Tech Titans in Demand During COVID-19

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as tech titans in demand during COVID-19. 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 sell-off on Wall Street

U.S. stock futures were flat in overnight trading, following weakness in equities in the previous session. Dow futures rose 9 points, indicating a gain of 0.4%. The S&P 500 and Nasdaq-100 were set to open lower, with losses of 0.02% and 0.01%, respectively.

The S&P 500 (SPY) gained +0.78% today. Sector advancers led decliners 7 to 4 as shown below in the sector graph. Gains ranged from +1.63% to less than 1%. Losses ranged from -1.42% to less than 1%, check the sector graph for specifics.

The Dow Jones index added +177 points (+0.68%) to close at 26,067. The Nasdaq advanced +148 points (+1.44%) to settle at 10,492.

Tech Titans in Demand During COVID-19

Stocks ended in the green Wednesday as the major tech titans were in favor by investors today.

Apple rose 2.3% to a record high after a Deutsche Bank analyst hiked his price target on the stock. Microsoft shares gained 2.2% and Netflix climbed nearly 2%. Amazon closed 2.7% higher. The S&P 500 tech sector ended the day up 1.6% and posted an all-time closing high.

“It seems like you flip a switch when those Covid cases go up, the country takes a step back in terms of reopening the economy and all those names find high demand,” said Christian Fromhertz, CEO of The Tribeca Trade Group, referring to tech and software shares. If that changes, he added, “people will start to look at the more under-owned names once again.”

Wednesday’s move higher comes as the U.S. reported a record daily spike of more than 60,000 coronavirus cases on Tuesday. The total number of confirmed U.S. cases now totals more than 3 million, according to Johns Hopkins University.

Coronavirus-related deaths have risen to more than 131,000 in the U.S., according to Hopkins. As cases and deaths rise, data compiled by Apple Maps shows driving activity is slowing down across the country.

“The COVID numbers in the US remain troubling and this is beginning to create economic headwinds,” said Adam Crisafulli, founder of Vital Knowledge, in a note.

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

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7/8/20

S&P 500 Sector Graph

Tech Titans in Demand During COVID-19

S&P 500 (SPY)

Tech Titans in Demand During COVID-19

Communication Services (XLC)

Tech Titans in Demand During COVID-19

Consumer Discretionary (XLY)

Tech Titans in Demand During COVID-19

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Consumer Staples (XLP)

Tech Titans in Demand During COVID-19

Energy (XLE)

Tech Titans in Demand During COVID-19

Financials (XLF)

Tech Titans in Demand During COVID-19

Real Estate (XLRE)

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Tech Titans in Demand During COVID-19

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Utilities (XLU)

S&P 500 Sector Heat Map

 

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