S&P 500 notches seventh straight gain as value and cyclical stocks outperformDow +357.96 at 27791.44, Nasdaq -42.63 at 10968.42, S&P +9.19 at 3360.47 [BRIEFING.COM] The S&P 500 increased 0.3% on Monday, rising for the seventh straight session on the back of strong gains from the value-oriented and cyclical stocks. The Dow Jones Industrial Average (+1.3%) and Russell 2000 (+1.0%) gained at least 1.0%, while the Nasdaq Composite declined 0.4% amid relative weakness in the mega-caps. Apple ($AAPL 450.91, +6.46, +1.5%) was one of the few mega-caps that bucked the trend after Wedbush raised its price target on the stock to a Street-high of $515 from $475. Given its nearly $2 trillion valuation, and $450 stock price, its 1.5% gain was a major supporting factor in the large-cap indices. The broader trend, though, was heavily in favor of beaten-down cyclical stocks like those within the energy (+3.1%) and industrials (+2.4%) sectors, which rose more than 2.0%. The materials (+1.0%) and consumer discretionary (+0.7%) sectors followed suit, while communication services (-0.5%), information technology (-0.3%), and health care (-0.3%) lagged. Individual standouts included FedEx ($FDX 199.98, +16.45, +9.0%), which was upgraded to Outperform from Market Perform at Bernstein, and MGM Resorts ($MGM 21.65, +2.62, +13.8%) after InterActiveCorp ($IAC 131.27, -1.78, -1.3%) acquired a 12% stake in the company. In other developments, President Trump over the weekend signed executive orders to extend $400/WEEK in enhanced unemployment, provide student loan relief, prevent evictions, and defer payroll taxes; while China said it will sanction 11 Americans, including several senators, for trying to undermine its authority over Hong Kong. President Trump's orders will likely be challenged in the courts, but investors remained hopeful that lawmakers will reach a deal relatively soon. House Speaker Pelosi (D-CA) and Treasury Secretary Mnuchin suggested they were open to a narrower deal through the end of the year. U.S. Treasuries finished near their flat lines. The 2-yr yield remained unchanged at 0.13%, and the 10-yr yield increased one basis point to 0.57%. The U.S. Dollar Index gained 0.2% to 93.58. WTI crude futures gained 1.9%, or $0.78, to $41.95/BBL. Monday's economic data was limited to the JOLTS- Job Openings report, which showed job openings increase to 5.889 mln in June from a revised 5.371 mln in May (from 5.397 mln). Looking ahead, investors will receive the Producer Price Index for July and the NFIB Small Business Optimism Index for July on Tuesday. Nasdaq Composite +22.2% YTDS&P 500 +4.0% YTDDow Jones Industrial Average -2.6% YTDRussell 2000 -5.0% YTD Market Snapshot Dow27791.44+357.96(1.30%)Nasdaq10968.42-42.63(-0.39%)SP 5003360.47+9.19(0.27%)10-yr Note -1/320.583NYSEAdv 2148 Dec 808 Vol 864.1 mlnNasdaqAdv 2005 Dec 1273 Vol 4.0 bln Industry Watch Strong: Energy, Industrials, Materials, Consumer Discretionary, FinancialsWeak: Communication Services, Information Technology, Health Care, Real Estate Moving the Market -- Value and cyclical stocks outperformed-- Apple (AAPL) gained another 1.5% after Wedbush raised its price target on the stock to a Street-high of $515 from $475.-- China tensions, stimulus talks eyedECONOMIC EVENTS: In the U.S., the JOLTS report showed job openings rose 518,000 to about 5.9M in June. The latest data from the Johns Hopkins Whiting School of Engineering shows there are now 19.91M confirmed cases of COVID-19 worldwide, including 5.06M in the U.S., and 732,128 deaths due to the disease. TOP NEWS: Over the weekend, Reuters reported that Twitter ($TWTR) has approached TikTok owner ByteDance to express interest in acquiring the U.S. operations of the video-sharing app. Sources also told Reuters that it is far from certain that Twitter would be able to outbid Microsoft ($MSFT) for the operations and complete such a transaction in the 45 days that President Trump has given ByteDance to agree to a sale. Meanwhile, the South China Morning Post later said that ByteDance is unlikely to sell to Twitter or Microsoft, as a source said the offer was like "robbing the owner when his house is on fire." Foot Locker ($FL) shares rose 7% after the company provided a sales and earnings update for the second quarter, reporting an 18% year-over-year comparable store sales increase in Q2. The company added that it will not be providing fiscal 2020 guidance at this time. On the earnings front, shares of Marriott ($MAR) were 3% higher near noon despite the company reporting lower than expected quarterly earnings and revenue. Of note, Marriott said it added over 11,400 rooms globally during Q2 and that it sees "steady signs of demand returning." In M&A news, IAC ($IAC) announced that it acquired a 12% interest in MGM Resorts (MGM) for an aggregate of roughly $1B. Commenting on the news, MGM Resorts said it "welcomes" IAC as a "long-term strategic partner and intend to invite them to join our Board of Directors." MGM shares jumped 14% following the news. Meanwhile, McDonald's ($MCD) confirmed a report that a lawsuit has been filed against former CEO Steve Easterbrook that alleges he fraudulently hid details of three physical sexual relationships with employees when the board fired him last November over a different relationship with a subordinate. MAJOR MOVERS: Among the noteworthy gainers was Seres Therapeutics ($MCRB), which soared 335% after the company reported "positive" results from its Phase 3 ECOSPOR III study. Also higher were Canopy Growth ($CGC) and Schrodinger ($SDGR), which gained a respective 8% and 4% affter reporting quarterly results. Among the notable losers was Eastman Kodak ($KODK), which dropped 27% after the Twitter account of the U.S. International Development Finance Corporation said that recent allegations of the company's wrongdoing raise serious concerns over a loan and that it will not proceed any further unless these allegations are cleared. Also lower were Reata Pharmaceuticals ($RETA) and New Age ($NBEV), which fell 33% and 8%, respectively, after reporting quarterly results.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. 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