US equity markets rallied on Friday (28 October), extending their weekly gain despite a tough week on the earnings front for major technology names, with investors also digesting the latest inflation figures and eyeing the Federal Reserve’s monetary policy meeting later in the week - Dow gained +829-points or +2.59%, The broader S&P500 rallied +2.46%, with Information Technology (up +4.52%), Communication Services (+2.98%) and Utilities (+2.85%) leading ten of the eleven primary sectors higher. Consumer Discretionary (down -0.30%) was the only primary sector not to advance on Friday (28 October). The technology-centric Nasdaq rebounded +2.85%. Apple Inc (up +7.56%) logged its biggest one-day gain in more than two years after posting better-than-expected. However, Amazon.com Inc tumbled -6.80% after warning after the closing bell last Thursday (27 October) that consumer spending was in “uncharted waters”. The company said it expected revenues to come in between US$140B-US$148B in the fourth quarter - as much as US$15B less than the figure forecast by analysts. The small capitalisation Russell 2000 +2.25%.
