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Sept. 15, 2020, 4:33 p.m. EDT

Dow erases early climb, S&P 500 notches third straight gain as tech stocks extend rebound from last week’s rout

Federal Reserve begins 2-day policy meeting

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By William Watts, MarketWatch , Sunny Oh

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Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.46% held its first virtual-only product reveal, where the Cupertino, Calif., tech behemoth showed off its latest smartwatch, a debut which may provide a fresh catalyst for shares of the popular company. The iPhone maker also released a new workout class subscription service. Apple shares rose 0.2%.

Analysts said a positive tone for equities was also helped by economic data from China, where retail sales grew in August for the first time in 2020. Sales grew 0.5% year-over-year last month, according to China’s National Bureau of Statistics.

In U.S. economic data, the New York Fed’s Empire State business conditions index rose 13.3 points to 17 in September. Economists had expected a reading of 6, according to a survey by Econoday. The gain reverses a 14-point decline in August. U.S. industrial production rose 0.4% in August after a revised 3.5% gain in July.

Which stocks were in focus?

  • Shares of Oracle Corp. /zigman2/quotes/202180826/composite ORCL -0.56%  closed up 2.5% after The Wall Street Journal reported that the Trump administration was reviewing the companies bid to become the “strategic partner” for TikTok’s U.S. operations, which is owned by China-based ByteDance.

  • BioNTech /zigman2/quotes/214419716/composite BNTX -1.06%  shares fell 0.8% even after the drug company said it would receive up to 375 million euros ($445.9 million) in funding from the German Federal Ministry of Education and Research to support the accelerated development of a COVID-19 vaccine in collaboration with partner Pfizer Inc. /zigman2/quotes/202877789/composite PFE +1.04% and Fosun Pharma.

  • Shares of Charles Schwab Corp. /zigman2/quotes/201281754/composite SCHW +0.97%  slipped 2.8% after the discount broker provided a downbeat third-quarter revenue outlook.

  • Nikola Corp. /zigman2/quotes/208704275/composite NKLA -0.59%  shares dropped 8.4% after a report that the Securities and Exchange Commission is looking into allegations made last week by short seller Hindenburg Research, which called the electric truck maker an “intricate fraud.” Nikola has denied the allegations.

  • Bentley Systems Inc. set terms of its initial public offering, with the pricing valuing the company at up to $4.96 billion.

How are other markets trading?

The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.91%  rose around a single basis point to 0.678% as a positive tone for stocks and other risky assets diminished demand for traditional havens like government bonds. Bond prices move inversely to yields.

The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY +0.14% , which tracks the performance of the greenback against its major rivals, was flat.

Gold futures rose 0.2% to settle at a two-week high of $1,956.30 an ounce, on the New York Mercantile Exchange. The U.S. crude oil benchmark /zigman2/quotes/211629951/delayed CL.1 +0.93%  added 2.7% to finish at $38.28 a barrel as Hurricane Sally, a dangerous, Category 2 storm, closed in on the Gulf Coast.

Global equities were on the rise, with the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.75%  gaining 0.7%, while the U.K.’s benchmark FTSE 100 /zigman2/quotes/200549425/delayed FR:UKX +0.93% rose 1.3%. In Asia, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.36% rose 0.4% and the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.34%  advanced 0.5%. Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +1.77% fell 0.4%.

Mark DeCambre contributed to this report.

/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 149.33
+0.69 +0.46%
Volume: 45.38M
Oct. 26, 2021 3:15p
P/E Ratio
29.26
Dividend Yield
0.59%
Market Cap
$2457.04 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/202180826/composite
US : U.S.: NYSE
$ 97.34
-0.55 -0.56%
Volume: 4.45M
Oct. 26, 2021 3:15p
P/E Ratio
20.69
Dividend Yield
1.31%
Market Cap
$267.60 billion
Rev. per Employee
$306,659
loading...
/zigman2/quotes/214419716/composite
US : U.S.: Nasdaq
$ 291.79
-3.13 -1.06%
Volume: 1.92M
Oct. 26, 2021 3:14p
P/E Ratio
15.34
Dividend Yield
N/A
Market Cap
$71.52 billion
Rev. per Employee
$283,276
loading...
/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 43.60
+0.45 +1.04%
Volume: 15.18M
Oct. 26, 2021 3:15p
P/E Ratio
18.61
Dividend Yield
3.59%
Market Cap
$241.93 billion
Rev. per Employee
$533,860
loading...
/zigman2/quotes/201281754/composite
US : U.S.: NYSE
$ 83.69
+0.80 +0.97%
Volume: 3.74M
Oct. 26, 2021 3:15p
P/E Ratio
31.85
Dividend Yield
0.86%
Market Cap
$156.50 billion
Rev. per Employee
$378,406
loading...
/zigman2/quotes/208704275/composite
US : U.S.: Nasdaq
$ 10.92
-0.07 -0.59%
Volume: 9.01M
Oct. 26, 2021 3:15p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.37 billion
Rev. per Employee
$211.11
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.62
-0.01 -0.91%
Volume: 0.00
Oct. 26, 2021 3:15p
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
93.94
+0.13 +0.14%
Volume: 0.00
Oct. 26, 2021 3:05p
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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 84.54
+0.78 +0.93%
Volume: 441,484
Oct. 26, 2021 3:05p
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/zigman2/quotes/210599654/delayed
XX : STOXX
475.74
+3.53 +0.75%
Volume: 0.00
Oct. 26, 2021 5:50p
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/zigman2/quotes/200549425/delayed
FR : France: Euronext Paris
85.81
+0.79 +0.93%
Volume: 145.00
Oct. 26, 2021 5:35p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,038.27
-93.76 -0.36%
Volume: 1.53M
Oct. 26, 2021 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,597.64
-12.22 -0.34%
Volume: 33.73B
Oct. 26, 2021 3:01p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
29,106.01
+505.60 +1.77%
Volume: 0.00
Oct. 26, 2021 3:15p
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William Watts is MarketWatch's deputy markets editor, based in New York. Follow him on Twitter @wlwatts. Sunny Oh is a MarketWatch fixed-income reporter based in New York.

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