US equity markets rallied strongly, buoyed by a solid rebound in US services industry activity in June and strong gains on Chinese equity markets - Dow up +460-points or +1.78%, with Goldman Sachs Group Inc (up +5.1%) the leading index performer. The broader S&P500 gained +1.59%, with Financials (up +1.95%) and Information Technology (+1.80%) helping to lift ten of the eleven primary sectors higher. Utilities (down -1.28%) were the laggard. The technology-centric NASDAQ rallied +2.21% to 10.433.65, logging its fifth consecutive advance and yet another record close. Amazon.com Inc rose to +5.8% (to US$3,057), topping the US$3,000 mark for the first time ever and clinching a US$1.5 trillion market capitalisation. Netflix Inc (up +3.55%) also hit a record high (US$499.50). Tesla Inc soared +13.48%, building on a four-day rally after JPMorgan bumped up its price target for the electric carmaker’s stock following its better-than-expected quarterly deliveries. JPMorgan projects the electric vehicle maker generate US$100B in annual revenue by 2025. Regeneron Pharmaceuticals Inc gained +0.77% as the drugmaker said it had begun late-stage clinical trials to assess the effectiveness of its antibody cocktail in preventing and treating COVID-19.
