When’s the Bell Again?… An uneasy slide into the weekend for US stocks, as even a monstrous earnings showing from the four FANG horseman of the Tech-pocalypse (FB +7.5%, AMZN +3.7%, AAPL +7.2%, GOOGL -5.2%) hasn’t been enough to stem the nervousness that began to creep in yesterday. With Congress unable to reach a deal on unemployment relief on the day current benefits are set to expire, Florida posting a fourth consecutive day of record virus deaths, and jobless claims suggesting the unemployment rebound may be slowing, there’s plenty to have investors looking to take a little risk off on a Friday. The sector table is a tale of two economies, with Tech, Retail, and Media all outperforming thanks to you know who, and pretty much everything else in the red with Autos / Transports / Energy in the basement. For all the talk of S&P concentration in FAAMG, it seems the mega-caps can’t save the day if everything else is pulling the other direction….
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