Afternoon Note
By Charles Payne, CEO & Principal Analyst
8/13/2020 1:03 PM
Today’s session has shifted back into cautious optimism mode. As such, investors are rushing back to growth stocks where they believe they have upside potential and strong support levels.
The action has the NASDAQ rocking and the S&P 500 mostly marking time above the plus/minus line.
I keep saying, the Dow Jones Industrial Average is not the stock market, and there is more proof today with the major swoon in Cisco (CSCO), which should have made a fortune with its WebEx video conference business. It’s a shame, but that company hasn’t been the same since John Chambers got too wishy washy after the crash.
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S&P 500 Index |
+0.13% |
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Communication Services XLC |
+0.95% |
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Consumer Discretionary XLY |
+0.47% |
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Consumer Staples XLP |
-0.01% |
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Energy XLE |
-1.04% |
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Financials XLF |
-0.82% |
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Health Care XLV |
-0.13% |
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Industrials XLI |
-0.30% |
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Materials XLB |
+0.24% |
|
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Real Estate XLRE |
-0.75% |
|
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Technology XLK |
+0.71% |
|
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Utilities XLU |
-0.57% |
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