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U.S. markets rise as the Fed holds interest rates and pledges additional support to backstop the economy.

Read in Browser   The Market Sum | Insight after the bell By Caleb Silver, Editor in Chief Wednesday's Headlines 1. Stocks rally behind Fed support 2. Qualcomm rises on Huawei settlement 3. Big tech CEOs face Congressional antitrust panel 4. Kodak shares go parabolic as day traders wade in 5. Which other story stocks are having a banner 2020? Markets Closed Dow 26,539.57 +160.29 (+0.61%) S&P 3,258.44 +40.00 (+1.24%) Nasdaq 10,542.94 +140.85 (+1.35%) VIX 24.1 −1.34 (-5.27%) Bitcoin $11,234.97 +$418.42 (+3.86%) US 10-Yr Yield 0.579 −0.0020 (-0.34%)     Photo courtesy Uzma Alam / EyeEm   Markets Today U.S. markets started and ended in the green today as most sectors rallied, with the gains increasing following the Federal Reserve's pledge to keep doing what it has been doing. As expected, the Fed did not touch interest rates, but reiterated its promise to take aggressive action to support an eventual recovery. When that recovery is coming is a whole different matter, according to the FOMC.   "The path of the economy will depend significantly on the course of the virus," Fed officials said in a statement. "The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term."    It's been pretty clear all along that if we stamp down the virus, we get economic growth. Many other major economies have figured that out, but the U.S. has been stubbornly impatient and obstinate. That will push the recovery further out into the future than many people can afford.     Chart courtesy JPAM   Headlines: Qualcomm's (QCOM) stock soared as much as 13% after hours as the company reported fiscal third-quarter earnings that beat expectations. It also announced a long-term patent agreement with Huawei, the Chinese telecom provider, settling a major unanswered legal question for the company. Qualcomm said it had entered into a long-term patent agreement with Huawei, which will be a major vendor of 5G phones and network equipment, and it expects to record $1.8 billion in settlement payments from Huawei in the quarter ending in September. Four of the eight presidents of Ivy League universities in the U.S. have taken pay cuts of up to 25%. In 2018, the median compensation for this group was $1.4 million, according to data compiled by Bloomberg. The reductions are part of sweeping measures, including salary and hiring freezes, that U.S. colleges are taking to contend with the financial fallout from the pandemic. Shopify (SHOP) nearly doubled its revenue in the second quarter, crushing analysts' estimates as a flood of merchants moved their businesses online. Sales grew 97% to $714.3 million year over year, the Ottawa-based company said in a statement. Analysts had expected about $512 million.  Sales of food, beverages, and tobacco doubled over the first quarter. Shares of SHOP are up 166% year-to-date. Boeing reported a $2.4 billion loss for the second quarter and said it plans to slow production of its main commercial aircraft. Revenue fell 25% year over year to $11.8 billion, below analysts' forecasts for sales of $13.16 billion. On an adjusted basis, Boeing lost $4.79 a share, compared with a $2.54 adjusted per-share loss analysts expected. General Motors lost nearly $800 million and burned through $8 billion in pandemic related expenses in the second quarter as the virus shuttered factories and devastated sales. The automaker reported a loss of $0.50 a share on revenue of $16.8 billion, lower than analysts' expectations. L Brands, the parent company of Victoria's Secret, said it will cut 850 jobs at its home office as part of its profit improvement plan. This is expected to contribute to the $400 million in annualized cost reductions. Net sales for Q2 are expected to be down 20% compared to last year, including an increase of roughly 10% at Bath & Body Works and a 40% decline at Victoria's Secret.  South Korean regulators are reportedly investigating Tesla's Model 3 for safety issues. The braking and steering systems, including the autopilot function, are under scrutiny. In June, Tesla sold more electric vehicles in South Korea than the country's leading car maker, Hyundai. The CEOs of four of the biggest tech companies, Apple, Amazon, Facebook, and Alphabet, testified (virtually) to the U.S. House Subcommittee on Antitrust, Commercial, and Administrative Law, on antitrust issues. All four firms, which, combined, represent a fifth of the S&P 500's market cap, will also all announce earnings today and tomorrow. All of them claim they are not monopolies, and don't control marketplaces. I don't know why anyone would think that...     chart courtesy @profgalloway   A Kodak Moment There are bubbles, there are manias, and then, there's Eastman Kodak (KODK). Since the camera company, founded in 1888, announced yesterday that it plans to secure a $765 million government loan to help produce ingredients used in key generic medicines to fight the coronavirus, shares of KODK have gone into hyperspace.     