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AlphaTALKS Wall Street Breakfast, Nov. 21: What Moved Markets This Week

Wall Street Breakfast

AlphaTALKS Wall Street Breakfast, Nov. 21: What Moved Markets This Week

Stock markets failed to maintain an early week rally caused by positive news on a coronavirus vaccine. The second half of the week was marked by a search for direction as the S&P 500 (SP500) clung to gains. The technology-heavy Nasdaq (COMP) was stronger than the broader market.

Crude oil prices (CL1:COMresponded better to vaccine news this week, flirting with $42/barrel. WTI futures are up more than 17% in November, nearly twice the S&P.

Economic data releases came up short of expectations, with October retail sales trailing estimates and jobless claims rising for the first time in five weeks.

Winners & Losers

Cyclical sectors led the way, with financials, industrials, and energy stocks gaining ground. The Financial Select SPDR ETF (NYSEARCA:XLF) is up around 3% this week. The Vanguard Industrials ETF (NYSEARCA:VIS) has rallied by more than 4% and the iShares Global Energy ETF (NYSEARCA:IXC) by more than 8%.

Among individual stocks, Diamondback Energy (NASDAQ:FANG) is up 25%. Devon Energy (NYSE:DVN) and TechnipFMC (NYSE:FTI) added 21% and 23%, respectively.

Retail was another bright spot, with the SPDR S&P Retail ETF (NYSEARCA:XRT) adding 7.7% this week. L Brands is up 20% after beating quarterly estimates on Wednesday. Under Armour (NYSE:UA) shares rallied 16% after upgrades and speculation an activist investor could enter the fray.

Healthcare stocks were one of the main losers after Amazon (NASDAQ:AMZNmade waves with the launch of a pharmacy business. The iShares US Healthcare ETF (NYSEARCA:IYH) is down 1.5% on the week. Shares of Cardinal Health (NYSE:CAH) and Walgreens Boots Alliance (NASDAQ:WBA) are each down about 7%. Regeneron Pharmaceuticals (NASDAQ:REGN) is down about 7.5%.

Defensive stocks like utilities also sold off this week, with the Utilities Select Sector SPDR ETF (NYSEARCA:XLU) down about 3%.

On the earnings front, Home Depot (NYSE:HD) and Lowe’s (NYSE:LOW) beat estimates but shares fell. Target (NYSE:TGT) also posted a strong report and saw its shares rally by more than 7% on the week.

There was big news from Boeing (NYSE:BA), with the FAA clearing the 737 MAX to return to the skies. Shares are up 16% this week.

What Caught Our Eye(s) This Week

Please note: Next week’s episode is canceled due to the Thanksgiving holiday in the U.S.

About This Podcast

Alpha TALKS Wall Street Breakfast is a weekly roundtable covering what moved markets this week (WMMTW), featuring a panel of Seeking Alpha editors.

Hosted by Nathaniel E. Baker, Contributing Editor, and featuring:

  • Bradley Olesen, VP News;
  • Kim Khan, Senior News Editor;
  • Stephen Alpher, Managing Editor News, co-host of Seeking Alpha’s Alpha Trader podcast.

AlphaTALKS videos, featuring highlights of this podcast, publish every Friday by close of trading. Watch this week’s here.

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