Which stock has performed best since the market top in mid February?
If you guessed a pharmaceutical company with a promising coronavirus treatment, you wouldn’t be far off. A technology company that enables work-from-home computing would also be a good guess, but also wrong.
How about a financial company?
It’s counterintuitive — but true. MarketAxess Holdings Inc. /zigman2/quotes/202710814/composite MKTX -0.80% has gained 49.14% since the S&P 500’s record close on February 19, according to Dow Jones Market Data, even as concerns about households and businesses facing cash flow problems and rock-bottom interest rates have pushed the financial sector to be the second-worst performing S&P 500 sector this year, behind only energy.
|Company Name||% Change|
|MarketAxess Holdings, Inc.||49.14|
|Regeneron Pharmaceuticals, Inc. /zigman2/quotes/203149337/composite REGN||42.61|
|Newmont Corporation /zigman2/quotes/205356474/composite NEM||35.13|
|Citix Systems, Inc. /zigman2/quotes/206700852/composite CTXS||25.82|
|Cabot Oil & Gas Corporation /zigman2/quotes/205804016/composite COG||25.77|
|Clorox Company /zigman2/quotes/206443229/composite CLX||24.73|
|Incyte Corporation /zigman2/quotes/204510994/composite INCY||19.46|
|Gilead Sciences, Inc. /zigman2/quotes/210293917/composite GILD||18.17|
|Fortinet, Inc. /zigman2/quotes/205733290/composite FTNT||17.66|
|Take-Two Interactive Software, Inc. /zigman2/quotes/204008930/composite TTWO||17.51|
|Source: Dow Jones Market Data|
Yet MarketAxess, which brands itself as “the leader in e-trading for global fixed income,” may be in a sweet spot as investors from individuals to the United States Federal Reserve give bonds another look — as both issuers and buyers.
As MarketWatch’s Philip van Doorn noted earlier in April, MarketAxess increased revenue 35.7% from a year ago in the first quarter — more than pandemic darlings Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN +2.71% and Netflix Inc. /zigman2/quotes/202353025/composite NFLX -0.84% Trading volumes were up 29% compared to a year ago starting in February, company executives said on their quarterly earnings call in late April.