Resilient Stock Market Grinds Higher
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Resilient Stock Market Grinds 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) climbed 0.47% higher today as the Resilient Stock Market Grinds Higher. S&P sector advancers led by 9 to 1. The advancers were led by real estate (XLRE) +1%. Consumer discretionary (XLY), consumer staples (XLP), energy (XLE), healthcare (XLV), industrials (XLI), materials (XLB), technology (XLK) and utilities (XLU) all were higher less than 1%. Financials (XLF) was the only sector in the red, finishing negative less than 1%.
The Dow, meanwhile, rose about 90 points to also notch a record. The Nasdaq composite outperformed, rising 0.6 percent. (CNBC)
The major indexes have overcome several hurdles recently to climb back to record territory. First, tech stocks showed signs of weakness to close out the first half of the year. Tech has been the best-performing sector this year, rising about 20 percent. (CNBC) The U.S. stock market has also overcome headlines regarding Russia’s involvement in the U.S. election as they awaited the start of earnings season. (CNBC)
JPMorgan Chase, Citigroup and Wells Fargo all posted better-than-expected profits. Shares of JPMorgan and Citigroup fell, however, after reporting declines in trading sales. (CNBC) “They all beat on the bottom line. There was a bit of disappointment on the guidance but overall it’s been a good start to the earnings season,” said Nick Raich, CEO of The Earnings Scout. He also noted that, of the 30 S&P 500 companies that have reported, 80 percent have beat on the bottom line. (CNBC)
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