Expanded GDP Power Stocks Higher
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after expanded GDP power stocks higher. 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:
Brendan McDermid | Reuters The S&P 500 hit an intraday record, but finished just below the flatline at 2,626.07 as a decline in tech stocks offset a strong performance from the financials sector. The tech sector fell 2.6 percent, while financials surged 1.8 percent.
The S&P 500 (SPY) barely moved today, falling 0.04% as expanded GDP power stocks higher. S&P sector advancers led decliners by 8 to 2. Financials (XLF) led advancers with a 1.71% gain. Consumer discretionary (XLY), consumer staples (XLP), energy (XLE), healthcare (XLV), industrials (XLI), materials (XLB) and utilities (XLU) were in the green by less than 1%. Technology (XLK) led decliners down by tumbling 2.21%. Real estate (XLRE) dropped less than 1%.
The Dow Jones index added 103 points closing at 23,940. The Nasdaq was deep in the red by 87 points ending at 6,824.
There were several focal points coming from today’s session. First, the Commerce Department released a third quarter reading of GDP, showing the economy expanded at a rate of 3.3% versus an estimate of 3%. The economy has grown more than 3% each of the past 2 quarters. Second, investors were taking profits in technology (XLK) today by falling 2.21%. Third, financials (XLF) helped offset losses in tech by rising more than 1%.
Some standouts from today’s action included the FANG stocks (Facebook, Amazon, Netflix, Google) each falling more than 2%. As Investors fled tech stocks, JP Morgan Chase (JPM) was in the green by more than 2% as financials have become really attractive in a rising rate environment. Verizon (VZ) also popped more than 2% as telecoms caught a strong bid.
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