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To: Sam who wrote (85573)	9/1/2020 4:37:15 PM
From: Return to Sender	4 Recommendations Recommended By oldbeachlvr Sam Sr K The Ox Respond to of 95520

S&P 500 and Nasdaq extend record run into September 01-Sep-20 16:15 ET Dow +215.61 at 28635.66, Nasdaq +164.21 at 11939.67, S&P +26.34 at 3526.65 briefing.com [BRIEFING.COM] The S&P 500 (+0.8%) and Nasdaq Composite (+1.4%) rallied to fresh record highs on Tuesday, with the Nasdaq getting an added boost from the momentum in the mega-caps and growth stocks. The wealth spread around to the Russell 2000 (+1.1%) and Dow Jones Industrial Average (+0.8%), too. Today's key moves were Apple (AAPL 134.18, +5.14, +4.0%) rising 4% after JPMorgan raised its price target on the stock to $150 from $115, and Zoom Video (ZM 457.69, +132.59, +40.8%) surging 40% after it crushed Q2 earnings expectations. Apple was a major factor in today's index gains given its 7.3% weight in the S&P 500, while Zoom provided the fuel for other growth stocks like Netflix (NFLX 556.55, +26.99, +5.1%) and DocuSign (DOCU 268.80, +45.80, +20.5%). Another supporting factor was the ISM Manufacturing Index for August increasing to 56.0% (Briefing.com consensus 54.5%) from 54.2% in July. The manufacturing data helped lift the S&P 500 materials (+2.8%) and industrials (+1.0%) sectors into positive territory with the information technology (+1.9%), communication services (+1.0%), and consumer discretionary (+1.1%) sectors. Each advanced at least 1.0%. Conversely, the utilities (-1.1%), health care (-1.0%), and energy (-0.9%) sectors underperformed and declined around 1.0%. Recapping some other mega-cap moves, Walmart (WMT 147.59, +8.74, +6.3%) climbed 6% after officially introducing its Walmart+ membership program. Tesla (TSLA 475.05, -23.27, -4.7%), however, was a notable holdout after the company disclosed plans to sell up to $5 billion in stock. U.S. Treasuries ended the day higher after reclaiming overnight losses. The 2-yr yield declined two basis points to 0.11%, and the 10-yr yield declined two basis points to 0.67%. The U.S. Dollar Index increased 0.2% to 92.34 after being down 0.4% in the morning. WTI crude futures increased 0.3%, or $0.14, to $42.76/bbl. Reviewing Tuesday's economic data: The ISM Manufacturing Index for August increased to 56.0% (Briefing.com consensus 54.5%) from 54.2% in July. The dividing line between expansion and contraction is 50.0%. The August reading is the highest level for the index since January 2019. The key takeaway from the report is that it is a reflection of an encouraging rebound in manufacturing activity following the sharp contraction seen in April and May. Total construction spending increased 0.1% m/m in July (Briefing.com consensus +1.0%) on the heels of an upwardly revised 0.5% decline (from -0.7%) in June. Total private construction spending rose 0.6% and total public construction spending fell 1.3%. Looking ahead, investors will receive the ADP Employment Change Report for August, the Fed's Beige Book, Factory Orders for July, and the weekly MBA Mortgage Applications Index, and auto and truck sales for August on Wednesday. Nasdaq Composite +33.1% YTD S&P 500 +9.2% YTD Dow Jones Industrial Average +0.4% YTD Russell 2000 -5.4% YTD

To: Sam who wrote (85573)

9/2/2020 4:31:03 PM

From: Return to Sender

3 Recommendations

Recommended By
oldbeachlvr
Sam
Sr K

Read Replies (1) | Respond to of 95520

Bull market finds broad participation
02-Sep-20 16:20 ET

Dow +454.84 at 29090.50, Nasdaq +116.78 at 12056.45, S&P +54.19 at 3580.84

briefing.com

[BRIEFING.COM] The S&P 500 rose 1.5% on Wednesday for its 22nd record close of the year, as the bull market found strong support from a wide range of equities. The Nasdaq Composite also set new records with a 1.0% gain. The Dow Jones Industrial Average rose 1.6%, and the Russell 2000 rose 0.9%.

Ten of the 11 S&P 500 sectors closed in positive territory, with gains ranging from 0.9% (information technology) to 3.1% (utilities). Only the energy sector (-0.4%) closed lower, largely due to the decline in oil prices ($41.54/bbl, -1.22, -2.9%).

Today was an impressive day not just because of the index gains, but because sentiment wasn't deterred by the profit taking in Apple (AAPL 131.40, -2.78, -2.1%), Tesla (TSLA 447.37, -27.68, -5.8%), and Zoom Video (ZM 423.56, -34.13, -7.5%).

There were no new macro catalysts to explain today's record-setting performance, so one could reasonably assume that a fear of missing out, momentum trading, coronavirus optimism, or the Fed might have continued to play key roles. On a related note, the Fed's Beige Book observed an improvement in activity for most Districts into August.

Street-high analyst calls were other positive factors. BoA Securities raised its price target on NVIDIA (NVDA 573.86, +21.02, +3.8%) to $650 from $600, Cowen raised its price target on Costco (COST 358.86, +7.48, +2.1%) to $410 from $370, and JP Morgan raised its price target on Peloton (PTON 91.06, +7.39, +8.8%) to $105 from $58.

Interestingly, optimism in the growth outlook might not have played a role in today's gains. For instance, the U.S. Treasury curve experienced some curve-flattening activity due to an uptick in longer-dated Treasuries. The 2-yr yield increased two basis points to 0.13%, while the 10-yr yield declined two basis points to 0.65%. The U.S. Dollar Index increased 0.4% to 92.67.

Some might have blamed the relatively underwhelming ADP Employment Change report, which estimated 428,000 jobs were added private-sector payrolls in August, versus the Briefing.com consensus of 1.210 million.

Reviewing Wednesday's economic data:

Factory orders in July increased 6.4% m/m (Briefing.com consensus 5.7%) following an upwardly revised 6.4% increase (from 6.2%) in June. This is the third straight monthly increase in factory orders following a 13.5% decline in April and an 11.0% decline in March.
- The key takeaway from the report is the affirmation that business spending picked up in July, evidenced by a 1.9% increase in new orders for nondefense capital goods excluding aircraft that was unchanged from the Advance Durable Goods Orders report.
The ADP Employment Change Report for August showed a slowdown from the pace of rehiring activity seen in May and June. To that end, it was estimated that 428,000 jobs were added to private-sector payrolls.
The weekly MBA Mortgage Applications Index declined 2.0% following a 6.5% decline in the prior week.

Looking ahead, investors will receive the weekly Initial and Continuing Claims report, the ISM Non-Manufacturing Index for August, the Trade Balance report for July, and the revised Q2 Productivity and Unit Labor Costs on Thursday.

Nasdaq Composite +34.4% YTD
S&P 500 +10.8% YTD
Dow Jones Industrial Average +2.0% YTD
Russell 2000 -4.6% YTD

Market Snapshot

Dow	29090.50	+454.84	(1.59%)
Nasdaq	12056.45	+116.78	(0.98%)
SP 500	3580.84	+54.19	(1.54%)
10-yr Note	+3/32	0.644

NYSE	Adv 1920	Dec 1014	Vol 885.5 mln
Nasdaq	Adv 1957	Dec 1353	Vol 3.9 bln