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US markets closed lower as major indices were dragged down by the world's largest tech companies in the last few minutes of trading. However, about 300 companies in the S&P 500 advanced, buoyed by the energy, industrial, and financial sectors. The S&P 500 remains only 5% away from its all-time highs.

In company news, Deckers rose 10.5% after-hours as the apparel retailer, known for brands like UGG and Hoka, reported earnings ahead of expectations. Meanwhile, Ford sank 18.4% - the most since 2008 - after missing profitability targets. Lastly, Lululemon dropped 9.1% as an analyst from Citi expressed concerns about the company's ability to hit financial targets due to ongoing production issues and slowing athleisure wear trends.

Izolo, the JSE All-share closed up 0.10%, the S&P 500 lost 0.51%, and the Nasdaq got chopped by another 0.93%. It was a difficult day.

US markets had a rough day yesterday after muted earnings from mega-caps led to a significant sell-off in big tech. The S&P 500 experienced its worst day since December 2022, ending a long run without a 2% drop, the best since the global financial crisis. Losses were even more pronounced in the Nasdaq, semiconductor companies like Super Micro Computer (-9.1%), Broadcom (-7.6%), Nvidia (-6.8%), Qualcomm (-6.4%), and AMD (-6.1%) led the slide.

In company news, Visa dropped 4% on marginally disappointing results. Meanwhile, Tesla fell 12% due to a profit miss and delays in its Robotaxi project. Elsewhere, Enphase Energy was a bright spot, jumping 13% after a bullish update from management at its earnings call.

In summary on a nasty day, the JSE All-share closed down 0.14%, the S&P 500 dropped 2.31%, and the Nasdaq was kiboshed by 3.64%. Oh dear.

US stocks started well yesterday, but ended in the red. The first week of earnings season hasn't wowed investors unfortunately. Indices are close to record highs, so we need some blowout numbers to sustain the strong performance from the first half of the year.

In company news, Tesla braked hard, falling 7.8% after reporting weak profits. Car sales were slow, but their services and battery sales are accelerating. In contrast, Spotify boomed by 12.0% after announcing its second consecutive quarterly profit. Alphabet declined by 2.2% after-hours, even though its Google search and YouTube revenue beat expectations.

Here's the lowdown, the JSE All-share closed up 0.27%, the S&P 500 fell 0.16%, and the Nasdaq slipped just 0.06%.

Stocks bounced back strongly yesterday after their worst week since April, with the megacaps leading the recovery. This followed Joe Biden's announcement that ended his presidential run. Last week was all about the "Trump trade" but now the election outcome seems a coin toss again. We shall see. The "Magnificent Seven" rose by 2.7% with Tesla gaining 5.2% and Nvidia climbing 4.8%.

In company news, Verizon dropped 6.1% following the wireless carrier's report of weaker-than-expected quarterly revenue. Elsewhere, CrowdStrike fell another 13.5% due to ongoing issues stemming from a faulty software update. More on that below. Lastly, Ryanair nose-dived 15.4% after reporting economy-class profits and lowering its outlook for summer ticket prices.

At the end of the day, the JSE All-share closed up 0.71%, the S&P 500 rose 1.08%, and the Nasdaq bounced 1.58% higher.

US markets experienced another broad decline on Friday, undermined by a global technology outage that shut down airports, banks and disrupted businesses worldwide. Most sectors in the S&P 500 fell, resulting in the index's worst week since April. The "Magnificent Seven" group of megacap stocks ended the week about 5% lower. In a general selloff, the market leaders often get hit hardest, due to profit-taking.

In company news, CrowdStrike shares dropped 11% after an update caused widespread outages for millions of Microsoft Windows users. Their CEO later confirmed that it wasn't a hack, but a problem with a version update. More on that tomorrow. Elsewhere, Eli Lilly closed 1% up after Mounjaro received regulatory approval in China as a weight loss drug, less than a month after a similar therapy from Novo Nordisk was approved. That country is heavily affected by obesity, and competition there will be fierce.

On Friday, the JSE All-share closed down 0.51%, the S&P 500 fell 0.71%, and the Nasdaq was 0.81% lower. Bruising!

US markets saw a broad decline, dragging down the S&P 500 and Nasdaq. The selloff impacted more than just tech shares, with 10 out of 11 sectors in the S&P 500 closing lower. Only three of the 30 stocks in the Dow industrials finished higher. The small-cap Russell 2000 index, which had reached a multiyear high earlier this week, fell by 1.8%. However, the S&P 500 is still up 16.9% year-to-date, while the tech-heavy Nasdaq is up 21% so far this year.

Netflix reported market-beating numbers after the market close. The share price initially dropped but is now sitting flat. More on those numbers on Monday.

