Stocks close mixed as Congress passes a COVID-19 relief deal Stock futures were higher in early trading as they were supported by news that the U.S. House and the U.S. Senate finally passed another coronavirus relief package yesterday night after months of struggling to come to an agreement. Wall Street continues to contend, however, with news about a likely more contagious virus strain identified in the UK as well as uncertainty about rising COVID cases worldwide and the lack of a Brexit deal in Europe. The end result, at least on Tuesday, was a mixed closing as the Nasdaq advanced and the Dow pulled back. ECONOMIC EVENTS: In the U.S., Q3 GDP growth was revised up to a 33.4% rate in the third estimate, which was a little firmer than projected. Existing home sales modestly undershot estimates with a 2.5% November pullback to a 6.69M unit pace. The Conference Board Consumer Confidence Index declined in December by 7.5 points to a four-month low of 88.6 from 92.9 in November. In Capitol Hill news, a deal struck by congressional leaders merged a $1.4 trillion omnibus appropriations bill with a coronavirus relief package that includes a $300 increase in weekly unemployment benefits; $600 direct payments for individuals; more than $300 billion for small business aid; and funding for schools, hospitals, and vaccine distribution. Meanwhile, Reuters reported that the U.S. government does not plan to impose coronavirus screenings for passengers traveling from the U.K. following the emergence of a highly infections new COVID-19 variant there. TOP NEWS: Shares of Apple ($AAPL) were 3% higher, building on the strength seen in the stock in after hours trading following Reuters' report late in yesterday's session claiming that the iPhone maker is targeting 2024 for a launch of its own passenger vehicle. After Reuters' report, Citi analyst Jim Suva said he is "very skeptical" that Apple will actually produce a car. For the time being, Tesla ($TSLA) will likely be viewed as the most direct competitor to an Apple car, Citi added. Boeing ($BA) shares were fractionally lower after the planemaker and Alaska Airlines ($ALK) announced that the carrier is buying 23 more 737-9 airplanes, building on its original order and an agreement last month to acquire new 737-9s through lease. Peloton ($PTON) announced last night that it has entered into an agreement to acquire Precor in a transaction valued at $420M. The shares rose 11.6% after the news was applauded by several Wall Street analysts, who see the deal increasing Peloton's manufacturing capacity and R&D potentially reducing delivery times for the company's growing user base. In other M&A news, Honeywell ($HON) announced it has agreed to acquire privately held Sparta Systems - a provider of enterprise quality management software for the life sciences industry - from New Mountain Capital for $1.3B in an all-cash transaction. Ryan Tracy and John McKinnon of The Wall Street Journal reported, citing an unredacted version of a lawsuit filed by 10 states against Google last week, that the Alphabet ($GOOGL) unit and Facebook ($FB) had agreed to "cooperate and assist one another" if they ever faced an investigation into their pact to work together in online advertising. A Google spokesperson told the Journal that such agreements over antitrust threats are extremely common and that the company does not "manipulate the auction." Meanwhile, pharmacy stocks traded lower after the Department of Justice confirmed it has filed a civil complaint alleging that Walmart ($WMT) unlawfully dispensed controlled substances from pharmacies it operated across the country and unlawfully distributed controlled substances to those pharmacies throughout the height of the prescription opioid crisis. In response, Walmart said the Justice Department's investigation is "tainted by historical ethics violations, and this lawsuit invents a legal theory that unlawfully forces pharmacists to come between patients and their doctors, and is riddled with factual inaccuracies and cherry-picked documents taken out of context." MAJOR MOVERS: Among the noteworthy gainers was Sportsman's Warehouse ($SPWH), which surged almost 40% after entering into a definitive agreement to join the Great American Outdoors Group for $18.00 per share in cash. Also higher was Vista Outdoor ($VSTO), which gained 22% after Cowen analyst Gautam Khanna upgraded the stock to Outperform from Market Perform, saying the current ammunition demand cycle is "apt to extend." Among the notable losers was Fitbit ($FIT), which declined over 5% after the Australian Competition and Consumer Commission announced that it will not accept a long-term behavioral undertaking offered by Google that sought to address competition concerns about its proposed acquisition of the company. Also lower was CarMax ($KMX), which fell more than 8% after reporting quarterly results. Reviewing today's economic data:Existing home sales decreased 2.5% m/m in November to a seasonally adjusted annual rate of 6.69 million (Briefing.com consensus 6.80 million). November marked the first time in six months that existing home sales did not increase on a month-over-month basis. Total sales in November were up 25.8% from a year ago.The key takeaway from the report is that the supply of existing homes is at an all-time low. That is going to be a pressure point that feeds higher prices, shuts out an increasing number of first-time buyers, and bolsters the prospects for new home sales.The Conference Board's Consumer Confidence Index dropped to 88.6 in December (Briefing.com consensus 96.5) from a downwardly revised 92.9 (from 96.1) in November.The key takeaway from the report is the bump seen in the Expectations Index, as it fits the narrative of a market that has been quick to look past the dire headlines about the surge of coronavirus cases in favor of the vaccine remedy that will run continuously in the months ahead.The third estimate for Q3 GDP produced a slight upward revision to 33.4% (Briefing.com consensus 33.1%) that was attributed primarily to larger increases in personal consumption expenditures and nonresidential fixed investment. The GDP Price Deflator was revised down to 3.5% (Briefing.com consensus 3.6%) from 3.6%.The key takeaway from the report is the same as it always is with the third estimate for quarterly GDP, which is that there is no new meaningful takeaway for the market given the report's dated nature. To that end, we're less than two weeks away from completing the fourth quarter and this is a revised third quarter report.Nasdaq Composite +42.7% YTDRussell 2000 +19.2% YTDS&P 500 +14.1% YTDDow Jones Industrial Average +5.2% YTDMarket SnapshotDow30015.45-200.94(-0.67%)Nasdaq12807.92+65.40(0.51%)SP 5003687.26-7.66(-0.21%)10-yr Note +7/320.918NYSEAdv 1330 Dec 1790 Vol 909.3 mlnNasdaqAdv 2029 Dec 1680 Vol 5.60 blnIndustry WatchStrong: Technology, Utilities, Real EstateWeak: Consumer Discretionary, Industrials, Energy, Communication ServicesMoving the Market-- President Trump expected to sign stimulus bill and federal budget soon-- Focus remains on new coronavirus strain in the U.K.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. 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