On Friday, Wall St. stocks had winded down the day in an ambivalent complexion with S&P and Nasdaq rising higher and the trade-sensitive Dow falling over a likely second wave of forced business closures in the United States following a record rise in the pandemic cases.
Nonetheless, as the second-quarter earnings’ season had been backing the financial stocks and the healthcare stocks were surging over hopes of a vaccine in a near-term outlook, S&P 500 and Dow had scored 1.2 per cent and 2.3 per cent respectively for the week, while defensives such as real estates, utilities alongside healthcare stocks appeared to have saved the day for S&P 500 and Nasdaq.
Apart from that, a fall of 6.5 per cent of Netflix Inc. following its dour third-quarter projection, had pulled the communication index down by 0.4 per cent and had led the weekly percentage drop of Nasdaq, while a sell-off wave for the Microsoft Corp.
alongside Amazon.com Inc. what appeared to be a profit-taking move ahead of the earnings’ season, had also weighed on the Nasdaq, which ended the week down by 1.1 per cent.
stocks mixed with eye on pandemic
Citing statistics, on Friday’s Wall St. wind down, the trade-sensitive Dow faltered 0.23 per cent to 26,672.36, while the S&P 500 added 0.29 per cent to 3,224.75, less than five per cent below its record high reached on February 18, and the tech-heavy Nasdaq had rounded off the day 0.28 per cent higher to 10,503.19.
Meanwhile, adding that the investors were sheerly optimistic over a likely extension of the pandemic unemployment benefit of $600 per week, but geo-political uncertainties would unlikely to stop eroding market participants’ confidence in a medium- to longer-term outlook, a National Investment Strategist at US Bank Wealth Management, Tom Hainlin said, “The question is what 2021 and 2022 look like, and what can folks glean from the commentary, especially when companies have withdrawn their guidance and made it difficult to get a sense of what their prospects look like. ”