Apple Helping Pressured Tech Sector

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Apple helping pressured tech sector. 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:

US futures point to slightly higher open

U.S. stocks were set to open slightly higher Wednesday morning.

The S&P 500 (SPY) added +0.72% today. Sector advancers led decliners 10 to 1 as shown below in the sector graph. Technology (XLK) led advancers higher with a +1.04% gain. Communication services (XLC), consumer discretionary (XLY), consumer staples (XLP), energy (XLE), financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB) and utilities (XLU) each enjoyed small gains of less than 1%. Real estate (XLRE) was the only sector to suffer a minor loss of less than 1%.

The Dow Jones index jumped +227 points (+0.85%) to close at 27,137. The Nasdaq climbed +85 points (+1.06%) to settle at 8,169.

Apple Helping Pressured Tech Sector

All 3 major averages moved higher on Wednesday as Apple with its new products and low prices provide the tech sector with some relief after recent declines.

Apple shares closed 3.2% higher after climbing more than 1% on Tuesday. The tech giant unveiled three new iPhones on Tuesday along with a new Apple Watch and a TV subscription service. Apple also showcased a gaming subscription called Apple Arcade.

Bank of America analyst Wamsi Mohan said Apple’s pricing of its new products was compelling. It’s gaming service is the cost of “one console game for access to 100 games for the entire family for a year.”

Apple’s gains gave the tech sector a much-needed lift. The sector rose about 0.9% after starting the week with a 1.2% decline. Tech has been under pressure amid a massive rotation away from growth-oriented shares into underappreciated value companies.

Key Takeaways…

I took the following CNBC screenshots today regarding cyclical rally, defensive laggards, rotation underway, market internals and driving the action:

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P movers (both winners & losers).

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.

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9/11/19

S&P 500 Sector Graph

Apple Helping Pressured Tech Sector

S&P 500 (SPY)

Apple Helping Pressured Tech Sector

Communication Services (XLC)

Apple Helping Pressured Tech Sector

Consumer Discretionary (XLY)

Apple Helping Pressured Tech Sector

Consumer Staples (XLP)

Apple Helping Pressured Tech Sector

Energy (XLE)

Apple Helping Pressured Tech Sector

Financials (XLF)

Apple Helping Pressured Tech Sector

Real Estate (XLRE)

Apple Helping Pressured Tech Sector

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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