US equity markets posted a modest rebound overnight a day after the S&P500 booked its worst daily percentage decline (-2.04%) since 12 May despite longer dated US Treasury yields climbing for a seventh straight session - Dow rose +91-points or +0.26%. Boeing Co rose +3.18% after winning a follow-on contract from the US Department of Defense valued at up to US$23.8B to provide services to a fleet of C-17 Globemaster III transport aircraft over a 10-year period. Separately, Boeing’s 737 MAX test flight for China’s aviation regulator was successful last month and the planemaker hopes a two year grounding will be lifted this year, according Boeing China President Sherry Carbary. The broader S&P500 edged +0.16% higher, with the more defensive Utilities (up +1.30%), Consumer Staples (+0.87%) and Health Care (+0.77%) sectors leading the rebound. Materials (down -0.39%) and Information Technology (-0.10%) were among the worst performing primary sectors overnight. The Nasdaq slipped -0.24%, booking its fourth straight session decline as a broader rebound faded in the closing hour of trading. The small capitalisation Russell 2000 eased -0.20%.
