US equity markets rebounded, erasing much of Monday’s (19 July) steep losses - Dow rose +550-points or +1.62% a day after logging its steepest one day slide since 28 October, 2020. The broader S&P500 gained +1.52%, with Industrials (up +2.74%) and Financials (+2.42%) rising over >2% to lead ten of the eleven primary sectors higher. Consumer Staples (down -0.08%) was the only primary sector to close in the red. Airlines (American Airlines Group Inc +8.38% and Delta Air Lines Inc +5.45%) and cruise operators (Carnival Corp up +7.45% and Royal Caribbean Cruises Ltd +7.74%) rebounded solidly. The Nasdaq rose +1.57%, snapping a five session losing streak (the technology-centric indice’s longest such losing streak since 19 October, 2020). The small capitalisation Russell 2000 rallied +2.99% a day after narrowly avoiding sliding into official correction territory (defined as a pullback of 10% from its most recent high).
