Fed Figuring Out Coronavirus Impact

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Fed figuring out coronavirus impact. 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 point to higher open on Wall Street with virus and earnings in focus

U.S. stock index futures are pointing to a higher open on Wall Street Tuesday as stocks look to continue Monday’s rally. At around 2:30 a.m. ET, Dow futures were up 57 points and indicated an implied positive open of more than 70 points, while futures on the S&P 500 and Nasdaq were also higher.

The S&P 500 (SPY) inched up +0.17% today. Sector advancers led decliners 8 to 3 as shown below in the sector graph. Energy (XLE) and real estate (XLRE) led advancers higher with gains of more than 1%. Consumer discretionary (XLY), financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB) and utilities (XLU). each enjoyed small gains of less than 1%. Communication services (XLC), consumer staples (XLP) and technology (XLK) each suffered minor losses of less than 1%.

The Dow Jones index ended just below the flatline, losing -0.48 point (-0.00) to close at 29,276. The Nasdaq added +10 points (+0.11%) to settle at 9,638.

Fed Figuring Out Coronavirus Impact

2 out of 3 major indexes (S&P 500, Nasdaq) squeezed out new closing highs as investors read thru Fed Chair Powell’s comments to the Financial Services Committee.

Federal Reserve Chairman Jerome Powell testified in front of the House Financial Services Committee that the central bank is “closely monitoring” the coronavirus situation for a potential hit to China and the global economy. During the Q&A portion of his testimony, Powell noted it is “too early to say” how the coronavirus will ultimately impact the U.S. economy.

Investors have been grappling with fears that of the coronavirus denting global economic growth.

China’s National Health Commission on Monday night said the death toll had risen to 1,016 people with 42,638 confirmed cases. However, data from Johns Hopkins University showed the number of new confirmed cases was its lowest since late January, increasing optimism around the country’s efforts to contain the outbreak.

Fears over the economic fallout from the outbreak have also been offset by positive economic indicators. Jobs data released last week easily beat analyst expectations while U.S. manufacturing and services activity show signs of improvement.

Key Takeaways…

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. Photo Credit: federalreserve.gov

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2/11/20

S&P 500 Sector Graph

Fed Figuring Out Coronavirus Impact

S&P 500 (SPY)

Fed Figuring Out Coronavirus Impact

Communication Services (XLC)

Fed Figuring Out Coronavirus Impact

Consumer Discretionary (XLY)

Fed Figuring Out Coronavirus Impact

Consumer Staples (XLP)

Fed Figuring Out Coronavirus Impact

Energy (XLE)

Fed Figuring Out Coronavirus Impact

Financials (XLF)

Fed Figuring Out Coronavirus Impact

Real Estate (XLRE)

Fed Figuring Out Coronavirus Impact

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

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