Stocks Grind Higher Despite Growth Worries

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stocks grind higher despite growth worries. 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 higher open after stocks hit fresh record highs

U.S. stock index futures rose on Wednesday morning after the S&P 500 and Nasdaq eked out fresh record closing highs on Tuesday. At around 2:15 a.m. ET, Dow futures were up 74 points and indicated an implied positive open of more than 72 points, while futures on the S&P and Nasdaq also climbed.

The S&P 500 (SPY) gained +0.65% today. Sector advancers led decliners 10 to 1 as shown below in the sector graph. Communication services (XLC), consumer discretionary (XLY), energy (XLE) and technology (XLK) led advancers higher with gains of more than 1%. Financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB), real estate (XLRE) and utilities (XLU) each enjoyed minor gains of less than 1%. Consumer staples (XLP) suffered a minor loss of less than 1%.

The Dow Jones index added +275 points (+0.94%) to close at 29,551. The Nasdaq jumped +87 points (+0.90%) to settle at 9,725.

Stocks Grind Higher Despite Growth Worries

Stocks continued to push higher Wednesday despite global growth concerns regarding the coronavirus.

As of Tuesday night, China’s National Health Commission had reported 97 additional deaths with total confirmed cases passing 44,000. However, the pace of new reported cases appears to be slowing down as they hit their lowest levels since late January. Chinese lawmakers have also taken steps to curb a possible economic downturn from the coronavirus.

“Investors showed resilience by pushing stocks back to all-time highs, especially in the US, anticipating a strong V-shaped recovery when this is over,” Eylem Senyuz, global macro strategist at SunTrust Advisory, said in a note. But “as the coronavirus continues to spread across China and the globe, much of its impact remains unknown.”

Key Takeaways…

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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2/12/20

S&P 500 Sector Graph

Stocks Grind Higher Despite Growth Worries

S&P 500 (SPY)

Stocks Grind Higher Despite Growth Worries

Communication Services (XLC)

Stocks Grind Higher Despite Growth Worries

Consumer Discretionary (XLY)

Stocks Grind Higher Despite Growth Worries

Consumer Staples (XLP)

Stocks Grind Higher Despite Growth Worries

Energy (XLE)

Stocks Grind Higher Despite Growth Worries

Financials (XLF)

Stocks Grind Higher Despite Growth Worries

Real Estate (XLRE)

Stocks Grind Higher Despite Growth Worries

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

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