US equity markets staged a late rally to settle in positive territory despite simmering US-China tension - Dow settled +26-points or +0.11%, recovering from an earlier -362-point or -1.53% fall. It marked the best intra-day turnaround for the index since 19 March. Gains for Microsoft Corp (up +2.45%) and Apple Inc (+1.41%) more than offset declines for Caterpillar Inc (down -2.85%) and Walt Disney Co (-2.20%) The broader S&P500 added +0.42% after rebounding from an earlier -1.2% decline, with Energy (up +3.71%) leading eight of the eleven primary sectors higher. Industrials (down -1.33%) and Financials (-0.92%) were the worst performing sector. General Electric fell -4.5% after saying its division producing aircraft engines would cut roughly 13,000 jobs as the coronavirus curtailed demand for air travel. Airline stocks were under pressure after Warren Buffet’s investment vehicle Berkshire Hathaway revealed over the weekend that it had sold their entire stakes in airlines. Delta Air Lines (down -6.43%), United Airlines Holdings (-5.11%), American Airlines Group Inc (-7.71%) and Southwest Airlines Co (-5.71%) all fell over >5%. Carnival Corp, the world’s largest cruise ship operator, rose +0.84% ion extended trading after logging a 2.94% gain in the regular session as it said it plans to resume North American trips on a limited basis staring 1 August and cited eight vessels that it plans to use. NASDAQ rallied +1.23%, with up Amazon.com Inc up +% and Netflix Inc +3.0%. Hertz Global Holdings Inc tumbled -25.91% after a report by The Wall Street Journal said the car rental company had hired an additional adviser ahead of a planned bankruptcy filing. In merger and acquisition (M&A) news, Intel Corp announced that it was acquiring mobility app Moovit for US$900M, three years after it acquired Mobileye for US$15.3B. With the addition of Moovit, Intel hopes to build out Mobileye as a “complete mobility provider” with a forecast market of US$160B by 2030. Nvidia Corp announced that it was acquiring Cumulus Networks for an undisclosed amount. The announced acquisition follows the recent closing of Nvidia’s US$6.9B acquisition of Mellanox Technologies Ltd., which in mid-April received antitrust approval from Chinese regulators.