Market Playing Waiting Game Regarding Stimulus

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as market playing waiting game regarding stimulus. 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 flat ahead of major earnings

Stock futures were flat in overnight trading as investors prepared for a slew of earnings from major U.S. businesses on Tuesday. Dow futures rose 40 points or 0.15%. The S&P 500 and Nasdaq-100 futures rose 0.15% and 0.18%, respectively. Senate Majority Leader Mitch McConnell unveiled the Republican coronavirus relief plan Monday after the bell.

The S&P 500 (SPY) fell -0.65% today. Sector decliners led advancers 8 to 3 as shown below in the sector graph. Losses ranged from -2.20% to less than 1%. Gains ranged from +2.02% to less than 1%, check the sector graph for specifics.

The Dow Jones index dropped -205 points (-0.77%) to close at 26,379. The Nasdaq declined -134 points (-1.27%) to settle at 10,402.

Market Playing Waiting Game Regarding Stimulus

Stocks fell into the red Tuesday after investors took some profits in technology as Wall Street plays the waiting game regarding an additional stimulus package from the government.

Shares of Amazon slipped 1.8% and Netflix declined by 1.4%. Alphabet shares fell 1.7%. Facebook shares dipped 1.5% and Apple closed 1.6% lower.

A plan unveiled by Senate Republicans would include relief for jobless Americans, another direct payment to individuals of up to $1,200, and more Paycheck Protection Program small business loan funds, among other provisions. It would also set federal unemployment insurance at 70% of a worker’s previous wages, replacing the $600 per week which states stopped paying out this week.

This is the busiest week of the corporate earnings season, with Apple and Amazon among the companies set to report later this week.

Through Tuesday morning, more than 160 S&P 500 companies have reported calendar second-quarter earnings. Of those companies, 81% have beaten expectations, according to data from The Earnings Scout.

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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7/28/20

S&P 500 Sector Graph

Market Playing Waiting Game Regarding Stimulus

S&P 500 (SPY)

Market Playing Waiting Game Regarding Stimulus

Communication Services (XLC)

Market Playing Waiting Game Regarding Stimulus

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Consumer Discretionary (XLY)

Market Playing Waiting Game Regarding Stimulus

Consumer Staples (XLP)

Market Playing Waiting Game Regarding Stimulus

Energy (XLE)

Market Playing Waiting Game Regarding Stimulus

Financials (XLF)

Market Playing Waiting Game Regarding Stimulus

Real Estate (XLRE)

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

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Technology (XLK)

Market Playing Waiting Game Regarding Stimulus

Utilities (XLU)

S&P 500 Sector Heat Map

 

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