US markets stumbled after a stellar three-day rally - Dow down -915-points or -4.06%. Boeing Co fell - 10.3% and was the worst performer in the Dow, with Treasury Secretary Steven Mnuchin confirming that the aerospace group won’t seek a government bailout. Chevron Corp (down -9.95%) and Walt Disney Co (-8.50%) each fell more than >8% The broader S&P500 shed -3.37% Energy (down -6.91%) and Information Technology (-4.61%) led ten of the eleven primary sectors into the red, with Utilities (up +0.52%) the only sector to advance. Abbott Laboratories rose +2.1% in extended trading after announcing late Friday that it received emergency use authorisation from the U.S. Food and Drug Administration (FDA) for a rapid COVID-19 test. The portable testing platform will detect a positive result for COVID-19 in "as little as five minutes" and determine negative results in 13 minutes. Abbott said that it will make the rapid tests available to healthcare providers involved in urgent care next week and is working with the government to determine where they can have the largest impact. The company said that between this and a separate testing platform it will have the capacity for ~5M tests a month. General Motors Co rose +4.16% in extended trading (after falling -5.23% in regular trading). President Trump signed a presidential memorandum directing the government to use “any and all authority available under the Defense Production Act” to compel the automaker to manufacture ventilators for patients with COVID-19. President Trump earlier criticised the company, saying negotiations were taking too long. The NASDAQ fell -3.79%. For the week, the Dow gained +12.84% to book its strongest weekly rise since 1938. S&P 500 rose +10.26% to post its biggest weekly rise since 2008. The Nasdaq rose +9.05% to record its best weekly advance since March 2009.. The US dollar index posted its biggest weekly decline (down -3.90%) since March 2009.
