The reopening of the economy appears to be going at a faster pace than most had imagined even a few days ago, with even Los Angeles joining in over the past few hours.
Also appearing to “declare victory and go home,”
is Washington, D.C., which over the past two weeks has subtly altered
the benchmarks it was using to determine whether to reopen or not. Mayor Muriel Bowser this morning is expected to announce an end to the lockdown to begin on Friday.
That’s led to a big change in leadership of this
market rally – now it’s banks, specialty retail, industrials, and energy
outperforming. Lagging are favored stay-at-home plays like Zoom Video (ZM -8.1%), Peloton (PTON -6.3%), Facebook (FB -4.7%), Amazon (AMZN -3.6%), Walmart (WMT -1.6%), Costco (COST -1.7%), Nvidia (NVDA -7.4%), Citrix (CTXS -1.8%), and PayPal (PYPL -4.4%), to name a few.
The big-cap tech lean for stay-at-home is pressuring the Nasdaq (NASDAQ:NDAQ), which is down nearly 2% while the S&P and DJIA hang close to flat.
https://seekingalpha.com/news/3577919-stay-home-selloff-continues-economy-revs-up
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