US equity markets rallied, with the S&P 500 and Nasdaq closing above the 5,500 and 18,000 milestones respectively for the first time ever - Dow rose +162-points or +0.41%.

The broader S&P500 gained +0.62% to 5,509.01, logging its 32nd record close of 2024. Consumer Discretionary (up +1.81%) and Financials (+1.10%) rose over >1% and led ten of the eleven primary sectors higher. However, Health Care (down -0.40%) extended losses into a sixth straight session, the sector’s longest losing streak since January 2022. Tesla Inc jumped +10.20% to US$231.26 to be the best performer in the S&P 500 for second session running and log it highest close since 10 January after the electric-vehicle giant stronger-than-expected second quarter deliveries. The company delivered 443,956 vehicles globally in the second quarter, a -4.8% decline from the same quarter a year ago, but better than consensus analyst forecasts for the delivery of 436K units. Separately, some analysts are pointing to the launch of the Tesla robotaxi on 8 August as a near term catalyst. Homebuilders were under pressure after Citi downgraded the likes of Lennar Corp (down -1.59%) and D.R. Horton Inc (-1.32%), with analysts citing concerns about a housing market they think may stay sluggish for the rest of the year. Citi analysts said they saw "softness in the data" potentially continuing in the second half of the year, saying that housing permits, starts, sales, and prices have recently come in below expectations.