Composed – After yesterday’s profit taking knocked stocks lower across the board, equities have been battling the unchanged line all day. The themes driving the narrative are still there (both bull and bear), but for now its only the virus case increases in Texas and Arizona (California data due later) that are somewhat new. At 3058, the S&P is closer to the low end of its 3000-3150 trading range, and the spike in cases does not seem to be enough to force traders to de-risk. Banks (see below) are the outperformers, while Homebuilders are lagging after KB Homes (KBH -12%) provided weaker than expected order data. Homebuilders have been a beneficiary of the reopen trade, and that sector is +45% QTD.
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