In the grand scheme of things, the market is acting pretty good after such a wild session yesterday. Tech names continue under pressure, although many are trying to turn around. Still, Technology is the biggest loser and Industrials the biggest winner, as Boeing (BA) climbs on a number of positive developments.
There is a dollop of concern reflected in traditional safe havens Utilities, Real Estate and Consumer Staples. Those staples might be reacting to the surge in coronavirus cases. Do not forget, back in March and April these names were unstoppable, as we all scrounged around for toilet paper.
S&P 500 Index
Communication Services XLC
Consumer Discretionary XLY
Consumer Staples XLP
Health Care XLV
Real Estate XLRE
Healthcare is turning higher on reports the Supreme Court doesn’t seem inclined to rule against Obamacare.
There is a certain calm with the session that I think is needed. I want to caution investors to not get whipsawed or discouraged – keep your focus on underlying fundamentals. This year has seen stocks rocket higher when they take off. If you feel down on down days, you will feel completely crestfallen when you see these names surge after.