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US equity markets retreated on Friday (22 July), with a soft second quarter result from Snap Inc (down -39.08%) – including its weakest ever quarterly sales growth as a public company - after the close of last Thursday’s (21 July) session rattled investors in social media and advertising technology companies - Dow fell -138-points or -0.43%, The broader S&P500 lost -0.93% to 3,961.63, unwinding an earlier rally that saw the index briefly climb above >4,000 for the first time since 9 June. Communication Services (down -4.34%) and Information Technology (-1.38%) were the worst performing primary sectors and led eight of the eleven primary sectors lower, while more defensive sectors outperformed. Utilities rose +1.37%, Real Estate +0.79% and Consumer Staples +0.69%. The Nasdaq dropped -1.87% ahead of a big week of earnings for the technology sector. Meta Platforms Inc fell -7.59% and Alphabet Inc Inc -5.81%, weighed down by Snap’s result. The small capitalisation Russell 2000 lost -0.49%.

US equity markets climbed to their best levels in six weeks as some solid corporate earnings releases bolstered sentiment (albeit there were some soft results after the closing bell) and investors continued to pivot back towards the technology sector. Investors also largely shrugged off news that President Biden had contracted COVID - Dow gained +162-points or +0.51%. The broader S&P500 rose +0.99%, with Consumer Discretionary (+2.25%) among the best performing primary sectors for a third straight session and leading nine of the eleven primary sectors higher. Energy (down -1.69%) was the worst performing primary sector overnight. Tesla Inc jumped +9.78%, climbing for a seventh straight session after reporting impressive second quarter earnings against the backdrop of a challenging operating environment (that included COVID-related lockdowns in China that constrained production) after the closing bell of the previous session. Ford Motor Co rose +2.2% after Bloomberg reported that the automaker plans to cut thousands of workers to give it a leg up in the race to win a bigger share of the market for electric vehicles. United Airlines Holdings Inc fell -10.17% after falling short of Wall Street estimates for the second quarter after the close of Wednesday’s (20 July) session. The Nasdaq outperformed for a third consecutive session, rising +1.36%. It marked the first time since late May that the technology-centric index has advanced by 1% or more for three consecutive sessions. Meta Platforms Inc fell over >4.5% in after hours trading (after edging +0.04% higher in regular trading) The small capitalisation Russell 2000 added +0.48%.

US equity markets advanced, consolidating the strong gains of the previous session as “growth” sectors outperformed - Dow added +48-points or +0.15%, Walt Disney Co gained +3.75%, tracking Netflix Inc (up +7.35%) higher after the streaming giant forecast a return to customer growth during the third quarter after the close of the previous session, while posting a smaller-than-forecast -1M drop in subscribers in the second quarter. The broader S&P500 gained +0.59%, with Consumer Discretionary (+1.77%), Information Technology (+1.56%), Energy (+1.02%) and Communication Services (+1.01%) all rising over >1% to lead seven of the eleven primary sectors higher. More defensive sectors underperformed, with Utilities down -1.36% and Health Care -1.06%. Carnival Corporation fell over >8.5% in extended trading (following a +7.05% advance in the regular session) after the cruise operator announced it intends to sell at least US$1B in fresh stock, with underwriter Goldman Sachs potentially selling up to US$150M more. The company said it intends to use the proceeds for "general corporate purposes, which could include addressing 2023 debt maturities." The Nasdaq +1.56% to log its fourth positive session in five, with technology megacaps Amazon.com Inc and Microsoft Corp gaining +3.86% and +1.06% respectively. The small capitalisation Russell 2000 rose +1.59%.

US equity markets rallied strongly overnight following some strong corporate earnings releases - Dow rallied +754-points or +2.43%, the largest single session gain since 24 June. However, International Business Machines (IBM) Corp fell -5.25% after the software giant trimmed its 2022 free cash flow guidance after the releasing its second quarter result after close of the previous session. The broader S&P500 gained +2.76%, with Communication Services (up +3.63%), Industrials (+3.58%), Energy (+3.16%), Materials (+3.11%), Consumer Discretionary (+3.09%), Information Technology (+3.08%) and Financials (+3.07%) all gaining over >3% to lead al eleven primary sectors higher. The S&P500 has rebounded ~7.4% from its 16 June closing low. The Nasdaq jumped +3.07%, with Apple Inc (+2.67%) and Google parent Alphabet Inc (+4.29%) rebounding solidly. All three major averages are above their 50-day moving averages for the first time since April. The Russell 2000 soared +3.50%, marking the strongest daily advance for the small capitalisation index since 6 January, 2021.

US equity markets faded in the closing couple of hours of the session, unwinding an earlier rally after Bloomberg reported that Apple Inc (down -2.06%) plans to slow hiring and spending growth in some divisions next year in anticipation of a potential economic downturn - Dow fell -216-points or -0.69%, unwinding an earlier rally of as much as +356-points. Boeing Co slipped -0.01% finished marginally despite the aerospace and defence giant confirming that Delta Air Lines Inc (up +3.49%) would order 100 of its 737-10 jets as the air carrier modernizes its single-aisle fleet. The broader S&P500 lost -0.84%, with the more defensive Health Care (down -2.15%) and Utilities (-1.40%) leading eight of the eleven primary sectors lower. Energy was the leading primary sector overnight with a +1.96% advance. Tesla Inc edged +0.2% higher after Deutsche Bank added the company to its short-term buy list, citing the potential for the electric vehicle maker to exceed Wall Street expectations when it reports quarterly earnings on Wednesday night AEST (20 July). The Nasdaq -0.84%. Google parent Alphabet Inc fell -2.46%, with the internet giant’s 20-for-1 stock split that was first announced on 1 February taking effect after the close of last Friday’s (15 July) session. The small capitalisation Russell 2000 eased -0.34%.

