(Repeats from Friday, no changes to text. Adds chart) ** S&P 500 dips 0.2% amid deluge of qtrly reports, gloomy economic data. Q1 GDP contracted at 4.8% annual rate with many analysts expecting bigger hit to come ** Indeed, at first, the SPX was making progress, climbing another rung on the ladder, with the Nasdaq 100 the point man ** Then the SPX tried to leap a Fibo fence, while the Nasdaq 100 tried to capture the flag ** But by Fri, there was a quick flip ** In the end, majority of sectors advance: energy and communication services rise most, while utilities and healthcare drag ** Energy jumps 2.9%. Oil and gas stocks gain on signs of fuel demand pick-up ** Communication Services add 2%. Alphabet rises on double-digit ad revenue growth and Facebook leaps on ‘signs of stability’ in ad spending after coronavirus drop ** Industrials up 1.2%. Southwest Airlines rises after $4 bln liquidity boost; airlines rally. But sector falls Fri as President Trump threatens new tariffs on China ** Tech edges up 0.2%. Apple rises as sales inch higher despite coronavirus, but CEO Tim Cook sees uncertain future ** Consumer discretionary loses 1.1%. Amazon.com retreats >7% Fri on possible Q2 loss as it forecasts $4 bln in COVID-19-related costs. AMZN swept aside by the chart’s tide ** Healthcare slides 2.6%. Gilead drops on profitability concerns over potential COVID-19 drug ** Meanwhile, more individual investors take a seat on the fence, and nevermind the data, just watch the reopening ** SPX sector performance YTD: (Reporting by Lance Tupper and Terence Gabriel)
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