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US equity markets advanced after a choppy session as investors digested a fresh round of second quarter earnings releases and reports that President Trump was giving serious thought to dismissing Federal Reserve Chair Jerome Powell - Dow rose +231-points or +0.53%, recovering from an earlier slide of as much as -264-points. Amgen Inc (up +2.23%) and Caterpillar Inc (+2.04%) rose over >2%.

• US equity markets weaker as investors digested the latest inflation figures and a mixed bag of second quarter results from some major banks - Dow dropped -436-points or -0.98% to 44,023.29, with American Express Co (down -3.20%) and UnitedHealth Group Inc (-2.95%) both down ~3%. Nvidia Corp rallied +4.04% to a record closing high of US$170.70 and was the leading Dow component following news that the U.S. government plans to grant licenses for the chipmaker to sell its H20 graphics processing units in China.

On 7 July the AFR published a list of 37 Economists who had answered a poll on when the RBA would next cut rates. 32 of them thought that the RBA would cut on 8 July. Only 5 of them did not believe the RBA would cut on 8 July. I was one of them. The RBA did not cut.

US equity markets logged modest gains as investors continued to monitor trade headlines ahead of key inflation data and the beginning of second quarter earnings season tonight AEST - Dow rose +88-points or +0.20% Boeing Co rose +1.62% after a preliminary report was released over the weekend regarding the cause of last month's Air India crash that killed more than 250 people on board and on the ground and did not recommend actions to fix any safety issues for operators or manufacturers of the Boeing plane and GE Aerospace (+2.71%) engines. Chevron Corp (down -2.36%) and Procter & Gamble Co (-2.09%) fell over >2%.

US equity markets retreated on Friday (11 July) as President Trump's threats of new tariffs against a host of U.S. trade partners unnerved investors, with the S&P 500 and Nasdaq pulling back from record closing highs logged a day earlier - Dow fell -279-points or -0.63%, with Nike Inc (down -2.67%) and Visa Inc (-2.23%) falling over >2%.

US equity markets advanced, with the S&P 500 and Nasdaq hitting fresh record highs as investors continued to shrug off tariff-related concerns - Dow rose +192-points or +0.43%, with American Express Co (up +2.49%) the leading performer in the 30-stock index. Nvidia Corp rose +0.75% to settle with a closing market capitalisation above >US$4 trillion after breaching that level intra-session a day earlier.

US equity markets advanced, with the technology-centric Nasdaq climbing to a fresh record high as tariff and trade headlines remained in focus and as investors parsed meeting minutes from the Federal Reserve's June monetary policy meeting - Dow rose +218-points or +0.49% to 44,458.30, settling ~1% below its record closing high. Nvidia Corp rose +1.80% to US$162.88, pulling back from earlier highs that saw the chipmaker become the first ever company to achieve a market capitalisation of US$4 trillion. Nvidia needed to finish at or above US$163.93 to reach the $4 trillion milestone at the close. Nonetheless, the chipmaker's closing market capitalisation of US$3.974 trillion was a record closing peak for any company. Amazon.com Inc +1.45% that its cloud division has developed hardware to cool down next-generation Nvidia graphics processing units (GPUs) that are used for artificial intelligence workloads. UnitedHeatlh Group Inc fell -1.56% to be the worst performing Dow component overnight following a report from the Wall Street Journal that ex-employees and medical professionals have been interviewed by Department of Justice investigators over a probe into the insurer's Medicare billing practices.

US equity markets settled little changed after another choppy session dominated by trade and tariff headlines - Dow fell -166-points or -0.37%, with JPMorgan Chase & Co (down -3.15%) and Nike Inc (-3.41%) down over >3%. Amazon.com Inc fell -1.84% as the eCommerce giant's four-day "Prime Day" sale event kicked off overnight. Nvidia Corp rose +1.11% and continues to close in on becoming the first company ever to market capitalisation of US$4 trillion.

