Coronavirus and Bull Market Can Coexist

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as the coronavirus and bull market can coexist. 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:

Stock futures flat following rally in the previous session

U.S. stock futures were flat in overnight trading, as investors continue to weigh improving economic data against the prospect of new business shutdowns after a resurgence in coronavirus cases. Dow futures rose 15 points, indicating a gain of 0.07% at the open on Tuesday.

The S&P 500 (SPY) rose +0.43% today. Sector advancers led decliners 8 to 3 as shown below in the sector graph. All positive sectors gained less than 1%. Utilities (XLU) lost -1.01%. Consumer staples (XLP) and real estate (XLRE) fell less than 1%.

The Dow Jones index added +131 points (+0.50%) to close at 26,156. The Nasdaq advanced +74 points (+0.74%) to settle at 10,131.

Coronavirus and Bull Market Can Coexist

Stocks finished in the green Tuesday on the back of the Nasdaq reaching a new record high.

The tech-heavy index closed 0.7% higher at 10,131.37, notching its eighth straight daily gain. That marks the Nasdaq’s longest winning streak since December, when it advanced for 11 straight sessions.

Apple rose 2.1% and reached an all-time high. On Monday, the company unveiled new operating systems for its iPhones and computers. Apple also said it would use its own chips when building new Mac computers, ditching Intel’s in the process.

UBS analyst Timothy Arcuri said the transition away from Intel chips is a “continuation of its strategy of vertical integration following years of convergence” in its mobile and Mac products. Arcuri hiked his price target on the stock to $400 per share from $325 per share. The new price target implies an 11% upside from Monday’s close of $358.87.

“The message today may be that the virus and the bull market can coexist,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Despite back to back days of Covid19 cases above 30,000 over the weekend and ongoing reports of hot spots, the stock market managed to post a strong gain.  Market action seems to suggest that investors expect the economy to continue improving in the months ahead even though the country is likely to experience spotty or temporary spikes in the virus.”

Key Takeaway…

Post-Market Wrap: June 23, 2020

CNBC brings you fast, accurate, and actionable business news and market updates.

Notable S&P 500 Movers…

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

Download our new Handy ETF Guide

Subscribe to get our free weekly newsletter by email.

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit

6/23/20

S&P 500 Sector Graph

Coronavirus and Bull Market Can Coexist

S&P 500 (SPY)

Coronavirus and Bull Market Can Coexist

Communication Services (XLC)

Coronavirus and Bull Market Can Coexist

Consumer Discretionary (XLY)

Coronavirus and Bull Market Can Coexist

Episode 1: Basic Investment Strategy – Simply Stock Info: The Podcast

Simply Stock Info: The Podcast Episode 1: Basic Investment Strategy Episode 1 goes over my basic investment strategy for individual investors (from years of watching and learning from CNBC).

Consumer Staples (XLP)

Coronavirus and Bull Market Can Coexist

Energy (XLE)

Coronavirus and Bull Market Can Coexist

Financials (XLF)

Coronavirus and Bull Market Can Coexist

Real Estate (XLRE)

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Episode 2: Building a Diversified Portfolio – Simply Stock Info: The Podcast

Simply Stock Info: The Podcast Episode 2: Building a Diversified Portfolio In this episode, I go over 5 stocks to build a diversified portfolio on. These are 5 stocks to hold for the long term in a retirement account such as a Roth or traditional IRA account.

Technology (XLK)

Coronavirus and Bull Market Can Coexist

Utilities (XLU)

S&P 500 Sector Heat Map

 

Leave a Reply

Your email address will not be published. Required fields are marked *