Investors Buy Beaten Up Tech
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as investors buy beaten up tech. 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. equity futures were flat in overnight trading on Tuesday, amid this week’s rotation out of technology stocks into cyclical names. Dow futures rose 30 points. S&P 500 futures and Nasdaq 100 futures rose 0.1% and 0.04%, respectively. On Tuesday, the Dow Jones Industrial Average climbed 262 points.
The S&P 500 (SPY) rose +0.77% today. Sector advancers led decliners 6 to 5 as shown below in the sector graph. Gains ranged from +2.37% to less than 1%. Losses ranged from -1.49% to less than 1%, check the sector graph for specifics.
The Dow Jones index lost -23 points (-0.08%) to close at 29,397. The Nasdaq climbed +232 points (+2.01%) to settle at 11,786.
Investors Buy Beaten Up Tech
Stocks ended mixed on Wednesday as investors bought the beaten up tech sector.
Apple gained 3%. Netflix climbed 2.2%. Facebook and Amazon rose 1.5% and 3.4%, respectively. Alphabet closed 0.6% higher, and Microsoft was up by 2.6%.
Wednesday’s moves came after strong back-to-back strong sessions for the Dow that were sparked by Pfizer and BioNTech’s announcement about their more than 90% effective Covid-19 vaccine.
The news caused investors to move out of technology names and stay-at-home stocks and into cyclical stocks that hinge on a recovering economy.
Tech and consumer discretionary, the worst-performing sectors this week, outperformed on Wednesday. Tech was up by more than 2%, and consumer discretionary gained 1.5%.
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)
Consumer Discretionary (XLY)
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Consumer Staples (XLP)
Real Estate (XLRE)
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S&P 500 Sector Heat Map