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US equity markets rebounded strongly, with all three benchmark indices snapping three-week losing streaks as investors reassessed the expected path of Federal Reserve interest-rate hikes - Dow rallied +823-points or +2.68% to 31,500.68, climbing back above >31,000 and recording its largest daily percentage gain since 4 May. FedEx Corp gained +7.16% after the global delivery and logistics company reported fiscal fourth-quarter earnings that matched Wall Street’s expectations and issued guidance for the fiscal year that topped projections after the close of last Thursday’s (23 June session. The broader S&P500 gained +3.06%, logging its best daily percentage gain since 18 May, 2020. Materials (up +3.98%), Communication Services (+3.94%), Financials (+3.80%), Consumer Discretionary (+3.74%) and Information Technology (+3.57%) all rallying over >3.5% and leading all eleven primary sectors higher. Shares in the biggest U.S. banks climbed on Friday (24 June) a day after it was confirmed they had all passed the Federal Reserve's annual health check. JPMorgan Chase & Co rose +2.98%, Citigroup Inc +3.26% and Wells Fargo & Co +7.55. The Nasdaq jumped +3.34%, the technology-centric indice’s largest daily percentage gain since 13 May. The small capitalisation Russell 2000 rallied +3.16%.

US equity markets advanced after Federal Reserve Chairman Jerome Powell concluded a second day of congressional testimony with a vow to battle inflation, even if it risks a recession - Dow up +194-points or +0.64% and settling near its session highs at 30,677.36. The broader S&P500 +0.95%, with more defensive sectors like Utilities (up +2.35%), Health Care (+2.22%) and Real Estate (+2.01%) atop the primary sector leaderboard for a second consecutive session. Energy (down -3.74%) was the worst performing primary sector for a second day running. Occidental Petroleum Corp added +0.57% as Berkshire Hathaway Chief Executive Officer (CEO) Warren Buffett increased his firm’s stake in the oil-and-gas company by 9.6M shares or US$529M in June, according to regulatory filings cited by The Wall Street Journal, lifting the holding to ~16%. The Nasdaq +1.62%. The small capitalisation Russell 2000 rose +1.27%.

US equity markets logged modest losses, unwinding earlier gains in the final hour of trading as investors digested Federal Reserve Chair Jerome Powell’s latest congressional testimony - Dow eased -47-points or 0.15%. Dow Inc sank -4.75% to US$52.34 and its lowest levels since early 2021 after analysts at Credit Suisse cut their rating on the specialty chemicals company to “Underperform” (reducing the target price to US$49), citing concerns that the business could continue to struggle as supply chains normalise. The broader S&P500 slipped -0.13%, with Energy (down (-4.19%) leading seven of the eleven primary sectors lower. Real Estate (up +1.55%) and Health Care (+1.42%) were the best performing primary sectors. The Fed release its latest bank stress test results tonight AEST. The Nasdaq -0.15%. The small capitalisation Russell 2000 lost -0.22%.

US equity markets resumed trading following the holiday long weekend on the front foot, with all three benchmark indices rallying over >2% following a strong session for both value and growth stocks as risk assets bounced back - Dow gained +641-points or +2.15%, The broader S&P500 rose +2.45% to log its best single session advance month-to-date and after logging its worst weekly decline since 2020 last week, with the Energy sector (up +5.14%) returning to the top of the primary sector leaderboard and leading all eleven primary sectors at least +1.5% higher. Exxon Mobil Corp gained +6.22%, buoyed by an upgrade to “Outperform” from “Neutral” from Credit Suisse. Last night’s session marked the first time since May that both S&P 500 Value and S&P 500 Growth indexes gained more than >2% on the same day, and only the third time since 2020 that both indexes rallied as much. 441 stocks in the S&P500 advanced. Tesla Inc rallied +9.35% after Chief Executive Officer (CEO) Elon Musk told Bloomberg that job cuts at the company would result in a reduction of as much as 3.5% of the electric vehicle maker’s total head count. Twitter Inc rose +3.07% after Mr Musk told an audience at the Qatar Economic Forum in Doha that he would be “driving the product” at Twitter, while reiterating that he does not necessarily want to serve as CEO after he completes the acquisition of the social media company. Kellogg Co rose +1.95% after the food company announced a plan to split into three businesses - "Global Snacking Co", which will represent ~US$11.4B in sales and include international cereal and noodles, North American frozen breakfast, as well as snacks; "North America Cereal Co", which represents ~US$2.4B in sales and includes U.S., Canada, and Caribbean cereals; and "Plant Co", a business of ~US$340M anchored by the MorningStar Farms brand and focused on plant-based foods. The Nasdaq rallied +2.51%, with Goggle-parent Alphabet Inc rising +3.85%, Apple Inc +3.28% and Amazon.com Inc +2.32%. Chipmakers also traded strongly, with Advanced Micro Devices Inc climbing +2.72%. The small capitalisation Russell 2000 rose +1.70%.

The ASX 200 is the most undervalued it's been since 2012 and 2013. It needs time to base. A strong rally is likely by the end of 2022.

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AUD - buying ~69.51 US cents. The Reserve Bank of Australia’s (RBA) release the minutes from its June monetary policy meeting that saw the central bank hike rates +50-basis points, while RBA Governor Philip is scheduled to deliver a speech titled “Economic Outlook and Monetary Policy”. The Bank of Japan (BoJ) release the minutes of their June monetary policy meeting that saw the central bank stand firm on its ultra-loose monetary policy prescription last Friday (17 June). Elsewhere, there were reports this morning that Qantas Airways has lifted the passenger mask mandate for non-stop, outbound flights to the US and UK.

Tom Sartor, Equity Strategist at Morgans takes at look at the current volatile market, and what that means for commodities.

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PeopleIN is the largest ASX-listed talent solutions company in Australasia. It connects over 15,000 people with roles every year, and is uniquely structured to provide deeply specialist talent solutions at scale, across a broad range of sectors.

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US equity markets closed out a turbulent week on mixed note, leaving both the Dow and S&P500 nursing their worst weekly performance sine 2020 - Dow eased -38-points or -0.13% to 29,888.78 after sliding below 1%. The small capitalisation Russell 2000 gained +0.96%. Friday (17 June) was a “quadruple witching” session, the simultaneous expiration of stock index futures, single-stock futures, stock options and stock index options.

Senior Analyst Adrian Prendergast gives an update on the resources sector, including his key stocks analysis.

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