The Weekend Rip: Limiting the Damage

The S&P 500 gave up 2.8% last week, most of it coming on Friday. Stocks are weakening in lock step with COVID-19 data indicating a significant pick up in cases in Florida, Texas, and a few other large states.

The big cap index has fallen 7% from the recent high close of 3232 from June 8. We’re now down for the month by 1% or so.

Super light week on the earnings front this week with Micron on Monday, FedEx on Tuesday and General Mills on Wednesday. See below for more.

Here’s a look at the weekly S&P 500 chart and the weekly closing prices on the major indices.

S&P 5003,009-2.86%
Russell 20001,378-2.81%
Dow Jones25,015-3.31%
Weekly percent changes

Heads Up: The Stock Market Is Closed on Friday 🧨

Hey, here’s a heads up. Markets are closed this Friday, July 3rd in observance of July 4th Independence Day. Have yourselves some fun y’all.

First Half Sector Check-In 

Sure, there’s still two trading days left in the first half of calendar year 2020 but the big sector trends are evident by now. 

Tech has been the runaway winner with the $XLK Tech ETF up 11% YTD.

Meanwhile, Energy, Financials, and Industrials are the worst, down 37%, 25%, and 18% respectively. Have a look:

Frauds, Short Sellers & Media

Jamie Catherwood’s curated Sunday Reads continues to be one of the best things on the internet for those who are interested in the history of markets and finance.

This week’s, titled Fraud, Short Sellers & Media is another gem. 

Have a read.

🍔 Cooking Burgers with Deano and the Chairman of the Board

Here’s a classic set of burger recipes from Dean Martin and Frank Sinatra from the kids at Dangerous Minds.

Sunday Links:

💡 Aspen Ideas Festival — online, for everyone.

🏞 National parks are being overrun by invasive species

😎 These Striking Photos Capture the Spirit of Summer in Europe

👟 Reexamining the Mythology of the Tarahumara Runners 

Flying During COVID-19 – Safety Technology at Airports

The Week Ahead 

And now a brief and well-organized look ahead at the trading week beginning Monday, June 22, 2020:

Economic Calendar:

6/30  Consumer Confidence (10:00 AM ET)
7/01  ADP Employment Change (8:15 AM ET)
7/01  ISM Manufacturing (10:00 AM ET)
7/01  EIA Crude Inventories (10:30 AM ET)
7/02  Nonfarm Payrolls (8:30 AM ET)

Here’s the full Economic Calendar provided by Briefing

Earnings Ahead:

Here’s Earnings Whispers’ great visual.

Be sure to know when your stocks are reporting. Here’s the full earnings calendar.