Stocks End Lower Despite Tech Rebound
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after stocks end lower despite tech rebound. 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:
Brendan McDermid | Reuters The Senate passed a key bill over the weekend that moved the Republicans closer to overhauling the corporate tax system and significantly lower corporate taxes. “What we saw was the market moving into stocks that clearly benefit from lower corporate taxes,” said Quincy Krosby, chief market strategist at Prudential Financial.
The S&P 500 (SPY) fell 0.37% today as stocks end lower despite tech rebound. S&P sector decliners led advancers by 9 to 1. Decliners were led by utilities (XLU) -1.27%, the only sector to fall 1% or more. Technology (XLK) added 0.03% today, the only sector ending in the green today.
The Dow Jones index lost 109 points, closing at 24,180. The Nasdaq added to its losses, slipping 13 points ending at 6,762.
There were several focal points coming from today’s session. First, both the S&P and Nasdaq posted 3 day losing streaks, the S&P’s first since August. Second, technology (XLK), the best performing sector this year has fallen 4% over the last week. Third, in contrast to technology, financials (XLF) has jumped 3% in the past week.
Some standouts from today included technology recovering from its recent tumble with Facebook, Netflix and Google catching a positive bid. Visa (V) popped over 1% today. Utilities (XLU) were used as an ATM today as 8 out of its top 10 holdings were in the red.
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