US equity markets fell for a second consecutive session, shrugging off some solid corporate earnings releases and with re-opening plays such as airlines and cruise line operators led losses – Dow down -256-points or -0.75% , with Boeing Co (down -%) and Nike Inc (-%) both dropping more than >4%. International Business Machines (IBM) Corp rose over +3.79% after posting better-than-expected first quarter earnings per share (EPS) and revenue after the closing bell of the previous session. The broader S&P 500 lost -0.68%, with Energy (down -2.66%) leading seven of the eleven primary sectors lower. The more defensive Utilities (up+1.32%) and Real Estate (+1.12%) both advanced over >1%. United Airlines Holdings Inc fell -8.53% after the carrier recorded its fifth consecutive quarterly loss after the close of the previous session. American Airlines Group Inc fell -5.48%, while cruise operators Carnival Corp (down -4.35%) and Norwegian Cruise Line Holdings (-4.36%) both fell over >4%. The Nasdaq -0.92% Apple Inc (down -1.28%) launched a new iMac and iPad with its M1 chips at a spring event overnight. The small capitalisation Russell 2000 index fell -1.96%. In merger and acquisition (M&A) news, Kansas City Southern soared +15.25% after The Wall Street Journal reported that Canadian National Railway Co (-6.76%) was planning to make a buyout bid for the railroad operator of ~US$30B, which would top Canadian Pacific Railway Ltd.’s previously agreed on buyout bid.