Rough September Making Late Comeback

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as a rough September making late comeback. 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:

 

Stock futures rise slightly in overnight trading following a 4-week losing streak

Stock futures rose slightly in overnight trading on Sunday following a four-week losing streak on Wall Street. Futures on the Dow Jones Industrial Average climbed about 50 points. The S&P 500 futures gained 0.2% and the Nasdaq 100 futures rose 0.3%.

The S&P 500 (SPY) popped +1.61% higher today. All 11 sectors finished in the green as shown below in the sector graph. Gains ranged from +2.38% to less than 1%.

The Dow Jones index jumped +410 points (+1.51%) to close at 27,584. The Nasdaq added +203 points (+1.87%) to close at 11,117.

Rough September Making Late Comeback

Stocks ended in positive territory as some catalysts provided a spark to investor sentiment.

Sentiment on Wall Street got a boost after House Speaker Nancy Pelosi said Sunday a last-minute coronavirus aid deal remains on the table as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion. Pelosi also said she and Treasury Secretary Steven Mnuchin are set to talk on Monday. Still, that price tag is well above what Republican leadership has indicated it will support for a new package.

Shares of major tech names rose broadly. Facebook and Amazon climbed 0.8% and 2.6%, respectively. Apple was up 2.4%. Alphabet advanced 1.4% and Microsoft closed higher by 0.8%.

Still, major averages are on track to post steep losses for September, a historically weak month for stocks. The Dow and the S&P 500 have fallen nearly 3% and 4.3%, respectively, while the Nasdaq has dropped 5.6%. The declines followed a massive comeback from the coronavirus sell-off that saw the S&P 500 climb more than 50% from its March bottom.

“September has been rough for U.S. equity markets, particularly the Nasdaq,” wrote Mike Wilson, chief U.S. equity strategist for Morgan Stanley. “We expect it to bleed into October as visible risk events linger. Looking at the micro picture suggests this is just a correction in a new bull market and the best opportunities remain in reopening beneficiaries.”

Key Takeaways…

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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9/28/20

S&P 500 Sector Graph

Rough September Making Late Comeback

S&P 500 (SPY)

Rough September Making Late Comeback

Communication Services (XLC)

Rough September Making Late Comeback

Consumer Discretionary (XLY)

Rough September Making Late Comeback

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Consumer Staples (XLP)

Rough September Making Late Comeback

Energy (XLE)

Rough September Making Late Comeback

Financials (XLF)

Rough September Making Late Comeback

Real Estate (XLRE)

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Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Rough September Making Late Comeback

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Utilities (XLU)

S&P 500 Sector Heat Map

 

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