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 <30,000 for the first time January 2021 last Thursday (16 June). American Express Co gained +4.86%, buoyed by an upgrade from analysts at Baird who believe that macroeconomic concerns are “more than priced into” a number of financial stocks. The broader S&P500 added +0.22%, Communication Services (up +1.32%), Consumer Discretionary (+1.22%) and Information Technology (+0.99%) leading six of the eleven primary sectors higher. Energy (down -5.57%) was the worst performing primary sector for a third straight session. Travel stocks rebounded, with Carnival Corp (up +9.71%) and Norwegian Cruise Line Holdings Ltd (+10.12%) jumping ~10% apiece, while American Airlines Group Inc jumped +6.41% and Delta Air Lines Inc +2.30%. The International Air Transport Association (IATA) host their Annual General Meeting (AGM) in Doha tonight AEST. The Nasdaq rallied +1.43%. Amazon.com Inc rose +2.47%, while Apple Inc (+1.15%), Nvidia Corp (+1.79%), Tesla Inc (+1.72%) and Netflix Inc (+1.25%) all added more than >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.
