Even though it was reported by all the major news outlets on Friday that they had not one, not two, but three sources inside the White House that Trump was considering delisting Chinese firms from Wall Street, the White House has been denying it and denouncing the report as “fake news” so the losses from Friday were more than made up for today.  And with these worries on the trade war momentarily set aside, the trade-sensitive tech stocks came back big today, particularly Apple and Microsoft.  Trade talks remain on the schedule for October.  And even though Q3 will be the weakest so far this year, the indexes are still up – the S&P and Dow are up 1.2 percent for Q3 and the Nasdaq at near even with a 1/10^th% loss.  Volume remains below average at 6.2 billion. 

mon  SEPTEMBER 30, 2019 / 4:27 pm 

Apple and Microsoft push Wall Street higher as trade worries abate

Noel Randewich

DJ:  26,820.25  -70.87         NAS:  7,939.63  -91.03         S&P:  2,961.79  -15.83      9/27

DJ:  26,916.83  +96.58        NAS:  7,999.34  +59.71        S&P:  2,976.74  +14.95     9/30

(Reuters) - U.S. stocks climbed on Monday, helped by gains in Apple, Microsoft and Merck & Co, as investors set aside worries about the U.S.-China trade war.  Shares of Apple Inc (AAPL.O) rose 2.4% after Chief Executive Officer Tim Cook told a German daily that sales of the company’s newest iPhones were off to a strong start, while JP Morgan raised its forecast for shipment volumes. Apple is struggling to reverse shrinking iPhone sales amid tepid global demand for smartphones.  Also helped by a 0.9% rise in Microsoft Corp (MSFT.O), the S&P 500 technology index .SPLRCT added 1.0%, leading other sectors.

Sentiment on Wall Street got an additional boost after White House trade adviser Peter Navarro dismissed reports that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges as “fake news.”  Concerns related to those reports had sent the S&P 500 .SPX and Nasdaq .IXIC to a more than three-week low on Friday.  “This idea of using different types of levers that impact trade negotiations is something that we will get accustomed to,” said Phil Blancato, chief executive officer of Ladenburg Thalmann Asset Management in New York.  U.S.-listed shares of Chinese firms Alibaba Group Holding Ltd (BABA.N) and Baidu Inc (BIDU.O) rose 0.8% and 1.5%, respectively.  The next round of high-stakes trade talks between the world’s two largest economies is scheduled for October.

Wall Street’s main indexes are on course to end September with the weakest quarterly performance so far this year, rattled by a host of factors including an escalation in U.S.-China trade tensions, the inversion of an important part of the U.S. yield curve and political turmoil in Washington.

The Dow Jones Industrial Average .DJI rose 0.36% to end at 26,916.83 points, while the S&P 500 .SPX gained 0.50% to 2,976.73.  The Nasdaq Composite .IXIC added 0.75% to 7,999.34.

For the month, the S&P 500 rose 1.7%, the Dow added 2.1% and the Nasdaq gained 0.5%.  For the third quarter, the S&P 500 and Dow moved up 1.2%, while the Nasdaq dipped 0.1%.

Merck & Co Inc (MRK.N) gained 1.5% as it presented promising data for its Lynparza cancer drug, which it developed in partnership with Britain’s AstraZeneca PLC (AZN.L).  Newell Brands Inc (NWL.O) jumped 2.9% after SunTrust Robinson Humphrey upgraded the household goods maker to “buy.” 

Investors this week will focus on economic reports, including a key jobs report and the September ISM purchasing managers index (PMI). August’s PMI data showed a contraction in the manufacturing sector. 

Advancing issues outnumbered declining ones on the NYSE by a 1.45-to-1 ratio; on Nasdaq, a 1.28-to-1 ratio favored advancers.  The S&P 500 posted 18 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 31 new highs and 117 new lows.

Volume on U.S. exchanges was 6.2 billion shares, compared to the 7.2 billion average for the full session over the last 20 trading days.