Stocks Flat Despite Strong Bank Earnings

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stocks flat despite strong bank earnings. 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 futures point to lower open

U.S. stock index futures were slightly lower Tuesday morning ahead of bank earnings. At around 1 a.m. ET, Dow futures fell 9 points, indicating a negative open of more than 6 points. Futures on the S&P and Nasdaq were also marginally lower.

The S&P 500 (SPY) fell -0.15% today. Sector decliners led advancers 6 to 5 as shown below in the sector graph. Communication services (XLC), consumer discretionary (XLY), financials (XLF), materials (XLB), real estate (XLRE) and technology (XLK) each suffered minor losses of less than 1%. Consumer staples (XLP), energy (XLE), healthcare (XLV), industrials (XLI) and utilities (XLU) each enjoyed small gains of less than 1%.

The Dow Jones index added +32 points (+0.11%) to close at 28,939. The Nasdaq lost -22 points (-0.24%) to settle at 9,251.

Stocks Flat Despite Strong Bank Earnings

Stocks ended flat Tuesday despite strong bank earnings from JP Morgan and Citigroup.

J.P. Morgan Chase posted quarterly earnings and revenue that beat analyst expectations, sending the stock up more than 1.2%. The bank’s annual profits also reached record levels at $36.4 billion. J.P. Morgan also had a surge in bond-trading revenues during the fourth quarter.

Citigroup’s earnings got a boost from strong fixed-income trading as well, with revenue from that business surged 49%. Shares of the banking giant gained 1.6%.

Delta Air Lines also reported better-than-expected earnings, boosted by lower fuel costs and strong travel demand. The results sent Delta shares higher by 3.3%.

“The market continues to be in an extreme overbought condition that indicates the recent gains could be temporarily given back, while the fundamental backdrop driven by our core thesis and EPS suggest buying any meaningful weakness,” Tony Dwyer, chief market strategist at Canaccord Genuity, said in a note.

Key Takeaways…

I took the following CNBC screenshots today regarding JP Morgan revenues, buyback binge, betting big on ESG, the year of ESG and driving the action:

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

Stocks Flat Despite Strong Bank Earnings

S&P 500 (SPY)

Stocks Flat Despite Strong Bank Earnings

Communication Services (XLC)

Stocks Flat Despite Strong Bank Earnings

Consumer Discretionary (XLY)

Stocks Flat Despite Strong Bank Earnings

Consumer Staples (XLP)

Stocks Flat Despite Strong Bank Earnings

Energy (XLE)

Stocks Flat Despite Strong Bank Earnings

Financials (XLF)

Stocks Flat Despite Strong Bank Earnings

Real Estate (XLRE)

Stocks Flat Despite Strong Bank Earnings

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

Episode 1: Basic Investment Strategy – Simply Stock Info: The Podcast

Episode 1 goes over my basic investment strategy for individual investors (from years of watching and learning from CNBC).


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