New China Tariffs Send Stocks Plummeting

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after new China tariffs send stocks plummeting. 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 drops 500 points as trade fears and tech troubles pressure stocks

Spencer Platt | Getty Images “You could see more pressure [on stocks] if the trade issue” grows, said Bruce McCain, chief investment strategist at Key Private Bank. “The question is: What is the reality of that happening? Most agree this could hurt the economy.”

The S&P 500 (SPY) tanked by -2.52% today as new China tariffs send stocks plummeting. Sector decliners led advancers 9 to 1. Decliners were led by financials (XLF) -3.69% and industrials (XLI) -3.30%. Consumer discretionary (XLY), energy (XLE), healthcare (XLV), materials (XLB) and technology (XLK) each had -2%+ losses. Consumer staples (XLP) and real estate (XLRE) had minor losses of less than 1%. Utilities (XLU) was actually was positive by less than 1% today.

The Dow Jones index plunged -724 points (-2.93%) to close at 23,957. The tech heavy Nasdaq tumbled -178 points (-2.43%) to settle at 7,166.

Stocks sank today as the Dow dropped more than 700 points as the Trump administration announced $60 billion in tariffs against China for intellectual property theft. Shares of multi national companies like Boeing (-5.2%), Caterpillar (-5.7%) and 3M (-4.7%) fell in response. Investors have become concerned with the Trump administration’s protectionism trade policy. Earlier this month, Trump announced tariffs against steel and aluminum. Shares of Facebook (FB) fell an additional -2.66% today as Facebook CEO Mark Zuckerberg broke his silence regarding the company’s data scandal, he says “he’s really sorry” for the “major breach of trust.” 

Notable S&P movers…

  • AAPL -1.41%
  • MSFT -2.91%
  • AMZN -2.34%
  • FB -2.66%
  • BRK.B -3.52%
  • JPM -4.17%
  • JNJ -2.90%
  • GOOGL -3.73%
  • XOM -2%
  • NFLX -3%

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.

3/22/18

S&P 500 Sector Graph

New China Tariffs Send Stocks Plummeting

S&P 500 (SPY)

New China Tariffs Send Stocks Plummeting

Consumer Discretionary (XLY)

New China Tariffs Send Stocks Plummeting

Consumer Staples (XLP)

New China Tariffs Send Stocks Plummeting

Energy (XLE)

New China Tariffs Send Stocks Plummeting

Financials (XLF)

New China Tariffs Send Stocks Plummeting

Real Estate (XLRE)

New China Tariffs Send Stocks Plummeting

Healthcare (XLV)

New China Tariffs Send Stocks Plummeting

Industrials (XLI)

New China Tariffs Send Stocks Plummeting

Materials (XLB)

New China Tariffs Send Stocks Plummeting

Technology (XLK)

New China Tariffs Send Stocks Plummeting

Utilities (XLU)

New China Tariffs Send Stocks Plummeting

S&P 500 Sector Heat Map

New China Tariffs Send Stocks Plummeting

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