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 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.”
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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S&P 500 Sector Graph
S&P 500 (SPY)
Communication Services (XLC)
Simply Stock Info: The Podcast Episode 1: Basic Investment Strategy Episode 1 goes over my basic investment strategy for individual investors (from years of watching and learning from CNBC).
Consumer Discretionary (XLY)
Consumer Staples (XLP)
Real Estate (XLRE)
Simply Stock Info: The Podcast Episode 2: Building a Diversified Portfolio In this episode, I go over 5 stocks to build a diversified portfolio on. These are 5 stocks to hold for the long term in a retirement account such as a Roth or traditional IRA account.
S&P 500 Sector Heat Map