Stocks were hanging in there by midday Tuesday, lead by tech. Virus cases were climbing significantly, while most investors are hoping for more fiscal stimulus.
All three major U.S. indices were rising, with the S&P 500 up 0.3%, buoyed by the tech-heavy Nasdaq, up 0.9%. Positively, the 10-Year Treasury yield rose to 0.67%.
The heavy hitting NYSE FANG Index was up 2%. Stocks like Apple (AAPL) - Get Apple Inc. (AAPL) Report are seeing tailwinds and are seeing earnings estimates revised upwards, all while investors look for growth opportunities in an uncertain economic environment.
But cyclical sectors, while not selling off, were looking less positive. Oil, banking, consumer discretionary and industrials were down between a tenth of a percentage point and 0.7%.
Reported daily virus cases in the U.S. hit 60,000, a new all-time-high, according to data from Johns Hopkins.
Some states have paused reopening plans, while investors are watchful that no new lockdowns are instated. In any event, investors are confident, after having recently heard from the White House and the House of Representatives, that more fiscal stimulus may be on the way. That stimulus, combined with the Federal Reserve’s bazooka gun of bond market support, proved to provide a bridge from lockdowns to reopenings laster quarter.
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