August 24, 2020

Global stocks buoyed by record-setting tech shares

Global stocks kicked off the week on a high note as shares in the US technology industry extended their record-breaking streak.

US equities traded positively, with the technology-heavy Nasdaq Composite index riding almost 1 per cent higher in early trading in New York. The broader-based S&P 500 gained 0.7 per cent to build on a four-week advance that has taken Wall Street’s main barometer to a record, wiping out the steep loss caused by the coronavirus crisis.

“Big cap tech continues to ride the wave of euphoria and momentum while most other areas of the market that have lagged are more worried about the macroeconomic environment,” said Peter Boockvar at Bleakley Advisory Group. “We need the latter to reverse in order to maintain the former.”

He added: “I certainly can’t give you a good fundamental reason for the rally because I can’t find one.”

Apple set the pace, days after it became the first US group to hit a $2tn market valuation. The iPhone maker rose more than 3 per cent in early trading, with gains too for Amazon and Microsoft.

The S&P 500 has soared 55 per cent above the low it hit during the market ructions in

Schedule and speaker lineup for night 1

Former U.S. Ambassador to the U.N., Nikki Haley and Sen. Tim Scott to speak on the first night of the 2020 Republican National Convention.

Chris Keane | Reuters

The 2020 Republican National Convention kicks off Monday as President Donald Trump makes his case for reelection during overlapping national crises. 

Many of the speakers, including the president, will deliver remarks from around the country during the four-day event because of the coronavirus pandemic. Parts of the convention will take place in the original site of Charlotte. 

Trump will outline his alternatives to the vision Democratic presidential nominee Joe Biden detailed in Delaware last week. The president has trailed his challenger in most swing-state polls as he struggles to contain the coronavirus pandemic. 

The night’s main speakers will start at about 8:30 p.m. ET. CNBC.com will livestream the convention. 

C-SPAN, CNN, MSNBC and PBS will show the full two and a half hours of the convention each night. Fox News, CBS, ABC and NBC will show the 10 p.m. to 11 p.m. hour.

A mix of current and former elected officials and figures in conservative media circles will appear at the convention Monday night. The headliners include Sen. Tim Scott,