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Reopening Stocks Power Through Delta Variant Fears

The opinions expressed by columnists are their own and do not necessarily represent the views of
AP Photo/Mary Altaffer, File

Stocks stumbled out the gate and have been, for the most part, grappling for direction. Early weakness is subsiding, but the problem seems to be a lack of a catalyst.  


These kinds of sessions after the jobs report and three-day weekend are not unusual. There is an eclectic mix of winners that include reopening names, even as the delta variant cast a shadow over the market and economy. 

Mega-cap growth is still comfort food. The place folks go to when they are not sure and need to sleep knowing they own a de facto monopoly even if they've paid up. 

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU



This week could get a spark if President Biden renominates Jerome Powell, which could happen as soon as tomorrow. 

Also, the next round of earnings will start hitting the tape soon and that's exciting. There will be another wave of IPOs which could be hit or miss but do add a spark anyway.

We are not forcing the issue this afternoon.

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