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Risk assets around the globe are rallying again this morning on news that the European Council has reached an agreement to a budget and COVID recovery package. The key point of the agreement is that EU fiscal policy will be backed by mutual taxation and will be used as a fiscal stabilizer.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, global economic data, improved trends related to the COVID-19 outbreak, and much more.
By now you’ve heard about how uneven yesterday’s rally in the market was. While the S&P 500 was up nearly 1%, the majority of stocks in the index were actually down on the day. The chart of sector performance for the day sums things up pretty well. Consumer Discretionary (pretty much entirely the result of Amazon) was up over 3%, Technology tacked on over 2.5%, and Communication Services rallied over 1.25%. Every other sector, though, was down on the day. Not only were they down, but they were down sharply. In fact, four sectors were down over 1% even though the S&P 500 rallied 0.84%. Depending on the sectors you’re overweight in, yesterday was either really good or really bad.