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Afternoon Note

Reopening Rebounding

By Charles Payne, CEO & Principal Analyst
7/21/2021 2:10 PM

The major averages performance has evened out, with the Dow coming off its highs. The Nasdaq is making up ground and S&P 500 is in the middle. Reopening stocks rebounded sharply from Monday’s sell-off led by airlines and cruise lines.

Cyclicals lead, Energy is up more than 4% as WTI broke above $70 per barrel. Utilities and Health Care are the worst performing sectors.

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU



The 10-year yield is driving the volatility in the equity markets, jumping again. It is up 8 basis points to 1.29% and 17 points above the low hit yesterday. The drop-in rates unnerved traders by signaling a possible slowing economy due to Delta variants.

You could argue that it is as if Monday’s disruptions never happened. This looks like a repeat of what we have seen before and consistent with the markets’ confidence. Plus, a batch of encouraging second-quarter earnings has given investors reason to focus on the fundamentals.


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