The View from 5th Avenue

The View at Two – 13 August 2020

Going for it – After failing to get through the magic mark of 3386.15, the S&P is giving it another shot today.  As has been the trend, it is the mega tech that is helping with this push.  And to punctuate that impact, Apple (+2.1%) is just 1% away from hitting a $2trln market cap.  But even with the mega tech strength, the second best performing sector is Retail (XRT +55bps).  Looking at the constituents, it’s easy to see that the Covid beneficiaries are driving its performance (Overstock, Etsy, Wayfair, Stamps).  Banks once again are underperforming, even as Treasury yields are moving higher again (see below).

The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.

Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.