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 | -0.15% | |
Communication Services XLC | +0.29% | |
Consumer Discretionary XLY | +0.41% | |
Consumer Staples XLP | -0.80% | |
Energy XLE | -0.67% | |
Financials XLF | -0.01% | |
Health Care XLV | -0.73% | |
Industrials XLI | -1.34% | |
Materials XLB | -0.43% | |
Real Estate XLRE | -1.35% | |
Technology XLK | +0.12% | |
Utilities XLU | -0.87% |
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.