Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Indexes & Markets

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

S&P 500 ends up slightly, tech-related shares underperform value

08/10/2020 | 02:34pm EST
The 11 Wall St. door of the NYSE is seen in New

The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a U.S. fiscal support bill.

The Nasdaq, which has been hitting record highs, was dragged lower by Microsoft Corp, Amazon.com Inc and Facebook Inc.

Value stocks, which tend to outperform growth coming out of a recession, have gotten a lift in recent days. The Russell 1000 value index rose 0.9% on Monday, while the Russell 1000 growth index fell 0.5%.

"Part of the reason the S&P 500 has been held back is we're starting to see yet another rotation to value and away from growth," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "That tends to hold back the S&P because it's so dominated by big tech."

Similar rotations in recent years have not lasted long, he said, and, at this point, "I'm looking at this more as a correction of growth than it is people abandoning stocks."

Bets on a potential coronavirus vaccine, historic fiscal and monetary support, and more recently, a better-than-expected second-quarter earnings season have brought the S&P 500 close to its February record closing high.

The Dow Jones Industrial Average rose 357.96 points, or 1.3%, to 27,791.44, the S&P 500 gained 9.19 points, or 0.27%, to 3,360.47 and the Nasdaq Composite dropped 42.63 points, or 0.39%, to 10,968.36.

Providing some support, U.S. President Donald Trump signed executive orders that partly restored enhanced unemployment benefits after talks between the White House and top Democrats in Congress about fresh stimulus broke down last week.

U.S. Treasury Secretary Steven Mnuchin, in an interview with CNBC on Monday, said the Trump administration and Congress could reach an agreement as soon as this week if Democrats are "reasonable."

Energy and industrials, among the worst performers this year, gained, while technology and communication services fell.

(GRAPHIC: Three-month spread between Russell 100 growth and value indexes -


Among individual movers, Eastman Kodak Co sank 27.9% after its $765-million loan agreement with the U.S. government to produce pharmaceutical ingredients was put on hold due to "recent allegations of wrongdoing."

Microsoft Corp fell 2% as sources said its bid to carve out parts of TikTok from its Chinese owner ByteDance will be a technically complex endeavor.

Advancing issues outnumbered declining ones on the NYSE by a 2.45-to-1 ratio; on Nasdaq, a 1.56-to-1 ratio favored advancers.

The S&P 500 posted 40 new 52-week highs and no new lows; the Nasdaq Composite recorded 103 new highs and 11 new lows.

Volume on U.S. exchanges was 9.76 billion shares, compared with the 10.30 billion average for the full session over the last 20 trading days.

(Additional reporting by Ambar Warrick and Medha Singh in Bengaluru, editing by Uttaresh.V and Tom Brown)

By Caroline Valetkevitch

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 1.64% 3220.08 Delayed Quote.74.26%
DJ INDUSTRIAL 0.63% 29823.92 Delayed Quote.3.86%
EASTMAN CHEMICAL COMPANY 1.42% 98.78 Delayed Quote.26.04%
EASTMAN KODAK COMPANY -5.37% 7.22 Delayed Quote.64.09%
FACEBOOK INC 3.46% 286.55 Delayed Quote.39.61%
MICROSOFT CORPORATION 1.00% 216.21 Delayed Quote.35.75%
NASDAQ 100 1.52% 12455.326441 Delayed Quote.40.48%
NASDAQ COMP. 1.28% 12355.105992 Delayed Quote.36.03%
S&P 500 1.13% 3662.45 Delayed Quote.13.36%
Latest news "Markets"
12:25aNifty, Sensex inch lower as banks, Reliance slip
12/01China stocks edge up as property shares gain on recovery hopes; Hang Seng down
12/01WALL STREET STOCK EXCHANGE : Oil prices drop on U.S. stock build, delay in OPEC+ meeting
12/01WALL STREET STOCK EXCHANGE : Virgin Galactic reschedules test flight window to start December 11
12/01U.s. s&p 500 e-mini stock futures fall 0.14% in early asian trade
12/01WALL STREET STOCK EXCHANGE : Stocks Rise, Giving S&P 500, Nasdaq Fresh Records
12/01EUROPE : European shares rise on vaccine hopes; Brexit talks eyed
12/01GLOBAL MARKETS LIVE: Bank of America, Pfizer, Tesla…
12/01WALL STREET STOCK EXCHANGE : Stocks Rise, Putting S&P 500 On Course for Fresh Record
12/01WALL STREET STOCK EXCHANGE : Stocks Open Higher, Push Toward Fresh Records
Latest news "Markets"