The View from 5th Avenue

The View at Two – 30 June 2020

It Was the Best of Times… - After the worst of times; surely it’s been a tale of two cities quarters. For the S&P, the last 3 months have been the best in 22 years but it’s hardly felt that way for most; context is key! We know what happened to precipitate this, but it’s nothing a healthy dose of hope, optimism and more than $4 trillion couldn’t cure. Today reverted to a pattern we’ve become accustomed to over the last few months – growth over value with tech reigning supreme. Micron (MU +4%) gave semis a boost on +ve earnings news (people might not be going places but their data is) and Conagra (CAG +4.9%) did the same but these sectors have been the COVID ‘winners’, so not something that should massively influence market sentiment as we continue down a 2-speed economy. Boeing (BA -6.1%) gave Industrials a boost yesterday; after losing a key customer, it’s doing the opposite today.

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