Downbeat September Continues Steep Decline

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as a downbeat September continues steep decline. 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 150 points as Wall Street tries to recover from 3-week losing streak

U.S. stock futures dipped on Sunday night as the market tried to bounce back from its longest weekly losing streak in about a year. Dow Jones Industrial Average futures were down by 151 points, or 0.6%. S&P 500 futures slipped 0.5% along with Nasdaq 100 futures.

The S&P 500 (SPY) fell -1.16% today. Sector decliners led advancers 10 to 1 as shown below in the sector graph. Losses ranged from -3.37% to less than 1%. Technology (XLK) squeezed out a minor gain of less than 1%.

The Dow Jones index dropped -509 points (-1.84%) to close at 27,147. The Nasdaq declined -14 points (-0.13%) to settle at 10,778.

Downbeat September Continues Steep Decline

Stocks ended deep in the red Monday and extended a 3 week slump as a number of factors weighed on stocks.

Monday’s declines added to what has been a downbeat month on Wall Street. The S&P 500 is down more than 6% in September and the Dow has lost 4.5%. The Nasdaq Composite has tumbled 8.5% month to date.

Concerns over another wave of coronavirus cases came as the U.K. reportedly considers another national lockdown to stop an increase in infections. Top U.K. government scientists said that, without further action, the country’s infection rate could reach 50,000 per day.

In Washington, negotiations for a new coronavirus stimulus bill could become more complicated after the passing of Supreme Court Justice Ruth Bader Ginsburg, which could lead to a bitter nomination process ahead of the election. President Donald Trump said he would nominate someone this week to take Ginsburg’s seat. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired.

Meanwhile, tensions between the U.S. and China keep escalating. China’s Ministry of Commerce released long-awaited provisions on its so-called “unreliable entity list,” a day after the U.S. announced a ban on WeChat and TikTok.

Key Takeaways…

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P 500 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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9/21/20

S&P 500 Sector Graph

Downbeat September Continues Steep Decline

S&P 500 (SPY)

Downbeat September Continues Steep Decline

Communication Services (XLC)

Downbeat September Continues Steep Decline

Consumer Discretionary (XLY)

Downbeat September Continues Steep Decline

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Consumer Staples (XLP)

Downbeat September Continues Steep Decline

Energy (XLE)

Downbeat September Continues Steep Decline

Financials (XLF)

Downbeat September Continues Steep Decline

Real Estate (XLRE)

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Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Downbeat September Continues Steep Decline

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Utilities (XLU)

S&P 500 Sector Heat Map

 

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