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Daily briefing: Tech stocks record, Detroit 50 years on, song of the summer

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US tech stocks have surged past their dotcom bubble peak. Investor demand sent shares of companies including Facebook, Microsoft and Oracle into virgin territory. The S&P 500 information technology index, which measures the largest companies in the industry, rose for the ninth consecutive day, closing up 0.6 per cent at 992.29. That compares with the previous record of 988.49 on March 27 2000. The rally means all eyes will be on Microsoft today, when the world’s largest software company reports earnings.

It is 17 years since the crash of tech stocks after dotcom mania and the long, subsequent crawl back by the sector. “It’s not your father’s market. This is not what it was in Y2K,” one expert said. “Earnings are a lot more solid now.” But money managers are still hesitant on the sector. Banks have overtaken tech stocks as the most overweighted sector, according to Bank of America Merrill Lynch’s most recent fund manager survey. (FT, CNBC, Bloomberg)

In the news

US and China talk trade
The US ramped up talks with China on its trade deficit and steel imports. The intensified deliberations are part of the “Comprehensive Economic Dialogue” between Donald Trump’s team and their Chinese counterparts in Washington this week. Wednesday’s talks were “quite tough” one insider said, especially after the US was criticised for being outplayed by Beijing earlier this year. (FT)

Trump and Russia latest
Donald Trump has halted the covert arming of Syrian rebels, a move that is likely to please Russia. In the US, Mr Trump blasted his attorney-general Jeff Sessions for recusing himself from the Russia investigation in a wide-ranging interview with the New York Times. Finally, Donald Trump Jr, along with the former Trump campaign chairman Paul Manafort and son-in-law Jared Kushner, have been asked to testify in the Russia probe. Separatelyy, frequent Trump critic and US senator John McCain has been diagnosed with brain cancer. (WaPo, NYT, Guardian)

Poland and EU on collision course
Brussels warned it was “very close” to...