Jobs Report Cannot Offset China Worries

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as jobs report cannot offset China worries. 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 slightly lower open

U.S. stock index futures were slightly lower Friday morning, erasing some gains following a four-day winning streak on Wall Street. At around 4:20 a.m. ET, Dow futures dipped 37 points, indicating a negative open of 49 points. Futures on the S&P and Nasdaq were both slightly lower.

The S&P 500 (SPY) lost -0.54% today. Sector decliners led advancers 9 to 2 as shown below in the sector graph. Materials (XLB) led decliners down with a -1.43% loss. Communication services (XLC), consumer discretionary (XLY), energy (XLE), financials (XLF), healthcare (XLV), industrials (XLI), technology (XLK) and utilities (XLU) each suffered minor losses of less than 1%. Consumer staples (XLP) and real estate (XLRE) each enjoyed small gains of less than 1%.

The Dow Jones index landed in the red by -277 points (-0.94%) to close at 29,102. The Nasdaq gave back -51 points (0.54%) to settle at 9,520.

Jobs Report Cannot Offset China Worries

Stocks dropped on Friday as investors began to realize the impact of the coronavirus on the Chinese economy and the global economy.

China’s National Health Commission on Friday confirmed 31,131 cases of the deadly pneumonia-like virus in the country, with 636 deaths. These numbers have stoked worries about how China’s economy — the second-largest in the world — will be affected. Chinese economic slowed down last year to 6.1% from 6.8% in 2018.

“China is really slowing and that’s worrying people for sure,” said Ed Hyman, chairman of Evercore ISI, on CNBC’s “Squawk on the Street.” “People are not going out. They are not shopping, and that’s what’s hurting particularly China.” Hyman added he sees 0% growth for the Chinese economy this quarter.

The U.S. economy added 225,000 jobs in January. Economists polled by Dow Jones expected a print of 158,000 jobs. Wages rose 3.1% on a year-over-year basis, also topping expectations.

Key Takeaways…

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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2/7/20

S&P 500 Sector Graph

Jobs Report Cannot Offset China Worries

S&P 500 (SPY)

Jobs Report Cannot Offset China Worries

Communication Services (XLC)

Jobs Report Cannot Offset China Worries

Consumer Discretionary (XLY)

Jobs Report Cannot Offset China Worries

Consumer Staples (XLP)

Jobs Report Cannot Offset China Worries

Energy (XLE)

Jobs Report Cannot Offset China Worries

Financials (XLF)

Jobs Report Cannot Offset China Worries

Real Estate (XLRE)

Jobs Report Cannot Offset China Worries

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

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