|Bid||11.67 x 100000|
|Ask||11.81 x 10000|
|Day's Range||11.50 - 12.50|
|52 Week Range||8.83 - 48.24|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The price of oil seems to be trending upward; maybe this is a buying opportunity. Four stocks in particular to avoid in June are Halliburton (NYSE: HAL), United States Oil Fund (NYSEMKT: USO), Occidental Petroleum (NYSE: OXY), and Patterson-UTI Energy (NASDAQ: PTEN). Here's why these Motley Fool contributors say you shouldn't be tricked into picking up shares of these likely underperformers.
(Bloomberg) -- Occidental Petroleum Corp. cut its quarterly dividend by 91% to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s ability to shoulder its debt.Occidental shareholders will receive a penny per share on July 15, the Houston-based company said in a statement Friday. The move extends a cut announced in March when it trimmed the payout to 11 cents from 79 cents.The surprise cut came the same day under-fire Chief Executive Vicki Hollub and the rest of the board of directors won re-election at Occidental’s annual shareholders’ meeting. The company will announce the final vote tallies in a regulatory filing later.Hollub has weathered extreme pressure from shareholders ever since outbidding Chevron Corp. to win the purchase of Anadarko Petroleum Corp. last year. The deal saddled Occidental with some $40 billion of debt that was looking hard to pay off even before Covid-19 wiped out global oil demand, sending crude prices plunging to an unprecedented minus $40 a barrel at one point last month.The benchmark U.S. oil price rebounded 88% in May to close the month above $35 a barrel, but it’s still 44% down from its high point in January and below a level that would ensure healthy cash flow for most producers.The dividend reduction will save Occidental about $360 million a year, but it’s a drop in the ocean compared to the wall of debt due over the coming years. The company probably kept a token payout to avoid mandatory selling of the stock by dividend funds and to signal that it aims to restock the stipend at some point in the future, according to Leo Mariani, an analyst at KeyBanc Capital Markets.“They need that extra money at $35 a barrel oil, so it’s the right move,” Mariani said by phone. “They’ve got to do whatever they can to survive.”What Bloomberg Intelligence SaysAlready reeling from elevated debt, a weak fundamental backdrop and investors disgruntled by the Anadarko deal, Occidental doesn’t have many near-term positives we can speak to.\-- Vincent G. Piazza and Evan Lee, analystsRead the full report here.The company’s primary focus is on “maximizing liquidity and reducing debt,” Hollub said at the annual meeting, held virtually on Friday. The company has gone from being a steady, diversified oil producer to a debt-laden, shale-focused driller that now has a market value of just $11.7 billion, less than a third of the price it paid for Anadarko. Its credit rating was downgraded to junk in March.The stock dropped 5.1% to $12.95 in New York on a day when West Texas Intermediate oil futures jumped more than 5%.Hollub fended off a shareholder revolt by making peace with the company’s second-largest shareholder, billionaire Carl Icahn, ending a nine-month public battle that included personal barbs against the CEO. However, it came at a cost. Hollub and her fellow directors agreed to cede some control by putting nominees of the activist investor on the board.(Updates with analyst’s comment from sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
