It was an Organisation of Petroleum Exporting Countries (OPEC) inspired rally for US equity markets last Friday (22 June), with energy shares surging after major oil producers outlined plans to boost oil production less than many anticipated - Dow up +119-points or +0.49% to snap an eight session losing streak, with energy heavyweights Chevron and Exxon Mobil both advancing +2.1% to be among the leading index performers. The broader S&P500 added +0.20%, with energy (up +2.2%), materials and telecommunications the leading primary sector performers. The NASDAQ eased -0.26%. President Trump was back on Twitter earlier this morning AEST, tweeting "The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!". For the week, the Dow fell -2% (for its largest weekly decline since 23 March), S&P500 -0.9% and Nasdaq -0.3% (to break a run of four consecutive positive weeks).
