What sectors should investors be watching as NYC begins Phase 2 reopening and other states are seeing increases in case counts?
Kenny Polcari, senior market strategist at SlateStone Wealth weighs in on the sectors he's watching.
"Well, listen, I would be looking at things like ... Well, things like the exciting things, it's certainly going to continue to be NASDAQ names, technology names, things that help us continue to get work done, whether we're going back to the office or whether we're remaining remotely working. Those are going to be names that you're constantly going to be looking at. But other things, restaurant names should be now coming into focus. Are people going to go out? Are people going to start to take advantage of getting out of their houses now and going out to dinner? And it certainly feels like they're going to do that stuff," said Polcari.
"Are they going to start to travel more? You have to start to [pay] attention to maybe the airline stocks. I'm not so sure about the cruise line stocks. I'm not a cruiser so I'm not going to speak to that because the last place you're going to catch me is on a cruise. But are people willing to get on a plane and go somewhere, or are they going to get in their car and drive within a 200-mile radius of where they are and start to visit places maybe that are closer? So hotels might be another place that you look at to see what that looks like. We just heard from ... CNBC had the Airbnb CEO on, and he was talking about this massive uptick in reservations on Airbnb, which suggests to him and to everybody else that people are anxious to get out. And so with that, I think you should start to watch any of those sectors," Polcari continued.
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You can follow Katherine Ross on Twitter at @byKatherineRoss.
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