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By Nicholas
Jasinski | Tuesday, October 27 Redux. Today's
trading reflected a very March 2020 vibe. Concern about a growing wave
of coronavirus cases in the U.S. and Western Europe dominated. Stocks and
sectors seen as most insulated from the pandemic and stay-at-home orders
outperformed those more sensitive to a fully functioning economy. The
long-called for value and cyclical rally will have a hard time sticking until
Covid-19 has been more definitively dealt with. The
growth-oriented technology and communication services sectors of the S&P
500 rose, while consumer discretionary closed
basically flat. The defensive utilities, health care, and consumer staples
groups all fell less than 0.7%. Industrials, financials, energy, and the rest
of the index’s more cyclical sectors all closed down at least 1%. The overall
S&P 500 closed down 0.3%, while the Dow
Jones Industrial Average fell 0.8%. The tech-heavy Nasdaq
Composite gained 0.6%. Investors
had been more indiscriminate in their selling yesterday, when the Dow endured
its worst drop in weeks and no sector was spared. The march of
third-quarter earnings reports continued today, with 41 S&P 500 companies
reporting. Another 39 are on deck for tomorrow. More on that below. |
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DJIA: -0.80% to 27,463.19 The Hot
Stock: Xilinx +8.6% Best Sector:
Communication Services +0.6% |
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