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" ... The cyclical sectors like travel and restaurant stocks had generally done well lately amid reopening optimism. If there’s even a hint that the reopenings have to slow down or that progress against the virus is losing ground, we could end up seeing more of this cautious trading that appears to favor “stay-at-home” stocks like the FAANGs (almost all of which were up yesterday, incidentaly, though Facebook (FB) retreated following Tuesday’s sharp gains). ... "