The View from 5th Avenue

The View at Two – 25 November 2020

Digesting – After gorging on stocks yesterday pushed indexes to joint all time highs (x Nasdaq), markets are taking a walk.  But like the second piece of pie you probably do not need, the stay at home stocks are outperforming their cyclical counterparts.  Mega tech (FANG +45bps), Zoom (+1.5%) and Peloton (+80bps) are a couple of the highlights, perhaps in expectation that the holidays are here.  Since Nasdaq did not create a new ATH yesterday, the index is currently there now (assuming it closes here), and since this is a market of opposites right now, the names that have benefitted since November 2nd are lagging.  Energy and Banks are both underperforming, down 1.1% for each.  Still, considering the moves both sectors have had in November, it is rather benign. 

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.