Afternoon Note
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
- Activision Blizzard (ATVI) and Alphabet/Google (GOOG/L)
Consumer Discretionary
- Amazon (AMZN), Tractor Supply (TSCO), Chipotle (CMG)
Technology
- Bio-Techne (TECH), Citrix (CTXS), ServiceNow (NOW), Adobe (ADBE)
|
+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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