Early Yearly Gains Produce Profit Taking

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as early yearly gains produce profit taking. 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 slightly lower as investors monitor earnings, data

U.S. stock index futures pointed to a slightly lower open as investors monitor the start of corporate earnings season this week. At 03:10 a.m. ET, Dow futures were down 47 points, indicating a lower open of around 60 points. Futures for the Nasdaq and S&P 500 were also lower.

The S&P 500 (SPY) dropped -0.61% today. Sector decliners led advancers 9 to 2 as shown below in the sector graph. Industrials (XLI) -1.36% led decliners down followed by energy (XLE) -1.22%. Consumer discretionary (XLY), consumer staples (XLP), financials (XLF), healthcare (XLV), materials (XLB), real estate (XLRE) and technology (XLK) each suffered minor losses of less than 1%. Communication services (XLC) and utilities (XLU) each squeezed out small gains of less than 1%.

The Dow Jones index gave back 190 points (-0.72%) to close at 26,150. The Nasdaq fell 44 points (-0.56%) to settle at 7,909.

Early Yearly Gains Produce Profit Taking

Stocks fell on Tuesday as investors anticipated the start of earnings season. Earnings estimates for Q1 S&P 500 are expected to be -4.3% on a year over year basis. S&P 500 revenue estimates are expected to grow just under 5%. The following quote captured my attention in the above article, “It appears we’ve had a year’s worth of gains in the first three months, so I can’t blame anyone for wanting to take chips off the table” said Jack Ablin, chief investment officer at Cresset Wealth Advisors.

Key Takeaways…

I took the following CNBC screenshots this morning regarding S&P 8 day winning streak, tech check and semis soaring. Followed by commentary by veteran trader Art Cashin:

Early Yearly Gains Produce Profit Taking

Early Yearly Gains Produce Profit Taking

Early Yearly Gains Produce Profit Taking

Veteran trader Art Cashin on what’s dragging down stocks

CNBC’s “The Exchange” is joined by Art Cashin of UBS Financial Services to break down why the markets are trading lower today.

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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4/9/19

S&P 500 Sector Graph

Early Yearly Gains Produce Profit Taking

S&P 500 (SPY)

Early Yearly Gains Produce Profit Taking

Communication Services (XLC)

Early Yearly Gains Produce Profit Taking

Consumer Discretionary (XLY)

Early Yearly Gains Produce Profit Taking

Consumer Staples (XLP)

Early Yearly Gains Produce Profit Taking

Energy (XLE)

Early Yearly Gains Produce Profit Taking

Financials (XLF)

Early Yearly Gains Produce Profit Taking

Real Estate (XLRE)

Early Yearly Gains Produce Profit Taking

Healthcare (XLV)

Early Yearly Gains Produce Profit Taking

Industrials (XLI)

Early Yearly Gains Produce Profit Taking

Materials (XLB)

Early Yearly Gains Produce Profit Taking

Technology (XLK)

Early Yearly Gains Produce Profit Taking

Utilities (XLU)

Early Yearly Gains Produce Profit Taking

S&P 500 Sector Heat Map

Early Yearly Gains Produce Profit Taking

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