US Stock Market Overview – Stocks Close Mixed, the Nasdaq Rises for 6th Consecutive Session

US stocks were mixed on Monday with the Nasdaq rising for the 6^th consecutive trading session, which helped buoy the S&P 500 index. The Dow Industrials and the broader Russel 2000 moved lower. Most sectors in the S&P 500 were lower, led down declines in real-estate and cyclicals, Healthcare was the best performing sector in the S&P 500 index.  Apple shares continued to move higher and along with Microsoft helped buoy the technology sector. Utilities are beginning to feel the weight of weak electricity uses as commercial buildings throughout the United States remain abandoned as states try to figure out how to move back to work.

US yields moved higher with the 10-year hitting 70-basis points a fresh one month high while the 2-year yield also backed up to 18-basis points from a low of 12 on Friday. The upward movement in US yields helped buoy the dollar which surged higher generating headwinds for some riskier assets. Oil prices were nearly unchanged on Monday.

The beginning of the End of the Quarantine

New York, the state in the US hardest hit by COVID-19 will begin a phased reopening this week that allows industries at low risk of spreading the coronavirus, including landscaping and drive-in movies, to resume operations, according to Governor Andrew Cuomo. The low-risk, outdoor businesses, and activities, which also include tennis, can reopen statewide on Friday as hospitalizations and infections from Covid-19 continue to decline. New York City is far from hitting the 10-criteria needed to begin to reopen.

Shanghai Disney Opens

Shanghai Disneyland reopened after closing in January, becoming one of the highest-profile tourist spots to reopen in China. The process is expected to be slow. Visitor numbers were capped, some attractions remained closed and the day featured none of the hallmarks for which the Disney parks are known including parades, fireworks, and meet-and-greets with familiar characters.