Stocks Consolidating Gains

Posted: May 19, 2020 1:40 PM
Stocks Consolidating Gains

Source: AP Photo/Lee Jin-man

The market has been meandering for most of the morning after one of the best point sessions in history.  Stocks are consolidating gains today and looking for the next catalyst.  It wasn’t testimony from Steven Mnuchin and Jerome Powell, as the dynamic money spending duo mostly had to evade leading questions while pushing their own agenda.

Consumer Discretionary names are enjoying a solid session on mostly good news from large players Walmart (WMT) and Home Depot (HD).  The auto sector is getting a lift from Advanced Auto Parts, which posted impressive results.

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



Technology is the biggest winner, led by computer chip makers.  The Philly Semi Index is up 6.5% for the week and NASDAQ is up 3.1%.