After a bumpy couple of days, the S&P 500 traded somewhat quietly on Friday, after bouncing off the 3,000 area and 200-day moving average. With that in mind, let's look at a few top stock trades for next week. Top Stock Trades for Monday No. 1: Zscaler (ZS) Click to EnlargeSource: Chart courtesy of StockCharts.com Zscaler (NASDAQ:ZS) shares are ripping higher after better-than-expected earnings.Coming into the event, shares were trading higher, grinding up in a modest channel (blue lines) and maintaining about the 20-day moving average. However, shares were struggling to clear the $77.50 level.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThat is, until earnings. The stock opened up near prior 2019 resistance around $85, before surging up to $98 as shares ended the day Friday up 29%. From here, I wouldn't be surprised to see $100 hit, with the 123.6% extension up near $101.On the downside, however, I want to see prior resistance hold as support at $85 -- along with the prior high near $90. Top Stock Trades for Monday No. 2: Canopy Growth (CGC) Click to EnlargeSource: Chart courtesy of StockCharts.com Canopy Growth (NYSE:CGC) stock is getting crushed on Friday, down just about 20% after disappointing quarterly results.The move comes after last week's breakout and this week's continuation above the 200-day moving average and $20 mark. So, what now?As you can see on the chart above, CGC stock tried to rally back over the $18.25-ish area, which was the April high and a significant level dating back to October 2019. However, shares were rejected on this move.Bulls need to see this level reclaimed. If it can, it puts a gap-fill back up toward $20 in play, as well as the 200-day moving average. On the downside, I want to see the 50-day moving average and the backside of prior downtrend resistance (blue line) hold as support. Below puts $14 on the table. Top Stock Trades for Monday No. 3: Occidental Petroleum (OXY) Click to EnlargeSource: Chart courtesy of StockCharts.com Occidental Petroleum (NYSE:OXY) isn't looking too hot, down 5% on Friday. Shares were unable to push higher, most recently failing at $15 before rolling over.However, the lack of bullishness has been a multi-month process. Shares failed to reclaim the 23.6% retracement, before forming a series of lower highs. Now, it's losing the 50-day moving average, as well as uptrend support.From here, bulls need to see the $12.75 area hold as support. Below $12.50 and a retest of $10 isn't out of the question.Given how poorly the stock has done amid the big rebound in the S&P 500 and crude oil, traders may be better off looking elsewhere than OXY. I mean sheesh, crude just had its best month ever and Occidental is down about 20% for May.Shares do not look attractive amid the current setup. Top Stock Trades for Monday No. 4: Uber (UBER) Click to EnlargeSource: Chart courtesy of StockCharts.com Shares of Uber (NYSE:UBER) have made an impressive climb from the March lows. The stock hit $14 in March and continues knocking on the 78.6% retracement just below $36.The firm is in talks with GrubHub (NYSE:GRUB) to hammer out an all-stock deal. If the stock reacts bearishly to the news, we have to consider a pullback. In this case, look to the $31 area, where Uber will find its 200-day moving average and uptrend support (blue line).On a breakout over the 78.6% retracement, look for a possible gap-fill up toward $40.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post 4 Top Stock Trades for Monday: ZS, CGC, OXY, UBER appeared first on InvestorPlace.
Occidental Petroleum Corp. said Friday that its board of directors has declared a regular quarterly dividend of a penny a share, payable on July 15 to shareholders of record as of June 15. Friday's news was an update to the energy company's previously announced dividend policy change from March 10, in which Occidental reduced its quarterly dividend to 11 cents a share. Shares of Occidental have lost nearly 70% this year, compared with losses around 6.5% and 12% for the S&P 500 index and the Dow Jones Industrial Average in the same period.
A flurry of tentative bookings to export U.S. crude oil from the Gulf Coast suggests demand is edging up after the coronavirus slammed energy consumption worldwide. BP, Trafigura and Equinor have all tentatively fixed vessels this past week to carry U.S. crude to global destinations over the coming month, according to Refinitiv Eikon data and shipping sources. Commodities merchant Trafigura and Occidental Petroleum are among companies looking to book vessels to ship crude from the U.S. Gulf Coast to Asia, one shipbroker said.