US equity markets fell sharply after resuming trading following the Independence Day holiday long weekend, with the S&P 500 and Nasdaq retreating from record all-time highs as investors digested a flurry of headlines related to tariffs and global trade - Dow dropped -422-points or -0.94%,with Sherwin-Williams Co (down -2.18%) the worst performer in the 30-stock index, while seven other components fell over >1.5%. Nvidia Corp fell -0.69% to US$158.24 despite analysts at Citigroup lifting their target price to US$190 per share (from US$180 previously) and now calculating that the total addressable market for data-centre AI chips could be $563B by 2028 (versus a prior projection of US$500B).Citigroup believes sovereign AI, which refers to countries looking to build out their own AI infrastructure, could contribute “up to billions of dollars” to Nvidia's top line in 2025 and will come to make up an even bigger portion of Nvidia's business mix next year. Amazon.com Inc inched +0.03% higher and was the only member of the so-called ‘Magnificent Seven' cohort of mega-capitalisation technology stocks to advance ahead of its annual “Prime Day” sale event kicking off tonight AEST (8 July). After sales hit an all-time high at last year's event, Amazon has extended this year's sale to four days from two.

US equity and bond markets were CLOSED on Friday night AEST (4 July) for Independence Day. For the shortened trading week, the Dow rallied +2.30%. The S&P 500 climbed +1.72% and the Nasdaq +1.62%

US equity markets advanced in an abbreviated trading session ahead of the Independence Day holiday, with the S&P 500 and Nasdaq hitting fresh record closing highs for the fourth time in the last five days as investors a stronger-than-expected jobs report - Dow rose +334-points or +0.77% to 44,828.53, falling just short of logging its first record closing high since December. American Express Co (up +1.03%), investment banks Goldman Sachs Inc (+1.09%) and JPMorgan Chase & Co (+1.86%) and Nvidia Corp (+1.33%) all hit record highs.

US equity markets advanced ahead of key jobs data tonight AEST ahead of the 4 July holiday, with investors also continuing to the progress of the massive tax and spending bill that is now being debated in the House of Representatives (after narrowly being approved in the Senate a day earlier) while eying the 9 July deadline tariff deadline - Dow dipped -11-points or -0.02% Nike Inc (up +4.06%) was the leading performer in the 30-stock index, climbing to a three-month high. Apple Inc (up +2.22%) advanced for a fourth straight session following reports at the start of the week that the iPhone maker could use OpenAI or Anthropic to power the next generation of Siri. Apple was the only member of the ‘Magnificent Seven' to lose ground in the second quarter (down -7.64%). Microsoft Corp (down -0.20%) confirmed a Bloomberg report of plans to make more cuts to its global workforce that could impact an estimated 9K workers and primarily effect sales teams. The latest cuts come just weeks after a reported 3% workforce reduction affecting ~6K employees. Amazon.com Inc slipped -0.24%, with a Securities and Exchange Commission (SEC) filing recording that founder Jeff Bezos more than 3.3M shares of his company in a sale valued at ~US$736.7M in late June. The stock sale is part of a previously arranged trading plan adopted by Mr Bezos in March. Under that arrangement, Bezos plans to sell up to 25M shares of Amazon over a period ending 29 May, 2026.

US equity markets mixed to open the new month and quarter, with the S&P 500 and Nasdaq pulling back from record highs as investors continued to monitor trade negotiations and the progress of President Trump's "One Big Beautiful Bill" through Congress - Dow climbed +400-points or +0.91% Amgen Inc (+5.05%) and UnitedHealth Group Inc (+4.54%) rallied over >4%, while Merck & Co Inc (+3.35%), Nike Inc (+3.34%) and Sherwin-Williams Co (+3.38%) gained over >3%. Nvidia Corp (down -2.97%) was the worst performer in the 30-stock index overnight.

US equity markets advanced, pushing further into record territory to cap another strong month and impressive second quarter rebound - Dow rose +276-points or +0.63% to 44,094.77. Goldman Sachs Group Inc gained +2.45% to US$707.75 to be the leading component in the 30-stock index overnight and logging its third record closing high, with analysts at Citigroup noting the investment bank emerged as “the big winner” in last Friday's (27 June) latest annual bank stress tests conducted by the Federal Reserve due to its ”much better-than-expected” improvement in stress capital buffers. Apple Inc +2.03% following a report from Bloomberg News that the company is considering using technology from Open AI or Anthropic to power voice assistant Siri.

