Bullish Sentiment Higher Despite Growing Cases

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as bullish sentiment higher despite growing cases. Stocks in heat map are based on the top 10 holdings of each sector ETF. Click on each picture to zoom in. Below is a summary of today’s action on Wall Street provided by CNBC:

U.S. stock futures fall slightly as global coronavirus cases climb at record pace

U.S. stock futures fell on Sunday night as the number of coronavirus cases kept surging globally, raising concerns about the world economy and its recovery from the pandemic. Dow Jones Industrial Average futures traded 25 points lower, or 0.1%. S&P 500 futures also dipped around 0.1%. Nasdaq 100 futures were flat.

The S&P 500 (SPY) added +1.59% today. Sector advancers led decliners 10 to 1 as shown below in the sector graph. Gains ranged from +2.37% to less than 1%. Utilities (XLU) dropped -1.23%.

The Dow Jones index jumped +420 points (+1.63%) to close at 26,247. The Nasdaq climbed +226 points (+2.21%) to settle at 10,433.

Bullish Sentiment Higher Despite Growing Cases

Stocks closed higher Monday as big tech led the market despite growing numbers of coronavirus cases.

The biggest technology companies led the gains with Apple, Amazon, Microsoft and Google-parent Alphabet all climbing at least 2%. Amazon shares also hit $3,000 for the first time. Netflix shares reach an all-time high as well. The Nasdaq-100 — which is made up of the composite’s 100-largest nonfinancial stocks — jumped 2% on Monday, bringing its 2020 gains to more than 20%.

Dealmaking also boosted sentiment. Warren Buffett made his first major deal amid the market turmoil this year, with Berkshire Hathaway buying the natural gas transmission and storage assets from Dominion Energy for about $10 billion including debt. Dominion Energy fell 9.6%, while Berkshire shares gained 2.6%. Uber shares gained 5% after it said it was buying food-delivery app Postmates in an all-stock deal worth $2.65 billion.

Stocks were building on momentum to start the second half. The Dow and S&P 500 rose 3.3% and 4%, respectively, last week and the Nasdaq advanced 4.6% in that time.The market also wrapped up last week its best quarterly performance in decades. The Dow rallied more than 17% for the second quarter while the S&P 500 jumped nearly 20% in that time period. The Nasdaq posted a gain of 30.6% for the quarter.

Monday’s gains came even as the number of coronavirus cases kept surging globally, raising concerns about the world economy and its recovery from the pandemic.

In the U.S., coronavirus-related hospitalizations grew in more than 20 states, including, Florida, Texas, Arizona and Georgia.

Key Takeaways…

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P movers (both winners and losers.

Credit: Sector Graph provided by Sector SPDR app. Sector breakdown provided by Charles Schwab. Sector heat map provided by finviz. Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.

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7/6/20

S&P 500 Sector Graph

Bullish Sentiment Higher Despite Growing Cases

S&P 500 (SPY)

Bullish Sentiment Higher Despite Growing Cases

Communication Services (XLC)

Bullish Sentiment Higher Despite Growing Cases

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Consumer Discretionary (XLY)

Bullish Sentiment Higher Despite Growing Cases

Consumer Staples (XLP)

Bullish Sentiment Higher Despite Growing Cases

Energy (XLE)

Bullish Sentiment Higher Despite Growing Cases

Financials (XLF)

Bullish Sentiment Higher Despite Growing Cases

Real Estate (XLRE)

Bullish Sentiment Higher Despite Growing Cases

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

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Technology (XLK)

Bullish Sentiment Higher Despite Growing Cases

Utilities (XLU)

S&P 500 Sector Heat Map

 

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