Financials Push Stocks Lower
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Financials Push Stocks Lower. 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:
The S&P 500 (SPY) fell just 0.05% today as Financials Push Stocks Lower. S&P sector advancers led decliners by 6 to 4. Sectors that closed positive less than 1% included consumer discretionary (XLY), consumer staples (XLP), healthcare (XLV), industrials (XLI), materials (XLB) and utilities (XLU). Energy (XLE), financials (XLF), real estate (XLRE) and technology (XLK) all finished the day negative less than 1%.
U.S. equities fell on Wednesday, the last trading day of May, as a drop in the financials sector pressured stocks. (CNBC) The Dow Jones industrial average fell about 20 points, with Goldman Sachs contributing the most losses. (CNBC) The Nasdaq composite dropped 0.1 percent. (CNBC)
Bank Of America and JP Morgan Chase lead the financial sector down as executives from both companies warned that trading revenue from the second-quarter are lower. Komal Sri-Kumar, president of Sri-Kumar Global Strategies, said the pullback in equities on Wednesday and Tuesday is reflective of “a confluence of unfavorable factors.” (CNBC) “There is little indication that the US economy will reach its 3% growth this year, reform of health care and taxes remains a dream, and there are no projects as destinations to accept a surge in infrastructure spending,” he said. (CNBC)
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: CNNMoney
5/31/17 (Apologies for the incompleteness of the SPDR Top 10 holdings charts (screenshots) taken during the writing of this post).
S&P 500 Sector Graph
S&P 500 (SPY)
Consumer Discretionary (XLY)
Consumer Staples (XLP)
Real Estate (XLRE)
S&P 500 Sector Heat Map