The benchmark S&P 500 index and Nasdaq indices hit record all-time highs on Friday (27 June) albeit US equity markets settled off their session highs (and briefly turned negative in afternoon trading) as investors digested a mixture of trade policy news - Dow rose +432-points or +1.00% to 43,819.27, still sitting ~2.7% below its record high. Nike Inc soared +15.19% to pace gains in both the Dow and S&P 500 after athletic apparel maker topped fiscal fourth-quarter estimates after the close of last Thursday's (26 June) session. Boeing Co rallied +5.91%, buoyed by news of Washington and Beijing agreeing on a framework of a trade deal after a months-long tariff war. Nvidia Corp (+1.76%) insiders sold over >US$1B worth of company stock in the past year, with a notable uptick in recent trading activity as executives capitalise on surging investor interest in artificial intelligence (AI), the Financial Times (FT) reported on Sunday (29 June). More than >US$500M of the share sales took place this month as the chip designer's share price climbed to an all-time high. Nvidia last week usurped Microsoft Corp (down -0.30%) as the world's most valuable company by market capitalisation. A Securities and Exchange Commission (SEC) filing recorded that Chief Executive Officer (CEO) Jensen Huang started selling shares last week for the first time since September.

US equity markets advanced and remained on track to book a second consecutive month of strong gains, with White House Press Secretary Karoline Leavitt playing down the July tariff deal deadlines that have been looming over markets - Dow climbed +404-points or +0.94% to 43,386.84, its highest close since 28 February but still -3.6% below its record closing high set on 4 December 2024 of 4,5014.04. Caterpillar Inc (up +2.77%) and Goldman Sachs Group Inc (+2.58% and touching a record intra-day high along with JPMorgan Chase & Co (+1.65%)) gained over >2.5%. Nvidia Corp added +0.46% and touched a fresh record high that briefly lifted the chipmaker's market capitalisation above >US$3.8 trillion, having reclaimed its title of the world's most valuable company by market capitalisation from Microsoft Corp (+1.05% and hitting a fresh record high) on Wednesday (25 June).

US equity markets settled narrowly mixed - Dow eased -107-points or -0.25%, with McDonald's Corp (down -2.03%) the worst performer in the 30-stock index overnight. Nvidia Corp climbed +4.33% to a record closing high of US$154.31. It marked the chipmaker's first record close since January, lifting Nvidia's market capitalisation to US$3.77 trillion to reclaim the title as the world's most valuable company by market capitalisation from one of its main customers Microsoft Corp (+0.44% to US$492.27, marking the 12th record close in 17 June trading sessions). Nvidia hosted its annual shareholder meeting overnight, with Chief Executive Officer (CEO) Jensen Huang identifying robotics as the company's biggest market for potential growth outside of artificial intelligence (AI) and noting that self-driving cars would be the first major commercial application for the technology. “We have many growth opportunities across our company, with AI and robotics the two largest, representing a multitrillion-dollar growth opportunity,” Mr Huang said. International Business Machines (IBM) Corp fell -0.93% after touching a fresh record intra-day high (US$296.16) earlier in the session.

US equity markets rallied and oil prices tumbled for a second consecutive session as investors welcomed news of a fragile cease-fire agreement between Iran and Israel - Dow rose +507-points or +1.19% to 43,089.02, with six of the index's components logging gains of over >2%. American Express Co (up +2.92%), Salesforce Inc (+2.95%) and Nvidia Corp (+2.59%) gained over >2.5%. International Business Machines (IBM) Corp (1.59%) and Microsoft Corp (+0.85%) hit record highs.

US markets were stronger overnight, as investors shrugged off Iran's missile attacks on two US military bases in Qatar and Iraq. The view being it is an indication of Iran's inability or unwillingness to engage in a wider conflict. The Dow rose 0.89% to 42,581.78. Paint manufacturer Sherwin-Williams was the top performer of the 30-stock index, rising 3.1%.

