Nasdaq rises for eighth straight dayDow +131.14 at 26156.12, Nasdaq +74.89 at 10131.37, S&P +13.43 at 3131.16 [BRIEFING.COM] The S&P 500 gained 0.4% on Tuesday amid more indications of an economic recovery, while the Nasdaq Composite (+0.7%) pulled ahead to close at another record high for its eighth straight advance. The Dow Jones Industrial Average (+0.5%) and Russell 2000 (+0.4%) also posted modest gains, but the market did close near session lows. All 11 S&P 500 sectors started the session sharply higher after President Trump clarified that the U.S.-China trade deal was still intact and June flash Manufacturing PMIs out of Europe improved more than expected. There was brief weakness in the overnight futures market after trade advisor Navarro said the trade deal with China was over, which he later said was taken out of context. Shortly after the open, data showed new home sales in the U.S. rebound 16.6% m/m in May to a seasonally adjusted annual rate of 676,000 (Briefing.com consensus 635,000), which supported the market's expectations for an economic recovery. There was a lack of follow-through buying interest, though, as the market traded sideways for most of the day. Within the S&P 500, the consumer discretionary (+1.0%), information technology (+0.7%), and communication services (+0.6%) sectors advanced the most amid noticeable, and persistent, gains in its mega-cap components, including Apple ($AAPL 366.53, +7.66, +2.1%) and Amazon ($AMZN 2764.41, +50.50, +1.9%). Conversely, the utilities (-1.1%) and real estate (-0.4%) sectors closed lower after slipping into negative territory in early action, while the consumer staples (-0.1%) and industrials (unch) sectors squandered gains amid some late selling in the broader market. There was no confirmed catalyst for the minor slippage, but it appeared to be rooted in part to a lack of conviction from buyers given the narrow leadership in the mega-caps. Others pointed to Treasury Secretary Mnuchin warning that decoupling from China is possible if their trading relationship remains uneven. Elsewhere, U.S. Treasuries finished near their flat lines in another lackluster session in the bond market, while gold futures rose 0.9% to $1782.00/OZT. The 2-yr yield was unchanged at 0.19%, and the 10-yr yield increased one basis point to 0.71%. The U.S. Dollar Index declined 0.3% to 96.72. WTI crude declined 0.5% to $40.38/BBL. Reviewing Tuesday's economic data: New home sales increased sharply in May, rising 16.6% m/m to a seasonally adjusted annual rate of 676,000 (Briefing.com consensus 635,000). The increase came on the heels of a sharp downward revision for April to 580,000 from 623,000.The key takeaway from the report is that sales activity bounced back smartly in May, reflecting a welcome pickup in contract signings as COVID-19 shutdown pressures lessened. This understanding should foster expectations that sales activity will continue to improve in coming months given the tight supply of existing homes for sale, low mortgage rates, and pent-up demand. Looking ahead, investors will receive the FHFA Housing Price Index for June and the weekly MBA Mortgage Applications Index on Wednesday. Nasdaq Composite +12.9% YTDS&P 500 -3.1% YTDDow Jones Industrial Average -8.4% YTDRussell 2000 -13.7% YTD Market Snapshot Dow26156.12+131.14(0.50%)Nasdaq10131.37+74.89(0.74%)SP 5003131.16+13.43(0.43%)10-yr Note -2/320.721NYSEAdv 1677 Dec 1232 Vol 1.0 blnNasdaqAdv 1807 Dec 1516 Vol 5.6 bln Industry Watch Strong: Consumer Discretionary, Information Technology, Health Care, Communication ServicesWeak: Utilities, Real Estate Moving the Market -- Stocks trade higher, Nasdaq sets new record high-- President Trump reaffirms that U.S.-China trade deal is still intact, clarifying a previous comment from trade advisor Navarro-- Upbeat flash manufacturing PMIs out of Europe, U.S. new home sales rebound more than expected in MayECONOMIC EVENTS: In U.S. data, Markit's manufacturing index popped 9.8 points higher to 49.6 in the flash June reading. The flash services reading rose 9.2 points to 46.7. While both are in contraction territory, they are nevertheless the highest readings since February. New home sales beat estimates in May with a 16.6% surge to a 676,000 home rate. The Richmond Fed index climbed back to unchanged in June from -27 in May. TOP NEWS: Shares of Apple ($AAPL) are on the rise the day after the company unveiled a new iPad OS, iOS, and Apple Watch OS, as well as macOS Big Sur with a Safari browser update during its annual Worldwide Developers Conference that took place online-only. Apple CEO Tim Cook also confirmed that Mac computers will be transitioning away from Intel ($INTC) processors to instead use Apple's own silicon chips. Meanwhile, Bloomberg's David McLaughlin reported that the Justice Department, led by Attorney General William Barr, is preparing to file an antitrust lawsuit against Google ($GOOG). The report noted that such a suit would be a win for Rupert Murdoch's News Corp. ($NWSA), which publishes the Wall Street Journal and the Times of London, among other papers. In M&A news, Mastercard ($MA) announced an agreement to acquire Finicity, a North American provider of real-time access to financial data and insights. Mastercard said the purchase price is $825M and Finicity's existing shareholders have the potential for an earn-out of up to an additional $160M if performance targets are met. Following the deal annoucement, Wells Fargo analyst Donald Fandetti said he believes the acquisition of Finicity will enable MasterCard to provide open banking capabilities in the U.S., building on its progress in regions such as Europe. MAJOR MOVERS: Among the noteworthy gainers was Translate Bio ($TBIO), which rose 41% after it expanded its collaboration with Sanofi Pasteur ($SNY) to develop mRNA vaccines. Also higher was Plug Power ($PLUG), which gained 23% after the company raised its 2024 revenue target to $1.2B from $1B. Among the notable losers was Luckin Coffee ($LK), which slid 15% after the company received a delisting notice from Nasdaq. Also lower was Spirit AeroSystems ($SPR), which fell 14% after it said in a regulatory filing that Boeing ($BA) directed it to reduce its 2020 737 production plan.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? Many traders have the skills and nerves to trade, but not the upfront capital. Well now that problem is solved!Try2BeFunded has expanded its trading program! If you're a novice or experienced trader, you can earn access to a trading account with up to $100,000! To learn more about how to qualify, click HERE and give it a shot! You have nothing to lose it is free to try. Give Try2BeFunded a try! .