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Major bank stocks weighed on US equity markets on Friday (14 January) to cap a volatile week - Dow fell -202-points or -0.56%, dragged lower by declines for investment banks Goldman Sachs Group Inc (down -2.52%) and JPMorgan Chase & Co (-6.15%), and credit card and travel services group American Express Co (-2.82%) . The broader S&P500 eked out a +0.08% gain, with Energy gaining +2.44% to extend a strong week for the sector. Real Estate (down -1.18%) and Financials (-1.01%) both fell over >1% to be the worst performing sectors. Casino stocks climbed after Macau’s government announced on Friday (14 January) it would allow just six casino licenses in the gambling hub. Las Vegas Sands Corp jumped +14.15% and Wynn Resorts Ltd +8.60%. The Nasdaq rose +0.59%. Netflix Inc rose +1.25% after announcing a price increase for U.S. and Canadian subscribers. The small capitalisation Russell 2000 edged +0.14% higher.

US equity markets retreated as the rebound for technology sector ran out of steam - Dow fell -177-points or -0.49%, unwinding an earlier session gain of more than >200-points. Boeing Co rose +2.97% following a Bloomberg News report that the company’s 737 Max could resume service in China as soon as this month. The broader S&P500 -1.42%, with Information Technology (down -2.65%) and Consumer Discretionary (-2.08%) both falling over >2% to lead eight of the eleven primary sectors lower. More defensive sectors outperformed, with Utilities up +0.45% and Consumer Staples +0.22%. Tesla Inc fell -6.75%. However, Ford Motor Co gained +2.25% and saw its market capitalisation top US$100B for the first time. The rally comes as the company plans to increase electric vehicle production, including the Mustang Mach-E crossover and an upcoming electric version of its best-selling F-150 pickup. Deutsche Bank also named Ford one of its top 2022 automotive stock picks. The technology-centric Nasdaq tumbled -2.51%, snapping a three session rally. Microsoft Corp down -4.23% and Amazon.com Inc -2.42%. The small capitalisation Russell 2000 lost -0.74%.

US equity markets logged modest gains after the December consumer inflation report largely matched economists’ expectations - Dow added +38-points or +0.11% . Global healthcare major Merck & Co Inc (down -0.58%) and biotechnology company Amgen Inc (-0.27%) capped the index’s advance. The broader S&P500 edged +0.28% higher, with Materials (up +0.95%) leading eight of the eleven primary sectors higher. Health Care (down -0.26%) was the only primary sector to close in the red. Tesla Inc gained +3.93% despite a teenager, calling himself a 19-year-old security specialist and hacker, claiming that he had hacked into the software systems of nearly two dozen Tesla electric-powered vehicles and had limited control over them. The technology-centric Nasdaq extended its rebound into a third session, settling with a +0.23% gain. The small capitalisation Russell 2000 shed -0.82%.

US equity markets advanced, with technology stocks consolidating the late rally of the previous session - Dow up +183-points or +0.51% . International Business Machines (IBM) Corp fell 1.60%, paring an earlier session decline of more than >5% that came after analysts at UBS downgraded the stock (lowering their price target to US$124 from US$136) citing concerns about revenue growth following the company’s spinoff of managed infrastructure-service business Kyndryl Holdings Inc and IBM’s ability to compete in the cloud market. Boeing Co (up +3.21%) said that it won orders for 909 planes in 2021 but delivered only around 280 passenger jets, falling behind Airbus SE (+0.42%) and relying more on its cargo jets and military versions of commercial planes. Including cancellations, Boeing secured 535 net new orders, including older deals for 56 planes that it now considers more likely to be fulfilled. Airbus on Monday (10 January) said it delivered 611 jets in 2021 and won orders for 771, or 507 net of cancellations. The broader S&P500 +0.92%, with Energy (up +3.41%) returning to the top of the leaderboard and leading eight of the eleven primary sectors higher. Exxon Mobil Corp gained +4.21%. Information Technology (+1.21%), Materials (+1.11%), Consumer Discretionary (+1.03%) and Communication Services (+1.02%) all gained over >1%. Utilities (down -0.92%) was the worst performing primary sector overnight. American Airlines Group Inc climbed 1.22% after the carrier updated its fourth-quarter guidance to reflect a performance that turned out to be not as bad as expected. The airline said it now expects revenue to be down ~17% compared with the fourth quarter of 2019, before the start of the pandemic, better than previous guidance of down 20%. The company flew 61.1B total available seat miles in the quarter, down -13% versus the prior guidance of down 11% to 13%. The company expects cost per available seat mile (CASM), a measurement of efficiency, to be up +13% to 14% compared to the fourth quarter of 2019, compared with earlier guidance of up 8% to 10%. The technology centric Nasdaq gained +1.41%, with Amazon.com Inc rising +2.40%, Apple Inc +1.68% and Nvidia Corp +1.52%. The small capitalisation Russell 2000 +1.05%.

