People walk through the New York Stock Exchange (NYSE) on May 18, 2020 in New York City.
Spencer Flat | Getty Images
U.S. stock futures soared on Sunday night after selling technical stocks, leading to a decline in the first weekly months of the market.
The Dow Jones Industrial Average futures traded up 158 points, or 0.6%. The S&P 500 was up 0.6% and the Nasdaq 100 was up 0.8%.
The S&P 500 fell 2.5% last week. This is the worst weekly fall in the broader market index since June 26. The S&P 500 fell for two consecutive weeks for the first time since May.
Those losses were largely driven by the steep decline in technology, which is the best-performing market sector year to date. The S&P 500 technology sector has fallen more than 4% to its biggest weekly loss since March. Apple, the largest company in the United States by market cap, fell more than 7% last week.
“Much of the technical lungs have been destroyed since August, but in its wake, clear and threatening investments … have grown,” said Frank Cappellari, managing director of Instinit.
Of course, Jefferies’ Sean Darby thinks this decline in technology may be short-lived.
“There are no ambiguities about fundamentals or revenue expectations. And a reverse surprise will come from the weakness of the dollar, while the emergence of a vaccine and / or increase in long-term rates will restrict performance,” said Darby, a global stock strategist.
Investors are coming into the new week amid hope of lawmakers making a law regarding new financial incentives.
Senate Majority Leader Mitch McConnell, R-KY, said Friday that Republicans and Democrats have no chance of reaching an agreement.Is fine now“Earlier this month, House Speaker Nancy Pelosi, de-Calif., Said there were Democrats and the White House.”Drastic differences“Corona virus help.
Meanwhile, the number of US corona virus cases in 11 states is increasing by 5% or more, According to a CNBC analysis of Johns Hopkins University data. Dr. Anthony Fossie, director of the National Institute of Allergy and Infectious Diseases, said last week that the latest corona virus dataConfusing. “
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