As lockdowns are eased across the country, Americans are slowly but surely getting out of their homes and engaging with the world outside again. That provides some opportunities for investors to benefit from the next group of stocks that will perform well, according to Shawn Snyder, head of investment strategy at Citigroup's Personal Wealth Management unit. Still, some shares that did well during the lockdown represent the “future of America” and aren't just flashes in the pan, he says.
Snyder joined the “What Goes Up” podcast this week to discuss his outlook for the market. Some highlights of the conversation:
“The future of America, and I think it's always been this way but it's been accelerated by Covid-19, is rising demand for cloud computing, telemedicine – in this case because of Covid-19 – thermal imaging so that you can check temperatures. Those things have really done well. Including in-home entertainment, the more popular names that we tend to think about, they actually have positive returns year to date. Whereas the ‘get me out' stocks are still quite depressed but they're improving. And there are several data points …that point toward Americans actually getting out of their houses.”
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