In company news, Broadcom was up nearly 3% on Thursday following a report by the Information that the company is in talks to develop an artificial intelligence chip for OpenAI. Elsewhere, Domino's Pizza shares dropped 14% after the world's largest pizza chain announced it would open significantly fewer new locations this year than initially expected.

In short, the JSE All-share closed down 0.15%, the S&P 500 fell 0.78%, and the Nasdaq was 0.70% lower.

US markets pulled back from their all-time highs as concerns over tighter US restrictions on chip sales to China triggered a selloff in the semiconductor industry. Major players like Nvidia, Advanced Micro Devices, and Broadcom led the decline, causing the closely watched semiconductor index to drop by 6%. As a result, ASML fell over 10%, despite reporting strong orders for the remainder of the 2024 financial year.

In company news, EssilorLuxottica has reached an agreement to buy the streetwear label Supreme from VF Corp. for $1.5 billion in cash. This acquisition adds another lifestyle brand to the French-Italian eyewear giant's portfolio, which already includes well-known names such as Ray-Ban and Oakley.

In short, the JSE All-share closed down 0.83%, the S&P 500 fell 1.39%, and the Nasdaq was 2.77% lower.

US markets closed up yesterday, with major indices hitting new highs as investors bet on upcoming interest rate cuts from the Fed. This optimism spurred a move into riskier assets. Over the past four sessions, the Russell 2000 outperformed the Nasdaq 100 by nearly 12 percentage points, a milestone not seen since 2011.

In company news, UnitedHealth climbed 6.5% after they posted stronger-than-expected earnings and revenue, and maintained their 2024 guidance. Elsewhere, Bank of America's shares surged 5.3% as the bank reported quarterly results that exceeded Wall Street expectations and projected an improvement in lending income for the second half of the year. In addition, Morgan Stanley rose 0.9% following the announcement of a 41% year-over-year profit increase, driven by higher investment banking revenue. Lastly, Charles Schwab fell 10% after the brokerage reported a decline in bank deposits and net interest revenue, along with a rise in short-term borrowing.

In summary, the JSE All-share closed down 1.25%, the S&P 500 rose 0.64%, and the Nasdaq was 0.20% higher.

US stocks edged higher yesterday, as a Donald Trump presidency is seen as a good thing for markets. The assassination attempt on Trump has boosted his chances of winning the White House, with betting markets saying his odds are now over 70%.

The S&P 500 hovered near its all-time highs, while the Russell 2000, representing smaller companies, added 2% yesterday. Trump Media surged 31%, and conservative video network Rumble rose 21%. Trump's improved odds boosted oil producers, gun makers, and private prisons. We could be witnessing the return of the Trump trade. He might be good for markets, but his brand of politics is bad for global cohesion.

In other company news, Apple reached a new high after being named a top pick at Morgan Stanley, while Nvidia fell. Goldman Sachs Group gained 2.6% as it reported a profit surge, but plans to slow down buybacks. Lastly, BlackRock saw $51 billion in client inflows to its long-term investment funds in the second quarter, bringing the firm's total assets under management to a record $10.6 trillion, solidifying its position as the world's largest money manager.

Yesterday, the JSE All-share closed up 0.57%, the S&P 500 rose 0.28%, and the Nasdaq was 0.40% higher.

The US stock market continued its upward trend last week, while treasuries recovered their losses for the year after new economic data bolstered expectations that the Federal Reserve will cut rates in September. On Friday, around 80% of the stocks in the S&P 500 rose, pushing the index back above the 5 600 mark, following a dip in the previous session. Smaller companies outperformed the larger megacap stocks, which resulted in their best week of 2024 so far.

Wells Fargo dropped 6% due to higher-than-expected costs impacting its results. JPMorgan Chase saw a 1.2% decline in its shares after reporting lower income. Citigroup's profit increased, but the bank set aside more provisions for potential losses in its credit card business, causing its shares to fall by 1.8%.

In other company news, Alphabet is in talks to acquire cybersecurity startup Wiz in a $23 billion deal, its largest purchase on record. Elsewhere, Ericsson reported strong second-quarter results, with sales and profitability exceeding expectations. The boost came from increased licensing revenue and successful cost-cutting measures.

On Friday, the JSE All-share closed up 0.73%, the S&P 500 rose 0.55%, and the Nasdaq was 0.63% higher.

US markets got punched in the face on Thursday, for reasons that are not entirely clear. Muted inflation numbers were released, and the initial reaction was positive, but stocks fell as traders rotated out of large cap stocks to smaller players in the S&P 500. The small-cap Russell 2000 index surged 3.6%, its best day in 2024.

