FANG - Market Struggles For Direction After Vaccine Rally

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:COM) responded 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 (XLF) is up around 3% this week. The Vanguard Industrials ETF (VIS) has rallied by more than 4% and the iShares Global Energy ETF (IXC) by more than 8%.

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Market Struggles For Direction After Vaccine Rally