US equity markets resumed trading following the Juneteenth National Independence Day holiday, with investors' attention remaining keenly focussed on developments in the Middle East - Dow inched +35-points or +0.08% higher. Apple Inc rose +2.25% to be the leading performer in the 30-stock index and buck a weaker trend among the so-called ‘Magnificent Seven', with reports emerging executives have held internal talks about potentially bidding for artificial intelligence (AI) startup Perplexity AI. If regulators order Apple to end its partnership with Google, purchasing Perplexity would make it easier for the company to develop an AI-based search engine. The Bloomberg report came after CNBC confirmed on Friday (20 June) that Meta Platforms Inc (down -1.93%) approached Perplexity AI about a potential takeover bid before ultimately investing $14.3B into Scale AI. Microsoft Corp eased -0.59% to US$477.40 after touching a fresh record intra-day high (US$483.46). Amazon.com Inc lost -1.33% after the news that the UK's Groceries Code Adjudicator has opened a formal investigation over concerns that the retail giant may have breached rules requiring timely payments to suppliers.

US equity and bond markets were CLOSED overnight. In US corporate earnings, global professional services company Accenture, used car retailer CarMax Inc, Darden Restaurants and supermarket group Kroger Co report quarterly results on Friday night AEST (20 June).

Morgans AM - Thursday, 19 June 2025 by Morgans Financial

US equity markets fell as the Israel-Iran conflict continued to dominate investor sentiment and drive volatility and a fresh spike in oil prices - Dow lost -299-points or -0.70%. Merck & Co Inc (down -3.31%) and Nike Inc (-3.07%) both fell over >3%. Amazon.com Inc (down -0.59%) said its Prime Day discount event for Prime members next month will extend to four days (8 July-11 July).

US equity markets rebounded amid reports that Iran is willing to negotiate over its nuclear program in an effort to contain the conflict with Israel - Dow rose +317-points or +0.75%, with American Express Co (+2.23%), Cisco Systems Inc (+2.22%), investment banks Goldman Sachs Group Inc (+2.33%) and JPMorgan Chase & Co (+2.04%), Nike Inc (+2.26%), and Salesforce Inc (+2.12%) Microsoft Corp +0.88% touched a record all-time intra-day high of US$480.69

US equity markets retreated on Friday (13 June) after Israel launched a wave of airstrikes on Iran and its nuclear facilities, pushing oil prices sharply higher - Dow dropped -770-points or -1.79% Sherwin-Williams Co -5.7% was the worst performer in the 30-stock index, with analysts at Citigroup cutting their recommendation on the stock to "neutral" from "buy," indicating that the persistence of high mortgage rates and softness in the housing market could weigh on the paint distributor's performance in the near term. Visa Inc fell -4.99% and American Express Co -3.42% after a report in The Wall Street Journal indicated that Walmart Inc (-0.41) and Amazon.com Inc (-0.53%) are considering issuing their own stablecoins, a move that could help the retail giants sidestep the interchange fees charged by credit-card providers. Nike Inc (-3.61%) and Salesforce Inc (-3.19%) also fell over >3%.

US equity markets advanced and remained on track to book a third straight weekly gain as investors awaited more signs of progress on trade negotiations and responded to fresh economic data - Dow added +102-points or +0.24% Boeing Co -4.79% after an Air India 787-8 Dreamliner jet crashed minutes after taking off in India's western city of Ahmedabad, killing more than 200 people.

US equity markets retreated, with the S&P 500 and Nasdaq handing back earlier gains and snapping a three-session winning streak as investors digested a tame inflation report and fresh Middle East tensions while awaiting further details on China-U.S. trade talks - Dow flat Goldman Sachs Group Inc (up +1.51%), International Business Machines (IBM) Corp (+1.91%) and UnitedHeath Group Inc (+2.23%) all gained over >1.5%, while Amazon.com Inc (down -2.03%), Apple Inc (-1.92%) and Home Depot Inc (-2.02%) declined ~2%.

