A late reversal left US equity markets modestly lower, with another round of selling in the technology sector outweighing the latest monetary pronouncements from the Federal Reserve - Dow up +37-points or +0.13%, having been +300-points higher in early afternoon trading. FedEx Corp closed 5.76% higher after the delivery and logistics company reported better-than-expected profit and sales for its fiscal 2021 first quarter after the closing bell of the previous session. Boeing Co gained +2.43%, shrugging off a congressional committee released a report blasting the company for failing to take action that would have saved lives, despite knowing about flaws in the design of its 737 Max jets. Goldman Sachs Group Inc (up +1.35%) was also a notable performer. The broader S&P500 lost -0.46%, with Information Technology (down -1.56%) leading six of the eleven primary sectors lower. Energy (up +4.05%) was comfortably the best performing primary sector. Southwest Airlines Co rose +3.67% after the air carrier updated its financial guidance trends, including an upbeat outlook for load factor and reducing its third-quarter outlook for daily cash burn. NASDAQ 1.26%. Facebook Inc fell -3.27% after a report said that the Federal Trade Commission is preparing to file an antitrust lawsuit against the social-media giant. Apple Inc (down -2.95%) announced a bundled plan for all its services that lowered the cost of Apple Music subscriptions. Spotify Technology SA fell –1.29%. The small capitalisation Russell 2000 Index rose +0.9%. Moderna Inc rose +2.48% in extended trading and ahead of a Research and Development (R&D) Day tonight AEST after the company announced a collaboration with Vertex Pharmaceuticals to treat cystic fibrosis using gene editing.
