U.S. stocks start September off with more gains, led by tech

Wall Street kicked off September with another set of milestones Tuesday, as an afternoon rally carried the S&P 500 and Nasdaq composite to all-time highs.

The S&P 500 bounced back from a modest loss in the early going to finish 0.8% higher a day after the benchmark index wrapped up its fifth monthly gain in a row. More strength in technology stocks and solid gains in retailers and other companies that rely on consumers offset declines in healthcare companies and elsewhere in the market. Treasury yields fell.

The S&P 500 gained 26.34 points to 3,526.65. The index set several new highs last month. The Dow Jones industrial average recovered from an early, 139-point skid, climbing 215.61 points, or 0.8%, to 28,645.66.

The Nasdaq composite rose 164.21 points, or 1.4%, to 11,939.67. The Russell 2000 index of smaller company stocks also bounced back from a sluggish start, adding 16.71 points, or

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Texas Tech QB Bowman relishes fresh start in Wells’ 2nd year

Published 10:34 p.m. ET Sept. 1, 2020

LUBBOCK, Texas (AP) — Alan Bowman is ready for a fresh start as Texas Tech’s quarterback. This time, he’d like to be playing at the end of a full season.

Bowman likely could have returned from a broken collarbone to play in Texas Tech’s final two games last season. He opted instead to save a year of eligibility and turn his focus toward 2020.

“I was more comfortable, saying, ‘Hey, let’s take an offseason, let’s get bigger, faster, stronger. Let’s get another year in the offense,'” Bowman said this fall. “Let’s play a full season instead of coming back right towards the end of the season.”

While Big 12 teams are scheduled to play only 10 games in this unprecedented season because of the coronavirus, that would be more than Bowman played in either of his first two seasons. He has played

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Women money managers have an edge over men during the pandemic of 2020. Thank tech stocks for that


a person standing in front of a window: Women on top

© iStockphoto
Women on top

A century after winning the right to vote and in the midst of a pandemic, female fund managers are outperforming their male colleagues on Wall Street.

That is according to a team of equity strategists at Goldman Sachs, who crunched the numbers in honor of 2020, which marks the 100th anniversary of the 19th amendment’s ratification, which affirmed a woman’s right to vote. Goldman found that year-to-date, 43% of female-managed mutual funds outperformed their benchmarks on a year-to-date basis, versus 41% of funds beating their benchmarks with no female managers.

a screenshot of a cell phone

From the start of the year, up to March 28, when markets were swinging wildly on pandemic panic, Goldman found the median female-managed fund outperformed its benchmark by 50 basis points, whereas the typical fund lacking a female at the top, underperformed its benchmark by 20 basis points.


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And the reason

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Here are the top finance stories of the day for August 31

Welcome back.

It’s the last unofficial week of summer! (Yes, I know summer technically ends September 22, but everyone knows the season really runs from Memorial Day to Labor Day.) 

It’s worth keeping an eye out on Thursday and Friday — if you aren’t already at the beach — for some news dumps by companies not looking to grab headlines.

If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco

Jeff Bezos

Katherine Taylor/Reuters

We spent a lot of time last week talking about the future of the physical office space. 

And while a lot of companies are embracing a permanent transition to a more flexible working environment, one industry has been doubling down on its cubicles. 

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Tech Leads U.S. Stocks Higher; Dollar Slumps: Markets Wrap

(Bloomberg) — Tech companies drove gains in U.S. equities as investors snapped up work-from-home winners, while the dollar fell to a two-year low on growing conviction that interest rates will stay suppressed.

The Nasdaq 100 reached a record as Zoom Video Communications Inc. led a rally in companies well positioned for stay-at-home orders. Apple Inc. dragged the S&P 500 higher, even as most of its members fell. Travel companies pushed the Stoxx Europe 600 lower. The euro strengthened to just below $1.20. The yield on 10-year Treasuries rose.

Euro-Area Inflation Turns Negative for First Time Since 2016

Stocks have churned higher and the dollar has dropped since last week’s announcement from the Federal Reserve that policy makers will be more accommodative to juice inflation. Meanwhile, Chinese factory data signaled rising global demand for manufactured goods after the initial shock of the pandemic, while data in Europe painted an uneven picture

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AMD, Apple, PagerDuty: Midday Tech Stock Movers

Lisa Su talking on a cell phone: AMD, Apple, PagerDuty: Midday Tech Stock Movers

© TheStreet
AMD, Apple, PagerDuty: Midday Tech Stock Movers

Stocks fluctuated Monday after Wall Street posted its fifth consecutive week of gains, while the tech-heavy Nasdaq index reached a record. Here are a few of the top tech movers for Aug. 31.


