Wall Street woke up to this new weekly cycle with optimism reborn from the hope that the worst may be over with regard to the spread of the COVID-19 pandemic, at least that’s what was inferred from Trump’s words, when he mentioned that the situation would be levelling off in the most affected areas. In addition to this, in Europe, the scenario remains very complicated but in Italy for example, and despite the Dante numbers of infected and deaths, the rate of spread and consequences appears to be already regressing, and I say it appears because the situation it is too fluid to have a reliable idea without two weeks of consistent data in the same direction.
In terms of the S&P500 sectors, gains are transversal and are quite relevant in almost all, with the exception of retailers of essential products, which functioned as a safe haven during the past week and are therefore weaker in relation to the rest of the market, where groups of companies linked to materials, finance, real estate and utilities account for more than 6% each, while energy companies value almost 4% despite the -3.5% drop in the price of WTI crude to $27.35 per barrel, but after three consecutive days gaining value, after touching $19.25 per barrel down and $29.10 on Friday, so a brutal fluctuation in just three sessions.
