S&P 500 recoups early decline and closes flatDow -109.33 at 24221.99, Nasdaq +71.02 at 9192.36, S&P +0.39 at 2930.19 [BRIEFING.COM] The S&P 500 finished flat on Monday in a resilient session that started with the benchmark index down 0.9%. The Nasdaq Composite, powered by its mega-cap components, rose 0.8% while the Dow Jones Industrial Average (-0.5%) and Russell 2000 (-0.6%) closed lower. Monday's lower start was seemingly rooted in pestering worries that reopening the economy too soon could cause additional outbreaks of COVID-19, especially after reports pointed to an uptick in cases in Germany and South Korea. The market quickly disavowed this view, which was likely a good excuse to take a breather, and it returned to positive territory by the afternoon. Positive news today included New York Governor Cuomo saying he will end state-wide restrictions this Friday, allowing for the re-opening of some low-risk businesses, and Quidel ($QDEL 208.95, +50.35, +31.8%) receiving FDA approval for its antigen test for COVID-19. The resiliency in the market likely pulled in under-allocated investors fearful of missing out on further gains. Health care stocks saw the biggest gains following the antigen news, evidenced by the 1.7% advance in the S&P 500 health care sector. The most influential gains, though, came from the mega-cap technology stocks within the information technology (+0.7%), communication services (+0.1%), and consumer discretionary (+0.1%) sectors. The S&P 500, which was nearing its April high (2954.86), did falter into the close, pressured by widening losses in the growth-oriented financials (-1.9%), energy (-1.7%), materials (-1.5%), and industrials (-1.3%) sectors. Separately, shares of NVIDIA ($NVDA 322.62, +10.12, +3.2%) set a new all-time high after its price target was raised to $350 from $270 at Needham. U.S. Treasuries started the day little changed but steadily declined during the rebound in stocks. The 2-yr yield increased four basis points to 0.18%, and the 10-yr yield increased four basis points to 0.72%. The U.S. Dollar Index advanced 0.5% to 100.19. WTI crude lost 1.1%, or $0.25, to $24.46/BBL despite news that Saudi Arabia is planning to cut June output by an additional 1 million barrels per day. Investors did not receive any economic data on Monday. On Tuesday, investors will receive the Consumer Price Index for April, the NFIB Small Business Optimism Index for April, and the Treasury Budget for April. Nasdaq Composite +2.5% YTDS&P 500 -9.3% YTDDow Jones Industrial Average -15.1% YTDRussell 2000 -20.8% YTD Market Snapshot Dow24221.99-109.33(-0.45%)Nasdaq9192.36+71.02(0.78%)SP 5002930.19+0.39(0.01%)10-yr Note -2/320.707NYSEAdv 1003 Dec 1844 Vol 1.0 blnNasdaqAdv 1442 Dec 1801 Vol 3.9 bln Industry Watch Strong: Health Care, Information TechnologyWeak: Financials, Materials, Energy, Industrials Moving the Market -- S&P 500 recoups early decline and closes flat in resilient session -- Defensive tone with gains concentrated in mega-cap and health care stocks-- Growth-oriented sectors underperformedECONOMIC EVENTS: In the U.S., no economic data of note was reported. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 4.14M confirmed cases of COVID-19 and 283,526 deaths due to the disease. TOP NEWS: Tesla ($TSLA) CEO Elon Musk said in a tweet over the weekend that his company is filing a lawsuit against California's Alameda County immediately around the core Fremont factory remaining shut given the current lockdown and health regulations due to COVID-19. Musk went on to say "this is the final straw" and that the automaker will now move its headquarters and future programs to Texas or Nevada. AMC Entertainment ($AMC) shares are 34% higher near noon following a report from The Daily Mail of the U.K. that Amazon ($AMZN) may be interested in acquiring the theater chain. However, Deadline's Jill Goldsmith said her sources are telling her "that there are no talks" between the two companies regarding such a takeover. Quidel ($QDEL) announced that it has received Emergency Use Authorization from the FDA to market its rapid point-of-care test for the detection of SARS-CoV-2, the virus that causes COVID-19, in nasal or nasopharyngeal specimens. Shares of Under Armour ($UAA) are down 11% after the athletic wear maker reported worse than expected sales and losses for the first quarter and said it is still unable to provide guidance with the pandemic continuing to force store closures. MAJOR MOVERS: Among the noteworthy gainers was MyoKardia ($MYOK), which surged 65% after its Phase 3 EXPLORER trial met its primary and secondary endpoints. Also higher was Amneal Pharmaceuticals ($AMRX), which gained 25% after reporting quarterly results. Among the notable losers was SSR Mining ($SSRM), which slid 9% after it announced a "zero-premium" merger of equals with Alacer Gold ($ALIAF). Also lower was Mosaic ($MOS), which fell 8% after Bank of America analyst Steve Byrne downgraded the stock to Underperform from Buy.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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