Big Tech Stocks Lead Rally

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Posted: Oct 12, 2020 1:23 PM
Big Tech Stocks Lead Rally

Source: AP Photo/Richard Drew

A strong rally across the board powered by Apple (AAPL) and Amazon (AMZN) ahead of the new iPhone and Prime Day tomorrow. 

Growth names are back, leading big time, anything involving the consumer from department stores to soft drink makers are acting fantastic. Dillard’s (DDS) is the biggest winner in retail and dovetails perfectly with my thesis on owning brick-and-mortar survivors.

Almost all sectors are in the green today except for Energy. Technology and Communication Services are leading the way.   

S&P500

+1.66%

Communication Services (XLC)

+2.53%

Consumer Discretionary (XLY)

+1.60%

Consumer Staples (XLP)

+1.66%

Energy (XLE)

-0.29%

Financials (XLF)

+0.69%

Health Care (XLV)

+0.87%

Industrials (XLI)

+0.66%

Materials (XLB)

+0.48%

Real Estate (XLRE)

+0.24%

Technology (XLK)

+2.53%

Utilities (XLU)

+0.87%

 

Breadth is positive on both the NYSE and Nasdaq, new highs are ripping, and advancers are far outpacing decliners.

Issues:

NYSE

NASDAQ

Advancing

1,818

2,022

Declining

1,168

1,344

Issues at:

52 Week High

167

234

52 Week Low

9

17

Volume:

Advancing

974.6M

1.40B

Declining

675.8M

652.41M