Technology stocks fuelled a fresh rally for US equity markets - Dow up +186-points or +0.54%, logging a third straight session climb albeit paring an earlier climb of ~265-points or +0.77%. 22 of the Dow’s 30 components advancing. The broader S&P500 gained +0.99%, with Communication Services (up +1.84%) and Information Technology (+1.76%) leading ten of the eleven primary sectors higher. MGM Resorts International (up +5.14%) was the leading S&P500 constituent, with ~83% of the index’s stocks advancing. Norwegian Cruise Line Holdings Ltd gained +4.70% after announcing that it will resume cruises to Alaska from Seattle starting 7 August. Cruise operating peer Carnival Corp rose +2.69%. Airlines also posted solid gains, with American Airlines Group Inc up +1.86%% and United Airlines Holdings Inc +1.52%. The Nasdaq rallied +1.41%, with Google parent Alphabet Inc (up +2.63%), Facebook Inc (+2.66%) and Microsoft Corp (+2.29%) all gaining over >2%. Amazon.com Inc rose +1.31% amid reports that the company is nearing a deal to acquire MGM Studios for between US$8.5B and US$9B. The deal is expected to be announced as soon tonight AEST. It would mark Amazon’s biggest acquisition since it bought Whole Foods in 2017 for US$13.7b. The small capitalisation Russell 2000 rose +0.54%. Square Inc rose +5.47% in afternoon trading after Bloomberg News reported the payments company could offer savings and checking accounts in the near future.
