The Dow and S&P 500 traded higher on Tuesday, even as traders booked profits from tech stocks.
 | TUE, JUL 21, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | BA | 178.63 | +4.21 | +2.41% | | MSFT | 208.75 | -2.85 | -1.35% | | XOM | 44.65 | +2.15 | +5.06% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | BAC | 24.42 | +0.84 | +3.56% | | GE | 7.04 | +0.17 | +2.47% | | AAL | 11.47 | UNCH | UNCH | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 11.47 | UNCH | UNCH | | AMD | 57.00 | -0.46 | -0.80% | | UAL | 33.07 | +0.74 | +2.29% | |
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Coronavirus cases are spiking, reopening plans are stalling and the employment recovery is reversing in several states. CNBC's Jesse Pound took a look at data from scheduling firm Homebase and found that in six states, including Florida, Arizona and Texas, the number of employees going to work declined by at least 5% between June 14 and July 19. The trend hasn't stymied markets, but it could. "While most forecasters likely anticipate the pace of labor improvement to slow somewhat from the heady progress in May and June, a more-severe slowing or even a reversal of recent labor gains could materially impact second half growth estimates," Deutsche Bank said in a note.  The Dow Jones Industrial Average and the S&P 500 posted gains on Tuesday, while the Nasdaq fell as investors pulled back on technology names that have soared since the market bottomed in March. Second quarter earnings are expected to be down more than 40% year over year amid the ongoing pandemic, but investors have written off this expected bad news and continue looking forward to the next round of federal stimulus. "In times like this, despite a massive and rising budget deficit for the US, I believe big government is likely to be good news for the stock market," Kristina Hooper, Invesco's chief global market strategist, said in a note. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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