Friends
Despite some amazingly good retail news from both Walmart and Home Depot today, it was the big cap tech names that were the stars of the day, as Amazon, Apple, Google and Microsoft all pushed higher. Both Walmart and Home Depot had been trading at all-time highs going into the earnings print, so a little “sell the news” action was not surprising. Some of the economically sensitive areas like banks and industrials didn’t fare as well as tech.
By the close, the Dow Jones Industrial Average was down 66 points to finish the day at 27,778. The S&P 500 was up 7 points to close at 3,389. The tech heavy Nasdaq Composite Index was up 81 points to close at 11,210. Gold was up $13 to trade at $2,012 per ounce, while oil was down $.30 to trade at $42.59 per barrel WTI.
There are definitely big winners in the retail space and, of course, there are many retailers who aren’t going to make it through this crisis. These trends were already in place, but Covid-19 simply accelerated the timeline for many of these zombie type retailers. The strong become stronger as the weak fall away. More retail earnings to come. Stay tuned.
Have a nice evening everyone.