Shares of high-flying chip stock AMD rose 6.8% to $91.34 on Monday. Over the weekend, AMD quietly launched a new entry-level Radeon RX 5300 GPU, a graphics card for gaming and a competitor to Nvidia’s GeForce GTX 1650. AMD shares are up 85% year to date.


Apple shares rose 3.5% to $129.20 on Monday, the day its stock split went into effect. The company said on July 30 that it would split its stock 4-for-1, with the objective of making shares more affordable to a broader swath of investors. Apple’s market cap has grown 66% year to date.


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Shares of PagerDuty , which

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U.S. tech stocks are now worth more than the entire European stock market

A sign thanking healthcare workers is displayed on the Nasdaq MarketSite in the Times Square neighborhood of New York, U.S., on Monday, April 6, 2020.

Jeenah Moon | Bloomberg | Getty Images

The dominance of major U.S. tech stocks in recent years has pushed the sector past another milestone as it is now more valuable than the entire European stock market, according to Bank of America Global Research.

The firm said in a note that this is the first time the market cap of the U.S. tech sector, at $9.1 trillion, exceeds Europe, which including the U.K. and Switzerland is now at $8.9 trillion. For reference, the firm said that in 2007, Europe was four times the size of U.S. technology stocks.

The run for Amazon might be the most stunning of the group. The company has been growing into a dominant force in e-commerce since the 1990s, but the

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Tech and Seattle schools take on digital equity

When Seattle Public Schools transitioned to remote learning in the spring due to COVID-19, we knew there would be challenges. Chief among those challenges is this: Many households across the district — disproportionately Black, immigrant and households of color — lack reliable internet access or a device for students to learn from home.

But we have an advantage here in Seattle: Ours is one of the strongest tech communities in the world, and its members were more than ready to step up and help. Early on in the pandemic, Amazon donated 8,200 Chromebooks for families that didn’t have a device at home. At the same time, Seattle Public Schools reached out to — a tech industry nonprofit that is dedicated to having meaningful local impact — with a question. The district didn’t have capacity to offer tech support to families: Could help?

The answer was absolutely.

As donated

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Tech Moves: Former Amazon VP Brad Porter joins Scale AI as CTO; UW names new Communication Leadership director; and more

Brad Porter, who was until recently the Amazon Robotics leader, will become Scale AI’s first CTO. (Scale AI Photo)

Brad Porter, the longtime Amazon robotics leader, has surfaced as the first chief technology officer of Scale AI, a San Francisco-based company seeking to accelerate the development of artificial intelligence through its machine learning technology for labeling data.

“As our CTO, Brad will help continue to improve the efficiency and sophistication of our technologies and processes by orders of magnitude, building new tools to continue to accelerate the development of AI systems,” wrote Alexandr Wang, the company’s CEO and founder, in a post Monday morning. “He will manage our entire technology stack, with combined ownership of product direction and engineering, to turbocharge our ambitious technology roadmap.”

Porter joined Amazon in 2007, and in 2014 became a distinguished engineer, an exclusive title given to only a handful of employees. In 2017,

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Predicting Tech’s Antitrust Miserable Outcome With Oregon Trail

Illustration for article titled Predicting Big Techs Antitrust Outcome With iOregon Trail/i Ended Miserably—But No One Died

Screenshot: Joanna Nelius/Gizmodo

I downloaded a Mac OS 8 emulator a few weeks ago—not just because it looked cool, but because I had a serious hankering for some classic Oregon Trail. The app itself is pretty neat. It’s made by the same Slack developer, Felix Rieseberg, who also made a Windows 95 emulator. It’s not a fully functioning Mac OS 8 machine, but it has a few goodies, like Duke Nukem 3D, Civilization II, and Dungeons & Dragons. But it was Oregon Trail I was after.

I had planned on tossing some of my fellow Gizmodo tech reporters in my wagon, until someone suggested use something more abstract. Given the on-going antitrust hearings against Apple, Amazon, Google, and Facebook, and this month’s drama with Epic, Apple, and Google, I’m sure you can imagine what place my brain immediately went to

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