US equity markets advanced for s third session as US officials signalled progress on US-China trade talks - Dow rose +105-points or +0.25% Nike Inc +3.17% was the leading performer in the 30-stock index, while Merck & Co Inc (+2.55%) and Walt Disney Co (+2.65%) gained over >2.5%. International Business Machines (IBM) Corp climbed +1.53% to a fresh record closing high of US$276.24 after the company outlined what is called a “viable path” to building the world's first "fault-tolerant" quantum computer by the end of the decade named IBM Quantum Starling. IBM also booked its longest winning streak since December 2023, recording its eighth consecutive session advance after announcing plans to build what it calls “the world's first large-scale, fault-tolerant quantum computer” by 2029, saying it will make way for practical and scalable quantum computing. McDonald's Corp fell -1.43% after the fast food giant received its third broker downgrade in three-days.

US equity markets settled with modest gains, building on last week's advance that saw the benchmark indices log weekly gains of over >1% as investors awaited news from trade talks taking place between the U.S. and China - Dow flat at 42,761.76. Apple Inc -1.21% as its annual Worldwide Developers Conference kicked off overnight, with the company announcing its first new iPhone operating system redesign since 2013. However, there were no highly anticipated updates around artificial intelligence (AI)-enhanced Siri features, with Senior Vice President of Software Engineering Craig Federighi saying that the Siri features “need more time to reach our high quality bar” and that more information will be released “in the coming year.” Boeing Co (up +3.18%) aircraft manufacturer landed its first plane in China after the easing of trade tensions with the U.S. led Beijing to allow deliveries of its jets again. Nvidia Corp +0.64% Chief Executive Officer (CEO) Jensen Huang pledging to boost investment in the UK's AI sector at London Tech Week, describing a “Goldilocks” opportunity. Meanwhile, the NVIDIA GTC 2025 - AI Conference for Developers kicks off in Paris tonight AEST.

• US equity markets retreated following g a choppy session that saw the S&P 500 and Nasdaq snap three-session winning streaks as investors digested the latest developments on the trade front and an escalating spat between Elon Musk and President Trump, while eyeing key jobs data tonight AEST - Dow fell -108-points or -0.25%, with Apple Inc (down -1.05), Nvidia Corp (-1.36%), Procter & Gamble Co (-1.9%), UnitedHealth Group Inc (-1.51%) and Walmart Inc (-1.4%) all down over >1%. Consumer products giant Procter & Gamble outlined plans to trim ~15% of its non-manufacturing workforce (or ~7K jobs) at a n industry conference in Paris. Microsoft Corp rose +0.82% to a record closing high of US$467.68, becoming the first among its peers to reclaim its highs since the selloff among large capitalisation technology peers earlier this year. The gin also saw Microsoft become the largest US company by market capitalisation, usurping Nvidia just two-days after the chipmaker had

US equity markets mixed as investors awaited concrete developments on the trade front and digested softer-than-expected employment data - Dow eased -92-points or -0.22%, snapping a four-session streak. Chevron Corp (down -1.56%) and Verizon Communications Inc (-1.35%) dropped over >1%.

Chip stocks traded strongly for a third consecutive session to underpin fresh gains on US equity markets - Dow rose +214-points or +0.51%. Nvidia Corp rose +2.8% to US$141.22 to be the leading performer in the 30-stock index, reclaiming the title from Microsoft Corp (+0.22%) as the most valuable US company by market capitalisation (at US$3.45 trillion).

US equity markets opened the new month with modest gains, settling near their session highs as Wall Street shook off increasing trade tensions between the US and China - Dow inched +35-points or +0.08% higher Boeing Co +2.00% to US$211.47, buoyed by an upgrade to ‘Buy' (and upgraded target price of US$260) from ‘Hold' by analysts at Bank of America Securities, who observed that the company's “aircraft have emerged as a favoured trade mechanism in recent U.S. trade negotiations, which we suspect will continue.” The analysts report also noted that “Given the progress made under [Chief Executive Officer] Kelly Ortberg's leadership, we are more confident in the company's turnaround.”

