For the first time since March, the S&P 500 traded above 3,000 today. However, it wasn’t able to hold on and closed at 2.992. Like the start of last week, we saw a little rotation in the market. The technology led NASDAQ traded in the red for most of the day with big tech taking it on the chin. Banks and value stocks in general, which have trailed since the March lows, faired better.
Memorial Day weekend saw people gathering in large groups at congested lakes and parks. Within two weeks we should have a pass or fail on the first Covid-19 economic reopening test.