Disappointing Earnings Set Wall Street Rollercoaster Ride

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as disappointing earnings set Wall Street rollercoaster ride. 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 set for triple-digit losses at the open amid rising global tensions

U.S. stock futures pointed to a negative open Tuesday morning, with global markets on edge amid geopolitical tensions surrounding Saudi Arabia. Dow futures were off by 258 points as of 4:20 a.m. ET, indicating a negative open by 269 points. Futures on the S&P 500 and the Nasdaq also fell.

The S&P 500 (SPY) fell -0.55% today. Sector decliners led advancers 8 to 3 as shown below in the sector graph. Energy (XLE) -2.64% led decliners down. Communication services (XLC), financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB), technology (XLK) and utilities (XLU) each had minor losses less than 1%. Consumer discretionary (XLY), consumer staples (XLP) and real estate (XLRE) each enjoyed small gains less than 1%.

The Dow Jones index lost -125 points (-0.50%) to end the session at 25,191. The Nasdaq gave back 31 points to settle at 7,437.

Disappointing Earnings Set Wall Street Rollercoaster Ride

Stocks fell early in the morning on Tuesday as disappointing earnings results from 3M and Caterpillar sent stocks reeling but the market recovered regaining most of its losses. While reading the above CNBC article, I found the following quote regarding S&P technical levels most informative, “We broke below that 2,700 level on the S&P 500 and buyers came out of the woodworks,” said Jeff Kilburg, CEO of KKM Financial. “I think people were waiting for this and are now more comfortable” buying at these levels. But while he finds the move to be impressive, Kilburg said there will be more volatility moving forward.

Key Takeaways…

I took the following CNBC screenshots this morning regarding market pros vs. cons:

Disappointing Earnings Set Wall Street Rollercoaster Ride

Disappointing Earnings Set Wall Street Rollercoaster Ride

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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10/23/18

S&P 500 Sector Graph

Disappointing Earnings Set Wall Street Rollercoaster Ride

S&P 500 (SPY)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Communication Services (XLC)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Consumer Discretionary (XLY)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Consumer Staples (XLP)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Energy (XLE)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Financials (XLF)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Real Estate (XLRE)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Healthcare (XLV)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Industrials (XLI)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Materials (XLB)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Technology (XLK)

Disappointing Earnings Set Wall Street Rollercoaster Ride

Utilities (XLU)

Disappointing Earnings Set Wall Street Rollercoaster Ride

S&P 500 Sector Heat Map

Disappointing Earnings Set Wall Street Rollercoaster Ride

 

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