CORRECTED-US STOCKS-Microsoft, Apple lift Wall St as investors await stimulus

Reuters

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 (Corrects Stephanie Link's title and location in graph seven to
chief investment strategist and portfolio manager in Chicago
from portfolio manager in New Jersey.)
    * Microsoft says looking to buy TikTok's U.S. operations
    * Apple about $30 a share away from hitting $2 trillion
market cap
    * Investors hopeful as lawmakers gridlocked over relief deal
    * McKesson, Tyson Foods rise on robust earnings updates
    * Indexes up: Dow 0.69%, S&P 0.64%, Nasdaq 1.28%

    By Sagarika Jaisinghani and Medha Singh
    Aug 3 (Reuters) - Wall Street's main indexes rose on Monday
as a rebound in multi-billion dollar deals, including
Microsoft's pursuit of TikTok's U.S. operations, lifted
sentiment in the absence of a fiscal coronavirus relief bill.
    Microsoft  MSFT.O  jumped 4% on saying it would push ahead
with talks to acquire the U.S. operations of Chinese-owned
TikTok after President Donald Trump reversed course on a planned
ban of the short-video app.  urn:newsml:reuters.com:*:nL4N2F51LN
    Apple Inc  AAPL.O  jumped for a second straight day
following stunning quarterly results and announcing a
four-for-one stock split. At its current price of about $437 a
share, the tech giant is now about $132 billion - or around $30
a share - short of hitting $2 trillion in market capitalization.
 urn:newsml:reuters.com:*:nL3N2F1551
    Tech  .SPLRCT  far outpaced gains among the 11 S&P 500
sectors in morning trading.
    A rally in tech-related stocks and historic stimulus have
lifted the S&P 500 to within 4% of its peak, but faltering
macroeconomic data and a gridlock on more government stimulus
have made investors cautious again.
    Congressional Democrats and Trump administration officials
will resume talks aimed at hammering out a relief bill on Monday
afternoon after missing a vital deadline last week to extend
relief benefits to tens of millions of jobless Americans.
 urn:newsml:reuters.com:*:nL1N2F50O6
    "Because we have an uneven economy, Congress has to do
something," said Stephanie Link, chief investment strategist and
portfolio manager at Hightower Advisors in Chicago.
    "There are pockets of strengths and obviously the job market
seems to be under pressure. I just hope they don't wait too
long."
    All eyes this week will be on the Labor Department's
employment report on Friday that is expected to show far fewer
jobs added in July after a record surge in June.  urn:newsml:reuters.com:*:nL1N2E82LC
    On Monday, ISM's survey of the manufacturing sector signaled
a pickup in July activity, mirroring upbeat factory activity
data from Europe and China.  urn:newsml:reuters.com:*:nZRN000LQ7
    At 11:10 a.m. ET, the Dow Jones Industrial Average  .DJI 
was up 181.29 points, or 0.69%, at 26,609.61, the S&P 500  .SPX 
was up 21.08 points, or 0.64%, at 3,292.20, and the Nasdaq
Composite  .IXIC  was up 137.49 points, or 1.28%, at 10,882.77.
    With the U.S. corporate earnings season now past its
half-way mark, a record number of companies have beaten
dramatically lowered estimates, but the second quarter is still
set to be the low point for earnings this year.  urn:newsml:reuters.com:*:nL1N2F406X
    Drug distributor McKesson Corp  MCK.N  gained 4.4% after
boosting its full-year earnings forecast, while Tyson Foods Inc
 TSN.N  rose 2.6% on topping quarterly profit estimates.
 urn:newsml:reuters.com:*:nASA00ZM9  urn:newsml:reuters.com:*:nL4N2F52XI
    After a tech-heavy week of earnings, investors are gearing
up for reports from Walt Disney Co  DIS.N , T-Mobile US
 TMUS.O , Activision  ATVI.O  and American International Group
 AIG.N .
    Marathon Petroleum Corp  MPC.N  rose 1.2% on a deal to sell
its Speedway gas stations for $21 billion, while Kansas City
Southern  KSU.N  added 3.1% after a report said a group of
buyout investors were considering a takeover bid in a deal of
about $20 billion.  urn:newsml:reuters.com:*:nL3N2F25OF
    Advancing issues outnumbered decliners 1.58-to-1 on the NYSE
and 1.84-to-1 on the Nasdaq.
    The S&P index recorded 33 new 52-week highs and no new low,
while the Nasdaq recorded 118 new highs and 13 new lows.

 (Reporting by Sagarika Jaisinghani and Medha Singh in
Bengaluru; Editing by Uttaresh.V and Anil D'Silva)
 ((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646
223 8780; outside U.S. +91 80 6182 2256;))

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