US equity markets logged modest losses, with major technology stocks rallying in the afternoon session to recoup earlier steep declines - Dow down -163-points or -0.45% . The broader S&P500 slipped -0.14%, with Industrials (down -1.15%) and Materials (-0.99%) leading eight of the eleven primary sectors lower. Health Care (up +1.04%), Information Technology (+0.10%) and Communication Services (+0.02%) were the only primary sectors to advance. The Nasdaq inched +0.05% higher, recovering from a loss of -2.72% earlier in the session that saw the technology centric index trade more than >9% below its record closing high from 19 November (16,057.44) and almost enter official correction territory for the first time since 8 March, 2020. It marked the Nasdaq’s biggest intraday comeback since 28 February, 2020, according to Dow Jones Market Data. The Nasdaq Composite also managed to avoid a close below its 200-day moving average (14,688.73). The benchmark hasn’t closed below its 200-day moving average since 21 April, 2020, according to FactSet data. The small capitalisation Russell 2000 lost -0.40%. Lululemon Athletica Inc fell -1.91% after the company said the omicron variant had hurt its fourth-quarter results. Abercrombie & Fitch Co rallied over >6.5% in extended trading despite lowering its guidance for fourth-quarter sales. The fashion retailer said that it saw strong demand from consumers over the holidays but that it didn’t have enough inventory to sell (particularly at its Hollister and Gilly Hicks lines).

US equity markets retreated after a choppy session as investors digested a lacklustre December jobs report albeit one that in unlikely to be damaging enough to give central bankers reason to pause what has been expressed as a plan to tighten financial policy sooner and faster than had previously been expected - Dow dipped -5-points to 36,231.66, recovering from an intra-session low of 36,111.53. The broader S&P500 eased -0.41%, with Consumer Discretionary (down -1.65%) and Information Technology (-1.01%) falling over >1% to lead seven of the elven primary sectors lower. Energy (up +1.45%) and Financials (+1.15%) were once again the leading primary sector performers. The Nasdaq lost -0.96% to 14,935.90, hitting an intraday low of 14,877.63. The technology-centric index sits ~7% below its most recent (19 November) peak of 16,057.44 (and hence ~3% from official correction territory). The small capitalisation Russell 2000 lost -1.20%. Retailer Dick’s Sporting Goods Inc rose +1.08% after lifting their full-year earnings per share (EPS) (to $13.70 to US13.79, up from previous guidance for $12.88 to 13.06; adjusted EPS is expected to be US$15.50 to US15.60 compared with previous guidance for US$14.60 to US14.80 and current consensus analyst forecasts for US$15.35) and same-store sales (SSS) outlook (for growth between 25.8% to 26.1%, up from previous guidance for an increase between 24% to 25% and versus current consensus for 25.8% growth). Some analysts suggested that consumers had likely completed more holiday shopping early due to widespread news reports of supply chain disruptions that could lead to stock shortages.

US equity markets retreated after a choppy session as investors continued to rotate out of technology stocks - Dow down -171-points or -0.47%. The broader S&P500 slipped -0.10%, with Materials (down -1.24%), Health Care (-1.21%) and Utilities (-1.05%) all falling over >1 and leading six of the eleven primary sectors lower. Energy (up +2.29%) sat atop the primary sector leaderboard overnight, with Financials (+1.55%) also trading strongly. T-Mobile US fell over >1.5% in extended trading after reporting fourth-quarter postpaid phone net additions - a closely watched metric for wireless companies - came in at 844K, lower than the consensus Wall Street analysts’ average forecast for ~868K. The technology-centric Nasdaq dipped-0.13%, relinquishing a modest bounce in the closing minutes of the session. Apple Inc lost -1.67%, Amazon.com Inc -0.67%, and Google-parent Alphabet Inc -0.07%. However, Meta Platforms (formerly Facebook Inc) gained +2.56% The small capitalisation Russell 2000 added +0.56% after falling -3.30% in the previous session. James Hardie Industries Plc fell -4.31% after announcing it has fired Jack Truong as chief executive for code-of-conduct violations and appointed director Harold Wiens as interim Chief Executive Officer (CEO). The building materials supplier also raised its fiscal-year profit expectations, in part because of strong expectations for growth in the U.S. homebuilding market. The company now expects adjusted net income for its fiscal year through March, 2022, to be between US$605M and US$625M, an increase on earlier guidance of between US$580M and US$600M.

US equity markets retreated, tumbling into the close after the minutes of the Federal Reserve’s December monetary policy meeting suggested investors need to gear up for potentially tighter U.S. monetary policy and prompted a strong rotation out of technology stocks and into businesses more tightly linked to the economic recovery - Dow down -393-points or -1.07% after hitting a fresh record intra-day high (36,952.65) earlier in the session, logging its first decline of 2022. Salesforce.Com Inc dropped -8.28% following a downgrade from investment bank UBS. The broader S&P500 shed -1.94% - the index’s worst daily decline since 26 November last year - with Real Estate (down -3.22%) and Information Technology (-3.13%) both falling over >3% to lead all eleven primary sectors lower. The Nasdaq dropped -3.34%, recording the biggest single session loss for the technology-centric index since 25 February last year. Google parent Alphabet Inc closed down 4.6% at US$2,755.50, off more than >7.6% from its 18 November closing high of US$2,996.77. The small capitalisation Russell 2000 fell -3.30%.

