US equity markets retreated as the rebound for technology sector ran out of steam - Dow fell -177-points or -0.49%, unwinding an earlier session gain of more than >200-points. Boeing Co rose +2.97% following a Bloomberg News report that the company’s 737 Max could resume service in China as soon as this month. The broader S&P500 -1.42%, with Information Technology (down -2.65%) and Consumer Discretionary (-2.08%) both falling over >2% to lead eight of the eleven primary sectors lower. More defensive sectors outperformed, with Utilities up +0.45% and Consumer Staples +0.22%. Tesla Inc fell -6.75%. However, Ford Motor Co gained +2.25% and saw its market capitalisation top US$100B for the first time. The rally comes as the company plans to increase electric vehicle production, including the Mustang Mach-E crossover and an upcoming electric version of its best-selling F-150 pickup. Deutsche Bank also named Ford one of its top 2022 automotive stock picks. The technology-centric Nasdaq tumbled -2.51%, snapping a three session rally. Microsoft Corp down -4.23% and Amazon.com Inc -2.42%. The small capitalisation Russell 2000 lost -0.74%.
