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Record closing highs for both the S&P500 and Nasdaq amid a broad-based rally despite some lacklustre economic data - Dow up +240-points or +0.68% to 35,730.48 The broader S&P500 gained +0.98% to a record closing high of 4,596.42, with all of Real Estate (up +1.447%), Consumer Discretionary (+1.37%), Industrials (+1.29%), Financials (+1.24%), Information Technology (+1.06%) and Materials (+1.02%) gaining over >1% and with all eleven primary sectors advancing. Ford Motor Co jumped +8.70% The technology-centric Nasdaq rallied +1.39% to log its first record closing high since 7 September at 15,448.12. Facebook Inc rose +1.51% after announcing a rebranding which the company says reflects a hard pivot into what it calls the “next evolution of social technology,” where mixed reality brings people together to play games, exercise, watch concerts together, work remotely and communicate. The social media giant has changed its name to Meta, relegating Facebook to one of the company’s three major platforms - which also includes Instagram and WhatsApp - rather than the overarching brand amid whistleblower revelations and regulator recriminations. The small capitalisation Russell 2000 rebounded +2.02%.

US equity markets fell as some of the recent momentum around positive corporate earnings faded - Dow down -266-points or -0.74%, snapping a three session winning streak that had lifted the index to a record closing high (35,756.88) a day earlier. Visa Inc shed -6.92% after the payments company issued a conservative revenue outlook during as part of its quarterly earnings report after the close of the previous session. There were also reports that the company was facing a Justice Department probe around its relationships with fintech firms. The broader S&P500 fell -0.051%, also snapping a three session winning streak. The Nasdaq eked out a +0.01% gain. Google-parent Alphabet Inc (up +4.96%) and Microsoft Corp (up +4.21% to a record close of US$323.17) after both technology majors posted strong quarterly results after the closing bell of the previous session. The small capitalisation Russell 2000 shed -1.90%.

Both the Dow and S&P500 eked out fresh record highs ahead of another wave of notable corporate earnings releases after the close of the session - Dow up +16-points or +0.04% to 35,756.88, after rising to an record intraday high of 35,892.92 (up ~150-points) in earlier trading. The broader S&P500 edged +0.08% higher to 4,574.79, after hitting a fresh intraday record of 4,598.53. The Nasdaq +0.09% to settle at 15,235.71, briefly trading as high as 15,384 and topping its closing record of 15,374.33 set on 7 September. Facebook Inc fell -3.92% after the company reported better-than-expected third-quarter earnings per share (US$3.22 versus consensus US$3.19) even as revenue (US$29.01B) undershot analysts’ estimates (US$29.57B) after the close of the previous session and also said it’s increasing its share buyback program by US$50B. The small capitalisation Russell 2000 lost -0.72%.

Both the Dow and S&P500 hit fresh record highs as earnings season kicked in to high gear in one of the heaviest reporting weeks of the quarter, with bellwethers in multiple sectors poised to announce results - Dow up +64-points or +0.18% to 35,741.15, after establishing a new all-time intraday record at 35,787.04. The broader S&P500 added +0.47% to 4,566.48 and also hit a intra-day record high of 4,572.62, with nine of the 11 major S&P sectors advancing. Consumer Discretionary (up +2.11%) and Energy (+1.41%) were the best performing primary sectors overnight. Utilities (down -0.43%) and Financials (-0.16%) were the only primary sectors to settle in the red. Tesla Inc jumped +12.66% to its own new record of US$1,024.86 per share and breached >US$1 trillion in market capitalisation, after car rental firm Hertz Global Holdings Inc placed an order for 100,000 Tesla cars, while Morgan Stanley raised its price target on the stock to US$1,200 from US$900 per share. Tesla joins a select group of mega tech stocks that include Apple Inc (down -0.03%) with a market cap of ~US$2.5 trillion, followed by Microsoft Corp (-0.33%) at ~US$2.3 trillion, Google-parent Alphabet Inc (up+0.11%) at ~US$1.8 trillion and Amazon.com Inc (-0.46%) at US$1.7 trillion. Tesla also edged out Facebook Inc (with a current market cap of ~US$900B) to become the fifth largest US company by market cap. The Nasdaq +0.90%. PayPal Inc gained +2.70% after the payments company scrapped plans to buy the digital pinboard site Pinterest Inc (down -12.71%) for as much as US$45B.The small capitalisation Russell 2000 rose +0.93%.

