Despite the S&P 500 continuing to take a hit, basic materials, and consumer goods stocks are showing some positive signs in the last week. On the other hand, technology and financial stocks are the most affected.
Under basic materials, Diamondback Energy (NYSE: FANG ) was the biggest gainer of the week with +11.95%. Devon Energy Corporation (NYSE: DVN) with a current stock price of $7.79 is also another gainer with 5.84%. It has also been a good week for ConocoPhillips (NYSE: COP) after closing the week at +5.52%.
The sector’s gains have been rallied by improving fuel prices. The oil sector is bouncing back with the hope that the industry will go a step further and start cutting production from the excess supplies due to the COVID-19 crisis.
Picks for you
With the record-high jobless claims and expectations of a deal on production cuts between Saudi Arabia and Russia, there was an opposing force in the session.
Notably, specialty chemicals continued to take a hit with International Flavours and Fragrance (NYSE: IFF) taking the biggest hit at -13.42%.
For consumer goods, McCormick & Co.(NYSE: MKC) was the biggest gainer at +10.31% with a stock price of $145.21. On the other hand, General Mills (NYSE: GIS) is also another big gainer of the week at +9.76% with a stock price of $54.88. Campbell Soup (NYSE: CPB) stocks were also high with +8.86%. Currently, the stock is trading at $45.45.
Despite some stocks showing positive signs, the entire market is still down amid the uncertainty around the Coronavirus.
Tech stocks down
On the lower side, almost all technology stocks have been bleeding with Alphabet (NYSE: GOOGL) stocks dropping by -3.95% with a stock price of $1117.03. Facebook (NYSE: FB) is also down by -3.15%. Adobe also had a bad week at -5.80% stock price.
Notably, Verisign (NYSE: VRSN) has been the biggest gainer with +3.35%. For the record, Verisign’s stock has only declined only 7% since the beginning of this year, at the current price of $181.80.
For financial stocks, JPMorgan Chase (NYSE: JPM) stock continued to underperform after closing the week at -10.81% with a price of $87.51. With each share trading at $20.57, the Bank of America (NYSE: BAC) stock is down by 9.46%. Visa stock is down by -6.80% with a price of $157.39.
A review of the YTD shows that the S&P 500 is down by 25.2% from $3,254.92 to $2,526.91 despite a positive start in April.
To deal with the current market meltdown, the Bank of America has cut S&P 500 target amid speculation for a recession.
