The major indices are continuing the march upward, helped in large part by Apple (AAPL), which is up another 2.5%.  The $1.4 billion Siri patent lawsuit by Shanghai Zhizhen Network Technology Company has not even managed to take a bit out Apple.

The Nasdaq once again outperforms on the day, up 1.45%.  Microsoft (MSFT) is also on the move.  President Trump had not only indicated he was ok with MSFT buying the U.S. TikTok, but he said he would ban it if the company isn’t acquired by September 15.

Technology is by far the top performer on the S&P500, while the traditional safe havens such as Real Estate and Utilities lag.

On the acquisition front, Marathon Petroleum (MPC) is selling its Speedway business to 7-Eleven for $21 billion in cash.  Also, Varian Medical (VAR) will be acquired by Siemens Healthlines for $16.4 billion, or $177.50.

Economic Data

The ISM Manufacturing Index for July rose 54.2% from 52.6% in June, topping estimates for 53.4%.  Manufacturing is staging a comeback over the last two months from the contractions seen in March through April.Total construction spending dropped 0.7% in June, down 1.4% after a revised 1.7% in May, which originally reported a 2.1% decline. Total nonresidential spending decreased 0.2%. Private construction as well as public construction spending were each down 0.7%. 

• Residential spending decreased 1.5% decline.
• New single-family construction decreased 3.6%
• Public spending -0.8% due to 2.7% decrease in educational spending and a 1.7% drop in highway and street spending

Overall, year over year total construction spending is still up 0.1%, despite the impact of Covid-19 thanks to the strength in nonresidential public construction, which is up 5.7% year over year.