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US close: Equities recover from Monday's losses

Tue, 1st Sep 2020 22:51

(Sharecast News) - Wall Street closed on a positive note on Tuesday, clawing back some of Monday's losses after its best August in more than 30 years, as the tech-heavy Nasdaq got off to a strong start on the back of another rally in the sector.
At the close, the Dow Jones Industrial Average was up 0.76% at 28,645.66, while the S&P 500 added 0.75% to 3,526.65 and the Nasdaq Composite was 1.39% firmer at 11,939.67.

The Dow closed 215.61 points higher on Tuesday, reversing some of the previous session's losses that came as Salesforce, Amgen and Honeywell replaced longtime components of the index ExxonMobil, Pfizer and Raytheon Technologies.

Investors were digesting the Institute for Supply Management's latest services sector purchasing managers' index after the open on Tuesday, with the index advancing from a reading of 54.2 for July to 56.0 in August.

A key subindex tracking companies' new orders jumped from 61.5 to 67.6, while another linked to order backlogs increased from 51.8 to 54.6.

The subindex tied to staffing levels remained beneath the 50.0-point mark at 46.4.

IHS Markit's final manufacturing PMI also improved in August, expanding to 53.1 from 50.9 in July.

However, the reading was slightly weaker than the 53.6 forecast.

"The manufacturing upturn gained further ground in August, adding to indications that the third quarter should see a strong rebound in production from the steep decline suffered in the second quarter," said Chris Williamson, IHS Markit's chief business economist.

The US dollar was also in focus on Tuesday after the greenback tumbled again and sent the dollar to its lowest level in 28 months, while gold rose.

Against sterling, the dollar was last 0.03% weaker at 74.7p, while spot gold was recently 0.01% higher at $1,970.38 per ounce.

Elsewhere on the macro front, construction spending in the US registered only the slightest of increases in July as heightened outlays on private projects was all but offset by a sharp decline in public construction projects.

The Commerce Department said construction spending edged up 0.1%, while data for June was revised to show construction outlays falling 0.5% instead of the 0.7% previously reported.

In corporate news, Apple shares were up 3.98% after Bloomberg reported that the tech giant was gearing up for the launch of a raft of new products, including four new 5G iPhone models.

Tesla was down 4.67%, on the other hand, after announcing it planned to raise up to $5.0bn in a share-sale programme a day after a stock split that helped propel the electric car' maker's stock to new heights.

Zoom Video Communications shares rocketed 40.78% by the close, after it revealed overnight that second-quarter revenues had more than quadrupled.

Dow Jones - Risers

Walmart Inc. (WMT) $147.59 6.29%
Apple Inc. (AAPL) $134.18 3.98%
Nike Inc. (NKE) $114.84 2.64%
Caterpillar Inc. (CAT) $146.06 2.63%
Walt Disney Co. (DIS) $133.55 1.27%
3M Co. (MMM) $164.80 1.09%
American Express Co. (AXP) $102.47 0.87%
Microsoft Corp. (MSFT) $227.27 0.77%
Visa Inc. (V) $213.35 0.64%
Home Depot Inc. (HD) $285.94 0.32%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $36.76 -3.31%
Pfizer Inc. (PFE) $36.88 -2.41%
Exxon Mobil Corp. (XOM) $39.43 -1.28%
Johnson & Johnson (JNJ) $151.52 -1.23%
Travelers Company Inc. (TRV) $114.69 -1.16%
Chevron Corp. (CVX) $83.08 -1.01%
Merck & Co. Inc. (MRK) $84.43 -0.99%
Coca-Cola Co. (KO) $49.12 -0.83%
Raytheon Technologies Corporation (RTX) $60.68 -0.52%
Cisco Systems Inc. (CSCO) $42.03 -0.45%

S&P 500 - Risers

L Brands Inc (LB) $31.54 7.28%
Albemarle Corp. (ALB) $97.39 7.01%
Walmart Inc. (WMT) $147.59 6.29%
Westrock Company (WRK) $32.07 5.74%
Netflix Inc. (NFLX) $556.55 5.10%
Eastman Chemical Co. (EMN) $76.61 4.79%
Chipotle Mexican Grill Inc. (CMG) $1,372.22 4.73%
LyondellBasell Industries (LYB) $68.46 4.55%
Under Armour Inc. Class A (UAA) $10.25 4.49%
Lennar Corp. Class A (LEN) $78.13 4.42%

S&P 500 - Fallers

Mylan Inc. (MYL) $15.50 -5.37%
Nordstrom Inc. (JWN) $15.18 -5.13%
Regeneron Pharmaceuticals Inc. (REGN) $592.68 -4.40%
AbbVie Inc (ABBV) $92.24 -3.69%
Incyte Corp. (INCY) $92.97 -3.51%
NiSource Inc. (NI) $21.39 -3.47%
Walgreens Boots Alliance, Inc. (WBA) $36.76 -3.31%
Discovery Inc. Class C (DISCK) $19.36 -3.03%
Anthem Inc (ANTM) $273.08 -3.00%
CVS Health Corp (CVS) $60.28 -2.96%

Nasdaq 100 - Risers

Netflix Inc. (NFLX) $556.55 5.10%
JD.com, Inc. (JD) $82.49 4.90%
Apple Inc. (AAPL) $134.18 3.98%
Hasbro Inc (HAS) $81.90 3.75%
Broadcom Inc. (AVGO) $359.54 3.57%
Mercadolibre Inc. (MELI) $1,209.26 3.48%
Asml Holdings N.V. (ASML) $386.90 3.40%
Nvidia Corp. (NVDA) $552.84 3.34%
Autodesk Inc. (ADSK) $253.51 3.18%
Align Technology Inc. (ALGN) $305.43 2.85%

Nasdaq 100 - Fallers

Mylan Inc. (MYL) $15.50 -5.37%
Qurate Retail Inc. (QRTEA) $10.48 -5.16%
Tesla Inc (TSLA) $475.05 -4.67%
Regeneron Pharmaceuticals Inc. (REGN) $592.68 -4.40%
Incyte Corp. (INCY) $92.97 -3.51%
Walgreens Boots Alliance, Inc. (WBA) $36.76 -3.31%
Western Digital Corp. (WDC) $37.34 -2.81%
Biogen Inc (BIIB) $279.75 -2.74%
Dollar Tree Inc (DLTR) $93.68 -2.69%
Dish Network Corp. (DISH) $34.57 -2.67%

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