US equity markets settled with modest gains as investors digested the first day of Federal Reserve Chair Jerome Powell’s semi-annual monetary policy testimony to Congress - Dow added +44-points or +0.13%, briefly falling into the red. The broader S&P500 edged +0.12% higher, carving out a fresh record intra-day high (4,393.68) shortly after the opening bell. Consumer Staples (up +0.92%), Real Estate (+0.89%), Utilities (+0.83%), Information Technology (+0.73%) were the best performing primary sectors, while Energy (down -2.94%) was comfortably the worst performing primary sector. American Airlines Group Inc gained +3.00% after the carrier forecast better revenue and a narrower loss than previously estimated for the second quarter when it releases its quarterly result on 22 July. L Brands Inc rose +1.35% after the retailer raised its second quarter earnings guidance and announced plans to sell 20M shares held by founder Leslie Wexner and others. The Nasdaq slipped -0.22%, trading above its 12 July closing high (14,733.24) earlier in the session. Apple Inc gained +2.41% after Bloomberg News reported that the company has asked suppliers to build as many as 90M next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments. JPMorgan also added the tech giant to its focus list and raised its price target The small capitalisation Russell 2000 fell -1.63%. In merger and acquisition (M&A) news, American International Group (AIG) Inc gained +% in after hours trading after announcing it would sell a 9.9% stake in its life and retirement business to Blackstone Group Inc in a US$2.2B all-cash deal