(Bloomberg Opinion) -- The amount of new debt issued this year in the U.S. investment-grade corporate bond market will reach $1 trillion today, by far the fastest pace in history. The implications of that milestone depend on how you look at it.For businesses that had been ravaged by the coronavirus pandemic and the ensuing nationwide lockdowns, access to capital markets was a lifeline to get through the worst of the economic collapse. Sure, Carnival Corp. had to offer interest rates like a junk-rated borrower and Boeing Co. needed to include a so-called coupon step-up provision to offset jitters that it could lose its investment grades. But, in the words of Federal Reserve Chair Jerome Powell, these deals avoided turning “liquidity problems into solvency problems” for brand-name American companies.It’s worth remembering that until the Fed stepped in with extraordinary support for credit markets, averting widespread failures was far from guaranteed. Investors pulled a staggering $35.6 billion and $38 billion from investment-grade funds in the weeks ended March 18 and March 25, respectively. Before 2020, the previous record was $5.1 billion of outflows. I wrote on March 19 that bond markets were veering into a vicious cycle that could get ugly in a hurry — four days later, the Fed announced what would end up becoming a $750 billion backstop for corporate America.Now, the Fed hasn’t actually had to buy any individual bonds yet, a fact that Powell seems proud to share. “We may have to be lending money to those companies, but even better, they can borrow themselves now, and a lot of that has been happening and that’s a really good thing,” he said during May 19 testimony before the Senate Banking Committee.Most people would probably agree with that assessment, at least for the immediate future as the country grapples with restarting the world’s largest economy. But what about the longer-term view?Here, the rampant borrowing paints a more sobering picture. As of late April, 1,287 issuers worldwide rated between AAA and B- by S&P Global Ratings were considered at risk of a potential downgrade, up from 860 in March and 649 in February. That surpasses the previous all-time high set in 2009. “Generally, we expect heavy credit erosion in coming months as issuers, especially those in the lower-rated spectrum come under heavy fire from poor earnings, continued difficulties in managing cost structures, and market volatility creating limited funding opportunities,” said Sudeep Kesh, head of S&P’s credit markets research.That’s bad enough, but doesn’t even strike at the heart of the issue. Last year was supposed to be the beginning of a broad “debt diet” among companies that borrowed huge sums to finance mergers and acquisitions during the longest expansion in U.S. history. That didn’t end up taking place on a wide scale. Even a success story like AT&T Inc., which made headway in trimming its debt stack, still found itself back in the bond market recently, borrowing $12.5 billion on May 21 in what was the biggest deal since Boeing’s $25 billion blockbuster offering.When it comes to companies directly impacted by the coronavirus pandemic or structural changes to their industries, the “big three” of S&P, Moody’s Investors Service and Fitch Ratings haven’t shied away from taking action. Ford Motor Co., Kraft Heinz Co., Macy’s Inc. and Occidental Petroleum Corp. are just a few of the “fallen angels” that lost their investment grades earlier this year.The rating companies haven’t been quite as keen to react to high leverage metrics. I frequently refer back to this feature from Bloomberg News’s Molly Smith and Christopher Cannon, which found that of the 50 biggest corporate acquisitions in the five years through October 2018, more than half of the acquiring companies increased their leverage to a level that would seemingly merit a junk rating but remained investment grade on the assumption that they’d take that leverage down in the coming years. Those expectations seemed ambitious in 2018, when the economy was seemingly invincible. Now, no one can truly expect companies to focus on right-sizing their debt. Corporate leaders are rightfully eager to raise cash to get to the other side of the pandemic, especially with all-in yields not far off from record lows. The vast majority of the $1 trillion in borrowing so far this year was by no means imprudent.In the years ahead, however, the overhang from this issuance spree will inevitably weigh down credit ratings. A company with more debt presents a greater risk of missed interest payments than if it had fewer fixed obligations. Fortunately, for much of the previous expansion, firms had no issue finding investors willing to buy their long-term securities. That practice of rolling over debt and extending maturities might very well be the norm in the months and years ahead, too. Still, if the first five months of 2020 are any indication, investment-grade bondholders will have to get comfortable with even more bloated balance sheets and the prospect of further credit downgrades. For better or worse, with the confidence that the Fed has their back, that seems like a risk investors are willing to take.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired $24.5 billion of Occidental bonds that helped fund the August 2019 merger. Investors said Occidental should have disclosed in its stock and bond registration statements how quadrupling its debt load to $40 billion would leave it "precariously exposed" to falling oil prices, and undermine its ability to boost shale oil production and its common stock dividend.