The "Magnificent Seven" fell by the most since July 2023, with Nvidia down 5.6% and Meta dropping 4.1%. However, the S&P 500 and Nasdaq are still up 17% and 22% for the year, and we have to take the rough with the smooth.

US inflation cooled significantly in June, marking the slowest pace since 2021. This was largely due to a long-awaited slowdown in housing costs, providing a strong indication that the Federal Reserve might cut rates soon. Sticky inflation is coming unglued.

In company news, Tesla sank 8%, snapping an 11-session winning streak on news that its robotaxi unveiling will be delayed to October. Elsewhere, Delta Air Lines fell 4% after the company reported a surprising drop in profit for the second quarter, despite record levels of air travel.

In summary, the JSE All-share closed up 0.81%, but the S&P 500 flopped by 0.88%, and the Nasdaq got thrashed, ending 1.95% lower.

US markets hit fresh all-time highs on Wednesday, driven by investor confidence that interest-rate cuts are imminent. The S&P 500 and Nasdaq each rose by more than 1%, and the MSCI World index reached record levels. The gains were spread evenly across all eleven sectors of the market, amongst the big caps, AMD (+3.9%), Nvidia (+2.7%) and Apple (+1.9%) were the standouts.

In company news, Alphabet (better known in our office as Google) has decided to halt its plans to acquire HubSpot. Shares of HubSpot, a customer relationship management company, dropped by 19%. Shame man, that's rough. In other news, Apple announced plans to increase shipments of its new devices by 10% following a challenging year in 2023. Things are going from bad to worse for Boeing. Its faulty spacecraft has left astronauts stranded on the ISS.

Here's the lowdown, the JSE All-share closed down 0.22%, but the S&P 500 rose by a splendid 1.02%, and the Nasdaq soared 1.18% higher.

US markets inched forward last night, closing at another all-time high, with financial shares leading the gains. Jerome Powell's remarks to Congress confirmed that the Federal Reserve will cut interest rates this year. All 24 stocks in the KBW Bank Index gained, with JPMorgan, Citigroup, and Wells Fargo each rising by at least 1.5%. Among megacaps, Tesla (+3.7%) and Nvidia (+2.5%) shone.

In company news, Danish brewer Carlsberg has agreed to acquire London-listed soft drinks maker Britvic for GBP3.3 billion (approximately $4.23 billion). This move is part of Carlsberg's strategy to expand its presence in the non-alcoholic beverage market and reduce its dependence on beer sales. Elsewhere, BP Plc cautioned that "significantly lower" refining margins and a writedown on the value of a plant in Germany would dent future profits.

In summary, the JSE All-share closed down 0.20%, the S&P 500 rose just 0.07%, but still up for the sixth consecutive session, and the Nasdaq was 0.14% higher.

US markets squeezed into the green again yesterday, and the S&P 500 reached its 35th all-time high for the year. The index has remained remarkably stable, not dropping by more than 1% in a day since April. The Nasdaq also performed well, with Super Micro Computer, Intel, and AMD all up by over 4%.

In company news, Eli Lilly agreed to buy speciality drug company Morphic Holding for $3.2 billion. Morphic has promising drugs to treat bowel inflammation, and its stock rose 75% after the announcement. In other news, over 2 600 Boeing 737 jets registered in the US will need their oxygen generators inspected. Corning shares jumped by 12% after the company, known for making glass for TV screens and smartphones, increased its sales guidance.

At the close, the JSE All-share was down a tiny 0.02%, the S&P 500 eked out a 0.10% gain, and the Nasdaq was a more respectable 0.28% higher.

US markets rose on Friday to end the week at new highs, boosted by labour market data that reinforced expectations of upcoming rate cuts by the Federal Reserve. The S&P 500 gained 2% for the week, while the tech-heavy Nasdaq added 3.5% in the same period. This has been a purple patch for long-term equity investors.

Jobs data revealed that the US added 206 000 paid positions last month, maintaining a strong hiring trend. The unemployment rate rose to 4.1%, indicating that the job market is cooling slowly. In other words, a Goldilocks update.

In company news, Tesla rose 27% for the week, its best run since January 2023, extending a rally that has erased its losses for the year. Elsewhere, a study has found that using GLP-1 drugs (like Ozempic and Mounjaro) and metformin is associated with a reduced risk of developing certain obesity-related cancers in patients with Type 2 diabetes. Lastly, Boeing has agreed to plead guilty to criminal conspiracy charges after a Justice Department probe found the company didn't stick to an earlier settlement linked to two deadly 737 Max crashes. Under the deal, Boeing could be fined up to $487.2 million, the legal maximum.

On Friday, the JSE All-share closed down 0.44%, but the S&P 500 rose 0.54%, and the Nasdaq strode 0.90% higher.