Important earning news is coming next week for S&P 500 powerhouses like Netflix and Intel; however, the market may be more preoccupied with when the economy is going to reopen.
Here’s what investors should be on the watch for. (CNBC)
There are also some important economic reports, including existing home sales on Monday and durable goods on Friday. But it is the weekly jobless claims data that will again be most relevant, as economists watch to see whether the number of workers seeking claims has now peaked and whether there are any signs some are returning to jobs, as government funds reach the hands of business owners.
In the past week, stocks were higher, but there was a divergence with the Dow up just under 2.2% at 24,242, and Nasdaq, surging 6%, lifted by tech and biotech. The S&P 500 gained 3% for the week and is now 31% off its March lows.
Stocks gained amid signs the virus outbreak has peaked and some reopenings could start slowly in the next few weeks.
The market also bounced Friday as the results of an early study of a Gilead drug showed promise with severe cases of coronavirus. Technology stocks were up about 4% for the week, and health care was up more than 5% while consumer discretionary stocks led with a gain of more than 6%.