Investors Eye September Fed Meeting
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Investors Eye September Fed Meeting. 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) melted up 0.15% today as Investors Eye September Fed Meeting. S&P sector advancers led decliners by 6 to 4. Leading the advancers to the upside was financials (XLF) +1.17%. Consumer staples (XLP), energy (XLE), industrials (XLI), materials (XLB) and technology (XLK) all closed positive less than 1%. The utilities (XLU) sector dropped more than 1%, leading the decliners. Consumer discretionary (XLY), healthcare (XLV) and real estate (XLRE) all fell less than 1%.
The Dow Jones index added 63 points today closing at 22,331. The Nasdaq was raised by 6 points finishing at 6,454.
The focal point for today’s session was the Federal Reserve’s September meeting, which starts tomorrow and concludes on Wednesday. Investors widely expect for rates to remain unchanged, however the Fed is expected to announce plans to unwind its $4.5 trillion balance sheet, most of it was amassed during the financial crisis.
Some bright spots and standouts from today included the big banks… J.P. Morgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C) all rallied more than 1%. Utility sector stocks like NextEra Energy (NEE) Duke Energy (DUK) and Southern Company (SO) all took it on the chin today slipping more than 1%. The two moves in financials and utilities are Interest rate related.
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