5/29/20 Market Notes
Equities finished marginally down on Thursday after spending most of the day in positive territory. The S&P 500 gave up 6.4 points (0.2%), the Dow lost 147 (0.6%) and Nasdaq shed 43.4 points (0.5%). Early gains were supported by stimulus-induced sentiment and economic data that came in better than expected. The reversal came after further White House condemnation of China's Hong Kong suppression and President Trump’s announcement that he would hold a press conference regarding China on Friday. Performance was split among S&P sectors with five of the 11 sectors finishing higher. Utilities (+3.04%), Health Care (+1.26) and Real Estate (+1.24%) led the gainers; while Energy (-2.91%), Financials (-1.56%), and Consumer Discretionary (-1.05%) brought up the rear. S&P futures were down 0.3% at 6:50 am this morning, with markets expecting Trump to rebuke China on human rights abuses; potentially further increasing tensions. Investors will also look to Fed Chair Jerome Powell (speaking at 11:00) for clues on the Fed's next moves.
Disclosures: This market commentary is written by the 1879 Advisors® and represents the views of 1879 Advisors®. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.