Financials, Insdustrials Lead 52-Week Highs as Tech Falls

Tuesday, February 23, 2021 2:29 PM | Nick Dey

During trading Tuesday, 186 stocks traded to a 52-week high, while 4 stocks bottomed out at new 52-week lows. The S&P 500 is down 0.33% so far today while the Dow is down 0.14% and the Nasdaq is down 1.49%. Tech and stocks are leading the market lower today, falling 1.29% as investors rotate from their covid-plays to their reopening picks as the reflation trade picks up. Helping hasten people’s jump to their reflation picks is rising Treasury yields that continue to worry investors of incoming inflation. Meanwhile, the House of Representative Budget Committee advanced President Joe Biden’s economic stimulus plan, a much needed step if it is to pass before boosted unemployment benefits expire in mid-March. Lastly, Fed Chairman Jerome Powell signaled that the Federal Reserve is a “long way” from scaling back bond buying and that it will continue as outlook improves.

The following stocks traded to 52-week highs: ABCB, ABM, ADM, AFG, AGYS, AIN, AIT, ALK, AMP, ATI, AUB, AVD, AXGN, AXP, BAC, BANR, BKU, BOKF, BPOP, BV, BXS, BYD, CADE, CAR, CASH, CAT, CATY, CB, CBRE, CBU, CBZ, CFG, CFR, CHDN, CIT, CMA, CMC, CNMD, CNOB, COF, COLB, COO, CTB, CTVA, CUBE, CUBI, CVBF, DBD, DE, DIS, DLX, DORM, DOW, EEFT, EGBN, ERII, EXPO, EXR, FBNC, FBP, FCF, FFIC, FFIN, FFWM, FHB, FI, FIBK, FNB, FRC, FRME, FRTA, FSS, GBCI, GDEN, GTES, HAFC, HBAN, HBNC, HCC, HES, HLNE, HMST, HOMB, HONE, HRI, HSC, HUBB, IBOC, IBTX, IMAX, INDB, IPG, JBT, JLL, JPM, KEY, KFRC, KFY, KOP, KRA, KRG, LSI, LUV, MAR, MATW, MCY, MET, MGM, MGY, MRO, MTDR, MTX, MWA, NBHC, NEWT, NSA, NSC, NUE, NXST, NYCB, ONB, PACW, PB, PBCT, PDCE, PFC, PFGC, PNC, PPBI, PRIM, PSA, PSEC, RCII, RF, RHI, RJF, RNST, ROLL, RS, SASR, SBCF, SBSI, SCHW, SF, SFBS, SFNC, SITC, SKY, SKYW, SNA, SSB, STL, SXC, SXT, SYY, TBI, TCF, TFC, TGNA, TJX, TMST, TOWN, TRMK, TRS, TRTN, TSC, UBSI, UCBI, UMBF, UMH, UVSP, VAC, VBTX, VLY, WBS, WH, WMB, WOR, WSFS, WTFC, WWW, WYNN, XEC, XHR, ZBRA, ZION

The following stocks traded to 52-week lows: BLUE, GTT, SRPT, VYGR

The following ETFs traded to a 52-week high: BJK, DBA, DVY, EPP, EWA, EWH, FXB, FXC, IYF, IYG, JJA, JJC, JJG, KBE, KRE, OIL, RJA, SDY, UGA, XLF

The following ETFs traded to a 52-week low: TLH

Financial Services: ABCB, AFG, AMP, AUB, AXP, BAC, BANR, BKU, BOKF, BPOP, BXS, CADE, CASH, CATY, CB, CBU, CFG, CFR, CIT, CMA, CNOB, COF, COLB, CUBI, CVBF, EGBN, FBNC, FBP, FCF, FFIC, FFIN, FFWM, FHB, FIBK, FNB, FRC, FRME, GBCI, HAFC, HBAN, HBNC, HLNE, HMST, HOMB, HONE, IBOC, IBTX, INDB, JPM, KEY, MCY, MET, NBHC, NEWT, NYCB, ONB, PACW, PB, PBCT, PFC, PNC, PPBI, PSEC, RF, RJF, RNST, SASR, SBCF, SBSI, SCHW, SF, SFBS, SFNC, SSB, STL, TCF, TFC, TOWN, TRMK, TSC, UBSI, UCBI, UMBF, UVSP, VBTX, VLY, WBS, WSFS, WTFC, ZION

Financial Services stocks dominated our list of highs today with 90 out of the 186 total stocks that reached their high coming from the Financial Services sector. The Financial Services sector is outperforming the market, increasing 0.11% so far on the day. Over the last month the Financial Services sector has outperformed the market, increasing 6.9% while the S&P increased 0.61%. Chubb (CB) announced that they are launching a new brand aimed at deliverying insurance products for digitally savvy consumers. Meanwhile, giants Bank of America (BAC), JP Morgan Chase (JPM), and American Express (AXP) all reached highs today as the Financial sector rallies.

Industrials: ABM, AIT, ALK, ATI, BV, CAR, CAT, CBZ, DE, ERII, EXPO, FRTA, FSS, GTES, HRI, HSC, HUBB, JBT, KFRC, KFY, LUV, MATW, MWA, NSC, PRIM, RCII, RHI, ROLL, SKYW, SNA, TBI, TRS, TRTN, WOR

The Industrials sector had the second largest presence on our 52-week highs, with 34 out of 186 highs coming from the Industrials sector. The Industrials sector is outperforming the market today, decreasing -0.17% so far on the day. Over the last month the Industrials sector has outperformed the market, increasing 2.47% while the S&P increased 0.61%. Alaska Air (ALK) in on highs after being upgraded yesterday at Deutsche Bank to Buy from Hold, with a price target of $75. Meanwhile, the CFO of Avis Budget disclosed that they purchased nearly 24,000 worth approximately $1.1 million. Lastly, Gates Industrial (GTES) was upgraded today at RBC Capital Markets to Outperform from Sector Perform.

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