Solid Jobs Number Puts Fed Under Scrutiny

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as a solid jobs number puts Fed under scrutiny. 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 slip as markets await key monthly jobs data

U.S. stock index futures pointed to a slightly lower open on Friday as investors focused on the release of a key monthly jobs report. Around 6:30 a.m. ET, Dow futures implied a negative open of more than 20 points. Futures on S&P 500 and Nasdaq were also slightly weak.

The S&P 500 (SPY) slipped -0.18% today. Sector decliners led advancers 7 to 4 as shown below in the sector graph. Consumer staples (XLP), healthcare (XLV), industrials (XLI), materials (XLB), real estate (XLRE), technology (XLK) and utilities (XLU) each suffered small losses of less than 1%. Communication services (XLC), consumer discretionary (XLY), energy (XLE) and financials (XLF) each enjoyed minor gains of less than 1%.

The Dow Jones index ended in the red by 43 points (-0.16%) to close at 26,922. The Nasdaq lost 8 points (-0.10%) to settle at 8,161.

Solid Jobs Number Puts Fed Under Scrutiny

Stocks closed mostly lower on Friday as a better than expected jobs report number puts a Fed rate cut in question. The US economy added +224,000 jobs in June compared to an estimate of 165,000. The economy only added 75,000 jobs in May. Investors were betting heavily on the Fed cutting rates later this month heading into Friday’s session. CME Group’s FedWatch tool showed expectations for a rate cut in July were at 100%. After the data was released, those odds fell to about 94%.

Key Takeaways…

I took the following CNBC screenshots today regarding digesting the data, job growth trends 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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7/5/19

S&P 500 Sector Graph

Solid Jobs Number Puts Fed Under Scrutiny

S&P 500 (SPY)

Solid Jobs Number Puts Fed Under Scrutiny

Communication Services (XLC)

Solid Jobs Number Puts Fed Under Scrutiny

Consumer Discretionary (XLY)

Solid Jobs Number Puts Fed Under Scrutiny

Consumer Staples (XLP)

Solid Jobs Number Puts Fed Under Scrutiny

Energy (XLE)

Solid Jobs Number Puts Fed Under Scrutiny

Financials (XLF)

Solid Jobs Number Puts Fed Under Scrutiny

Real Estate (XLRE)

Solid Jobs Number Puts Fed Under Scrutiny

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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