Fresh record highs for both the Dow and S&P500 after the Senate passed a much-anticipated bipartisan US$1 trillion infrastructure package - Dow up +163-points or +0.46% to 35,264.67. Caterpillar Inc (up +2.48%) was among the leading index performers. Goldman Sachs Group Inc (up +2.02%) and JP Morgan Chase & Co (+1.23%) also traded strongly as bond yields climbed. The broader S&P500 edged +0.10% higher to 4,436.74, with weakness in the Information Technology sector (down -0.73%) capping gains. Energy (up +1.72%), Materials (+1.48%), Industrials (+1.01%) and Financials (+1.01%) all rose over >1% to lead eight of the eleven primary sectors higher. Energy heavyweights Exxon Mobil Corp (up +1.71%) and Chevron Corp (+1.83%) both rebounded solidly. The technology-centric Nasdaq lost -0.49%. Research from Susquehanna Financial Group said that the amount of time companies are waiting to get chip orders filled has stretched to more than 20-weeks. Chip order lead times have increased by more than 8-days to 20.2 weeks in July from June. He gap was already the longest wait time since the firm began tracking the data in 2017. Advanced Micro Devices Inc fell -2.99% overnight and NVIDIA Corp -1.77%. The small capitalisation Russell 2000 +0.20%. In merger and acquisition (M&A) news, Kansas City Southern jumped +7.47% after Canadian Pacific Railway Ltd (down -1.19%) raised its offer for the U.S. railroad operator by ~US$2B to US$27.29B.
