US equity markets relinquished solid opening gains to settle with modest losses - Dow slipped -26-points or -0.12%, having rallied as much as +937-points or +4.1% earlier in the session. Exxon Mobil Corp (up +1.9%) announced that it was reducing its 2020 capital expenditure by 20% and lowering its cash operating expenses by 30% to combat the effects of lower oil prices. The broader S&P500 dipped -0.16%, unwinding an earlier gain of as much as +3.5%. AT&T Inc (up +2.17%) announced a US$5.5B term-loan agreement to further insulate it from an economic slowdown and that it expects to keep paying its dividend. The NASDAQ settled -0.33% lower after gaining as much as +2.9% at its session peak. The intra-day reversal marked the largest gains handed back in a single session by both the Dow and S&P500 since October 2008, according to Dow Jones Market Data.