Shares climbed 480% yesterday before settling back to a reasonable 340% gain over the past two days. According to Robintrack, which monitors trading activity on the popular Robinhood trading app, more than 110,000 accounts added KODK to their accounts today. It was one of the most widely traded stocks in the entire market, and all the company had to do was issue a press release announcing it was working on fighting COVID-19.   Investors may remember that Eastman Kodak filed for bankruptcy back in 2012 as it had completely missed the digital photo revolution. It emerged in 2013 and has been focused on mining its treasure trove of about 7,000 patents and developing technologies in digital imaging and touch screens.    Every era has its manias, and today's manias center around companies fighting against the coronavirus, and the companies that benefit from the world working from home. In 2019 it was cannabis stocks. In 2017 it was cryptocurrency (something Kodak also got in on). In 1999 it was the dot-coms. In the 16th century, it was tulips.   A lot of people made some money on the Kodak trade, no question about it. But, the majority of traders, mostly the new ones, likely didn't. Kodak is having its moment as a story stock, but the story is just beginning, and investors should keep a careful eye on this company.     Climbers 2020 has been full of story stocks, and traders have had plenty to choose from. According to research from Michael Batnick, there are 170 names in the Russell 1000 that are up nearly 100% or more from their bottoms in March, as of this morning.   We know about high-profile, widely-held companies like Tesla, but the near 800% surge in shares of Wayfair (W), the furniture retailer, makes me want to lie down. The triple-digit gains for restaurant chains Chipotle (CMG) and Wendy's (WEN), are also baffling, but their U.S. sales are better than expected.   No one could have predicted that these would be among the best-performing stocks of 2020 - even when the pandemic hit. But this event has changed the way we live and spend money, and these stocks have become pinballs in the day-trading arcade. More News: Square Earnings: What to Look For Top Gold Stocks for August 2020 Top Small Cap Stocks for August 2020 SPONSORED BY INVESCO The Complete Guide to ETFs ETFs are becoming increasingly popular and soaring to new heights among investors. Invesco's insights can help you determine if these investment vehicles are right for you. LEARN MORE  > (chart courtesy YCHARTS)     Stock of L Brands, the company which owns Victoria's Secret and Bath & Body Works, skyrocketed by more than 35% today after a JPMorgan analyst upgraded it to "Overweight" after it announced plans to cut 15% of its corporate workforce. Susquehanna upgraded computer chip maker AMD's stock, sending it up significantly as well.     Shares of truck rental business Ryder System fell today after it reported quarterly sales below analysts' expectations. Human resources software and services firm ADP fell despite reporting earnings and revenue that surpassed analysts' expectations. Word of the Day Antitrust Antitrust laws are regulations that monitor the distribution of economic power in business, making sure that healthy competition is allowed to flourish and economies can grow. Antitrust laws apply to nearly all industries and sectors, touching every level of business, including manufacturing, technology, transportation, distribution, and marketing.     Photo: ThreeLions/Getty   Today in History July 29, 1869: The New York Stock Exchange is formed from the merger of the New York Stock & Exchange Board with the Open Board and the Government Board (where Treasury bonds are traded).   James K. Medbery, Men and Mysteries of Wall Street (Fields, Osgood & Co., Boston, 1870) How can we improve the Market Sum? Tell us at marketsum@investopedia.com CONNECT WITH INVESTOPEDIA Email sent to:  mondemand.forex@blogger.com To update your newsletter preferences or unsubscribe, click here.   114 West 41st St, floor 8 New York NY 10036 © 2020, Investopedia, LLC. 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