Stocks Near Pre-COVID Highs - Thursday, May 12

Yesterday, we outlined the percentage of stocks in each S&P 500 sector that were below their pre-COVID highs to show that many of the stocks that surged due to pandemic effects have significantly fallen off, netting long-term holders a negative return since the onslaught of the pandemic. Yesterday, the S&P 500 by 1.6% to a new 52-week low on a closing basis, but the index was still up over 15% relative to the pre-COVID highs. Along with this move from the broader index, three stocks broke below their pre-COVID highs for the first time. As things currently stand, 41.2% of S&P 500 members are now below their pre-COVID highs, and an additional 18 stocks (3.6% of members) are just 2% or less above their closing high prices between the start of 2019 and the end of February 2020.

The three stocks that broke their pre-COVID highs for the first time since surpassing these levels in the midst of the bull run are Amazon (AMZN), PNC Financial (PNC), and one other. AMZN has had a rough go of it ever since it reported earnings in late April, while PNC and BAC have moved lower alongside a sell-off in the broader financial sector. The six-month price charts of these three names are outlined below.  

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As mentioned above, there are 18 stocks that were trading within 2% of their pre-COVID highs as of yesterday’s close, and charts of each one are highlighted below. Looking through them, some have already traded well below their pre-COVID highs but have since rebounded while a number of others haven’t traded at these levels in months. In fact, six of them closed at new six-month lows yesterday (AOS, BR, LEN, MGM, NVR, and SYK).

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Disclaimer: Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any ...

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