Fed Testimony Spur S&P Rally

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Fed testimony spur S&P rally. 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 slightly lower ahead of Fed Chair Powell’s testimony

U.S. stock index futures were slightly lower Wednesday morning, as market participants eagerly anticipated comments from the world’s most powerful central banker. At around 02:30 a.m. ET, Dow futures slipped 50 points, indicating a negative open of more than 51 points. Futures on the S&P and Nasdaq were both seen slightly lower.

The S&P 500 (SPY) rose +0.45% today. Sector advancers led decliners 8 to 3 as shown below in the sector graph. Energy (XLE) +1.28% and communication services (XLC) +1.13% led advancers higher. Consumer discretionary (XLP), consumer staples (XLP), healthcare (XLV), real estate (XLRE), technology (XLK) and utilities (XLU) each had minor gains of less than 1%. Financials (XLF), industrials (XLI) and materials (XLB) each suffered small losses of less than 1%.

The Dow Jones index climbed +76 points (+0.29%) to close at 26,860. The Nasdaq added +60 points (+0.75%) to settle at 8,202.

Fed Testimony Spur S&P Rally

Stocks ended in positive territory Wednesday as equities rallied from Federal Reserve Chair Powell’s testimony. The S&P 500 touched 3,000 for the first time. Jerome Powell’s comments to the House Financial Services Committee, he said, business investment across the US have slowed “notably” recently as uncertainties over the economy linger.

Key Takeaways…

I took the following CNBC screenshots today regarding Fed rate cut probabilities, why cut at all, Fed for thought, case for 50 bps cut, Powell testifies and driving the action:

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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S&P 500 Sector Graph

Fed Testimony Spur S&P Rally

S&P 500 (SPY)

Fed Testimony Spur S&P Rally

Communication Services (XLC)

Fed Testimony Spur S&P Rally

Consumer Discretionary (XLY)

Fed Testimony Spur S&P Rally

Consumer Staples (XLP)

Fed Testimony Spur S&P Rally

Energy (XLE)

Fed Testimony Spur S&P Rally

Financials (XLF)

Fed Testimony Spur S&P Rally

Real Estate (XLRE)

Fed Testimony Spur S&P Rally

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

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