Market Coverage: Tuesday September 15 Yahoo Finance

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Stocks rose Tuesday, with the Nasdaq tracking toward back-to-back sessions of gains as tech stocks continued to recover last week’s losses.

Better-than-expected economic data out of China helped boost contracts on US stock indices and global equities, as signs that the economy first hit by the coronavirus pandemic was bouncing back at a faster than anticipated clip. China’s retail sales rose in August by 0.5% year-over-year, marking the first increase so far this year and topping expectations for a flat reading. Industrial production increased 5.6% in August over last year, versus a 5.1% rise expected.

The early equity moves set stocks up to extend gains from Monday, when each of the three major indices closed more than 1% higher, and the Nasdaq rose for the first time in three sessions. Apple (AAPL) shares rose more than 1% in pre-market trading after rising 3% on Monday, paring some declines after last week’s tech-led selloff. The company is set to hold a virtual product launch event Tuesday, which is expected to focus on the Apple Watch. Information technology was the second best-performing sector in the S&P 500 on Monday, closely following the real estate sector.

“Last week was rough. I think markets are at a crossroad since we’ve gained so much since March. And the economic data’s been better, the health data has been encouraging, since cases are falling. But from a markets perspective, nothing is really decisive,” Tom Lee, head of research at Fundstrat Global Advisors, told Yahoo Finance’s The Ticker on Monday.

“I think investor are still torn, and I think that’s why they’re sticking with these tech stocks,” he added. “But I don’t think tech needs to roll over for cyclicals to work. I think for cyclicals to work, investors just need to be confidence that the good news on the economy is continuing. And then the cash comes off the sidelines and the sentiment which was really bearish turns positive, and I think that’s what fuels the rally into year-end.”

A slew of new deal-making activity helped contribute to a more risk-on session in markets. Nvidia announced the largest-ever chip industry deal to purchase SoftBank’s Arm unit, Gilead (GILD) unveiled its intent to purchase tumor-fighting drug-developer Immunomedics (IMMU) and Oracle (ORCL) confirmed it was in the running to become a “trusted technology provider” to ByteDance’s TikTok, edging out Microsoft (MSFT) for a tie-up with the fast-growing social media platform. Oracle – which will still need to undergo a US national security review and win approval from President Donald Trump for its partnership with TikTok to come to fruition – saw shares trade slightly lower in late trading, after closing 4.3% higher earlier in the day.

Yahoo Finance
Stock market news live updates: Stocks rise, Nasdaq paces toward back-to-back sessions of gains
Emily McCormick
Emily McCormick·Reporter
September 15, 2020, 9:33 AM EDT
Stocks rose Tuesday, with the Nasdaq tracking toward back-to-back sessions of gains as tech stocks continued to recover last week’s losses.

Better-than-expected economic data out of China helped boost contracts on US stock indices and global equities, as signs that the economy first hit by the coronavirus pandemic was bouncing back at a faster than anticipated clip. China’s retail sales rose in August by 0.5% year-over-year, marking the first increase so far this year and topping expectations for a flat reading. Industrial production increased 5.6% in August over last year, versus a 5.1% rise expected.

The early equity moves set stocks up to extend gains from Monday, when each of the three major indices closed more than 1% higher, and the Nasdaq rose for the first time in three sessions. Apple (AAPL) shares rose more than 1% in pre-market trading after rising 3% on Monday, paring some declines after last week’s tech-led selloff. The company is set to hold a virtual product launch event Tuesday, which is expected to focus on the Apple Watch. Information technology was the second best-performing sector in the S&P 500 on Monday, closely following the real estate sector.

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