US equity markets settled little changed following a volatile session to close out a volatile month as U.S. President Trump slammed China before sounding upbeat about reaching a trade deal - Dow added +54-points or +0.13% Nvidia Corp -2.92%

• US equity markets advanced and remain on track to log weekly and monthly gains, buoyed by a solid first quarter result from chip giant Nvidia Corp (up +3.25%) that saw its data centre business record . However, gains were capped as investors monitored judicial developments surrounding President Trump's “reciprocal” tariffs - Dow rose +11-points or +0.28% Boeing Co +3.32% and hit a 52-week high after Chief Executive Officer (CEO) Kelly Ortberg said its airplane deliveries to China will resume next month after handovers were paused amid a trade war with the Trump administration. Mr Orberg also said Boeing could ramp up production of its best-selling Max jets to 47 a month by the end of the year. Salesforce Inc dropped -3.3% and was the worst performing Dow component overnight the cloud software giant

US equity markets retreated and settled near their session lows ahead of the highly anticipated first quarter result from ‘Magnificent Seven' and Dow component Nvidia Corp after the closing bell - Dow fell -245-points or -0.58%

US equity markets settled sharply higher after resuming trading after the Memorial Day long weekend, with investors responding to President Trump's decision over the weekend to delay the implementation of a 50% tariff on imports from the European Union (EU) to 9 July from 1 June - Dow rose +741-points or +1.78% to 42,344, snapping a four session losing streak. Nike Inc (up +4.68%) and Nvidia Corp (+3.21%).

US equity and bond markets were CLOSED overnight in observance of Memorial Day. However, S&P 500 and Nasdaq futures were over >1% higher after President Trump delayed the 50% tariffs which were set to be imposed on the European Union (EU) on 1 June.

• US equity markets fell on Friday (23 May) after President Trump reignited tariff concerns with a series of social media posts - Dow lost -256-points or -0.61%, with Salesforce Inc (down -3.63%) the worst performer in the 30-stock index. Apple Inc (down -3.02%) fell for an eighth straight session after President Trump posted on his Truth Social website that the technology giant will have to pay a tariff of at least 25% for iPhones made outside the United States. "I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," President Trump wrote. Bank analysts estimated that a $US1200 iPhone would, if made in America, jump in price anywhere from US$1,500 to US$3,500.

• US equity markets steadied after steep losses in the previous session, - Dow flat, unwinding an earlier rally of as much a +-points. Nike Inc gained +2.23% and was the leading Dow component overnight after confirming that it will resume selling apparel and footwear on Amazon.com Inc's (+0.98%) platform for the first time since 2019. Separately, Nike said it intends to increase the prices of certain items by 1 June. UnitedHealth Group Inc (down -2.08%) was the worst performer in the 30-stock index for a second session running, under fresh pressure after the Centres for Medicare & Medicaid Services said it plans to take a more "aggressive" approach to auditing Medicare Advantage plans.

US equity markets fell sharply, pushing the Dow and S&P 500 back into negative territory for the calendar year-to-date as longer dated Treasury yields jumped and as investors kept close tabs on a sweeping tax and spending bill that's moving through Congress and could dramatically increase the federal deficit - Dow dropped -817-points or -1.91% UnitedHealth Group Inc (down -5.78%) was the worst performer in the 30-stock index overnight, having been the leading Dow component for the past three sessions. The Guardian reported that the health insurer giant had secretly paid nursing homes to reduce transfers of residents in need of care to hospitals. The company denied the allegations.

US equity markets recent rally paused as Treasury yields ticked higher - Dow eased -114-points or -0.27%. Nvidia Corp fell -0.88% Chief Executive Officer (CEO) Jensen Huang said Monday (19 May) the company would be opening its artificial-intelligence server platform to rival chip makers but he also warned the U.S. government's move to limit chip exports to China could hit revenue by $15B. UnitedHealth Group Inc (up +1.8%) was the leading Dow component for a third consecutive session, continuing to rebound from steep losses last week that was spurred by the departure of its CEO and reports that the health insurer faces a Department of Justice (DOJ) investigation and that saw the stock fall over >20% to hit 5-year low last Thursday (15 May).