Last week I wrote that this was the end of the Warren Buffett era as Berkshire (BRK)(BRK) underperformed the S&P 500 (SPX) over the entire 2009-2020 bear market. Many Buffett fans responded by saying don’t count Buffett out yet because when (not if) the market tanks again, he’ll have more than $130 billion in cash to scoop up bargains. Based on Berkshire’s SEC filings, three of Buffett’s biggest recent investments—Kraft Heinz (KHC) , Occidental Petroleum (OXY) , and airline stocks—have lost at least $7 billion altogether out of an investment of roughly $10 billion in each.
A record number of companies have seen their debt downgraded in the wake of the pandemic. As many institutions are forced to sell these now-junk bonds, that could be a buying opportunity for individuals. Here’s the best way to invest, wherever you are on the risk spectrum.
Occidental Petroleum Corp. said Monday it informed Total S.A. that it would not be in position to sell its Anadarko assets in Algeria, as part of an understanding with Algerian authorities on the transfer of Anadarko's interests to Occidental. The energy company had completed its acquisition of Anadarko Petroleum Corp. in August 2019. Also in August, Occidental and Total had entered into a an agreement for Total to buy Anadarko's assets in Africa. Separately, Occidental said it was informed by Total that Total was not interested in buying Anadarko's interests in Ghana "in the current circumstances." Occidental said the company's have entered into an agreement in which Occidental can start marketing its Ghana assets to third parties. Occidental's stock shot up 6.5% in premarket trading on Total shares surged 8.2%. Over the past three months through Friday, Occidental's stock has tumbled 66.8%, Total shares have shed 32.1% and the S&P 500 has lost 15.0%.
U.S. stock indexes were set to open sharply higher on Monday on optimism fueled by encouraging data from a potential COVID-19 vaccine trial, with investors also counting on more stimulus to rescue the economy from a deep economic slump. Drugmaker Moderna Inc said its experimental vaccine for COVID-19 showed promising results in an early stage study. Markets were also encouraged by Federal Reserve Chairman Jerome Powell's remarks over the weekend on a gradual economic recovery, and his affirmation that more monetary stimulus was on the way if required.
U.S. stock index futures surged on Monday with gains spread across stocks ranging from autos to oil as many of the hard-hit countries eased restrictions on business and social activities, boosting hopes of a global economic recovery. Oil and gas heavyweights Exxon Mobil Corp, Chevron Corp and Occidental Petroleum Corp rose between 2.5% and 5% after oil prices surged on the prospect of higher demand. Investors were also encouraged by Federal Reserve Chairman Jerome Powell's views on a recovery and hints on more monetary stimulus if required.
Investing guru Carl Icahn has initiated a position in Delek US Holdings (DK), a 13F SEC filing confirms. The 84-year old snapped up 10.5 million DK shares, with a value of $166,000, during the 3-months ended 2020Q1. In March, Icahn revealed a 14.8% stake in Delek, leading the company to adopt a shareholder rights plan.“We have no choice but to take action to prevent a creeping change of control without a premium and on terms that would not deliver sufficient value for all shareholders,” Delek stated at the time.As well as Delek, Icahn also boosted his position in Occidental Petroleum (OXY) by 66 million shares (or 293%), Welbilt (WBT) by 2 million, Newell Brands (NWL) by 2.5 million, the beleaguered car rental company Hertz Global Holdings (HTZ) by 11 million, and Cheniere Energy (LNG) by 0.5 million. At the time of the filing, his total portfolio of 19 stocks was worth $18 billion.Occidental Petroleum is Icahn’s fifth biggest portfolio holding with a total of 88.6 million shares, making up 5.70% of the total portfolio. “While the stock remains somewhat of an option value given massive debt, we believe shares would react positively if all debt is pushed out beyond five years,” SunTrust analyst Neal Dingmann commented recently, as he upgraded the stock from Sell to Hold with a $13 price target.Aside from OXY, Icahn’s number one stock remains Icahn Enterprises, with CVR Energy (CVI) in second place- and Icahn has already stated that Delek “could present an excellent synergistic acquisition opportunity” for CVI.Delek recently announced that it closed the sale of the Bakersfield refinery for $40 million in cash. With the sale, DK expects to eliminate $14 million in annual operating expense and eliminate certain environmental obligations and asset retirement liability reserves on the balance sheet.