Boeing Leads Continued October Correction

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Boeing leads continued October correction. 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:

Stocks are staging a comeback despite lingering concerns over earnings and global growth

U.S. stock index futures pointed to a higher open Monday morning, though concerns over corporate earnings and global growth continue to weigh on the market. At around 6 a.m. ET, Dow futures indicated a higher open of more than 100 points. Futures on the S&P and Nasdaq were also pointing higher.

The S&P 500 (SPY) lost -0.66% today. Sector decliners led advancers 6 to 5 as shown below in the sector graph. Energy (XLE) led decliners down with a loss of -1.87%. Industrials (XLI), technology (XLK) and communication services (XLC) each fell more than 1%. Consumer discretionary (XLY) and materials (XLB) each had minor losses of less than 1%. Real estate (XLRE) led advancers with a +1.65% gain. Consumer staples (XLP) and utilities (XLU) each had a more than 1% gain. Financials (XLF) and healthcare (XLV) each enjoyed small gains of less than 1%.

The Dow Jones index dropped -245 points (-0.99%) to end at 24,442. The Nasdaq fell -116 points (-1.63%) to settle at 7,050.

Boeing Leads Continued October Correction

More US China tariffs along with a selloff in tech led a continued October correction. Bloomberg reported that the US is planning to add more tariffs to Chinese products if the upcoming talks between President Trump and Chinese President Xi fall through. Amazon (AMZN) and Netflix (NFLX) fell -6.3% and -5% respectively, offsetting gains from banks like JP Morgan Chase (JPM), Wells Fargo (WFC) and Goldman Sachs (GS).

Key Takeaways…

The following CNBC screenshots were taken this morning regarding earnings growth trends and deeply oversold:

Boeing Leads Continued October Correction

Boeing Leads Continued October Correction

Notable S&P 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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10/29/18

S&P 500 Sector Graph

Boeing Leads Continued October Correction

S&P 500 (SPY)

Boeing Leads Continued October Correction

Communication Services (XLC)

Boeing Leads Continued October Correction

Consumer Discretionary (XLY)

Boeing Leads Continued October Correction

Consumer Staples (XLP)

Boeing Leads Continued October Correction

Energy (XLE)

Boeing Leads Continued October Correction

Financials (XLF)

Boeing Leads Continued October Correction

Real Estate (XLRE)

Boeing Leads Continued October Correction

Healthcare (XLV)

Boeing Leads Continued October Correction

Industrials (XLI)

Boeing Leads Continued October Correction

Materials (XLB)

Boeing Leads Continued October Correction

Technology (XLK)

Boeing Leads Continued October Correction

Utilities (XLU)

Boeing Leads Continued October Correction

S&P 500 Sector Heat Map

Boeing Leads Continued October Correction

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