Home Sales High Ends Record Week

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as a home sales high ends record week. 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:

U.S. stock futures rise slightly as Wall Street wraps up a record-setting week

U.S. stock futures rose on Thursday night as traders were set to end a week which saw the broader market reach a record level. Dow Jones Industrial Average futures traded 32 points higher, or 0.1%. S&P 500 and Nasdaq 100 futures also climbed 0.1%.

The S&P 500 (SPY)  pushed +0.34% higher today. Sector advancers led decliners 7 to 4 as shown below in the sector graph. Gains ranged from +1.27% to less than 1%. 4 sectors suffered minor losses of less than 1%, check the sector graph for specifics.

The Dow Jones index added +190 points (+0.69%) to close at 27,930. The Nasdaq advanced +46 points (0.42%) to settle at 11,311.

Home Sales High Ends Record Week

Stocks finished in the green on Friday as strong home sales data capped a record setting week for the S&P 500. The S&P 500 advanced 0.34% to 3,397.16, a new record closing high.

Existing home sales for July saw a record month-over-month spike of 24.7%. The average selling price for homes also hit an all-time high, jumping to $304,100.

The lion’s share of this week’s gains has been driven by strong gains in Big Tech stocks. Apple is up 7% this week and became the first publicly traded company in the U.S. to reach a market valuation of $2 trillion. Amazon and Alphabet have rallied over 4% this week and Microsoft is up 2.4% in that time.

Stimulus Relief Package Update

House Speaker Nancy Pelosi, D-Calif., told PBS that both sides need to reach a deal on a more comprehensive stimulus package as millions struggle with being furloughed and unemployed amid the coronavirus pandemic. Pelosi’s comments come as Democrats and Republicans have been at a stalemate over additional unemployment benefits that expired last month. Democrats have indicated they want to reinstate the additional assistance at the original $600-per-week rate; Republicans have offered to extend the benefits at a lower rate.

The Labor Department said Thursday that initial weekly jobless claims came in above 1 million. On Wednesday, the Fed released the minutes from its July meeting that said the coronavirus pandemic “would weigh heavily on economic activity, employment, and inflation in the near term.”

Key Takeaways…

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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8/20/20

S&P 500 Sector Graph

Home Sales High Ends Record Week

S&P 500 (SPY)

Home Sales High Ends Record Week

Communication Services (XLC)

Home Sales High Ends Record Week

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Consumer Discretionary (XLY)

Home Sales High Ends Record Week

Consumer Staples (XLP)

Home Sales High Ends Record Week

Energy (XLE)

Home Sales High Ends Record Week

Financials (XLF)

Home Sales High Ends Record Week

Real Estate (XLRE)

Home Sales High Ends Record Week

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

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Technology (XLK)

Home Sales High Ends Record Week

Utilities (XLU)

S&P 500 Sector Heat Map

 

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