 stock split, which will take place 24 August. Trading will begin on a stock split-adjusted basis on 25 August, the company said in a regulatory filing. The Nasdaq rallied +2.85% to 12,854.80, exiting official bear market territory after 107 trading sessions. The technology-centric index is up 20.75% from its 2022 closing low of 10646.10 hit on 16 June, 2022. Meta Platforms Inc rose +5.82% after the Facebook-parent said that it had raised US$10B in its first-ever bond offering. Apple Inc (up +2.62%), Alphabet Inc (+2.63%) and Amazon.com Inc (+3.53%) all rose more than >2%. The small capitalisation Russell 2000 jumped +2.95%.

US equity markets weaker ahead of the release of key inflation figures tonight, and with semiconductor stocks under fresh pressure - Dow eased -58-points or -0.18%, The broader S&P500 lost -0.42%, Consumer Discretionary (down -1.54%), Information Technology (-1.00%) and Communication Services (-0.72%) leading seven of the eleven primary sectors lower. Energy (up +1.77%) and Utilities (+1.06%) both rose over >1%. The Nasdaq fell -1.19%. Micron Technology Inc fell -3.74% the memory-chip maker cut its fourth-quarter revenue forecast and warned of a negative free cash flow in the following quarter as demand for chips used in personal computers and smartphones drop. Heavyweight peers Nvidia Corp (down -3.49%) and Advanced Micro Devices (-4.53%) shed ~4% apiece, extending sharp losses from the previous session following a revenue warning from Nvidia. The broader Philadelphia Semiconductor Index (down -4.57%) has declined ~7% in the last three sessions. Separately, President Joe Biden signed a landmark bill – the bipartisan Chips and Science Act - to provide US$52.7B in subsidies for U.S. semiconductor production and research and to boost efforts to make the United States more competitive with China's science and technology efforts. The small capitalisation Russell 2000 lost -1.46%. U.S. vaccine maker Novavax Inc slumped -29.64% after it halved its annual revenue forecast as it does not expect further sales of its COVID-19 shot this year in the US amid a global supply glut and soft demand.

US equity markets mixed, relinquishing earlier session gains as investors eye a pair of inflation reports later in the week - Dow added +29-points or +0.09%, paring an earlier rally of as much as +306-points. The broader S&P500 slipped -0.12%, with Information Technology (down -0.88%) the key drag and among four of the eleven primary sectors to settle in the red. Real Estate (up +0.70%) and Materials (+0.55%) both rose over >0.5%. The Nasdaq -0.10%. Nvidia Corp dropped -6.30% after the semiconductor company disclosed that it expects to fall well short of revenue expectations for its latest quarter, largely due to gaming weakness (with revenue for this sector expected to fall -33% from a year earlier to US$2.04B and versus consensus US$3.04B). The company expects fiscal second-quarter revenue of US$6.7B, up from US$6.5B a year earlier, but short of both current consensus analyst forecasts, and the chipmaker’s own forecast for US$8.1B. The company also anticipates US$3.81B in data-centre revenue, up +1% sequentially and 61% ahead of what the company posted a year earlier, but slightly below current consensus of US$3.99B. Executives noted that while the data-centre total marked a record, it came up “somewhat short of the company’s expectations, as it was impacted by supply chain disruptions.” Nvidia is slated to report its second quarter result on 24 August. The small capitalisation Russell 2000 outperformed with a +1.01% gain. In merger and acquisition (M&A) news, Global Blood Therapeutics gained +4.32% after Pfizer Inc (+0.61%) agreed to purchase the company that has one of the few approved treatments for sickle-cell disease for US$5.4B (US$68.50 per share). The acquisition continues a string of deals for Pfizer, which is flush with cash from sales of its COVID-19 vaccine and drug and which has said wants to add US$25B in revenue from business-development moves like M&A by 2030. Signify Health Inc jumped +10.97% following a report from The Wall Street Journal that CVS Health (down -0.25%) was planning to make a bid for the healthcare platform.