US equity markets rebounded strongly on Friday (15 July) to cap another tumultuous week, with both the S&P 500 and the Dow both snapping five-day losing streaks following a brace of solid economic data and corporate earnings releases - Dow rallied +658-points or +2.15%, UnitedHealth Group Inc (up 5.84%), JPMorgan Chase & Co (+4.58%) and American Express Co (+4.40%). The broader S&P500 +1.92%, with Financials (up +3.51%) leading all eleven primary sectors higher. The Nasdaq +1.79%. Meta Platforms Inc (+4.21%), Salesforce Inc (+3.94%)and Amazon.com Inc (+2.64%). The small capitalisation Russell 2000 jumped +2.16%. For the week, the Dow booked a small weekly loss of -0.16%, while the S&P 500 fell -0.93% and the Nasdaq -1.57%.

US equity markets retreated but settled well of their session lows, with the second quarter bank earnings season kicking off and as the stronger-than-expected consumer price inflation (CPI) report released a day earlier continued to reverberate - Dow fell -143-points or -0.46%, recovering from a steeper decline of -628-points. UnitedHealth Group Inc added +0.24% ahead of the release of the company’s quarterly result tonight AEST. The broader S&P500 -0.30%, extending losses into a fifth consecutive session. Financials (down -1.92%), Energy (-1.90%) and Materials (-1.89%) all fell ~1.9% to lead eight of the eleven primary sectors lower. Information Technology sat atop the primary sector leaderboard overnight with a +0.93% gain. The Nasdaq inched +0.03% higher after a mixed performance from the big technology names, with Apple Inc up +2.05% and chipmaker Nvidia Corp +1.37%. Meta Platforms Inc fell -3.33% and Salesforce Inc -1.50%. Both the S&P500 and Nasdaq rebounded from earlier session declines of over >2%. The small capitalisation Russell 2000 lost -1.07%.

US equity markets retreated as investors digested the June consumer inflation report, with the Dow and S&P500 extending declines into a fourth consecutive session - Dow fell -209-points or -0.67%, paring a morning session decline of over >450-points. Boeing Co (down -2.17%), Walgreens Boots Alliance Inc (-1.92%) and UnitedHealth Group (-2.56%) were among the key drags on the index. The broader S&P500 lost -0.45%, recovering from an earlier fall of over >1.5%. Industrials (down -1.20%) and Communication Services (-1.07%) both fell over >1% to lead nine of the eleven primary sectors lower. Consumer Discretionary (+0.86%) and Consumer Staples (+0.01%) were the only primary sector to settle in positive territory overnight. The Nasdaq settled -0.15% lower having fallen over >2% earlier in the session. The small capitalisation Russell 2000 slipped -0.12%.

US equity markets weaker ahead of tonight’s AEST June consumer price inflation figures, with losses accelerating in the final hour of trading - Dow fell -193-points or -0.62%. The broader S&P500 lost -0.92%, with the Energy sector (down -2.03%) leading all eleven primary sectors lower. The Nasdaq -0.95%. The small capitalisation Russell 2000 eased -0.22%.

US equity markets retreated following news that China is imposing more COVID-related restrictions and as second quarter corporate earnings and inflation data later this week looms large - Dow fell -164-points or -0.52% after briefly popping into positive territory in early afternoon trade. Walt Disney Co (down -2.32%) and Nike Inc (-2.61%) were at the forefront of the 30-stock indice’s decline. The broader S&P500 shed -1.15%, with the Communication Services (down -2.80%) and Consumer Discretionary (2.76%) both down over >2.5% to lead nine of the eleven primary sectors higher. The more defensive Utilities (up +0.64%) and Real Estate (+0.01%) sectors were the only primary sectors to advance. Casino operators with operations in Macau were under pressure after Macau city officials said casinos there would be shut down for a week to fight a COVID-19 surge. Wynn Resorts Ltd fell -6.46%, Las Vegas Sands Corp, and Melco Resorts & Entertainment Ltd -9.64%. The Nasdaq dropped -2.26%. Apple Inc and Tesla Inc – whose combined market capitalisation of just over >US$3 trillion accounts for over >16% of the Nasdaq’s aggregate market capitalisation – fell -1.5% and -6.6% respectively. Amazon.com Inc fell -3.28% ahead of its annual northern summer savings event Amazon Prime Day, kicking off tonight AEST. Twitter Inc tumbled -11.3% as the fallout continued from Elon Musk’s announcement after the closing bell last Friday (8 July) that he was terminating his deal to buy the social media company, citing contractual breaches. The small capitalisation Russell 2000 lost -2.11%.