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Afternoon Note

Rubbernecking the Testimony

By Charles Payne, CEO & Principal Analyst
6/30/2020 1:21 PM

It has been a quiet session. It could get slower, as market participants rubberneck the testimony of Federal Reserve Chairman Powell and Treasury Secretary speaking before the House Financial Committee. 

The Dow is anchored today by another swoon in Boeing (BA), which lost another plane order.  Still, all the eleven sectors of the S&P 500 are higher led by Real Estate and Technology, the latter paced by that strong earnings release from Micron (MU).

I suspect the street wants to hear things are better, but that there will be more stimulus to come.

S&P 500 Index

+0.92%

Communication Services XLC

+0.60%

Consumer Discretionary XLY

+0.79%

Consumer Staples XLP

+0.41%

Energy XLE

+0.46%

Financials XLF

+1.14%

Health Care XLV

+0.62%

Industrials XLI

+0.29%

Materials XLB

+0.77%

Real Estate XLRE

+1.57%

Technology XLK

+1.38%

Utilities XLU

+0.12%

 

Market breadth is also overwhelmingly positive:

NYSE

NASDAQ


 

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