Financials Plus Interest Rates Push Stocks Higher
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Financials Plus Interest Rates Push 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:
The S&P 500 (SPY) gained 0.34% today, as financials plus interest rates push stocks higher. S&P sector advancers led decliners by 8 to 2. Leading the advancers to the upside was financials (XLF) +1.18%. Consumer discretionary (XLY), consumer staples (XLP), energy (XLE), healthcare (XLV), industrials (XLI), materials (XLB) and technology (XLK) all gained less than 1%. Real estate (XLRE) and utilities (XLU) were the only two sectors that fell today, both slumping more than 1%.
The Dow Jones index added 61 points ending at 22,118. The Nasdaq was in the green by 22 points finishing at 6,454.
The focus from today’s gains come from interest rates and the financial sector. The rise in yield on the 10-year bond allowed the financial sector to pop more than 1%. Attention was also given to remarks made by Treasury Secretary Steven Mnuchi in which he was “hopeful” that tax reform would be completed by year’s end.
Some bright spots and standouts from today’s action included major banks J.P. Morgan Chase, Wells Fargo, Bank of America and Citigroup all jumped more than 1%, as the yield on the 10 year grinded higher. On the contrary, interest-rate sensitive stocks such as REIT Simon Property Group and utilitiy Southern Company fell more than 1%, as investors use these stocks as ATMs when rates go higher.
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