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Afternoon Note

Monster Names

By Charles Payne, CEO & Principal Analyst
7/20/2020 1:50 PM

Rotation continues today and its all about those monster names.  There are three S&P 500 sectors higher today led by these names:

Communications

Consumer Discretionary

Technology

S&P 500 Index

+0.40%

 

Communication Services (XLC)

+0.45%

 

Consumer Discretionary (XLY)

+0.84%

 

Consumer Staples (XLP)

 

-1.19%

Energy (XLE)

 

-0.71%

Financials (XLF)

 

-0.33%

Health Care (XLV)

 

-0.06%

Industrials (XLI)

 

-1.36%

Materials (XLB)

 

-0.49%

Real Estate (XLRE)

 

-0.91%

Technology (XLK)

+1.56%

 

Utilities (XLU)

 

-1.36%

The Nasdaq is the clear leader today, while the Dow has spent most of the day in the red.

Decliners are outpacing the advancers today, but new 52-week highs are still charging higher.

Issues:

NYSE

NASDAQ

Advancing

1,238

1,598

Declining

1,710

1,682

Issues at:

52 Week High

99

147

52 Week Low

8

13

Volume:

Advancing

1.10B

1.51B

Declining

1.09B

909.03M

 

It is going to busy a week for earnings. Big names such as Intel (INTC), Microsoft (MSFT) and Tesla (TSLA) are among the companies set to report.

Covid-19 cases and potential economic stimulus is weighting on investors minds.  Treasury Secretary Mnuchin is expected to meet some key Republican Senators including Mitch McConnell to review a proposed $1 trillion package.  While a big number, it’s quite a bit smaller than the $3.5 trillion proposal from the Democrats. 

Let’s not force the issue this afternoon.


 

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