6/23/20 Market Notes
Equities started the week on a positive note, continuing a rally fueled by expectations of further stimulus and a resumption of economic activity. The session showed a decided bias towards stay-at-home stocks in the wake of increasing virus counts while the Nasdaq Composite index once again approached record highs. The S&P 500 Index added 20 points (0.7%) to 3,118, the Dow rose 154 points (0.6%) to 26,025, and the Nasdaq gained 110 points (1.1%) to 10,056. The Bloomberg Dollar index was down and has declined about 5% from the high reached back in May. A weaker dollar will help support US companies' earnings growth. In economic news, existing home sales for May (representing contracts signed during the epicenter of the lockdown) came in weaker than expected. New home sales data is due later this morning. Stronger PMI data are boosting European markets; US futures are pointing higher as well, after being whipsawed overnight by negative comments by Peter Navarro regarding the State of the US-China trade agreements.
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.