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S&P 500 turns positive for the year
08-Jun-20 16:15 ET
Dow +461.46 at 27572.44, Nasdaq +110.66 at 9924.77, S&P +38.46 at 3232.26

https://www.briefing.com/stock-market-update

[BRIEFING.COM] The S&P 500 rose 1.2% on Monday, turning positive for the year amid continued strength in value and cyclical stocks. The Nasdaq Composite (+1.1%) closed at a new all-time high, while the Dow Jones Industrial Average (+1.7%) and Russell 2000 (+2.0%) pulled ahead.

There were few macro developments to alter the market's bullish trend, allowing investors to continue to pile into beaten-up stocks that have more upside potential with a ramp-up in economic activity. Boeing (BA 230.50, +25.07, +12.2%) was one such name, including others within the airline, cruise line, energy, and retail industries.

All 11 S&P 500 sectors closed higher. The energy sector set the performance pace with a 4.3% gain, followed by the utilities (+2.6%) and real estate (+2.2%) sectors. The materials sector (+0.1%) eked out a last-minute gain as the broader market rallied into the close. The information technology sector (+0.5%) overcame an early 1.2% decline.

The market's persistent gains since the March 23 low appeared to engender a sense of trading complacency. Hertz (HTZ 5.53, +2.96, +115.2%), for example, filed for Chapter 11 bankruptcy protection on May 26, but the stock finished the session up 888% since its May 26 closing price, including today's 115% gain.

The Fed's loose monetary policy has played a large role in the stock market's V-shaped recovery. On Monday, the central bank expanded its Main Street Lending Program to allow more small and medium-sized businesses to receive financial support.

Separately, Amazon (AMZN 2524.06, +41.06, +1.7%) shares hit a new all-time high, benefiting from RBC Capital Mkts raising its price target to $3300 from $2700.

U.S. Treasuries ended the session mixed. The 2-yr yield increased one basis point to 0.22%, while the 10-yr yield declined two basis points to 0.88%. The U.S. Dollar Index declined 0.3% to 96.67. WTI crude declined 3.2%, or $1.26, to $38.24/bbl. On a related note, OPEC+ agreed to extend the 9.7 mbpd production output cut through the end of July.

Investors did not receive any economic data on Monday. Looking ahead to Tuesday, investors will receive the NFIB Small Business Optimism Index for May, the JOLTS - Job Openings report for April, and Wholesale Inventories for April.

Nasdaq Composite +10.6% YTD
S&P 500 +0.1% YTD
Dow Jones Industrial Average -3.4% YTD
Russell 2000 -7.9% YTD

Market Snapshot
Dow 27572.44 +461.46 (1.70%)
Nasdaq 9924.77 +110.66 (1.13%)
SP 500 3232.26 +38.46 (1.20%)
10-yr Note +3/32 0.874
NYSE Adv 2396 Dec 550 Vol 1.4 bln
Nasdaq Adv 2470 Dec 856 Vol 6.1 bln

Industry Watch
Strong: Energy, Industrials, Financials, Real Estate, Utilities
Weak: Information Technology, Communication Services, Materials

Moving the Market

-- S&P 500 extends recovery rally, Nasdaq sets new all-time high

-- Value-oriented and cyclical stocks remain strong; relative weakness in tech stocks

-- Little macro news to deter positive trend

WTI crude gives back 3% to start the week
08-Jun-20 15:25 ET
Dow +320.87 at 27431.85, Nasdaq +76.62 at 9890.73, S&P +24.97 at 3218.77

[BRIEFING.COM] The S&P 500 is up 0.8% and has manged to cut its yearly decline to just 0.4%.

Leading the effort today are the energy (+3.2%), utilities (+2.2%), and real estate (+1.6%) sectors. The materials sector (-0.4%) is the lone sector currently trading in negative territory.

WTI crude futures settled lower by $1.26 (-3.2%) to $38.24/bbl. On a related note, OPEC+ members agreed to extend the 9.7 mbpd production output cut through the end of July.