Oil stocks are pushing the indexes higher today as the sector gets an upgrade from a big bank. The reopening stocks are having a day while Amazon and the Nasdaq get sold off. This has been the leapfrog pattern for months so we shouldn't expect to start another week any other way. Tech will likely bounce back tomorrow, then reopen trade again on Wednesday and so on an so forth.
In stock news, Amazon signed a deal with the NFL to stream Thursday Night Football games a year earlier than expected. This puts Prime in a prime position to expand it's reach. But it comes at a cost of over a billion dollars for the rights to stream. So that's probably one reason why #AMZN is getting sold off today...the market doesn't like anything that puts a dent in earnings.
Fedex and UPS are surging on analyst upgrades to buy from hold today. Stock PRO picked up a buy signal on #FDX last week and it's already a leading stock in the portfolio.
Oil, materials and retail? are leading the day as the reopen trade gains more steam.
Here's the heatmap for the day, showing the Nasdaq stocks in the red while most other sectors are in the green.