Kaltbaum Capital Management President Gary Kaltbaum and James Madison Institute Tech and Innovation Center Director Andrea O'Sullivan discuss the coronavirus pandemic and the upcoming election's impact on the markets and how tech stocks are booming.
Investors celebrated the start of the month and week with a basket of positive news on U.S. manufacturing, and deal-making sending all three of the major stock averages higher.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 10904.208371 | +158.93 | +1.48% |
| MSFT | MICROSOFT CORP. | 214.13 | +9.12 | +4.45% |
The Nasdaq, leading the gains with a jump of more than 1 percent, hit a new record which was celebrated by President Trump in a tweet that included a jab at Democratic presidential hopeful Joe Biden.
Microsoft is helping lift the broader markets on word the tech giant is in "preliminary discussions" to buy TikTok’s U.S. business, which was confirmed by Zhang Yiming, the CEO of TikTok's parent company ByteDance, in an internal memo.
MICROSOFT, TIKTOK OFFICIALS IN WHITE HOUSE TALKS TO PREVENT TOTAL BAN
News of the talks was first reported by FOX Business.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26642.82 | +214.50 | +0.81% |
| SP500 | S&P 500 | 3295.83 | +24.71 | +0.76% |
| AAPL | APPLE INC. | 438.57 | +13.53 | +3.18% |
The Dow Jones Industrial Average and the S&P 500 also rose helped by large-cap tech including Apple which climbed to a new record. The maker of iPhones became the biggest company in the world last week toppling Saudi Arabia's Aramco.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRO | MARATHON OIL | 5.46 | -0.03 | -0.46% |
In other deal news, Marathon Petroleum sold Speedway to 7-Eleven in an all-cash deal valued at $21 billion which "establishes a relationship with 7-Eleven anchored by long-term fuel supply agreements for approximately 7.7 billion gallons per year, with additional growth opportunities" according to the company.
MARATHON PETROLEUM SELLS SPEEDWAY TO 7-ELEVEN OWNER FOR $21 BILLION
On the economic front, U.S. manufacturing activity rose to 54.2 in July, a slight bump from the current 52.6, a 16-month high. Any reading above 50 signals expansion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CLX | CLOROX | 231.39 | -5.12 | -2.16% |
In stock news, Clorox shares dropped after the maker of disinfectant wipes said sales for 2021 will increase at a “flat to single-digit” pace. The company is “recognizing there is significant uncertainty about future COVID-19 impacts related to various areas of its business,” according to its earnings release, which showed a “22% sales increase, including double-digit growth across all reportable segments” and a 28 percent jump in profit for the fiscal fourth quarter.
CLOROX POSTS HIGHER SALES AS CONSUMERS STOCK UP ON DISINFECTANTS
In commodities, West Texas Intermediate crude rose nearly 2 percent to the $41.04 per barrel level while natural gas soared 15 percent on forecasts of an incoming heatwave across the nation. Gold was little changed at $1,987.01 an ounce. Exchange-traded funds mirroring these commodities were popping.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 29.39 | +0.32 | +1.10% |
| UNG | UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT) | 11.98 | +1.72 | +16.74% |
| GLD | SPDR GOLD SHARES TRUST - EUR ACC | 185.11 | -0.32 | -0.17% |
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The Link LonkAugust 03, 2020 at 11:39PM
https://www.foxbusiness.com/markets/us-stocks-aug-3-2020
Manufacturing rebound, Tech M&A power Nasdaq to fresh record - Fox Business
https://news.google.com/search?q=fresh&hl=en-US&gl=US&ceid=US:en
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