Monday, 8 March 2021: US equity markets rebounded

Mar 9, 2021 · 6m 48s
Monday, 8 March 2021: US equity markets rebounded
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US equity markets rebounded following a stronger-than-expected February jobs report to conclude a volatile session and week of a positive footing – Dow settled +572-points or +1.85% higher after spanning...

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US equity markets rebounded following a stronger-than-expected February jobs report to conclude a volatile session and week of a positive footing – Dow settled +572-points or +1.85% higher after spanning an intra-day range of 814-points or ~2.63%. The broader S&P500 gained +1.95%, recovering from an earlier -1% decline. Energy (up +3.87%) sat atop the primary sector leaderboard for a third consecutive session, logging its best single session performance since November last year and leading all eleven primary sectors higher on Friday night AEST (5 March). All of Industrials (up +2.39%), Communication Services (+2.37%), Materials (+2.35%), Consumer Staples (+2.15%) and Health Care (+2.02%) gained over >2%. The Nasdaq +1.55% (at 12,920.15), with the technology-centric index staging its biggest intra-session comeback since 28 February last year after recovering from an earlier -2.6% slide (to 12,397.05) to settle near its session high. The Nasdaq sits ~8.3% below its 12 February record closing high. The small capitalisation Russell 2000 rebounded +2.11%. In merger and acquisition (M&A) news, Chevron Corp (up +4.31%) announced it has entered an agreement to acquire the 33.925M shares of Noble Midstream Partners it does not already own in all stock deal. Under the terms of the deal, Chevron will pay 0.1393 of its stock for each common unit of Noble owned. No further financial terms were disclosed.
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Author Morgans Financial Limited
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