The market as a whole hasn’t gone much of anywhere this morning. As of 11:30 a.m. New York time the Standard & Poor’s 500 was ahead 0.25%; the Dow Jones Industrial Average was off 0.54%; and the NASDAQ Composite was down 0.15%.
But that apparent non-action hides an effort by some stars of the last rally to reassert leadership–which would be a good thing in this very uncertain and volatile market. (Or at least a good thing if you’re long U.S. stocks.)
So, for example, Netflix (NFLX) hit a new 52-week high this morning at $325.27 before pulling back. Similarly Amazon (AMZN) hit a new 52-week high in intraday trading. Apple (AAPL) is ahead 0.5%. Alphabet (GOOG) is up 0.04%.
Commodity stocks, which took a hit during the tariff/trade war sell off on fears of a slowing global economy, are also bouncing back today, especially in the copper and lithium sectors. Southern Copper (SCCO), for example, is up 2.74% and First Quantum Minerals (FQVLF) is ahed 4.14%.
All this constructive work is tentative, of course, especially in the commodity stocks where a tweet on the Trump administration’s tariff proposal could reverse all gains.