Apple and Microsoft led growth-oriented rallyDow +236.08 at 26664.40, Nasdaq +157.52 at 10902.87, S&P +23.49 at 3294.61 [BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.5%), and Dow Jones Industrial Average (+0.9%) closed higher on Monday, as Apple ($AAPL 435.75, +10.71, +2.5%) and Microsoft ($MSFT 216.54, +11.53, +5.6%) plowed ahead with noticeable gains. It was another record close for the Nasdaq, while the Russell 2000 outperformed with a 1.8% gain. Microsoft rallied on news that it was continuing talks to acquire TikTok while Apple remained hot following its 10.5% earnings-driven gain from Friday. Essentially, today was a growth-oriented trade that also saw the Philadelphia Semiconductor Index rise 1.9% and the iShares NASDAQ Biotechnology ETF ($IBB 138.57, +4.20) rise 3.1%. Consequently, the information technology (+2.5%) and health care (+1.1%) sectors finished atop the sector standings, while the defensive-oriented real estate (-1.5%) and utilities (-1.1%) sectors closed lower by more than 1.0%. Within the health care space, Goldman Sachs upgraded Merck ($MRK 82.56, +2.32, +2.9%) to Buy from Neutral, Eli Lilly ($LLY 152.84, +2.55, +1.7%) started a Phase 3 trial for the prevention of COVID-19 at long-term care facilities, and Varian Medical ($VAR 174.11, +31.39, +22.0%) agreed to be acquired by Siemens Healthineers for $16.4 billion, or \/SHARE"}==!>, in cash. In other deal-making news, Marathon Petroleum ($MPC 38.57, +0.37, +1.0%) agreed to sell its Speedway business to 7-Eleven for $21 billion in cash. ADT ($ADT 13.48, +4.87, +56.6%) partnered with Alphabet's ($GOOG 1474.45, -8.51, -0.6%) Google to develop a next generation smart home and security system. Google will take a 6.6% stake in ADT. Separately, manufacturing conditions continued to improve, as the ISM Manufacturing Index for July increased to 54.2% (Briefing.com consensus 53.4%) from 52.6% in June. In Washington, lawmakers continued to negotiate the next coronavirus relief bill but did not reach an agreement on Monday. U.S. Treasuries ended the session slightly lower. The 2-yr yield increased one basis point to 0.11%, and the 10-yr yield increased two basis points to 0.56%. The U.S. Dollar Index advanced 0.3% to 93.60. WTI crude futures rose 1.8%, or $0.72, to $41.02/BBL. Reviewing Monday's economic data: The ISM Manufacturing Index for July increased to 54.2% (Briefing.com consensus 53.4%) from 52.6% in June. This was the second straight month the index has been above 50.0% (the demarcation level between expansion and contraction) after cratering to a low of 41.5% in April (the lowest since April 2009).The key takeaway from the report rests in the understanding that manufacturing conditions are rebounding from the abyss of three straight monthly contractions (March-May). To be sure, manufacturing conditions were better in July than they were in prior months, but it is still a stretch to say that manufacturing activity is robust since uncertainty about the demand outlook remains high.Total construction spending declined 0.7% m/m in June (Briefing.com consensus +1.3%) on the heels of an upwardly revised 1.7% decline (from -2.1%) in May. Total private construction spending was down 0.7% and total public construction spending was also down 0.7%.The key takeaway from the report is that total construction spending was up 0.1% yr/yr despite the adverse effects of the pandemic, bolstered by the strength of nonresidential public construction spending (+5.7% yr/yr). Looking ahead, investors will receive Factory Orders for June on Tuesday. Nasdaq Composite +21.5% YTDS&P 500 +2.0% YTDDow Jones Industrial Average -6.6% YTD Russell 2000 -9.7% YTD Market Snapshot Dow26664.40+236.08(0.89%)Nasdaq10902.87+157.52(1.47%)SP 5003294.61+23.49(0.72%)10-yr Note -2/320.550NYSEAdv 1868 Dec 1080 Vol 871.5 blnNasdaqAdv 2314 Dec 925 Vol 4.1 bln Industry Watch Strong: Information Technology, Health CareWeak: Utilities, Real Estate, Materials, Consumer Discretionary Moving the Market -- Apple (AAPL) and Microsoft (MSFT) carried market higher in growth-oriented trade-- Semiconductor and biotech stocks also outperformed-- ISM Manufacturing Index for July increased to 54.2 (Briefing.com consensus 53.4) from 52.6 in JuneStocks rise around the globe amid better than expected PMI readings ECONOMIC EVENTS: In the U.S., Markit's manufacturing PMI rose to 50.9 in the final July print from the 49.8 reading in June. However, that was a downward revision from the flash 51.3 print for July. The ISM manufacturing index rose 1.6 points to 54.2 in July, which was stronger than expected. The construction spending report undershot market estimates with a 0.7% June drop. The latest data from the Johns Hopkins Whiting School of Engineering shows there are now 18.1M confirmed cases of COVID-19 worldwide, including 4.68M in the U.S., and 690,181 deaths due to the disease. TOP NEWS: Shares of Microsoft ($MSFT) are 4% higher near noon after the company confirmed that it has held talks with ByteDance to acquire TikTok in the U.S. In a statement, Microsoft said that, "Following a conversation between Microsoft CEO Satya Nadella and President Donald J. Trump, Microsoft is prepared to continue discussions to explore a purchase of TikTok in the United States. Microsoft fully appreciates the importance of addressing the President's concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury...Among other measures, Microsoft would ensure that all private data of TikTok's American users is transferred to and remains in the United States. To the extent that any such data is currently stored or backed-up outside the United States, Microsoft would ensure that this data is deleted from servers outside the country after it is transferred." Shares of Kansas City Southern ($KSU) are adding another 2% following the big advance in the stock late Friday that was prompted by The Wall Street Journal's report Blackstone Group's infrastructure arm and Global Infrastructure Partners are together exploring a potential takeover bid for the railroad operating company. Citi analyst Christian Wetherbee understands why there could be interest, "particularly as the company has greatly improved profitability and free cash flow and it is not trading at a premium to peers," but he believes an offer would need to be "substantially higher" than the $185 per share price that the Journal's report implies. In other M&A news, Varian ($VAR) announced that it has entered into a definitive agreement for Siemens Healthineers ($SMMNY) to acquire all of the company's outstanding shares for $177.50 per share in an all-cash transaction valued at $16.4B. Meanwhile, Marathon Petroleum ($MPC) announced the sale of Speedway to the parent of 7-Eleven for $21B in cash and ADT ($ADT) and Google ($GOOG) announced they are entering into a long-term partnership that will see the search giant owning 6.6% of ADT's outstanding aggregate common equity. In news on the search for pharmaceutical answers to COVID-19, Eli Lilly ($LLY) announced the initiation of a Phase 3 trial studying LY-CoV555 for the prevention of SARS-CoV-2 infection and COVID-19 in residents and staff at long-term care facilities in the U.S. LY-CoV555, the lead antibody from Lilly's collaboration with AbCellera, is a neutralizing antibody against the virus that causes COVID-19. In executive change news, both Tyson Foods ($TSN) and Clorox ($CLX) appointed new CEOs. MAJOR MOVERS: Among the noteworthy gainers was Jernigan Capital ($JCAP), which rose 22% after it agreed to be acquired by NexPoint in a $900M all-cash transaction. Among the notable losers was Eastman Kodak ($KODK), which slid 24% after it said it will issue 29.9M shares as part of a notes conversion. Also lower was Alarm.com ($ALRM), which fell 18.5% and saw its shares downgraded by William Blair analyst Bhavan Suri after customer ADT announced a $600M investment from Google.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? 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