Rate Hike Signal Lifts Stocks
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after a Rate Hike Signal Lifts 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:
Larry Fink, CEO of BlackRock, the largest asset manager in the world, said Wednesday his biggest fear for the market is a policy mistake from the Fed. “People are assuming another tightening this year and another three next year. Could we see an inverted yield curve like next year [or] early 2019?”
The S&P 500 (SPY) was in the green by 0.18% today as a Rate Hike Signal Lifts Stocks. S&P sector advancers led decliners by 8 to 2. Real estate (XLRE) (+0.55) led the advancers as the slow grind higher of the S&P 500 sometimes leaves no sector with 1%+ gains on slow days. The only sectors in the red today were financials (XLF) and industrials (XLI) both falling less than 1%.
The Dow Jones index added 42 points today closing at 22,872. The Nasdaq was raised by 16 points finishing at 6,603.
The main focal point from today’s session came from the Fed minutes, which were released today revealed the Fed believes the economy is strong enough for a December rate hike. There was a consensus on Wall Street that investors were already expecting a rate hike in December.
Some bright spots and standouts from today’s action included Johnson & Johnson (JNJ) surged over 2% today as the pharmaceutical giant was upgraded to a buy by research firm Jeffries. McDonald’s (MCD) gained more than 1% today as the Golden Arches are up over 34% YTD.
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