Reply To: Traders Market Weekly: Independence, Precious and Formative

#39394
TradersCom
Keymaster

Ten of the 11 S&P 500 sectors closed in the red with losses ranging from 0.4% (utilities) to 4.0% (consumer discretionary). The lone holdout in the green was energy, up 2.7%.

The energy sector, which closed with all components in the green, benefitted from higher oil prices ($111.96, +2.26, +2.4%), which stemmed from the reopening push in China and a Reuters report indicating Saudi Arabia and the UAE have limited spare capacity to boost output.

The consumer discretionary sector was dragged down by its mega cap components, Amazon.com (AMZN 107.40, -5.82, -5.1%) and Tesla (TSLA 697.99, -36.77, -5.0%), but also Nike (NKE 102.78, -7.72, -7.0%) which reached a new 52-week low following its fiscal Q4 earnings report and soft fiscal Q1 revenue guidance. The few standouts in the sectors included Wynn Resorts (WYNN 59.49, +1.80, +3.12%) and Las Vegas Sands (LVS 34.51, +1.34, +4.0%), which drafted off the China reopening sentiment.