US equity markets logged their sixth gain in the past seven trading sessions as investors prioritised the upcoming US corporate earnings season over global trade and political tensions - Dow rallied +320-points or +1.31% to move above its 50-day moving average (and ~2-weeks after the index dropped below its 200-day moving average for the first time in 2-years). The broader S&P500 gained +0.88% (to 2,874.17) to move within 20-points of 2,800, a level that has served as a ceiling for past attempts at a recovery from February's sell-off. The Financials sector posted its best performance in a month, with J.P. Morgan Chase & Co up +3.1%, Goldman Sachs Group Inc +2.8% and Citigroup +2.7%. The technology-centric NASDAQ +0.88%, with Amazon.com Inc (up +1.66%), Netflix Inc (+2.63%) and Apple Inc (+1.39%) all rising at least 1%. S&P 500 earnings for the second quarter are expected to have grown 20 percent, according to a FactSet estimate. Bank of America Merrill Lynch raised their 2018 and 2019 S&P 500 earnings forecasts overnight and now expect expect S&P 500 earnings per share (EPS) at US$159 this year, a 4% rise from their previous forecast of US$153. The projection stands 20% higher than 2017 EPS for the index.
