S&P 500 Closes Positive: US China Tensions Lesson & America Re-Opens

US markets gained on continued reopening hopes. California Governor Gavin Newsom said retail stores could begin to reopen Friday, easing lockdown measures in an important domestic economy.

Tensions with China also cooled, after White House officials said the U.S. isn’t looking to introduce punitive measures against China as long as it honors its trade commitment. Markit Services PMI for April fell below estimates, driven by weakness in new orders and employment. There continues to be more talk of a Phase 4 stimulus package. Pfizer (PFE) and BioNTech announced the first participants in their COVID-19 vaccine trial.

The top sectors today were health care, technology, and utilities. Regeneron (REGN) led the health care sector on a strong first-quarter earnings report. The sector also got a boost from Pfizer’s (PFE) announcement of the first patients in the coronavirus vaccine trial. IPG Photonics (IPGP) buoyed technology stocks after blowing away first-quarter estimates and boosting its stock repurchase plan.

The worst performing sectors were consumer staples, financials, and materials. Staples underperformed as a defensive sector. Sysco (SYY) weighed on the sector after missing third-quarter earnings. Norwegian Cruise Lines (NCLH) fell after filing a 10-K where management expressed doubts over the company’s ability to continue operations. Hertz (HTZ) tumbled on reports that it hired another restructuring adviser.

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In the S&P 500, ten of the 11 sectors finished higher.

The leading sectors were Health Care +2.15%, Technology +1.42%, and Utilities +0.93%.

The laggards were Financials -0.07%, Consumer Staples +0.13%, and Energy +0.26%.

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Oil +20.40% continued to rise on demand hopes as more states began releasing reopening plans.

Gold +0.19% was mixed on the day.

Bitcoin +0.50% continued to rise in anticipation of the “halving.”

Ticker Last Change Volume Signal
PTLA 17.85 130.03% 98556320 Top Gainers
CLSK 3.05 124.26% 79788460 Top Gainers
RTTR 0.64 87.68% 152963923 Top Gainers
GNPX 3.50 51.52% 60557423 Top Gainers
AMRH 1.50 45.63% 986742 Top Gainers
ADVM 19.00 38.35% 6482907 Top Gainers
IMRA 24.00 31.58% 16142 New High
CHGG 57.92 32.27% 38392509 New High
CWBR 4.00 19.40% 619872 New High
VRML 2.05 9.04% 1427781 New High
MVIS 1.30 18.18% 260307699 Overbought
VERI 6.63 2.79% 1421977 Overbought
QVM 21.14 2.37% 110005 Unusual Volume
CLSK 3.05 124.26% 79788460 Unusual Volume
SCHJ 50.20 -0.04% 1347103 Unusual Volume
PTLA 17.85 130.03% 98556320 Unusual Volume
TWOU 27.71 9.09% 4851692 Upgrades
ABG 67.45 2.23% 366164 Earnings Before
BYD 15.46 -1.90% 1329147 Insider Buying

 

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