Market held back by some mega-cap tech profit takingDow +159.53 at 26840.40, Nasdaq -86.73 at 10680.45, S&P +5.46 at 3257.30 [BRIEFING.COM] The S&P 500 increased just 0.2% on Tuesday, as selling in the last hour of trading spoiled a 0.8% intraday gain in the benchmark index. Relative weakness in the mega-cap stocks took the Nasdaq Composite down 0.8% after it set an intraday record at the open, while the Dow Jones Industrial Average (+0.6%) and Russell 2000 (+1.3%) outperformed. It was largely a rotation trade after yesterday saw mega-caps and growth stocks surge at the expense of seemingly almost everything else. Today, advancing issues outpaced declining issues by a 3:1 margin at the NYSE and a 2:1 margin at the Nasdaq, the S&P 500 energy sector rallied 6.2%, and the financials (+1.9%) and industrials (+1.3%) sectors followed suit. Positive factors that helped broaden out the gains included another round of better-than-expected earnings reports and the EU agreeing to a €750 billion fiscal stimulus package. The market wasn't up more, though, because of the off-day for the mega-cap stocks within the information technology (-1.1%), consumer discretionary (-0.4%), and communication services (-0.4%) sectors. Regarding the late selling, there were reports that attributed it to Senate Majority Leader McConnell saying he doesn't expect the next fiscal stimulus bill to be completed by the end of next week. Such reports are dubious, though, considering that the news was first mentioned in a tweet from a Politico reporter about 30 minutes prior to the selling. Separately, IBM ($IBM 126.06, -0.31, -0.3%) was one of those companies that exceeded quarterly expectations, but shares were swept up with the rotation out of technology stocks. Fellow Dow component Coca-Cola ($KO 47.20, +1.08, +2.3%) gained 2% after beating earnings estimates. Elsewhere, U.S. Treasuries and gold prices ($1843.60/OZT, +26.50, +1.4%) finished the day higher. The 2-yr yield declined one basis point to 0.14%, and the 10-yr yield declined one basis point to 0.61%. The U.S. Dollar Index fell 0.7% to 95.20. WTI crude gained 2.3%, or $0.93, to $41.76/BBL. Investors did not receive any notable economic data on Tuesday. Looking ahead, investors will receive a trio of housing data on Wednesday: Existing Home Sales for June, the FHFA Housing Price Index for July, and the weekly MBA Mortgage Applications Index. Nasdaq Composite +19.0% YTDS&P 500 +0.8% YTDDow Jones Industrial Average -6.0% YTDRussell 2000 -10.9% YTD Market Snapshot Dow26840.40+159.53(0.60%)Nasdaq10680.45-86.73(-0.81%)SP 5003257.30+5.46(0.17%)10-yr Note +1/320.605NYSEAdv 2249 Dec 699 Vol 898.3 mlnNasdaqAdv 2065 Dec 1197 Vol 5.3 bln Industry Watch Strong: Energy, Financials, Industrials, Consumer StaplesWeak: Consumer Discretionary, Information Technology, Communication Services Moving the Market -- S&P 500 weighed by rotation out of mega-caps, while the Dow and small-caps outperformed-- Late-day selling exacerbated by further slide in mega-caps-- Better-than-expected earnings reports, EU agreed to a €750 billion fiscal stimulus package.Stocks end mixed as earnings season rolls on The major averages had a mixed day, as the Nasdaq was the laggard and the Dow got a boost from better than expected earnings from bluechip member Coca-Cola. ECONOMIC EVENTS: In the U.S., the Chicago Fed's national activity index rose 0.61 points to 4.11 in June. At the state level for some U.S. COVID hot spots, Florida reported 369,834 COVID-19 cases, up nearly 10,000 cases from yesterday, while Arizona reports 148,683 cases, up 3,500 from the prior day. Meanwhile, California reported 400,769 cases in the state, up 9,231 from the prior day. TOP NEWS: Shares of Coca-Cola ($KO) gained 2.3% after earnings and revenue topped estimates, with the company citing improving trends in away-from-home channels, along with "sustained, elevated sales" in at-home channels. Fellow Dow member IBM (IBM) saw its shares fall fractionally despite its own earnings and revenue beating expectations, aided by cloud platform results that Morgan Stanley analyst Katy Huberty called "a bright spot" in the report. In M&A news, eBay ($EBAY) announced an agreement to sell its online classifieds business to Adevinta in a $9.2B cash and stock deal. In executive turnover news, Wells Fargo ($WFC) announced that Mike Santomassimo will join the company in fall 2020 as CFO to succeed John Shrewsberry, who has announced plans to retire. Tapestry ($TPR), the parent company of the Coach, Kate Spade, and Stuart Weitzman brands, announced that Chairman and CEO Jide Zeitlin has resigned from the company and its board for what the company called "personal reasons." Following that announcement, The Wall Street Journal's Colin Kellaher reported, citing people familiar with the matter, that the company's board has hired a law firm to conduct an an investigation into Zeitlin following an allegation raised by a woman who claimed the CEO had posed as a photographer in 2007 to lure her into a relationship. MAJOR MOVERS: Among the noteworthy gainers was Owens & Minor ($OMI), which surged 81.4% after pre-announcing upbeat Q2 earnings. Also higher was Tellurian ($TELL), which gained 56.4% after Reuters reported that India's Petronet renewed its initial arrangement to consider investing $2.5B in Tellurian's Driftwood project. Among the notable losers was Acadia Pharmaceuticals ($ACAD), which slid 19.4% after the Phase 3 CLARITY study missed its primary endpoint. Also lower was FirstEnergy ($FE), which fell over 17% after Cleveland.com reported that Ohio House Speaker Larry Householder was arrested Tuesday ahead of an announcement about a $60M federal racketeering case related to Ohio's new nuclear bailout law. Following the news, KeyBanc analyst Sophie Karp said that she expects the reported bribery investigation will create an overhang on FirstEnergy shares in the near-term.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. 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