“We think this is positive for DK, as we expect most (like us) ascribed zero value to the Bakersfield asset. This represents “found money” of more than $0.50 per share, and while there might be some tax leakage, opex savings would increase that figure” cheered RBC Capital Brad Heffern on May 7.Nonetheless he reiterated his Hold rating on the stock with a $16 price target, explaining that “DK does have some sum-of-the-parts upside, but we see the company potentially struggling to unlock this.” Shares in Delek have plummeted 47% on a year-to-date basis, and the stock shows a Hold analyst consensus.In the last three months the stock has received 8 hold ratings vs just 1 buy and 3 sells. The $20 average analyst price target indicates 15% upside potential lies ahead. (See Delek stock analysis on TipRanks).Related News: Hertz Reveals Weak Q1 Earnings; ‘Going Concern’ Update Uber Announces $750M Notes Offering, As GrubHub Takeover Reports Swirl Zoom’s Expansion Plans Feature Two New R&D Centers, Hiring Hundreds More recent articles from Smarter Analyst: * Agilent Up 5% On Solid Revenue Beat, But Top Analysts Stay Cautious * Facebook-Backed Reliance Launches Powerful Online Grocery Service In India * European Launch of Kylie Skin Boosts Coty Stock by 15% * Boeing Cuts 25% Of Its Workforce At Winnipeg Site; Top Analyst Slashes PT To $155
When it comes to investing, Warren Buffett, chairman of Berkshire Hathaway (BRK) is unquestionably the greatest who ever lived, posting an extraordinary record over more than five decades. From 1965 through 2018, Berkshire racked up a 20.5% compound annual return, more than double that of the S&P 500 (SPX) including dividends. Buffett also is a beloved multibillionaire in an age when the superrich are vilified.
A rash of downgrades for energy companies is changing the landscape of high-yield bonds. How fund managers are evaluating these bonds, and how investors should evaluate the managers.
Occidental Petroleum (NYSE:OXY) announced its Q1 earnings on May 5 after the market closed. The COVID-19 pandemic as well as the result of the price war between Saudi Arabia and Russia have caused oil stocks to plunge. In 2020, OXY stock has tumbled about 66%.Source: Pavel Kapysh / Shutterstock.com Yet that price decline shows only half the story. In recent weeks, markets have been rising on days we get optimistic headlines regarding the end of the lockdowns and the stabilization of oil prices. On such days, OXY stock has climbed. On March 18, the shares hit a multi-year low of $9. Now they are hovering around $14.So should investors commit new capital to the embattled energy company? I believe any potential short-term recovery has already been priced into OXY stock. Therefore, if you do not yet own the shares, you may want to wait for a pullback of the stock before buying it. Here's why.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 A-Rated REITs to Buy Now The past several weeks must have been among the most challenging in Occidental Petroleum's recent history. Since early March, the price of oil has plummeted. The price of West Texas intermediate (WTI) is used as a benchmark for U.S. oil. In early January, it was around $60. By late March, it was down to $20.In March, the company's board decreased the stock's quarterly dividend to 11 cents per share from 79 cents per share, effective July 2020. Management also agreed to reduce Occidental's 2020 capital spending to $3.5 billion - $3.7 billion from $5.2 billion - $5.4 billion and to implement additional operating and corporate cost reductions."Due to the sharp decline in global commodity prices, we are taking actions that will strengthen our balance sheet and continue to reduce debt," said CEO Vicki Hollub. "These actions lower our cash flow breakeven level to the low $30s WTI, excluding the benefit of our hedges, positioning us to succeed in a low commodity price environment."However, on April 21, the price of WTI turned negative for the first time in history. Put another way, oil producers were paying buyers to take the commodity off their hands. They were afraid to run out of storage capacity in May. Now WTI is hovering around $24.Analysts see low demand as a big risk facing oil stocks. Globally, airlines are not flying, and manufacturing plants have been shut down for weeks. So major buyers are not consuming much oil. As a result, oil has been accumulating in storage facilities