The dovish tone struck by the Federal Reserve earlier this week continued to push US equity markets higher, while investors also monitored a fresh escalation in tensions between the US and Iran - Dow up +249-points or +0.94% to close within ~75-points of its record high set on 3 October. Oracle Corp jumped +8.2% to a record closing high of US$56.99 after the software giant reported better-than-expected earnings and an upbeat outlook.The broader S&P500 gained +0.95% to a fresh record close (2,954.18), with Energy (up +2.21%) leading all eleven primary sectors higher. The index also touched a fresh record intra-day high of 2,958.06. 103 S&P500 index constituents hit fresh highs overnight. The NASDAQ rose +0.80% to close above >8,000 points for the first time since 6 May. Enterprise software company Slack Technologies Inc surged more than 40% in their first day of trading, closing +49% above its reference price of US$26 at US$38.62 (Slack opted for a direct listing of its shares instead of an initial public offering (IPO)). Akero Therapeutics Inc gained +15% to US$18.32 on the biotechnology firm’s first day of trading as a public company versus its IPO price if US$16. In geopolitical developments, Iran’s Revolutionary Guard said on Thursday (20 June) that it shot down a US drone near the Strait of Hormuz. Tehran said the drone was in Iranian airspace, while the US military said it was in international airspace. President Trump tweeted that Iran had made "a very big mistake!". In subsequent remarks, however, Trump said he suspected the attack may have been an error and that someone “loose and stupid” was responsible.
