Nasdaq hits record high | August begins the slow season | Lawmakers stuck on relief bill

Nasdaq hits record high on gains from Apple and Microsoft.

VIEW IN BROWSER | SUBSCRIBE MON, AUG 03, 2020 EVENING BRIEF AS OF MON, AUG 03, 2020 • 04:14 ET DJIA 26664.40 +0.89% +236.08 S&P 500 3294.61 +0.72% +23.49 NASDAQ 10902.80 +1.47% +157.52   Most Active DOW NAME LAST CHG %CHG MSFT 216.54 +11.53 +5.62% AAPL 435.75 +10.71 +2.52% BA 162.27 +4.27 +2.70% S&P 500 NAME LAST CHG %CHG GE 6.11 +0.04 +0.66% MSFT 216.54 +11.53 +5.62% AAPL 435.75 +10.71 +2.52% NASDAQ NAME LAST CHG %CHG MSFT 216.54 +11.53 +5.62% AAPL 435.75 +10.71 +2.52% AAL 11.08 -0.04 -0.36%   EDITOR'S NOTE Stocks moved higher on Monday, ignoring the calendar's swing into August.   "August often marks the transition from summer rally to fall dip and can be a good time to get more defensive moving into the bearish August-October period for US equities," wrote Stephen Suttmeier, a technical research strategist at Bank of America.   Since 1928,the S&P 500 has eked out an average gain of 0.6% in August, followed by an average loss of 1% in September, according to data compiled by Bank of America.   All the major indexes closed higher Monday, building on a four-month winning streak. The gains came despite soft remainder of the summer and a pandemic many predicted would be under control by now.   Big Tech stocks, as usual, led the rally as investors continued to look for a breakthrough in Washington on the next coronavirus stimulus bill.   "Increased unemployment claims and decreasing consumer confidence show some deterioration of the U.S. consumer backdrop," wrote Dennis DeBusschere, market strategist at Evercore ISI. "If an agreement to extend unemployment support passes soon, the nascent Cyclical/risk-on rally from earlier in July can continue."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow rises, Nasdaq climbs to record led by Apple and Microsoft August begins the historically worst part of the year for stocks. Bank of America says get defensive How negotiations over second $1,200 stimulus checks could shape up WHO says there's no 'silver bullet' to defeat coronavirus and 'there might never be' Track the latest coronavirus news here These stocks are poised to rally on a weaker dollar Virgin Galactic's supersonic jet would go from NYC to London in 2 hours, shattering Concorde record Virgin Galactic partners with Rolls-Royce as it looks to build an aircraft for supersonic air travel Move over Nikola: A new electric truck SPAC called Lordstown is forming and the shares are surging Barack Obama issues his first round of 2020 endorsements   TOP VIDEO Watch CNBC's full interview with former Microsoft CEO Steve Ballmer   CNBC PRO Goldman Sachs' guide to the hot SPAC market and why investors should be careful     SPECIAL REPORTS Two of July's top-performing stocks could stretch a rally into August Trader flags an under-the-radar way to ride gold's surge to all-time highs   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS