Tech Sector Leading COVID-19 Economy

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as tech sector leading COVID-19 economy. 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 open slightly higher as Wall Street tries to extend last week’s gains

Stock futures rose slightly Sunday night as investors tried to build on last week’s solid performance. Dow Jones Industrial Average futures traded 45 points higher, or 0.2%. S&P 500 futures advanced 0.15% along with Nasdaq-100 futures. The S&P 500 and Dow rose 1.3% and 2.3%, respectively, last week for their third straight weekly advances.

The S&P 500 (SPY) rose +0.84% today. Sector decliners led advancers 7 to 4 as shown below in the sector graph. Losses ranged from -1.66% to less than 1%. Gains ranged from +2.52% to less than 1%.

The Dow added +8 points (+0.03%) to close at 26,680. The Nasdaq jumped +263 points (+2.51%) to settle at 10,767.

Tech Sector Leading COVID-19 Economy

Stocks landed in the green Monday as Amazon led big tech higher.

Amazon rose 7.9% to post its best day since December 2018 after a Goldman Sachs analyst hiked his price target on the stock to $3,800 per share, the highest on the Street. Facebook and Netflix gained more than 1% each, while  Apple and Alphabet gained 2.1% and 3.1%, respectively. Shares of Microsoft jumped 4.3%.

Monday’s strong gain in tech shares came after the Nasdaq’s first negative week in three, while beaten-down value names outperformed in that time period.

Investors Eye Vaccines & Stimulus

Dow member Pfizer and BioNTech reported early positive data on a joint coronavirus vaccine candidate, saying the drug “elicited high, dose level-dependent SARS-CoV-2-neutralizing titers and RBD-binding IgG concentrations after the second dose.” Pfizer shares rose 0.6% on the news while BioNTech traded 3.4% higher.

Another vaccine candidate from Oxford University and AstraZeneca showed a positive immune response in an early trial.

Traders also turned their eyes to Washington as lawmakers begin negotiations on new stimulus measures.

Earlier this year, President Donald Trump signed a stimulus package worth roughly $2 trillion which expanded unemployment benefits for those laid off during the pandemic. Among these expanded benefits, a $600-a-week check was included. However, these extra payments are set to expire later this month.

Key Takeaways…

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. Photo Credit: Amazon.com Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.

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7/20/20

S&P 500 Sector Graph

Tech Sector Leading COVID-19 Economy

S&P 500 (SPY)

Tech Sector Leading COVID-19 Economy

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Tech Sector Leading COVID-19 Economy

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Tech Sector Leading COVID-19 Economy

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Tech Sector Leading COVID-19 Economy

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Tech Sector Leading COVID-19 Economy

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Tech Sector Leading COVID-19 Economy

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