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Markets move higher despite over 20 million job losses

by Fortem Financial May 11, 2020

Stocks made a positive move to start off the month with the S&P 500 returning over 3.5% last week, the first positive move since mid-April. Despite stocks moving higher, job losses in April totaled 20.5 million to bring the unemployment rate back to a level not touched since the Great Depression. Investors risk appetites look to be back as technology companies in the NASDAQ Composite index boosted returns to nearly 6% for the week. Fortinet Inc, IPG Photonics, and PayPal Inc were the top tech performers. Looking at returns through the size lens, small cap stocks outperformed mid cap which outperformed large caps. The Russell 2000 logged a 5.52% return while the S&P MidCap 400 index posted 5.42% return. After a depressing first quarter, Energy stocks have rebounded off their March lows and led all sectors last week after the price of oil catapulted almost $5. Phillips 66 was the top energy stock in the S&P 500 after stellar earnings and a positive outlook were reported last Friday. The positive news combined with the move in oil gave some visibility to the energy sector that investors have been looking for during the recent volatility. With only 21 companies in the S&P 500 set to report next week, earnings season will come to a close shortly after as almost 90% of the companies in the index have released their quarterly numbers. On the economic front, CPI and PPI will both be released next week as investors digest the impact of the slowdown on both the economy and the stock market.
Source: First Trust


Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments

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The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighed index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

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