Oil Losses Alongside Drug Treatment Dominate Weekly Decline

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as oil losses alongside drug treatment dominate weekly decline. 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 stock futures are flat after Wall Street’s roller-coaster session

U.S. stock futureswere flat on Thursday night as investors continued to weigh the prospects of a potential coronavirus treatment. The major averages were taken for a wild ride during the regular session after The Financial Times reported – citing documents accidentally published by the World Health Organization – that Gilead Sciences’ drug remdesivir did not improve coronavirus patients’ condition.

The S&P 500 (SPY) rose +1.39% today. All 11 sectors gained on the session as shown below in the sector graph. Gains ranged from +2.12% to less than 1%.

The Dow Jones index climbed +260 points (1.11%) to close at 23,775. The Nasdaq jumped +139 points (+1.65%) to settle at 8,634.

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

Stocks finished on positive ground Friday as oil prices plus possible coronavirus treatments gather attention.

For the week, however, the Dow was down 1.9% while the S&P 500 dropped over 1%. The Nasdaq was down 0.2% week to date. It was Wall Street’s first weekly decline in three.

U.S. crude futures rose 2.7% to settle at $16.94 per barrel amid hopes the U.S. will reduce some of its production to account for shrinking demand and storage capacity. Still, West Texas Intermediate futures were down over 30% week to date as traders dumped oil in historic fashion. On Monday, the WTI futures contract for May expiration traded at a negative price for the first time ever.

Wall Street was coming off a wild ride on Thursday, sparked by a Financial Times report that said Gilead Sciences’ drug remdesivir did not improve coronavirus patients’ condition. The FT cited documents accidentally published by the World Health Organization regarding a Chinese clinical trial.

Gilead noted that study was “terminated early due to low enrollment,” leaving it “underpowered to enable statistically meaningful conclusions. As such, the study results are inconclusive.” The back-and-forth led to the evaporation of a solid upward move and the major averages closed flat on Thursday.

Key Takeaway…

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

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

S&P 500 (SPY)

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

Communication Services (XLC)

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

Consumer Discretionary (XLY)

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

Consumer Staples (XLP)

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

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Simply Stock Info: The Podcast Episode 1: Basic Investment Strategy Episode 1 goes over my basic investment strategy for individual investors (from years of watching and learning from CNBC).

Energy (XLE)

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

Financials (XLF)

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

Real Estate (XLRE)

Oil Losses Alongside Drug Treatment Dominate Weekly Decline

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

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Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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