S&P 500 ends negative week with nice bounceDow +358.52 at 27163.96, Nasdaq +241.30 at 10913.59, S&P +51.87 at 3298.46 [BRIEFING.COM] The S&P 500 gained 1.6% on Friday in a technology-led advance, ending a negative week on a high note. The Nasdaq Composite rose 2.3%, the Dow Jones Industrial Average rose 1.3%, and the Russell 2000 rose 1.6%. The session started mixed, little changed, choppy, and without leadership amid a host of ongoing uncertainties in the market. Those uncertainties, some of which pertain to politics and the economy, weren't cleared up today due to few macro developments, but it appeared the market wasn't going to get dismayed by the unknown. On no specific news, Apple ($AAPL 112.29, +4.07, +3.8%), Microsoft ($MSFT 207.82, +4.63, +2.3%), and NVIDIA ($NVDA 514.95, +21.03, +4.3%) -- to name few technology mega-caps -- assumed their old leadership roles. The gains broadened out to ten of the 11 S&P 500 sectors by the close. The top-weighted information technology sector (+2.4%) finished atop the standings with a 2.4% gain, followed by real estate (+2.0%), health care (+1.7%), and consumer discretionary (+1.6%). The energy sector (-0.1%) briefly turned positive late in the day but was unable to close positive, reflecting a lack of investor confidence in the space. The cruise line industry, meanwhile, could be on the verge of an inflection point, according to Barclays. The firm upgraded Royal Caribbean ($RCL 64.59, +4.62, +7.7%), Carnival ($CCL 15.07, +1.33, +9.7%), and Norwegian ($NCLH 16.63, +2.00, +13.7%) to Overweight from Equal Weight on a favorable risk/reward profile. Costco ($COST 342.58, -4.42, -1.3%) was a notable exception today despite the company beating earnings estimates and reporting in-line revenue and comparable sales results. On a related note, Telsey Advisory Group raised its price target on the stock to $390 from $385. The U.S. Treasury market remained uneventful. The 2-yr yield finished flat at 0.13%, and the 10-yr yield declined one basis point to 0.66%. The U.S. Dollar Index advanced 0.3% to 94.59. WTI crude futures shed 0.2%, or $0.09, to settle at $40.22/BBL. Reviewing Friday's economic data: Durable goods orders increased 0.4% m/m in August (Briefing.com consensus +0.9%) following an upwardly revised 11.7% increase (from 11.2%) in July. Excluding transportation, orders were also up 0.4% (Briefing.com consensus 1.0%) following an upwardly revised 3.2% increase (from 2.4%) in July.The key takeaway from the report is that order increases were seen across most categories, as manufacturing needs continued to recover from their pandemic depression, yet total orders are still down 11.3% yr/yr (down 3.0%, ex-transportation). Looking ahead, the Conference Board's Consumer Confidence Index for September, the S&P Case-Shiller Home Price Index for July, and the Advance August readings for Intl Trade in Goods, Retail Inventories, and Wholesale Inventories will be released on Monday. Nasdaq Composite +21.6% YTDS&P 500 +2.1% YTDDow Jones Industrial Average -4.8% YTDRussell 2000 -11.6% YTD Market Snapshot Dow27163.96+358.52(1.34%)Nasdaq10913.59+241.30(2.26%)SP 5003298.46+51.87(1.60%)10-yr Note +1/320.658NYSEAdv 2138 Dec 831 Vol 800.0 mlnNasdaqAdv 2381 Dec 934 Vol 3.7 bln Industry Watch Strong: Information Technology, Real Estate, Health Care, IndustrialsWeak: Energy Moving the Market -- S&P 500 ends negative week on high note-- Mega-caps and technology stocks resumed leadership -- Investors looked past the market uncertainty Stocks end week on up note as Democrats work on new stimulus bid Stocks finished out the week with a strong day of trading as the Nasdaq lead the way with an advance of more than 2%. While concern remains over the U.S. elections and disappointment that Washington has not delivered more stimulus, there may be potential for the stimulus talks to resume as reports indicate that Democrats are working on a new proposal. ECONOMIC EVENTS: In the U.S., durable goods orders edged up 0.4% in August, which was less than expected. In energy