A mixed verdict on Wall Street Monday as investors weighed optimism about economies reopening against concern over a resurgence of cases.
The Dow ended well above session lows but was still down for the day, while the S&P 500 and the Nasdaq moved higher. The Nasdaq is up nearly 3 percent for the year.
A six-day rebound in tech stocks is being driven by a coronavirus-induced uptick in demand for tech products, says Dryden Pence of Pence Wealth Management Place.
SOUNDBITE (ENGLISH): DRYDEN PENCE, CEO, PENCE WEALTH MANAGEMENT PLACE, SAYING:
"The absorption of technology, I don't know if all of the juice is out of that at this point and the reason why is behavior has sped up. The adoption of online retail and things like that has been forced upon people. now they're doing it faster than they did and I think that's going to continue to be strong for that sector.”
But traditional retail and brands that support it continue to get clobbered. Under Armour announced a bigger-than-expected quarterly loss and warned sales in the current quarter could nosedive as much as 60 percent. Shares of the athletic gear maker tumbled 10 percent.
Upbeat news for Walt Disney thrill seekers. The company reopened its first theme park since the pandemic forced the closure of all parks. Shanghai Disneyland reopened for the first time in three months. Gone are the fireworks and parades typical for a trip to Disneyland. Park attendees instead have to wear masks, get temperature screenings and must practice social distancing. Disney will restrict admission to just 20 percent of the park’s total capacity. No word yet on when the other Disney parks will open around the world. Shares fell after the entertainment conglomerate launched an $11 billion debt offering.