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Stocks rebound to start the week
29-Jun-20 16:20 ET
Dow +580.25 at 25595.82, Nasdaq +116.93 at 9874.16, S&P +44.19 at 3053.11

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

[BRIEFING.COM] The S&P 500 increased 1.5% on Monday in a broad-based advance to recoup some of last week's decline. The Dow Jones Industrial Average (+2.3%) and Russell 2000 (+3.1%) outperformed the benchmark index, while the Nasdaq Composite (+1.2%) underperformed.

All 11 S&P 500 sectors finished in positive territory, led by the industrials sector (+3.2%) amid leadership from Boeing (BA 194.49, +24.48, +14.4%), which resumed 737 MAX flights for certification. The health care sector (+0.9%) was the lone sector that rose less than 1.0%.

Value-oriented stocks edged out growth stocks today after data showed pending home sales rebound 44.3% m/m in May (Briefing.com consensus +18.0%), which extended a trend of data depicting a rebound in the economy. The market pushed toward session highs after its 10:00 a.m. ET release and proceeded to drift higher the rest of the session.

In other corporate news, more companies halted ad spending from Facebook (FB 220.64, +4.56, +2.1%) due to concerns about insufficient efforts to police misinformation and hateful content. FB shares still finished higher after being down as much as 4.2% early in the session.

Microsoft (MSFT 198.44, +2.11, 1.0%) and PepsiCo (PEP 131.08, +2.15, +1.7%) reportedly targeted only Facebook's platforms, while Starbucks (SBUX 73.48, +1.91, +2.7%) and Coca-Cola (KO 44.36, +0.79, +1.8%) paused all social media spending.

Given the positive bias in stocks, the coronavirus resurgence was less in focus today even as New Jersey and parts of California scaled back reopening efforts. The Treasury market appeared more in tune with the threat of reduced economic activity, as bonds held firm throughout the session.

The 2-yr yield was unchanged at 0.16%, and the 10-yr yield was unchanged at 0.64%. The U.S. Dollar Index increased 0.1% to 97.51. WTI crude rose 3.1%, or $1.18, to $39.67/bbl.

Looking ahead to Tuesday's economic calendar, investors will receive the Conference Board's Consumer Confidence Index for June, the Chicago PMI for June, and the S&P Case-Shiller Home Price Index for April.

Nasdaq Composite +10.1% YTD
S&P 500 -5.5% YTD
Dow Jones Industrial Average -10.3% YTD
Russell 2000 -14.8% YTD

Market Snapshot
Dow 25595.82 +580.25 (2.32%)
Nasdaq 9874.16 +116.93 (1.20%)
SP 500 3053.11 +44.19 (1.47%)
10-yr Note +1/32 0.633
NYSE Adv 2227 Dec 711 Vol 965.2 mln
Nasdaq Adv 2235 Dec 1147 Vol 4.3 bln

Industry Watch
Strong: Industrials, Communication Services, Materials
Weak: Health Care

Moving the Market

-- Stocks close at session highs, recoup some of last week's decline

-- Boeing (BA) shares rose 14% on news that it resumed 737 MAX flights for certification

-- Pending home sales rebound 44.3% m/m in May (Briefing.com consensus +18.0%)

WTI crude closes just below $40/bbl
29-Jun-20 15:30 ET
Dow +449.75 at 25465.32, Nasdaq +64.07 at 9821.30, S&P +29.32 at 3038.24

[BRIEFING.COM] The S&P 500 is up 1.0% to trade slightly below session highs (+1.4%).

One last look at the S&P 500 sectors shows industrials (+2.7%) up nearly 3% and firmly atop the standings while six other sectors are up at least 1.0%. The health care (+0.4%), financials (+0.5%), and information technology (+0.5%) sectors underperform.

WTI crude futures settled higher by $1.18 (+3.1%) to $39.67/bbl.