US equity markets rebounded, snapping a three session losing streak as some of the selling seen in the technology sector abated - Dow rebounded +440-points or +1.60%. Walmart Inc rose +1.04% after the retailer announced it was testing a drone delivery program. The broader S&P500 rallied +2.01% , with Information Technology (up +3.35%) leading all eleven primary sectors higher. The technology-centric NASDAQ gained +294-points or +2.71%, booking its best one-day point and percentage gain since 29 April a day after sliding into correction territory at the fastest pace on record. Apple Inc rose +3.99% after falling over >6% in the previous session. Tesla Inc gained +10.92%, rebounding from a record one-day decline (down -21.06%) in the previous session. Those two stocks, along with Microsoft Corp (+4.26%), Amazon.com Inc (+3.77%), Alphabet Inc (+1.60%) and Facebook Inc (+0.94%), lost US$1 trillion in market value over the last three days. In merger and acquisition (M&A) news, Tiffany & Co fell -6.44% after LVMH Moet Hennessy Louis Vuitton SE (down -0.09%) said it wouldn’t be able to complete the previously announced us$16B takeover of the U.S. luxury goods retailer “as it stands.” LVMH cited a letter from the French government asking for a delay in light of the threat of tariffs on French products by the U.S., as well as Tiffany’s request to extend the deadline from 24 November to 31 December. Separately, the Wall Street Journal reported that mall operators Simon Property Group Inc (down -1.7%) and Brookfield Property Partners LP (up +0.27%) were set to buy struggling retailer J C Penney Company Inc out of bankruptcy for ~US$800M. Railroad company Kansas City Southern railroad company fell -1.33% (to US$183) in extended trading after the Wall Street Journal reported that the company had rejected a takeover offer from private equity firms. The offer was reportedly for US$208 per share.
