The View at Two – 13 August 2020
Posted onGoing 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).