Possible Tariff Rollback Spark Risk On

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as a possible tariff rollback spark risk on. 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 jump 100 points after China and US reportedly agree to remove existing tariffs

The moves in pre-market trade come as investors continue to monitor global trade developments.

The S&P 500 (SPY) added +0.27% today. Sector advancers led decliners 7 to 4 as shown below in the sector graph. Energy (XLE) led advancers higher with a +1.50% gain. Communication services (XLC), financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB) and technology (XLK) each had small gains of less than 1%. Real estate (XLRE) and utilities (XLU) led decliners down with losses of more than 1%. Consumer discretionary (XLY) and consumer staples (XLP) each had minor losses of less than 1%.

The Dow Jones index popped +182 points higher (+0.66%) to close at 27,674. The Nasdaq moved forward by +23 points (+0.28%) to settle at 8,434.

Possible Tariff Rollback Spark Risk On

Stocks moved higher Thursday as reports came out stating that both the US and China had agreed to rollback tariffs.

Gao Feng, a ministry spokesperson for China’s Commerce Ministry, said that both sides had agreed to simultaneously cancel some existing tariffs on one another’s goods, according to the country’s state broadcaster. The ministry spokesperson said that both sides were closer to a so-called “phase one” trade agreement following constructive negotiations over the past two weeks.

A U.S. official also said both sides agreed to the tariffs rollback, according to Reuters. The outlet also reported the plan faces fierce internal opposition in the White House, leading stocks to pare their gins slightly.

Key Takeaways…

I took the following CNBC screenshots today regarding market movers in 2019 and driving the action:

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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11/7/19

S&P 500 Sector Graph

Possible Tariff Rollback Spark Risk On

S&P 500 (SPY)

Possible Tariff Rollback Spark Risk On

Communication Services (XLC)

Possible Tariff Rollback Spark Risk On

Consumer Discretionary (XLY)

Possible Tariff Rollback Spark Risk On

Consumer Staples (XLP)

Possible Tariff Rollback Spark Risk On

Energy (XLE)

Possible Tariff Rollback Spark Risk On

Financials (XLF)

Possible Tariff Rollback Spark Risk On

Real Estate (XLRE)

Possible Tariff Rollback Spark Risk On

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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