Afternoon Note
By Charles Payne, CEO & Principal Analyst
7/6/2020 1:22 PM
It’s all about go-go growth names, as Technology and Communications Services are leading the market higher with more cash coming out of Utilities. Energy names are simply lagging.
Technology is pushing the NASDAQ Composite to an all-time high.
- NASDAQ +2.07%
- S&P 500 +1.33%
- Dow Jones +1.29%
- Russell 2000 +0.59%
I read that Apple (AAPL) and Microsoft (MSFT) have a combined market cap greater than the entire value of the Russell 2000. That is mindboggling stuff, although, a huge swath of Russell 2000 index companies are not profitable.
You have to ride the wave, but we also want to be positioned for rotation as well.
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S&P 500 Index |
+1.37% |
|
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Communication Services XLC |
+1.81% |
|
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Consumer Discretionary XLY |
+1.56% |
|
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Consumer Staples XLP |
+0.25% |
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Energy XLE |
-0.71% |
|
|
Financials XLF |
+1.50% |
|
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Health Care XLV |
+1.37% |
|
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Industrials XLI |
+0.80% |
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Materials XLB |
+0.70% |
|
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Real Estate XLRE |
+0.34% |
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Technology XLK |
+1.91% |
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Utilities XLU |
-1.80% |
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