Large-caps help market end the losing streakDow +140.48 at 27278.18, Nasdaq +184.84 at 10963.66, S&P +34.51 at 3315.57 [BRIEFING.COM] The S&P 500 gained 1.1% on Tuesday, snapping a four-session losing streak alongside the Nasdaq Composite (+1.7%), which got an added boost from the mega-caps. The Dow Jones Industrial Average (+0.5%) and Russell 2000 (+0.8%) followed behind. Amazon ($AMZN 3128.99, +168.52) set the mega-cap pace with a 5.7% gain after the stock was upgraded to Outperform from Mkt Perform at Bernstein, although Apple ($AAPL 111.81, +1.73, +1.6%) appeared to be the more influential mega-cap today. AAPL led the the S&P 500 into negative territory in the morning, but as the stock turned around on no news, so did the broad market. From a sector perspective, the consumer discretionary sector (+3.0%) set the winning pace on the backs of Amazon and Nike ($NKE 116.87, +3.50, +3.1%), which rallied ahead of its earnings report after the close. The communication services (+1.9%), information technology (+1.7%), real estate (+1.3%), and industrial (+1.0%) sectors followed suit. Conversely, the energy (-1.0%), financials (-0.8%), and health care (-0.2%) sectors closed lower, limiting today's market rebound. Tesla ($TSLA 424.23, -25.16, -5.6%) was another exception after CEO Elon Musk tempered expectations for its Battery Day event today. Mr. Musk said yesterday that new products will not reach serious high-volume production until 2022. In other developments, Fed Chair Powell and Treasury Secretary Mnuchin testified on the CARES Act before the House Financial Services Committee, and existing home sales increased 2.4% m/m in August to a seasonally adjusted annual rate of 6.00 million, in-line with the Briefing.com consensus estimate. Market reaction was muted to both of these events, but it's worth noting that Mr. Powell reiterated the Fed will do whatever it takes to support the economy for as long as is needed. U.S. Treasuries had another quiet session, finishing with small gains. The 2-yr yield declined one basis point to 0.13%, and the 10-yr yield declined one basis point to 0.66%. The U.S. Dollar Index gained 0.3% to 93.94. WTI crude futures gained 0.6%, or $0.25, to $39.55/BBL. Reviewing Tuesday's economic data: Existing home sales increased 2.4% m/m in August to a seasonally adjusted annual rate of 6.00 million, in-line with the Briefing.com consensus estimate. August marked the third consecutive month of positive sales gains. Total sales in August were up 10.5% from a year ago.The key takeaway from the report is that it reflects robust demand for existing homes. That is constraining supply even further, which is going to be a pressure point that feeds higher prices and bolsters the prospects for new home sales. Looking ahead, investors will receive the FHFA Housing Price Index for September and the weekly MBA Mortgage Applications Index on Wednesday. Nasdaq Composite +22.2% YTDS&P 500 +2.6% YTDDow Jones Industrial Average -4.4% YTDRussell 2000 -10.3% YTD Market Snapshot Dow27278.18+140.48(0.52%)Nasdaq10963.66+184.84(1.71%)SP 5003315.57+34.51(1.05%)10-yr Note 0/320.672NYSEAdv 1671 Dec 1292 Vol 947.3 mlnNasdaqAdv 1698 Dec 1647 Vol 3.5 bln Industry Watch Strong: Consumer Discretionary, Communication Services, Information TechnologyWeak: Energy, Financials, Health Care Moving the Market -- Mega-caps outperformed, led market rebound-- S&P 500 and Nasdaq snap four-session losing streaks-- Fed Chair Powell and Treasury Secretary Mnuchin testified on the CARES ActStocks end higher after Powell and Mnuchin testify The major averages were mixed at midday as Fed Chair Jerome Powell and Treasury Secretary Steven Mnuchin testified before the House Financial Services Committee. Powell's written testimony, released yesterday, reiterated that the economy has picked up from its depressed Q2 level, but added that "both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain." The averages all moved into positive ground in afternoon trading with the tech-heavy Nasdaq leading the way and closing the day as the best performing index. ECONOMIC EVENTS: In the U.S., existing home sales rose 2.4% to a 6.0M unit rate in August, which was better than analysts expected. The Richmond Fed manufacturing index rose 3 points to a two-year high of 21 in September, beating forecasts. Meanwhile, in the UK, Prime Minister Boris Johnson announced a series of new coronavirus restrictions for England. Johnson has urged people to work from home if they can, pubs and restaurants will now close at 10 pm, and a plan to allow spectators at live sporting events was called off. TOP NEWS: Shares of Tesla ($TSLA) closed 5.6% lower ahead of the company's highly anticipated "Battery Day" event taking place later today. Tesla CEO Elon Musk said via Twitter last night that what the company will announce at its Battery Day unveiling will affect long-term production - especially Semi, Cybertruck, and Roadster production - but will not reach "serious high-volume production" until 2022. Shares of Carvana ($CVNA) jumped 30.5% after the online car retailer announced that it expects to achieve company records in performance across several metrics in Q3, including retail units sold, total revenue, total gross profit per unit and EBITDA margin. Meanwhile, auto repair retailer AutoZone ($AZO) reported better than expected revenue and profit for its fiscal fourth quarter. However, its shares slid 1.6% following the quarterly update. In other car news, The Wall Street Journal reported that Ford ($F) has reached a tentative deal with its 5,400 unionized employees in Canada in a settlement that secures a nearly $1.5B investment in two plants and a commitment to build electric cars in suburban Toronto. MAJOR MOVERS: Among the noteworthy gainers was GameStop ($GME), which rose 20.7% after RC Ventures disclosed an increased stake of 9.98% and said it is holding talks with management and several board members. Also higher was Fulgent Genetics ($FLGT), which gained 7.1% after it was named to join the S&P 600. Among the notable losers was Kingsoft Cloud ($KC), which declined 12.5% after it filed to sell 17.68M American depositary shares.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. 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