Stock market recoups losses, closes near highs amid mega-cap strengthDow +26.07 at 23749.76, Nasdaq +105.77 at 8710.73, S&P +12.03 at 2842.74 [BRIEFING.COM] The S&P 500 advanced 0.4% on Monday, closing near session highs, as strength in the mega-cap technology stocks helped the market overcome an increase in U.S.-China tensions and cautious commentary from Warren Buffett. The tech-sensitive Nasdaq Composite rose 1.2% to climb past the benchmark index, Dow Jones Industrial Average (+0.1%), and Russell 2000 (+0.3%). Over the weekend, the Trump administration stepped up its accusations against China for covering up the coronavirus outbreak, and Warren Buffett said he has yet to find any attractive opportunities in the market. Mr. Buffett, instead, used the uncertainty and volatility in the market to dump Berkshire Hathaway's ($BRK.B 177.95, -4.72, -2.6%) holdings of airline companies. These events helped send the S&P 500 down 1.2% shortly after the open, but the market gradually regained its familiar resiliency, guided by leadership from Microsoft ($MSFT 178.84, +4.27, +2.5%), Amazon ($AMZN 2315.99, +29.94, +1.3%), Apple ($AAPL 293.16, +4.09, +1.4%), and Facebook ($FB 205.26, +2.99, +1.5%). Eight of the 11 S&P 500 sectors finished in positive territory, paced by the energy (+3.7%) and information technology (+1.4%) sectors. The industrials (-1.3%) and financials (-0.9%) sectors lagged the broader market. The major U.S. airlines Berkshire sold -- Delta ($DAL 22.57, -1.55, -6.4%), United ($UAL 25.26, -1.36, -5.1%), American ($AAL 9.82, -0.82, -7.7%), and Southwest ($LUV 27.56, -1.67, -5.7%) -- took noticeable hits (again) and weighed on the Dow Jones Transportation Average (-2.0%). Tyson Foods ($TSN 55.32, -4.69, -7.8%) was a notable earnings laggard after the company missed top and bottom-line estimates. U.S. Treasuries posted small gains to begin the week, pushing yields slightly lower. The 2-yr yield declined three basis points to 0.17%, and the 10-yr yield declined one basis point to 0.64%. The U.S. Dollar Index increased 0.5% to 99.54. WTI crude increased 3.0%, or $0.60, to $20.37/BBL. Monday's economic data was limited to the Factory Orders report, which declined 10.3 m/m in March (Briefing.com consensus -9.1%) following a downwardly revised 0.1% decline (from 0.0%) in February. The key takeaway from the report is that it shows how quickly manufacturing activity dropped off as shutdown initiatives increased. That drop off should be even more pronounced in April. Looking ahead, investors will receive the ISM Non-Manufacturing Index for April and the Trade Balance report for March on Tuesday. Nasdaq Composite -2.9% YTDS&P 500 -12.0% YTDDow Jones Industrial Average -16.8% YTDRussell 2000 -24.2% YTD Market Snapshot Dow23749.76+26.07(0.11%)Nasdaq8710.73+105.77(1.23%)SP 5002842.74+12.03(0.42%)10-yr Note -2/320.638NYSEAdv 1359 Dec 1517 Vol 968.6 mlnNasdaqAdv 1713 Dec 1522 Vol 3.4 bln Industry Watch Strong: Information Technology, EnergyWeak: Financials, Industrials Moving the Market -- S&P 500 recoups intraday decline, closes higher amid strength in the mega-cap technology stocks-- Trump administration stepped up accusations against China for covering up the coronavirus outbreak-- Warren Buffett dumps airline stocks, says can't find an attractive opportunity in market yetECONOMIC EVENTS: In U.S. data, factory orders dropped 10.3% in March, which was a bit better than feared. In coronavirus news, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now over 3.5M confirmed cases of COVID-19 worldwide and 248,164 deaths due to the disease. In New York, Governor Andrew Cuomo reported 226 virus deaths yesterday versus 280 the day before, adding that certain regions in the state can start to reopen on May 15 with conditions. Meanwhile, The New York Times reported that U.S. President Donald Trump's administration is privately projecting a steady increase in the number of COVID-19 cases and deaths over the next few weeks, reaching roughly 3,000 daily deaths on June 1. Additionally, the Wall Street Journal reported that the U.S. Treasury Department said that the government is set to borrow a record $2.99T in Q2, over five times as much as it borrowed during the 2008 recession, as spending soars to battle the COVID-19 crisis. TOP NEWS: Shares of the major airline operators are plunging after billionaire investor Warren Buffett revealed over the weekend at Berkshire Hathaway's (BRK.A) virtual annual meeting that he sold the company's positions in U.S. airlines. Berkshire previously had stakes in Delta Air Lines (DAL), American Airlines (AAL), Southwest Airlines (LUV) and United Airlines (UAL). "The world has changed" because of the coronavirus, Buffett told shareholders. On Friday afternoon, Gilead Sciences ($GILD) confirmed that the FDA granted emergency use authorization, or EUA, for the investigational antiviral remdesivir to treat COVID-19. On CBS' "Face of the Nation" this weekend, Gilead CEO Daniel O'Day said, "We intend to get [remdesivir] to patients in the early part of this next week, beginning to work with the government which will determine which cities are most vulnerable and where the patients are that need this medicine. We've donated the entire supply that we have within our supply chain and we did that because we acknowledge and recognize the human suffering, the human need here, and want to make sure nothing gets in the way of this getting to patients." Additionally, Roche ($RHHBY) announced that the Food and Drug Administration has issued an Emergency Use Authorization for its new Elecsys Anti-SARS-CoV-2 antibody test, which is designed to help determine if a patient has been exposed to the SARS-CoV-2 virus and if the patient has developed antibodies against SARS-CoV-2. The FDA has also made the EUROIMMUN AntiSARS-CoV-2 ELISA test available under an Emergency Use Authorization, according to a post to the agency's website. EUROIMMUN is a PerkinElmer ($PKI) company. Following media reports on Friday, Telefonica ($TEF) confirmed discussions with Liberty Global ($LBTYA) on a potential integration of their respective telecommunications businesses in the United Kingdom. The process initiated by both parties is in a "negotiation phase, not being able to guarantee, to this date, neither the precise terms nor the probability of its success," Telefonica reported. David Joyce, President and CEO of GE Aviation ($GE), told employees today in a message that global traffic is expected to be down approximately 80% in the second quarter when compared to the start of the pandemic's effect in China in early February. Meanwhile, shares of Tyson Foods (TSN) fell 7.9% after the meat processor reported downbeat results for the second quarter, saying that it expects COVID-19 to negatively affect volumes for the rest of the year. MAJOR MOVERS: Among the noteworthy gainers was Stemline ($STML), which surged 154.8% after Menarini Group announced an agreement to acquire the company in a transaction valued up to $677M. Also higher was Canopy Growth ($CGC), which rose 3.1% after Constellation Brands ($STZ) raised its stake in the cannabis company to 38.6%. Among the notable losers was Oxford Lane ($OXLC), which fell 21.4% after it reported quarterly results and said it expects to reduce or suspends its distributions. Also lower after reporting quarterly results were Summit Midstream ($SMLP) and Pitney Bowes ($PBI), which dropped 23.2% and 13.7%, respectively.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. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . Want to trade some of these stocks?Are you interested in trading stocks to supplement your income or make a living? Maybe become a professional trader? 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