Investors Take Profits Following Dow Record Run
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Investors Take Profits Following Dow Record Run. 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) dropped 0.30% today as Investors Took Profits Following Dow Record Run. S&P sector decliners led advancers by 7 to 3. Consumer discretionary (XLY), consumer staples (XLP), healthcare (XLV), real estate (XLRE), materials (XLB), technology (XLK) and utilities (XLU) all closed negative less than 1%. Energy (XLE), financials (XLF) and industrials (XLI) all were in the green less than 1%.
The Dow Jones Index fell 53 points closing at 22,359. The NASDAQ finished negative by 33 points closing at 6,422.
The focal point from today’s session was investors taking profits after hitting several Dow record highs and a hawkish Fed statement that left the door open for a rate hike in December. In a rising rate environment, investors might leave some bond proxy stocks such as some consumer staples, utility and real estate stocks for other asset classes. The financial sector is obviously a great benefactor to rising rates.
Looks like that rising rate environment trend played out in the market today with consumer staples stock Procter & Gamble (PG) dropped more than 1%. Same with popular real estate REIT American Tower Corp (AMT) slipping less than 1%. Big banks such as JP Morgan (JPM), Wells Fargo (WFC) and Goldman Sachs (GS) all caught a bid today gaining less than 1%.
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