in the U.S.And Occidental's recent quarterly results show the impact of these difficulties. Occidental's Q1 ResultsOccidental just released its first-quarter results. Its net loss came in at $2.2 billion, or $2.49 per diluted share. Its loss, excluding certain items, was $467 million or 52 cents per diluted share.Occidental stated that, "first quarter results were impacted by the steep decline in oil prices in March triggered by a significant drop in oil demand." And that is why it reported a substantial loss. One positive highlight was that it had $1 billion of mark-to-market gains on crude oil hedges, which helped reduce its losses.By comparison, in late February, when the company released its Q4 results , its net loss was $1.3 billion, or $1.50 per diluted share.It is easy to see the adverse impact that macro issues had on Occidental's earnings. My main takeaway from the firm's quarterly results and its conference call is that business prospects may not return to their pre-outbreak levels for some time. Oil companies' losses may be even worse when they report their Q2 results this summer. Can OXY Stock Reach Its Pre-Coronavirus Highs Soon?In conjunction with the plunge in the price of oil, oil stocks have plummeted. I don't expect OXY stock to go back to its 2019 highs or even its January 2020 levels anytime soon.A year ago, OXY stock hit a 52-week high of $60.73. It began 2020 around $45. In late February, the shares' current decline started.In March, activist investor Carl Icahn increased his stake in Occidental from 2.5% to almost 10%.OXY stock, like other oil names, will be quite volatile in the near-term. Given the significant risk facing oil producers now, the stock is likely to be volatile for some time.Occidental Petroleum has already cut its dividend. It is quite difficult to make an immediate and strong bullish case for Occidental after that move.Currently, the company is cutting its expenses and decreasing its capital spending. Yet it has around $40 billion of debt. If there is another setback for the industry in general or for Occidental in particular again soon, there's a good chance that the Street will become concerned about the company's debt and its balance sheet. The Bottom Line on OXY StockOccidental's Q1 results showed how difficult the rest of the year may be for the energy company and its peers. On paper, all oil stocks, including OXY, look cheap. But they may be cheap for a good reason.At this point, I would not yet commit new capital to OXY stock. We simply don't know when oil demand will rebound further. However, if the shares decline, I would look to be a buyer of the stock between $10 and $12.If you already own OXY stock, you may want to wait and ride out the choppy waters. Alternatively, you may consider initiating an ATM covered call position with, for example, a horizon of over two months. A covered call that expires on July 17 would decrease the volatility of your portfolio, offer some protection against declines by the stock and enable you to participate in a potential rally of the shares.On a final note, I would continue to watch moves that Icahn and, potentially, other activist investors make vis-a-vis the shares. There may be a takeover bid for Occidental Petroleum, possibly by Chevron (NYSE:CVX) or another large oil firm.Tezcan Gecgil has worked in investment management for over two decades in the U.S. and U.K. In addition to formal higher education in the field, she has also completed all 3 levels of the Chartered Market Technician (CMT) examination. Her passion is for options trading based on technical analysis of fundamentally strong companies. She especially enjoys setting up weekly covered calls for income generation. As of this writing, Tezcan Gecgil has OXY covered calls (May 8 expiry). More From InvestorPlace * America's 1 Stock Picker Reveals Next 1,000% Winner * 25 Stocks You Should Sell Immediately * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post Should Investors Buy Occidental Stock in May? appeared first on InvestorPlace.
The S&P 500 and the Dow fell on Wednesday as declines in financials and defensive groups countered gains in tech shares and as data showed U.S. private employers laid off 20 million workers in April, underscoring the economic fallout of the coronavirus outbreak. The tech-heavy Nasdaq ended higher, although indexes pulled back late in the session especially after U.S. President Donald Trump said China may or may not keep a trade deal between the two countries. Only two of the 11 major S&P sectors were positive, with tech leading.