Midcycle Adjustment Spooks Markets

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as the words midcycle adjustment spooks markets. 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:

Dow futures higher as investors anticipate first Fed rate cut in a decade

U.S. stock index futures were higher Wednesday morning, as market participants braced for the outcome of the Federal Reserve’s meeting later in the session. At around 03:30 a.m. ET, Dow futures rose 70 points, indicating a positive open of more than 66 points. Futures on the S&P and Nasdaq were both slightly higher.

The S&P 500 (SPY) dropped -1.09% today. All 11 sectors finished in negative territory. Consumer discretionary (XLY), consumer staples (XLP), industrials (XLI), materials (XLB) and technology (XLK) led decliners down, each losing more than 1%. Communication services (XLC), energy (XLE), financials (XLF), healthcare (XLV), real estate (XLRE) and utilities (XLU) each suffered minor losses of less than 1%.

The Dow Jones index plummeted -333 points (-1.23%) to close at 26,864. The Nasdaq was in the red by -98 points (-1.19%) to settle at 8,175.

Midcycle Adjustment Spooks Markets

All 3 major averages dropped more than 1% on Wednesday as theĀ  Fed Chair indicates today’s interest rate cut might be a ‘one and done’ cut. The FOMC cut interest rates by 25 basis points citing “global developments” and “muted inflation” as reasons for the rate cut.

However, Chair Powell indicated the rate cut was a “midcycle adjustment,” forecasting future rate cuts might not be in the cards.

Key Takeaways…

I took the following CNBC screenshots today regarding stocks in July and Apple’s Q3 revenue by categories:

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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S&P 500 Sector Graph

Midcycle Adjustment Spooks Markets

S&P 500 (SPY)

Midcycle Adjustment Spooks Markets

Communication Services (XLC)

Midcycle Adjustment Spooks Markets

Consumer Discretionary (XLY)

Midcycle Adjustment Spooks Markets

Consumer Staples (XLP)

Midcycle Adjustment Spooks Markets

Energy (XLE)

Midcycle Adjustment Spooks Markets

Financials (XLF)

Midcycle Adjustment Spooks Markets

Real Estate (XLRE)

Midcycle Adjustment Spooks Markets

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map


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