US equity markets advanced, reversing earlier losses as investors digested Moody Ratings' decision after the close of trading last Friday (16 May) to downgrade the U.S.'s credit rating to Aa1 from Aaa - Dow rose +137-points or +0.32%, recovering from an earlier decline of -317-points. UnitedHealth Group Inc (up +8.21%) was the leading Dow component for a second straight session, continuing to rebound from steep losses last week that saw the stock fall over >20% and hit 5-year low last Thursday (15 May). The insurer disclosed after Friday's (16 May) close that new Chief Executive Officer (CEO) Stephen Hemsley spent US$25M to buy 86,700 shares, to bring his direct ownership to nearly 680K shares. And Chief Financial Officer (CFO) John Rex invested US$5M to buy 17,175 shares, to bring his direct ownership to a ~204K shares. JPMorgan Chase & Co (down -1.00%) after the investment bank hosted its annual investor day, reiterating its key financial guidance. JPMorgan maintained its forecast for full-year net interest income (NII) at ~US$94.5B, including US$90B excluding markets, and projected expenses to hold steady at ~US$95B. The bank also reaffirmed its 17% return on tangible common equity (ROTCE) target. Meanwhile, CEO chief Jamie Dimon warned against complacency in the face of a slew of risks, citing everything from inflation and credit spreads to geopolitics.

US equity markets advanced on Friday (16 May) to cap a strong week and despite news Moody Ratings had downgraded the US's highest investment grade position - Dow rose +332-points or +0.78% to 42,654.74, moving into positive territory for 2025. UnitedHealth Group Inc rebounded +6.40%, clawing back some of the heavy losses posted in the prior session amid reports that the insurer's Medicare Advantage business was the subject of a criminal probe. News of the investigation came on the heels of the insurance giant withdrawing its full-year guidance and announcing the departure of its CEO. Nvidia Corp added +0.42% ahead of CEO Jensen Huang taking the stage on Sunday (18 May) at Computex, an annual technology trade show, with this year's theme - “AI Next” - focused squarely on the emerging technology that has lately powered growth in the company's business. Microsoft Corp after offering a series of new concessions to the European Commission (EC) in a bid to settle a long-running antitrust investigation into the bundling of its Teams communications app with Office 365. Its proposal reportedly included unbundling Teams from its Office and Microsoft 365 software suites, offering those products at a lower price without Teams, and enhancing interoperability for rival services.

US equity markets advanced - Dow rose +272-points or +0.65%. Cisco Systems Inc rallied +4.85% and was the leading performer in the 30-stock index overnight after the networking company reported earnings per share (EPS) and revenue that topped consensus analysts' forecasts for the fiscal third quarter after the close of the previous session. UnitedHealth Group dropped -10.93% following a report from The Wall Street Journal (WSJ) published after the close of the previous session that said the Justice Department was investigating the insurer for possible Medicare fraud. UnitedHealth said in a statement it hadn't been notified by the Justice Department of the criminal investigation, adding that it stands “by the integrity of our Medicare Advantage program.” Apple Inc eased -0.47% after President Trump chided the company's Chief Executive Officer (CEO) Tim Cook, saying he wanted the iPhone maker to build more of its devices in the U.S. and not in India. “I had a little problem with Tim Cook yesterday. I said to him, Tim, you're my friend. I treated you very good. You're coming here with $500 billion but now here you are building all over India,” President Trump said in Qatar.

• US equity markets advanced - Dow slipped -89-points or -0.21%, with Merck & Company Inc down -4.12% was the worst performer in the 30-stock index. UnitedHealth Group Inc dropped over >7% in extended trading (after sliding -1.08% in regular trading) after the Wall Street Journal reported that the U.S. Justice Department is investigating the insurer for potential criminal fraud in its Medicare Advantage business. Nvidia Corp logged a third consecutive session of gains (up +4.16%), climbing over >15% over that stretch and seeing the chipmaker become the third member of the so-called ‘Magnificent Seven' cohort of large capitalisation stocks to move back into positive territory for the calendar year-to-date – joining fellow Dow component Microsoft Corp (+0.85%) and Meta Platforms Inc (+0.51%). Nvidia also saw its market capitalisation climb back above the US$3 trillion level for the first time since February a day earlier. Boeing Co (up +0.64%) inked a record-breaking order with Qatar Airways that will see the Middle East airline buy up to 210 jets from the US aerospace giant, marking Boeing's largest ever order of widebody aircraft. Qatar Airways also signed an agreement with GE Aerospace (+0.75%) for more than >400 engines to power the Boeing planes

