Banks Loan Loss Reserves Causes Pivot

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as banks loan loss reserves causes pivot. 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:

Dow futures fall 100 points as investors await key jobless claims data

Futures contracts tied to the major U.S. stock indexes fell at the start of the overnight session Wednesday evening as investors awaited key jobless claims data on Thursday. Dow Jones Industrial Average futures dropped 100 points shortly after the opening of extended trading, implying an opening fall of 99 points.

The S&P 500 (SPY) added +0.58% today. Sector advancers led decliners 6 to 5 as shown below in the sector graph. Advancers gains ranged from +2.18% to less than 1%. Losses in decliners ranged from -4.27% to less than 1%, check the sector graph for specifics.

The Dow Jones index advanced +33 points (+0.14%) to close at 23,537. The Nasdaq climbed +139 points higher (+1.66%) settling at 8,532.

Banks Loan Loss Reserves Causes Pivot

Stocks landed in the green Thursday led by tech as work from home stocks lead an ever changing economy.

Netflix and Amazon each rose more than 2.5% to record levels, leading major tech stocks higher. Netflix’s gains were driven by a big price-target increase from a Goldman Sachs analyst.

“This week we seem to have narrowed the focus back to the what works in this work-from-home world,” said Art Hogan, chief market strategist at National Securities, noting last week investors bought into the recent sell-off’s laggards. “I think that’s the realization that we’re going to get a horrendous pile of data dumped on our heads.”

“It’s easy to say the market’s a forward-looking mechanism and that it’s priced in, but then you start hearing banks talk about their loan-loss reserves and … you get the real data,” Hogan said. “That’s what’s caused the pivot.”

Key Takeaways…

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P 500 movers,

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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4/16/20

S&P 500 Sector Graph

Banks Loan Loss Reserves Causes Pivot

S&P 500 (SPY)

Banks Loan Loss Reserves Causes Pivot

Communication Services (XLC)

Banks Loan Loss Reserves Causes Pivot

Consumer Discretionary (XLY)

Banks Loan Loss Reserves Causes Pivot

Consumer Staples (XLP)

Banks Loan Loss Reserves Causes Pivot

Energy (XLE)

Banks Loan Loss Reserves Causes Pivot

Financials (XLF)

Banks Loan Loss Reserves Causes Pivot

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Real Estate (XLRE)

Banks Loan Loss Reserves Causes Pivot

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

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Simply Stock Info: The Podcast Episode 2: Building a Diversified Portfolio In this episode, I go over 5 stocks to build a diversified portfolio on. These are 5 stocks to hold for the long term in a retirement account such as a Roth or traditional IRA account.

Utilities (XLU)

S&P 500 Sector Heat Map

 

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