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Stocks began the day with modest gains despite the mildly disappointing jobs data and a report China would implement retaliatory tariffs on U.S. goods. The market drifted throughout the session, with the Dow and S&P moving higher as they closed higher for the fifth consecutive week. The Nasdaq lagged, but still closed little changed as Apple (AAPL) added to its $1T market value milestone. ECONOMIC EVENTS: In the U.S., nonfarm payrolls increased 157,000 in July, which undershot assumptions of nearer to 200,000 job gains. The unemployment rate ticked down to 3.9% from 4.0%. The trade deficit widened 7.3% to $46.3B in June. Markit's services PMI fell to 56.0 in the final July print from 56.5 in June. The ISM nonmanufacturing index dropped 3.4 points to 55.7 in July, which was much weaker than the 58.6 reading that was expected. In energy news, Baker Hughes reported that the U.S. rig count is down 4 rigs from last week to 1,044. In trade news, China's Ministry of Commerce described its plans for four different types of tariffs on $60B of U.S. goods in retaliation to the President's threat earlier this week to increase the proposed level of the additional duty from 10% to 25% on a proposed list of $200B of Chinese goods previously announced in July. COMPANY NEWS: Media giant CBS (CBS) reported better than expected quarterly results after the close yesterday. The quarterly report made no mention of the sexual misconduct allegations that were made against Moonves last week, and the company said at the beginning of its conference call that any comments on the call would be limited to quarterly results... Shares of Kraft Heinz (KHC) gained 0.8% after the company reported better than expected Q2 results. In addition, the New York Post reported that Kraft Heinz recently opened exploratory talks with Campbell Soup (CPB) and has looked over the soup maker's books. Campbell Soup shares rose 2.5% after the Post's report... Meanwhile, shares of Symantec (SYMC) dropped 7.8% after the company reported Q2 results and provided weaker than expected guidance for the third quarter. Additionally, the company announced a set of cost reduction actions that will include cutting its global workforce by up to roughly 8%. The company also said in its earnings release that its internal investigation of its financial reporting remains ongoing... In addition, Bloomberg reported that the SEC has ended its two-year-old investigation into whether Exxon Mobil (XOM) should have written down assets during the energy slump, with the agency saying investigators did not recommend an enforcement action at this time. MAJOR MOVERS: Among the noteworthy gainers was Perry Ellis (PERY), which rose 4.7% after it received a revised $28.90 per share takeover offer from Randa. Also higher were Cardtronics (CATM), GoPro (GPRO), and Take-Two (TTWO), which gained a respective 26%, 17.7%, and 9% after reporting quarterly results. Among the notable losers was Sunrun (RUN), which slipped 6.3% after Morgan Stanley downgraded the stock to Equal Weight from Overweight. Also lower were SolarEdge (SEDG), Shake Shack (SHAK), and Groupon (GRPN), which fell a respective 14%, 11.9%, and 2.5% after reporting quarterly results. INDEXES: The Dow rose 136.42, or 0.54%, to 25,462.58, the Nasdaq gained 9.33, or 0.12%, to 7,812.01, and the S&P 500 advanced 13.01, or 0.46%, to 2,840.26.

Stocks opened in positive territory despite several headwinds, as the monthly jobs data was mildly disappointing and China announced they were placing tariffs on $60B of U.S. imports. The averages drifted after the open and as the Dow strengthened the Nasdaq weakened. The averages are now mixed, with the Nasdaq just below the flat line. Oil prices are lower by roughly 0.4% and just below $69 a barrel. ECONOMIC EVENTS: In the U.S., nonfarm payrolls increased 157,000 in July, which undershot assumptions of nearer to 200,000 job gains. The unemployment rate ticked down to 3.9% from 4.0%. The trade deficit widened 7.3% to $46.3B in June. Markit's services PMI fell to 56.0 in the final July print from 56.5 in June. The ISM nonmanufacturing index dropped 3.4 points to 55.7 in July, which was much weaker than the 58.6 reading that was expected. In Asia, the China Caixin PMI came in at 52.8, which was below the 53.5 consensus forecast. In Europe, the final services PMI for July was 54.2, down slightly from the flash reading at 54.4. COMPANY NEWS: Media giant CBS (CBS) reported better than expected quarterly results after the close yesterday, with chief executive officer Les Moonves saying that the "strong" second quarter put the company firmly on track to deliver the "record" full-year results the company has forecast. The quarterly report made no mention of the sexual misconduct allegations that were made against Moonves last week, and the company said at the beginning of its conference call that any comments on the call would be limited to quarterly results... Shares of Kraft Heinz (KHC) gained 8% after the company reported better than expected Q2 results. In addition, the New York Post reported that Kraft Heinz recently opened exploratory talks with Campbell Soup (CPB) and has looked over the soup maker's books. Campbell Soup shares are up over 3.5% after the Post's report... Meanwhile, shares of Symantec (SYMC) dropped 11% after the company reported Q2 results and provided weaker than expected guidance for the third quarter. Additionally, the company announced a set of cost reduction actions that will include cutting its global workforce by up to roughly 8%. The company also said in its earnings release that its internal investigation of its financial reporting remains ongoing. MAJOR MOVERS: Among the noteworthy gainers was Perry Ellis (PERY), which rose 5% after it received a revised $28.90 per share takeover offer from Randa. Also higher were Cardtronics (CATM), GoPro (GPRO), and Take-Two (TTWO), which gained a respective 22%, 19%, and 11% after reporting quarterly results. Among the notable losers was Sunrun (RUN), which slipped 6% after Morgan Stanley downgraded the stock to Equal Weight from Overweight. Also lower were SolarEdge (SEDG), Shake Shack (SHAK), and Groupon (GRPN), which fell a respective 17%, 12%, and 1% after reporting quarterly results. INDEXES: Near midday, the Dow was up 66.67, or 0.26%), to 25,392.83, the Nasdaq was down 12.36, or 0.15%, to 7,790.32, and the S&P 500 was up 3.72, or 0.13%, to 2,830.94.