US equity markets resumed trading following the Labor Day holiday weekend on the backfoot as Treasury yields resumed their march higher - Dow fell -173-points or -0.55%, with the 30-stock index trading in an ~400-point intra-day range. The broader S&P500 -0.41%, with Communication Services (down -1.26%) and Energy (-1.08%) both falling over >1% to lead seven of the eleven primary sectors lower. More defensive sectors outperformed overnight, including Real Estate (up +1.01%) and Utilities (+0.23%). FedEx Corp fell -2.2% after analysts at Citi downgraded the package delivery company to a “neutral’ rating from ‘buy’ (and cutting their target price to US$225 from US$270) citing concerns over the pace of freight activity with upcoming data expected to “skew negatively” in the peak season.
