Fed Alongside Tech Lead Market Higher

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Fed alongside tech lead market higher. 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 flat in overnight trading as investors eye Big Tech testimony, Fed decision

Stock futures were little changed in overnight trading on Tuesday as investors await a congressional hearing on antitrust in Big Tech as well as the Federal Reserve’s latest policy decision. Futures on the Dow Jones Industrial Average rose just 10 points. The S&P 500 futures were flat and the Nasdaq 100 futures gained 0.2%.

The S&P 500 (SPY) rose +1.24% today. All 11 sectors landed in positive territory as shown below in the sector graph. Gains ranged from +2.09% to less than 1%, check sector graph for specifics.

The Dow Jones index climbed +160 points (+0.61%) to close at 26,539. The Nasdaq jumped +140 points (+1.35%) to settle at 10,542.

Fed Alongside Tech Lead Market Higher

Stocks gained ground Wednesday as tech shares led the market higher despite the CEO’s of big tech testifying in front of the House Judiciary subcommittee investigating anti-competitive practices. The Federal Reserve also kept interest rates unchanged and will maintain its stimulus measures.

Facebook and Amazon each rose more than 1% along with Apple and Alphabet. Those gains came as each company’s CEO testified in front of U.S. lawmakers following a yearlong probe into their anti-competitive practices. Investors looked for insights on how Big Tech is handling antitrust challenges from regulators with the authority to break them up.

Shares of Big Tech are among the best performers this year. Facebook and Alphabet are both up more than 13% year to date though Wednesday’s session. Amazon has skyrocketed 64.2% over that time and Apple is up 29.5%.

In a statement, the Fed’s policymaking committee said U.S. economic activity and employment “have picked up somewhat in recent months but remain well below their levels at the beginning of the year.”

The committee added that “weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.”

Fed Chairman Jerome Powell told reporters the Fed will maintain its historic stimulus measures until they are confident the economy has “weathered” the crisis.

Key Takeaway…

WATCH LIVE: Fed Chairman Powell speaks on monetary policy amid coronavirus pandemic – 7/29/2020

Federal Reserve Chairman Jerome Powell speaks Wednesday following the central bank’s two-day policy meeting. Powell provides an update on the Fed’s view on t…

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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7/29/20

S&P 500 Sector Graph

Fed Alongside Tech Lead Market Higher

S&P 500 (SPY)

Fed Alongside Tech Lead Market Higher

Communication Services (XLC)

Fed Alongside Tech Lead Market Higher

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Consumer Discretionary (XLY)

Fed Alongside Tech Lead Market Higher

Consumer Staples (XLP)

Fed Alongside Tech Lead Market Higher

Energy (XLE)

Fed Alongside Tech Lead Market Higher

Financials (XLF)

Fed Alongside Tech Lead Market Higher

Real Estate (XLRE)

Healthcare (XLV)

Fed Alongside Tech Lead Market Higher

Industrials (XLI)

Materials (XLB)

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Technology (XLK)

Fed Alongside Tech Lead Market Higher

Utilities (XLU)

S&P 500 Sector Heat Map

 

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