Stocks Drop Alongside General Electric
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Stocks Drop Alongside General Electric. 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:
U.S. stocks hit record highs on Monday as Wall Street geared up for the busiest week of the earnings season. The Dow Jones industrial average rose 20 points at the open, notching an intraday record. DowDuPont rose 1 percent to lead advancers on the 30-stock index.
The S&P 500 (SPY) fell by 0.40% today as Stocks Drop Alongside General Electric. S&P sector decliners led advancers by 9 to 1. The only sector that was positive for the day was utilities (XLU) which gained less than 1%. The only good thing today when nine sectors were negative, all of them slipped less than 1%
The Dow Jones index gave back 54 points today closing at 23,273. The Nasdaq was in the red by 42 points finishing at 6,586.
The main focal point from today’s session was the fall of General Electric. General Electric (GE) lost $1.51 or 6.3% on the day, this after the company got its ratings reduced by Morgan Stanley and UBS. GE recently reported a horrible quarterly earnings report and the company is down 25% YTD through Friday.
Some bright spots and standouts from today’s action included healthcare heavyweight Johnson & Johnson (JNJ) almost gained 1% on the day as classic dividend stocks such as JNJ got a bid on a risk off day like today. JNJ is up 25% YTD. A majority of the top 10 holdings of the utilities ETF (XLU) were positive as investors took profits and jumped in safe haven equities such as utilities.
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