Banking and industrial stocks powered the Dow Jones Industrial Average to a fresh record closing high overnight as worries about the Omicron variant of the coronavirus subsided, while a fall in heavyweight technology stocks dragged the S&P 500 and the Nasdaq indices lower - Dow up +215-points or +0.59% to 36,800, touching a fresh intraday peak of 36,934.84. Investment banks Goldman Sachs Group Inc (up +3.07%) and JP Morgan Chase & Co (+3.79%), and integrated payments giant American Express Co (+3.21%) were among the leading Dow performers and among those companies seen to be beneficiaries of rising interest rates. The broader S&P500 dipped -0.06% to 4,793.54 after scaling a fresh record intra-day high (4,818.62) earlier in the session. Energy (up +3.10%) was the leading primary sector performer for a second straight session, while Financials (+2.60%) and Industrials (+2.09%) both gained over >2%. Health Care (down -1.38%) and Information Technology (-1.14%) brought up the rear. Ford Motor Co jumped +11.67% and hit a 21-year high after the auto maker said it plans to nearly double production of its all-electric F-150 Lightning pickups at its Dearborn, Michigan, facility to 150K trucks a year to meet “soaring customer demand.” General Motors Co rallied +7.47% after saying the semiconductor supply issues that have plagued the auto industry improved during the fourth quarter. The company said it delivered 440,745 vehicles in the fourth quarter, down -43% from a year ago, when quarterly retail sales were the best in 13 years. Dealer inventory, including in-transit vehicles on their way to dealers, totalled 199,662 at the end of the fourth quarter, up +55% from a record low of 128,757 at the end of the third quarter. Tesla Inc fell -4.18% after soaring +13.53% in the previous session after releasing a statement on Sunday (2 January) and saying it delivered 308,600 vehicles in the fourth quarter alone, crushing consensus analyst forecasts for 266K. The technology-centric Nasdaq shed -1.33%, under pressure from a fresh rise in bond yields. Apple Inc fell -1.27% to US$179.70 a day after becoming the first public company to reach US$3 trillion in market capitalisation (achieving the milestone after briefly trading above >US$182.86 per share). Advanced Micro Devices lost -3.87%, with Chief Executive Lisa Su announcing new products in an event tied to the annual technology conference in Las Vegas. Ms Su said the company was releasing 20 new Ryzen 6000 series laptop processors beginning in February, and three new Radeon RX 6000S GPUs for thin gaming laptops. Ultrathin gaming laptops were the fastest-growing PC segment, selling at a rate more than three times faster than traditional gaming laptops, Ms Su said.The small capitalisation Russell 2000 slipped -0.16%.

A positive start to 2022 for US equity markets, with both the Dow and S&P500 logging fresh record closing highs - Dow up +247-points or +0.68% to a record closing high 36,585.06. The broader S&P500 rose +0.64% to also scale a record closing peak of 4,796.56, with Energy (up +3.10%) the standout primary sector performer. Consumer Discretionary (+2.76%), Financials (+1.24%) and Information Technology (+1.02%) all gained over >1%. Tesla Inc soared +13.53% after releasing a statement on Sunday (2 January) and saying it delivered more than >936K vehicles in 2021 - 911,209 of which were Model 3 sedans and Model Y SUVs. It marked an 87% increase versus 2020’s totals (when it delivered 499,647 vehicles) and more than the 897K forecast by analysts. The company delivered 308,600 vehicles in the fourth quarter alone, crushing consensus analyst forecasts for 266K. Tesla added that its final delivery numbers are slightly conservative, and may rise slightly after final calculations are made for its fourth-quarter earnings announcement. The Wall Street Journal reported that Tesla’s in-house software engineering helped make it more agile than its rivals at adjusting to the chip shortfall that plagued automakers in 2021. Ford Motor and General Motors rose about 4.8% and 4.3%, respectively. Elsewhere, the Centers for Disease Control and Prevention (CDC) issued a Level 4 notice regarding cruise travel - the highest level, which indicates very high COVID-19 levels. “Avoid cruise travel, regardless of vaccination status,” the agency said in an advisory. “Even fully vaccinated travellers may be at risk for getting and spreading COVID-19 variants.” The CDC reported over >90 cruise ships had COVID-19 cases reported. All but three of those ships were under CDC investigation, including ships operated by Carnival Corp (up +6.9%) and Norwegian Cruise Line Holdings (+6.4%). The Nasdaq rallied +1.20%. Apple Inc (up +2.5% at US$182.01) became the first public company to reach US$3 trillion in market capitalisation. The milestone was achieved after the company briefly traded above US$182.86 per share. Apple first hit the US$2 trillion market cap level on 20 August, 2020 (hitting US$1 trillion for the first time in August 2018). The small capitalisation Russell 2000 gained +1.21%.