US equity markets resumed trading following the holiday long weekend on the front foot, with all three benchmark indices rallying over >2% following a strong session for both value and growth stocks as risk assets bounced back - Dow gained +641-points or +2.15%, The broader S&P500 rose +2.45% to log its best single session advance month-to-date and after logging its worst weekly decline since 2020 last week, with the Energy sector (up +5.14%) returning to the top of the primary sector leaderboard and leading all eleven primary sectors at least +1.5% higher. Exxon Mobil Corp gained +6.22%, buoyed by an upgrade to “Outperform” from “Neutral” from Credit Suisse. Last night’s session marked the first time since May that both S&P 500 Value and S&P 500 Growth indexes gained more than >2% on the same day, and only the third time since 2020 that both indexes rallied as much. 441 stocks in the S&P500 advanced. Tesla Inc rallied +9.35% after Chief Executive Officer (CEO) Elon Musk told Bloomberg that job cuts at the company would result in a reduction of as much as 3.5% of the electric vehicle maker’s total head count. Twitter Inc rose +3.07% after Mr Musk told an audience at the Qatar Economic Forum in Doha that he would be “driving the product” at Twitter, while reiterating that he does not necessarily want to serve as CEO after he completes the acquisition of the social media company. Kellogg Co rose +1.95% after the food company announced a plan to split into three businesses - "Global Snacking Co", which will represent ~US$11.4B in sales and include international cereal and noodles, North American frozen breakfast, as well as snacks; "North America Cereal Co", which represents ~US$2.4B in sales and includes U.S., Canada, and Caribbean cereals; and "Plant Co", a business of ~US$340M anchored by the MorningStar Farms brand and focused on plant-based foods. The Nasdaq rallied +2.51%, with Goggle-parent Alphabet Inc rising +3.85%, Apple Inc +3.28% and Amazon.com Inc +2.32%. Chipmakers also traded strongly, with Advanced Micro Devices Inc climbing +2.72%. The small capitalisation Russell 2000 rose +1.70%.
