Communications ETF leads S&P sectors Tuesday, on track for best week in almost 2 months

/ / News

The biggest exchange-traded fund tracking the communications services was the strongest gainer among the 11 sectors of the S&P 500 Tuesday, as investors rewarded a strategic revamp by Disney Corp. and pivoted back to big tech names. The Communications Services Select SPDR fund was up 0.6% at midday, on track for its best week in nearly two months. Shares of one of the fund’s biggest holdings, Disney, were more than 4% higher after the company said Monday night it would reorganize its operations to focus more on streaming services. Other holdings, including Electronic Arts Inc. and Netflix, Inc. were more than 1% higher, as investors retreated to the safety of proven stay-at-home tech names.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.