US equity markets rallied, with both the S&P500 and Nasdaq climbing to fresh 14-month highs as economic data showed signs of the labour market softening and consumer spending moderating, potentially lessening the need for further interest rate rises from the Federal Reserve - Dow gained +429-points or +1.26% to 34,408.06 and a fresh 2023 high. The broader S&P500 +1.22% to 4,425.84, recording a sixth consecutive session of gains and lifting the index above the >4,400 level a week after the large capitalisation benchmark exited its the longest bear market since 1948. It also marked the longest stretch of straight gains since November 8, 2021, according to Dow Jones Market Data. Health Care (up +1.55%), Communication Services (+1.54%) and Industrials (+1.51%) all gained over >1.5% to lad all eleven primary sectors higher. The Nasdaq climbed +1.15% to 13,782.82, marking the highest settlement for the technology centric index since 7 April, 2022. Microsoft Corp gained +3.19% to US$348.10, extending gains into a sixth consecutive session and booking a record closing high as investors seemingly focused more on the tech giant’s artificial-intelligence (AI) roadmap instead of the stalled US$69B acquisition of videogame publisher Activision Blizzard Inc (+0.27%). The small capitalisation Russell 2000 rose +0.81%. The US-listed shares of Alibaba Group Holding Ltd gained +3.18% after announcing that it will expand one of its key China e-commerce sites, Tmall, into Europe. The announcement comes just over two months after Alibaba, China’s biggest e-commerce firm, announced plans to split its business into six units, a move designed to give each unit more autonomy and faster decision-making powers.
