S&P, Nasdaq start September with records as Dow turns positive for 2020

Tech maintained its leadership pace in the new month

Investors ushered in a new month with the same record-setting pace as stocks hit record highs Tuesday, building on the momentum from the best August in 36 years.

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The Dow Jones Industrial Average, climbed firmly back in positive terrority for the year, gaining 215 points, or 0.76%, while the S&P 500 and the Nasdaq Composite hit new records and closed higher by 0.75% and 1.4%, respectively.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES30996.98-179.03-0.57%
SP500S&P 5003841.47-11.60-0.30%
I:COMPNASDAQ COMPOSITE INDEX13543.061633+12.15+0.09%

Red-hot manufacturing data helping the bulls today after ISM Manufacturing PMI for August hit a two-year high, rising to 56. Anything above 50 signals expansion.

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Looking at stocks, Tesla Inc. shares were in focus after the company announced plans to raise up to $5 billion through a stock offering. Shares gained 13% on Monday, the first day of trading since the stock split 5-for-1.

Meanwhile, Apple Inc. has asked suppliers to build at least 75 million 5G iPhones, Bloomberg reported, citing sources. Shares gained 3.39% on Monday, the first day of trading following their 4-for-1 split.

TickerSecurityLastChangeChange %
TSLATESLA INC.846.64+1.65+0.20%
AAPLAPPLE INC.139.07+2.20+1.61%

Zoom Video Communications Inc. reported earnings that more than doubled Wall Street estimates and raised its annual revenue forecast as the work-from-home environment converts more users to its paid subscription service. Zoom's market cap is closing in on tech-giant IBM.

TickerSecurityLastChangeChange %
ZMZOOM VIDEO COMMUNICATIONS INC.383.40+0.59+0.15%
IBMINTERNATIONAL BUSINESS MACHINES CORP.118.61-13.04-9.91%

Walmart Inc. will launch its $98 per year Amazon Prime competitor Walmart+, the company said on Tuesday. The service offers free same-day delivery and allows customers to check out themselves while shopping in stores via the app.

TickerSecurityLastChangeChange %
WMTWALMART INC.146.33+1.42+0.98%
AMZNAMAZON.COM INC.3,292.23-14.76-0.45%

U.S. airlines ended the session mixed after President Trump hinted more financial assistance is on the way for the industry.

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TickerSecurityLastChangeChange %
DALDELTA AIR LINES INC.40.00-0.67-1.65%
AALAMERICAN AIRLINES GROUP INC.15.82-0.01-0.06%
UALUNITED AIRLINES HLDG.42.14-0.45-1.06%
LUVSOUTHWEST AIRLINES CO.47.39-0.38-0.80%

Eastman Kodak Co. disclosed quant hedge fund D.E. Shaw has amassed a position of 3.94 million shares, good for a 5.2% stake. Kodak remains under a U.S. Securities and Exchange investigation related to its disclosure of a $765 million loan to aid its pivot in the generic drug business.

TickerSecurityLastChangeChange %
KODKEASTMAN KODAK CO.9.46+0.27+2.94%

Looking at commodities, gold posted modest gains, climbing to $1,968.20 an ounce, and West Texas Intermediate crude oil added 15 cents to $42.76 per barrel.

U.S. Treasurys slid, causing the yield on the 10-year note to climb to 0.672%.

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In Europe, Germany’s DAX edged up 0.22% while France’s CAC slipped 0.18%. Britain’s FTSE was closed for holiday.

Asian markets finished mixed with China’s Shanghai Composite advancing 0.44%, Hong Kong’s Hang Seng ticking up 0.03% and Japan’s Nikkei slipping 0.01%.