Growth Concerns Slamming Stocks Lower

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as growth concerns slamming 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:

US futures point to a higher open on Wall Street

U.S. stock index futures were trading higher on Wednesday morning.

The S&P 500 (SPY) lost -1.79% today. All 11 sectors ended in the red as shown below in the sector graph. Communication services (XLC), consumer discretionary (XLY), consumer staples (XLP), energy (XLE), financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB), technology (XLK) and utilities (XLU) each had losses of more 1%. Real estate (XLRE) escaped with a minor loss of less than 1%.

The Dow Jones index got pummeled, losing -494 points (-1.86%) to close at 26,078. The Nasdaq didn’t do much better, subtracting -123 points (-1.56%) to settle at 7,785.

Growth Concerns Slamming Stocks Lower

Stocks got pounded down on Wednesday as growth concerns have investors taking profits.

“It now seems the amount of time we’ve been biding and our inability to actually get a trade deal is now actually affecting growth,” said Yousef Abbasi, director of U.S. institutional equities at INTL FCStone. “The mentality is shifting from ‘do we get a trade deal and how does that affect growth’ to ‘how much longer do we have to wait?’”

“People now seem to be gravitating toward the idea that you’ve essentially paralyzed the corporate community from investing,” Abbasi said.

Equities were down on the second day of the fourth quarter after the Institute for Supply Management said U.S. manufacturing activity fell last month to its lowest level in more than 10 years.

Key Takeaways…

I took the following CNBC screenshots today regarding ADP Payrolls, healthcare hurdles, active versus passive 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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10/2/19

S&P 500 Sector Graph

Growth Concerns Slamming Stocks Lower

S&P 500 (SPY)

Growth Concerns Slamming Stocks Lower

Communication Services (XLC)

Growth Concerns Slamming Stocks Lower

Consumer Discretionary (XLY)

Growth Concerns Slamming Stocks Lower

Consumer Staples (XLP)

Growth Concerns Slamming Stocks Lower

Energy (XLE)

Growth Concerns Slamming Stocks Lower

Financials (XLF)

Growth Concerns Slamming Stocks Lower

Real Estate (XLRE)

Growth Concerns Slamming Stocks Lower

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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