Business Friendly Trump Agenda Doubts Hits Stocks
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Business Friendly Trump Agenda Doubts Hits Stocks. Stocks in heat map are based on the top 10 holdings of each sector ETF. Click on each picture to zoom in. Below is a summary of today’s action on Wall Street provided by CNBC:
The S&P 500 (SPY) tumbled 1.54% today as Business Friendly Trump Agenda Doubts Hits Stocks. S&P sector decliners led advancers by 10 to 0. Sectors that dropped more than 1% included consumer discretionary (XLY), energy (XLE), financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB) and technology (XLK). Consumer staples (XLP), real estate (XLRE) and utilities (XLU) fell less than 1%.
The Dow Jones industrial average fell 274.14 points, or 1.2 percent, for its biggest drop since May 17, to close at 21,750.73. The index also snapped a four-day winning streak. (CNBC) The index started falling earlier on fears that Gary Cohn, a business friendly advisor to the president, could resign his role as director of National Economic Council because of Trump’s remarks following the violent protests in Charlottesville, VA. (CNBC) CNBC later confirmed that Cohn will remain with the administration. (CNBC)
The Nasdaq composite lagged, falling 1.9 percent to 6,221.91, marking its third-largest daily drop of the year. (CNBC) Investors also kept an eye in Europe, after a van drove into pedestrians in a terror attack in Barcelona. (CNBC) Still, the concern remains that members of Congress and others in the business community would not want to work with the President following the backlash that led Trump to dissolve two CEO advisory forums. (CNBC)
Credit: Sector Graph provided by Sector SPDR app. Sector breakdown provided by Charles Schwab. Sector heat map provided by finviz. Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.
S&P 500 Sector Graph
S&P 500 (SPY)
Consumer Discretionary (XLY)
Consumer Staples (XLP)
Real Estate (XLRE)
S&P 500 Sector Heat Map