Upcoming Black Friday Lifts Tech Stocks
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after upcoming black friday lifts tech 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:
Michael Nagle | Bloomberg | Getty Images On Monday, U.S. President Donald Trump said before a cabinet meeting that his administration was going to “give the American people a huge tax cut for Christmas,” according to Associated Press. Concerns however still linger on Wall Street, as to whether a deal will come about and be finalized by the end of the year.
The S&P 500 (SPY) jumped 0.65% as the upcoming Black Friday lifts tech stocks. S&P sector advancers led decliners by 10 to 0. Technology (XLK) led all sectors with a 1.05% gain. The remaining 9 sectors gained less than 1%.
The Dow Jones index surged 160 points closing at 23,590. The Nasdaq joined the rally party by adding 71 points finishing at 6,862.
There were several focal points from today’s session. The S&P tech sector (XLK) gained over 1% today, reaching levels not seen since 2000. Technology was also helped by investors as they focused on the upcoming holiday season starting with Black Friday this Friday. Investors are feeling bullish on earnings given the current economic conditions for the consumer. Adding to positive consumer sentiment, President Trump said on Monday that his administration was going ”to give the American people a huge tax cut for Christmas.”
Some bright spots from today’s action included large cap tech (Apple, Microsoft, Amazon, Facebook & Google) all gained more than 1%. Home Depot (HD) and Netflix (NFLX) also stood out in the crowd gaining more than 1%.
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