US equity markets caught a major bounce in the final minutes of the worst week since the global financial crisis that saw the key indices settle in official correction territory - defined as a decline of at least 10%, but not more than 20%, from a recent peak - last Thursday (27 February) - Dow fell -357-points or -1.39% after being down over >1,000 points earlier in Friday’s (28 February) session. Boeing Co (down -%) and JPMorgan Chase (-%) were the biggest decliners in the Dow The Dow now sits 14.1% below its intraday record high set on 12 February. The broader S&P500 -0.82%, NASDAQ inched +0.01% higher to avert a seven session losing streak. Chip stocks and software stocks broke ranks with the rest of the technology sector with a solid rebound. Microsoft Corp rose +2.4%. Chipmaker Nvidia Corp gained +6.9% (paring its weekly decline to -8.2% and settle up more than >14$ for the month) to lead the PHLX Semiconductor Index +2.2% higher. Elsewhere, Harley-Davidson Inc rose ~5% in late trading after the company announced that Matthew Levatich had relinquished his titles of president and Chief Executive Officer (CEO) as well as his seat on the board by mutual agreement. Board member Jochen Zeitz was named acting president and CEO of the motorcycle company. Harley-Davidson’ s revenue has declined year-over-year in the past five quarters in a row, and eleven of the past fourteen, as the company has struggled to appeal to younger customers. For the week, the Dow fell -3,583-points or -12.36%. The S&P500 dropped -11.49%, joining October 1987, April 2000, September 2001 and October 2008 as the only other occasions since Word War II that the broader index has fallen over >10% in a week. Nasdaq -10.54%. For the month of February, Dow -10.07%, S&P500 -8.41% Nasdaq -6.38%
