Chipmakers Pressure Overall Market Lower

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as chipmakers pressure overall market lower. 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 mixed as Middle East tensions weigh; China data in focus

U.S. stock futures were mixed on the final trading day of the week, with investors monitoring attacks on oil tankers in the Gulf of Oman and awaiting upcoming economic data out of China. As of 2:10 a.m. ET, Dow futures climbed 20 points, indicating a slightly higher open of 13 points.

The S&P 500 (SPY) fell just below the flatline, losing 0.16% today. Sector advancers led decliners 6 to 5 as shown below in the sector graph. Utilities (XLU) led advancers with a +1.05% gain. Communication services (XLC), consumer discretionary (XLY), consumer staples (XLP), financials (XLF) and real estate (XLRE) each had small gains of less than 1%. Energy (XLE), healthcare (XLV), industrials (XLI), materials (XLB) and technology (/XLK) each had minor losses of less than 1%.

The Dow Jones index dropped 17 points (-0.07%) to close at 26,089. The Nasdaq lost 40 points (-0.52%) to settle at 7,796.

Chipmakers Pressure Overall Market Lower

Broadcom and the chipmaker sector pressured the overall market lower as Broadcom missed earnings revenue estimates and lowered guidance for 2019 citing a “broad-based” slowdown in demand and the U.S. crackdown on Huawei. I found this quote in the above CNBC article regarding slower economic growth, “We continue to expect that a sharper slowdown in economic growth over the coming months will convince the Fed to cut interest rates, but the retail sales data reinforce our view that officials are likely to wait until the September FOMC meeting before pulling the trigger,” said Andrew Hunter, senior U.S. economist at Capital Economics. Market expectations of a July rate cut stand at 86.3% and 70.1% for another one in September.

Key Takeaway…

I took the following CNBC screenshot today regarding 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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S&P 500 Sector Graph

Chipmakers Pressure Overall Market Lower

S&P 500 (SPY)

Chipmakers Pressure Overall Market Lower

Communication Services (XLC)

Chipmakers Pressure Overall Market Lower

Consumer Discretionary (XLY)

Chipmakers Pressure Overall Market Lower

Consumer Staples (XLP)

Chipmakers Pressure Overall Market Lower

Energy (XLE)

Chipmakers Pressure Overall Market Lower

Financials (XLF)

Chipmakers Pressure Overall Market Lower

Real Estate (XLRE)

Chipmakers Pressure Overall Market Lower

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map


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