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Mike Santoli’s market notes: Indecisive action, Tesla and Zoom bounce, investors cut risk

A man lies on a bench outside the New York Stock Exchange (NYSE) on July 13, 2020 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images

(This story is for CNBC Pro subscribers only.)

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • Tentative, indecisive action so far. As the Cantor trading desk puts it: "market feels nervous in both directions" after the August ramp, the three-day dump and a decent bounce that nonetheless didn't even get the S&P back to where it ended last week.
  • Market today rewarding domestic recovery/reopening plays (travel, casino, chain retail/restaurants) most still deeply underwater looking back six months. Equal-weighted consumer discretionary is up, beating the S&P 500 by half a percent midday. Some ongoing bounces in the growth leaders that corrected the most (Tesla, Zoom) but not a broad dip-buy in the Nasdaq.

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