Stimulus Negotiations Leaves Market Wondering

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stimulus negotiations leaves market wondering. 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:

Futures little changed after Dow posts best day since July on stimulus optimism

U.S. stock index futures were little changed in overnight trading after the Dow posted its best day in months as investors await updates on the ongoing fiscal stimulus discussions. The major averages rose sharply on Wednesday after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hopes that a smaller aid package could be passed by lawmakers.

The S&P 500 (SPY) rose +0.80% today. All 11 sectors landed in the green as shown below in the sector graph. Gains ranged from +3.75% to less than 1%.

The Dow Jones index added +122 points (+0.43%) to close at 28,425. The Nasdaq climbed +56 points (+0.50%) to settle at 11,420.

Stimulus Negotiations Leaves Market Wondering

Stocks advanced on Thursday as all 3 major indexes finished in positive territory despite partisan stimulus negotiations leaves the market wondering.

Pelosi, D-Calif., told reporters there will not be a stand-alone stimulus bill for airlines — something President Donald Trump had pushed for the day before —  without a bigger aid package. Earlier in the day, Trump told Fox Business that the administration and Democrats were “starting to have some very productive talks.”

Investors also digested the latest U.S. weekly jobless claims data on Thursday, which showed an additional 840,000 Americans filed for unemployment benefits for the first time. Economists polled by Dow Jones expected first-time claims for unemployment insurance to total 825,000 for the week ending Oct. 3.

The major averages are higher for October after clawing back losses suffered in September, the market’s first negative month since March. Still, a host of risks remain in the market, including rising Covid-19 cases around the world, as well as a slowdown in the rate of the economic recovery.

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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10/8/20

S&P 500 Sector Graph

Stimulus Negotiations Leaves Market Wondering

S&P 500 (SPY)

Stimulus Negotiations Leaves Market Wondering

Communication Services (XLC)

Stimulus Negotiations Leaves Market Wondering

Consumer Discretionary (XLY)

Stimulus Negotiations Leaves Market Wondering

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Consumer Staples (XLP)

Stimulus Negotiations Leaves Market Wondering

Energy (XLE)

Stimulus Negotiations Leaves Market Wondering

Financials (XLF)

Stimulus Negotiations Leaves Market Wondering

Real Estate (XLRE)

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Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

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Technology (XLK)

Stimulus Negotiations Leaves Market Wondering

Utilities (XLU)

S&P 500 Sector Heat Map

 

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