Bank Earnings Kick Off Earnings Season
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Bank Earnings Kick Off Earnings Season. 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 Bruce McCain, chief investment strategist at Key Private Bank, said this earnings season is off to a good start. “There’s kind of a general feeling that things are better than they have been, and that’s being reflected in the earnings season,” he said.
The S&P 500 (SPY) slipped 0.17% today as bank earnings kick off earnings season. S&P sector advancers tied decliners by 5 to 5. Consumer staples (XLP), industrials (XLI), materials (XLB), real estate (XLRE) and utilities (XLU) all melted up by less than 1%. Consumer discretionary (XLY), energy (XLE), financials (XLF), healthcare (XLV) and technology (XLK) finished lower by less than 1%.
The Dow Jones index lost 31 points closing at 22,841. The Nasdaq was in the red by 12 points ending at 6,591.
The main focal point from today’s session was the start of earning season with the release of the earnings of JP Morgan Chase (JPM) and Citigroup (C). Both financials beat the Streets estimates, however the two ended the day in the red. The XLF (financial ETF) is up 12.3% YTD.
Some bright spots and standouts from today’s action included AT&T (T) which dropped more than 6% today after reporting a loss of 90,000 video customers in the 3rd Quarter. Fellow media companies such as Disney (DIS) and Comcast (CMCSA) fell 1.6% and 3.9%, respectively, as the fear of cord cutting intensifies.
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