Buy Idea S&P 500

TVC:SPX   S&P 500 Index
Wall Street and in particular the Nasdaq resumed its sell-off during the first half of the US trading session pressured by the continued weakness in high-flying tech names and the rising US Treasury yields. Better-than-expected job data and the outlook for more US fiscal stimulus stabilized markets now and pushed stocks that benefit from an economic reopening back in positive territory. The tech heavy Nasdaq dropped nearly 6% this week and is on pace for its worst weekly slide since March 2020. Pandemic winners such as Peloton (~ -19%), Zoom (~ -14%), Twilio (~ -16%) saw massive losses this week, but also blue chips such as Tesla (~ -14%) suffered strongly from rising inflation expectations. We position us LONG in the S&P 500 , which was mostly dragged down from losses in tech and lost all it's gains from 2021. I expect the S&P 500 to end the day higher led by strong gains in the energy sector (with strong gains of ExxonMobil (+ 2.9%) and even stronger gains (as expected) from Chevron (+ 4.1%!) and the prospect of a strong recovery (support by cheap money and further fiscal stimulus) to outweigh fears of higher interest rates for the first time this week.
Trade closed: target reached