US markets drifted lower as Wall Street re-opened for business following the Memorial Day long weekend, with both the S&P500 and Nasdaq snapping a 7-session winning streak - Dow down -51-points or -0.24% and the broader S&P500 -0.12% (with Energy leading seven sectors lower). The technology-centric NASDAQ slipped -0.11% despite Amazon briefly breaking above >US$1,000 for the first time. Amazon has undergone three share splits since floating in 1997 - in January 1999, it issued a 3-for-1 split and in September 1999, it split 2-for-1. Accordingly, at US$1,000 it is the equivalent of a US$12,000 share price in today's terms. According to FactSet, just 14 other US stocks trade above >US$1,000 per share, and the only other technology company in the club is Priceline Group (currently trading around US$1,865). Of note: Amazon is more than four times more valuable than those 14 other companies combined. With one more trading session left for the month, the Dow sits +0.42% higher in May, the S&P500 +1.2% and the Nasdaq +2.57%. The S&P/Case-Shiller US National Home Price Index rose +5.8% in March.
