Microsoft, Apple lift Nasdaq to 29th record close of year

Nasdaq 11,000 is a stone's throw away for investors

Investors celebrated the start of August with a basket of positive news on U.S. manufacturing, and deal-making sending all three of the major stock averages higher with the Nasdaq Composite securing its 29th record close of the year.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 13075.449889 -313.98 -2.35%
MSFT MICROSOFT CORP. 239.45 -6.78 -2.75%

The Nasdaq rose 1.5 percent, powered by Microsoft and Apple which both hit fresh records. The maker of iPhones became the biggest company in the world last week toppling Saudi Arabia's Aramco.

The tech-heavy composite is fast approaching a new milestone; 11,000. Earlier in the session, the rally was celebrated by President Trump in a tweet that included a jab at Democratic presidential hopeful Joe Biden.

Microsoft jumped on word the tech giant is in "preliminary discussions" to buy TikTok’s U.S. business, which was confirmed by Zhang Yiming, the CEO of TikTok's parent company ByteDance, in an internal memo. Trump blessed the potential deal yet noted he would be fine with any U.S. buyer.

"Here’s the deal. I don't mind if — whether it's Microsoft or somebody else — a big company, a secure company, a very American company buys it," Trump told reporters at the White House.

MICROSOFT, TIKTOK OFFICIALS IN WHITE HOUSE TALKS TO PREVENT TOTAL BAN

News of the talks was first reported by FOX Business.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 33810.16 -459.00 -1.34%
SP500 S&P 500 4085.15 -66.95 -1.61%
AAPL APPLE, INC. 122.68 -3.23 -2.57%

The Dow Jones Industrial Average gained over 236 points or 0.90 percent and the S&P 500 rose 0.72 percent both helped by gains in Merck and Boeing.

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Ticker Security Last Change Change %
MRO MARATHON OIL 11.88 +0.40 +3.48%

In other deal news, Marathon Petroleum sold Speedway to 7-Eleven in an all-cash deal valued at $21 billion which "establishes a relationship with 7-Eleven anchored by long-term fuel supply agreements for approximately 7.7 billion gallons per year, with additional growth opportunities" according to the company.

MARATHON PETROLEUM SELLS SPEEDWAY TO 7-ELEVEN OWNER FOR $21 BILLION

On the economic front, U.S. manufacturing activity rose to 54.2 in July, a slight bump from the current 52.6, a 16-month high. Any reading above 50 signals expansion.

Ticker Security Last Change Change %
CLX CLOROX 184.16 -1.70 -0.91%

In stock news, Clorox shares dropped over 4 percent after the maker of disinfectant wipes said sales for 2021 will increase at a “flat to single-digit” pace. The company is “recognizing there is significant uncertainty about future COVID-19 impacts related to various areas of its business,” according to its earnings release, which showed a “22% sales increase, including double-digit growth across all reportable segments” and a 28 percent jump in profit for the fiscal fourth quarter.

CLOROX POSTS HIGHER SALES AS CONSUMERS STOCK UP ON DISINFECTANTS

In commodities, West Texas Intermediate crude rose nearly 1.4 percent to the $40.77 per barrel level while natural gas soared over 16 percent on forecasts of an incoming heatwave across the nation. Gold was little changed at $1,983 an ounce. Exchange-traded funds mirroring these commodities locked in gains.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 45.34 +0.47 +1.05%
UNG UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT) 10.62 +0.04 +0.33%
GLD SPDR GOLD SHARES TRUST - EUR ACC 170.82 -1.30 -0.76%

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