Stocks Regain Momentum Following Correction
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after stocks regain momentum following correction. 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:
Stocks fell on Tuesday, giving back some of the sharp gains made in the previous session, as wild market swings continued to keep Wall Street on edge. The Dow Jones industrial average dropped 121 points. Microsoft and Intel were the biggest decliners on the Dow, falling 0.9 percent and 0.7 percent, respectively.
The S&P 500 (SPY) gained 0.26% today as stocks regain momentum following correction. S&P sector advancers led decliners 8 to 2. Consumer discretionary (XLY), consumer staples (XLP), financials (XLF), healthcare (XLV), industrials (XLI), real estate (XLRE), technology (XLK) and utilities (XLU) all were positive by less than 1%. Energy (XLE) and materials (XLB) finished lower by less than 1%.
The Dow Jones index gained a positive 39 points settling at 24,640. The Nasdaq finished in the green by 31 points closing at 7,013.
Major averages have a small 3 day winning streak as stocks regain momentum following correction. Wild swings continued for the Dow as the index lost 180 intraday only to rebound from its lows. Higher interest rates have put stocks in turmoil lately as the 10 year bond yield settled at 2.83%. The reading for the Consumer Price Index (CPI) comes out tomorrow (showing inflation). Note: rising inflation causes rising interest rates. Some notes from last week’s correction…many believe on CNBC that the correction was a valuation adjustment for equities following rising rates. Last week’s correction was the fastest 10% drop in 80 years.
Some notable movers in the S&P 500 included AMZN +2% helping consumer discretionary close positive. Staples WMT +1% & COST +1% helped XLP. CAT & LMT guided XLI higher. FB -1% didn’t help the XLK today.
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