US equity markets advanced as investors digested a cooler-than-expected inflation report that revived hopes of interest rate cuts later this year - Dow fell -270-points or -0.64%. UnitedHealth Group Inc slumped -17.79%, alone wiping ~410-points off the 30-stock index after the insurance giant withdrew its full-year outlook and announced the surprise exit of Chief Executive Officer (CEO) Andrew Witty after four years in the role. The withdrawal of the 2025 outlook comes less than a month after the company slashed its 2025 guidance, saying costs rose as Medicare Advantage care activity had increased at twice the expected rate. Nvidia Corp rallied +5.63% and climbed back above the US$3 trillion level in market capitalisation terms for the first time since February, buoyed by a Bloomberg report that President Trump is planning to unveil a deal that would afford Saudi Arabia more access to advanced chips manufactured by the company and the likes of Advanced Micro Devices (AMD) Inc (+4.01%). To deal with the U.S.'s national security concerns, the U.S. and Saudi governments have reportedly discussed creating data embassies, where data centres will fall under foreign regulations rather than local laws around data protection. Meanwhile, Nvidia Chief Executive Jensen Huang announced a deal to deploy 18,000 chips with newly launched Saudi AI firm Humain for a data centre that is expected to reach 500 megawatts. AMD also announced a US$10B partnership with the artificial intelligence (AI) company to build out its AI infrastructure over the next five years. Boeing Co rose +2.46% following reports that China had lifted its ban on deliveries of US-made aircraft.

US equity markets soared and settled near their session highs, with the three (3) benchmark indices logging their best single session performance since 9 April after the United States and China said they had agreed to a deal to cut reciprocal tariffs - Dow rose +1,161-points or +2.81% to 42,410.10, its highest close since 26 March and closing 12.66% above its 8 April closing low (37,645.59) to exit a technical correction. Eight of the 30 index components rallied over >5%, including Nike Inc (+7.34%).

A relatively muted end to the week for US equity markets following two-days of gains as investors braced for news from highly anticipated trade talks that are scheduled for this weekend in Switzerland between U.S. and Chinese officials - Dow eased -119-points or -0.29% U.S. Treasury Secretary Scott Bessent said “substantial progress” had been made in the weekend trade negotiations between US and China trade officials, adding that the Trump administration “will be giving details tomorrow, but I can tell you that the talks were productive.” In the same statement, U.S. Trade Representative Jamieson Greer agreed that it was “a very constructive two days. It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.” China's delegation later described the weekend meetings as “candid, in-depth and constructive dialogue,” and said a joint statement would be issued Monday (12 May). No specific details of possible points of agreement were revealed by either side. On Friday (9 May), Trump floated the idea of bringing down China's tariff rate to 80%.

US equity markets advanced but settled well off their session highs, with investor sentiment buoyed a new trade agreement forged between the United States and Britain, while President Trump indicated upcoming talks with China would be “very substantive” and, if productive, could lead to tariff reductions - Dow rose +254-points or +0.62% to 41,368.48, just failing to exit official correction territory. Boeing Co rallied +3.31% and was the leading performer in the 30-stock index after U.S. Commerce Secretary Howard Lutnick said the UK would buy US$10B of aircraft from the aerospace company. Walt Disney Co +2.97% a day after the entertainment giant posted a stronger-than-expected adjusted earnings per share (EPS) and revenue and unveiled a plan to build a theme park in Abu Dhabi, United Arab Emirates.

US equity markets advanced after a choppy session as investors digested the latest corporate earnings releases and the Federal Reserve's monetary policy decision and soundbites from President Trump on tariffs and trade restrictions - Dow rose +285-points or +0.70%. Nvidia Corp (+3.10%) and the broader chip sector got a boost late in the session after Bloomberg reported that the Trump administration plans to rescind Biden-era AI chip curbs as part of a broader effort to revise semiconductor trade restrictions.