The View from 5th Avenue

The View at Two – 1 July 2020

New Quarter, Same Themes… H1 is in the books, and with a long holiday weekend approaching for many, the subsequent light volumes are making it feel more like a halftime pause then a definitive start to H2. That’s also partially because the storylines that have kept the S&P relatively rangebound over the last month haven’t suddenly changed of course. The eternal struggle between hope (PFE +4.5%, BNTX +7.5% on vaccine optimism) and fear (virus cases growing in 30 states) drags on, with the former getting an extra boost these days in the form of “whatever it takes.” Still with every sign of re-opening rollback making a little dent in investor sentiment, it may not be long before the virus realities pile up to cloud out even the sunniest of outlooks…the chart below of Houston restaurant reservations sure is a funny-looking “V”

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