Tech Profit Taking Drops Stocks
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Tech Profit Taking Drops 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:
The S&P 500 (SPY) dropped 0.10% today as Tech Profit Taking Drops Stocks. S&P sector decliners led advancers by 6 to 4. Financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB), real estate (XLRE) and technology (XLK) all closed negative less than 1%. Advancers were led by energy (XLE) +1.02%. Consumer discretionary (XLY), consumer staples (XLP) and utilities (XLU) all finished positive less than 1%.
The Nasdaq composite closed 0.6 percent lower at 2,475.42 and fell more than 1 percent earlier in the session. (CNBC) The Dow Jones industrial average, outperformed, closing 85.54 points higher at 21,796.55 and notching intraday and closing records. (CNBC) Tech faced pressure as investors took profits off the table following strong earnings from companies in the space. (CNBC)
Earlier, tech was led higher by shares of Facebook, which initially soared as much as 5.96 percent to a record before paring gains. (CNBC) The social media giant reported second-quarter earnings per share of $1.32 on revenue of $9.32 billion. Analysts polled by Reuters expected the company to post earnings per share of $1.13 on sales of $9.2 billion. The company also reported better-than-expected monthly active users, a key metric for Facebook. (CNBC)
Tech has been the stalwart of the U.S. stock market this year. The sector has spiked 23 percent in 2017, easily outperforming other sectors. Tech earnings have also outperformed expectations, as Alphabet and Netflix have also reported stronger-than-expected numbers. (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