Economic Reopening and Recovery Raising Doubts

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as economic reopening and recovery raising doubts. 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:

Stock futures slip after Nasdaq Composite notches new record

Futures contracts tied to the major U.S. stock indexesslipped at the start of the overnight session Tuesday evening as investors hoped Wall Street’s healthy gains from earlier in the week. Dow Jones Industrial Average futures lost 35 points, suggesting an open loss of 39 points when regular trading resumes on Wednesday.

The S&P 500 (SPY) dropped -2.59% today. All 11 sectors fell in the red as shown below in the sector graph. Losses ranged from -5.55% to less than 1%, check sector graph for specifics.

The Dow Jones index lost -710 points (-2.72%) to close at 25,445. The Nasdaq gave back -222 points (-2.19%) to settle at 9,909.

Economic Reopening and Recovery Raising Doubts

Stocks lost ground Wednesday as a resurgence in coronavirus cases gave pause in expectations in economic reopening and recovery.

Florida said its confirmed cases jumped by 5,508 on Tuesday, a record, and now total 109,014. The state also said its positivity rate rose to 15.91% from 10.82%. Stocks fell to their session lows after Florida reported its latest case figures.  At one point, the Dow had fallen more than 800 points on Wednesday.

California is one of the states that has also seen a dramatic spike in cases, adding a record of more than 7,000 in one day on Tuesday. In Texas, the Covid-19 number of Covid-19 cases jumped by 5,489. Meanwhile, New York, New Jersey and Connecticut ordered visitors from certain hotspot states to quarantine for 14 days.

“Markets pause with all eyes on the virus and the reopening heading into the summer months,” said Gregory Faranello, head of U.S. rates trading at AmeriVet Securities, in a note.  The health side is back front and center as both monetary and fiscal liquidity has been factored in short-term. We have entered a new phase of this crisis.”

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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6/24/20

S&P 500 Sector Graph

Economic Reopening and Recovery Raising Doubts

S&P 500 (SPY)

Economic Reopening and Recovery Raising Doubts

Communication Services (XLC)

Economic Reopening and Recovery Raising Doubts

Consumer Discretionary (XLY)

Economic Reopening and Recovery Raising Doubts

Consumer Staples (XLP)

Economic Reopening and Recovery Raising Doubts

Energy (XLE)

Economic Reopening and Recovery Raising Doubts

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Financials (XLF)

Economic Reopening and Recovery Raising Doubts

Real Estate (XLRE)

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

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Utilities (XLU)

S&P 500 Sector Heat Map

 

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