news, Baker Hughes reported that the U.S rig count is up 6 from last week to 261 with oil rigs up 4 to 183. Data from the Johns Hopkins Whiting School of Engineering shows there are now 32.3M confirmed cases of COVID-19 worldwide, including nearly 7M in the U.S., and 984,278 deaths due to the disease, including about 203,000 in the U.S. TOP NEWS: Shares of Costco ($COST) were 1.3% lower after the company reported quarterly results last night. Morgan Stanley analyst Simeon Gutman, who said the "knock" on the report was weaker flow-through than market expectation, thinks this should prove temporary and sees a rare "buy the dip" opportunity with the stock off its early September high, he told investors following the earnings report as he and several peers raised their price targets for the stock. Boeing ($BA) shares rose 6.8% following a pair of media reports related to its grounded 737 MAX aircraft. Bloomberg reported that Federal Aviation Administration chief Steve Dickson plans to test-fly a Boeing 737 MAX updated with a variety of fixes next week as the agency tries to show that its proposed changes to the grounded jet will be safe. Additionally, Reuters said that Patrick Ky, the executive director of the European Union Aviation Safety Agency, said that Boeing's grounded 737 MAX aircraft could receive regulatory approval to return to the air in November and enter service by the end of 2020. In M&A news, William Hill ($WIMHY) noted press speculation regarding a possible offer for the company and confirmed that it has received separate cash proposals from Apollo Management (APO) and Caesars Entertainment (CZR). "Following an initial written proposal from Apollo on August 27, William Hill received a further proposal from Apollo and proposals from Caesars," the company said. In COVID-19 news, Novavax ($NVAX) announced that it has initiated its first Phase 3 study to evaluate the efficacy, safety and immunogenicity of NVX-CoV2373, Novavax' COVID-19 vaccine candidate. The trial is being conducted in the United Kingdom, or UK, in partnership with the UK Government's Vaccines Taskforce and is expected to enroll and immunize up to 10,000 individuals between 18-84 years of age, with and without relevant comorbidities, over the next four to six weeks. Meanwhile, European governments will pay claims over an agreed upon limit against AstraZeneca ($AZN) over unexpected side-effects from its potential COVID-19 vaccine, Reuters reported, citing an EU official. These terms are different than the terms of the agreement with Sanofi ($SNY) as AstraZeneca secured the European Union's backing in a confidential agreement which reflects the lower price requested by the drugmaker, the official noted. Reuters reported that U.S. District Judge Carl Nichols said that the White House must either postpone a ban on U.S. app stores offering TikTok for download or file legal documents defending the decision by Friday. The U.S. Commerce Department order banning Apple ($AAPL) or Google's ($GOOG) app stores from offering TikTok for new downloads is set to occur late Sunday. Later on, however, Reuters added that the U.S. Justice Department has said it intends to oppose TikTok's request to delay the ban. Oracle ($ORCL) and Walmart ($WMT) have agreed to take stakes in TikTok Global, a newly created U.S. company that will own most of the app's operations worldwide. MAJOR MOVERS: Among the noteworthy gainers was Colony Capital ($CLNY), which rose 12.4% after it agreed to sell six hospitality portfolios to Highgate for $2.8B. Also higher was MobleIron ($MOBL), which jumped 19.9% after Dealreporter said that the company is in advanced talks to be acquired. Among the notable losers was Fluor ($FLR), which slid 2.6% after it suspended all prior 2020 guidance. Also lower was First Majestic (AG), which fell 7.2% after it said it is assessing legal options in its dispute with Servicio de Administracion Tributaria.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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