US equity markets mixed on Friday night (22 October) as investors weighed strong corporate earnings against persistent concerns over elevated global inflation - Dow up +73-points or +0.21% to a record closing high of 35,677.02. The broader S&P500 dipped -0.11%, with falls for Communication Services (down -2.28%) and Consumer Discretionary (-0.66%) offsetting gains for Financials (up +1.33%) and Energy (+0.93%). Tesla Inc extended its rally, rising +1.7% after hitting a new intraday high (US$909.68) earlier in the morning session that lifted the electric vehicle maker’s market capitalisation above >US$905B (which is more than almost half of the auto industry put together). The Nasdaq lost -0.82%. Quarterly results late last Thursday (21 October) from Snapchat parent Snap Inc (down -26.59%), which forecast a weaker-than-expected holiday season and expressed concerns over digital advertising, prompted a decline in internet and social-media related stocks, including Google-parent Alphabet Inc (down -3.04%) and Facebook Inc (-5.05%). Intel Corp dropped -11.68% following a soft quarterly result after the close of the previous session that the company blamed on weaker-than-expected sales amid an industry-wide component shortage. However, Netflix Inc (up +1.78%), Ebay Inc (+5.75%) and Microsoft Corp (-0.51%) all touched fresh record intra-day highs. The small capitalisation Russell 2000 eased -0.21%.

US equity markets firmer as strong corporate earnings bolstered the mood on Wall Street - Dow dipped -6-points, with IBM (down -%) The broader S&P500 added +0.30% to 4,459.78, booking its first record closing high in seven weeks after logging an intra-day record of 4,551.44. Consumer Discretionary (up +1.38%) led seven of the eleven primary sectors higher. Energy (down -1.85%) was the worst performing primary sector as US crude prices pulled back from seven year highs overnight. The Nasdaq rose +0.62%. The small capitalisation Russell 2000 added +0.28%.

US equity markets ticked higher amid some mixed reports around how corporates are managing inflationary pressures and supply chain issues - Dow gained +152-points or +0.43%, touching an all-time high of 35,669.69 earlier in the session. The broader S&P500 added +0.37% to log a sixth consecutive session advance, with Utilities (up +1.56%), Real Estate (+1.55%) and Health Care (+1.45%) all climbing over >1% and leading eight of the eleven primary sectors higher. Information Technology lagged with a -0.29% decline. The Nasdaq dipped -0.05%. The small capitalisation Russell 2000 rose +0.61%. In merger and acquisition (M&A) news, PayPal Holdings Inc fell -4.91% following reports that the company is in late-stage talks to buy social media company Pinterest, with a price of US$70 per share apparently mooted according to Bloomberg (which would value Pinterest at ~US$39B).

US equity markets advanced as major companies continued to deliver solid third quarter earnings - Dow up +199-points or +0.56% . Walmart Inc gained +2.1% after Goldman Sachs added the big-box retailer to its conviction buy list, pointing to improved profitability and increased share of the U.S. grocery market saying the stock could rally nearly 40%. The broader S&P500 extended its rally into a fifth straight session and climbed back above >4,500, rising +0.74% to 4,519.63. Health Care (up +1.31%), Utilities (+1.26%) and Energy (+1.11%) all rose over >1% to lead ten of the eleven primary sectors higher. Consumer Discretionary (down -0.29%) was the only primary sector to close in the red. The technology-centric Nasdaq rose +0.71%. Alibaba Group Holdings Ltd popped +6.1% after the company announced it has developed a custom computer chip that it will use to power its data centre servers. The small capitalisation Russell 2000 added +0.36%.

Heavyweight technology names lifted US equity markets however global sentiment was dampened by official China data recording the slowest pace of economic growth in a year in the third quarter - Dow eased -36-points or -0.10%, paring an earlier decline of -123-points. The broader S&P500 added +0.34%, extending gains into a fourth straight session and representing its longest win streak since 25 August. Consumer Discretionary (up +1.20%) and Information Technology (+0.85%) led seven of the eleven primary sectors higher. More defensive Utilities (down -0.96%) and Health Care (-0.72%) lagged the broader market. The Nasdaq gained +0.84%, also marking its fourth consecutive rise and its longest win streak since 7 September. Facebook Inc and Apple Inc were the biggest drivers of the gains, gaining 3.3% and 1.2% respectively. Apple Inc announced new Mac personal computers featuring the company’s custom chips and an upgraded set of AirPods, filling out its holiday line-up. The small capitalisation Russell 2000 edged +0.10% higher.

Better-than-expected corporate earnings continued to push US equity markets higher on Friday (15 October), with Goldman Sachs Group Inc (up +3.8%) capping a strong week for bank earnings - Dow up +382-points or +1.09% . The broader S&P500 +0.75% to 4,471.37, settling comfortably above its 50-day moving average (4,436.74). Alcoa Corp soared +15.2% after the aluminium producer reported stronger-than-expected results, and announced it would pay its first dividend since 2016 and launch a US$500M share buyback. The Nasdaq added +0.50%. The small capitalisation Russell 2000 eased -0.37%.