The Nasdaq, which has been hitting record highs, was dragged lower by Microsoft Corp, Amazon.com Inc and Facebook Inc. — Reuters pic
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 per cent yesterday, while the Russell 1000 growth index fell 0.5 per cent. 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.
US Treasury Secretary Steven Mnuchin, in an interview with CNBC yesterday, said the Trump administration and Congress could reach an agreement as soon as this week if Democrats are “reasonable.” Microsoft Corp fell 2 per cent as sources said its bid to carve out parts of TikTok from its Chinese owner ByteDance will be a technically complex endeavor.
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