Growth stocks lag
The S&P 500 trades higher by 0.6%, as cyclical stocks continue to lead the advance. Growth stocks are struggling to keep pace.  In M&A activity, Teladoc Health (TDOC 203.16, -45.91, -18.4%) and Livongo Health (LVGO 128.20, -16.10, -11.3%) have agreed to merge in a $18.5 billion cash-and-stock deal. Shares of both companies are trading sharply lower. Fellow growth stocks Beyond Meat (BYND 132.86, -9.35, -6.6%) and Nikola (NKLA 34.70, -4.17, -10.7%) are also down big after reporting earnings.