Stocks in Holding Pattern Until Election

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stocks in holding pattern until election. 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 jumps more than 400 points to start November as U.S. election looms

Stocks rose on Monday, the first trading day of the month, as markets recovered some of the sharp losses from last week and braced for the U.S. presidential election. The Dow Jones Industrial Average closed 423.45 points higher, or 0.6%, at 26,925.05. The S&P 500 gained 1.2% to end the day at 3,310.24.

The S&P 500 (SPY) rose +1.23% today. Sector advancers led decliners 10 to 1 as shown below in the sector graph. Gains ranged from +3.41% to less than 1%. Communication services (XLC) suffered a minor loss of less than 1%.

The Dow Jones index added +423 points (+1.60%) to close at 26,925. The Nasdaq advanced +46 points (+0.42%) to settle at 10,957.

Stocks in Holding Pattern Until Election

Stocks rebounded Monday from steep losses last week as stocks and the world are in a holding pattern until the election.

“The world is still largely in a holding pattern as investors await clarity on the U.S. election,” Adam Crisafulli, founder of Vital Knowledge, said in a note. “The world will likely be a lot clearer in just a few days thanks to the election being over, stimulus talks resuming in Washington, [and] further central bank support.”

The major averages were coming off their worst week since March 20 as coronavirus cases surged, fiscal stimulus negotiations fell apart and as shares of mega-cap tech companies slumped following their quarterly earnings reports. Those losses led to sharp monthly declines for the major averages. The Dow, S&P 500 and Nasdaq posted their first back-to-back monthly losses since March.

Some on Wall Street believe the sell-off leading up to Election Day gives the market less downside risk to a contested result.

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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11/2/20

S&P 500 Sector Graph

Stocks in Holding Pattern Until Election

S&P 500 (SPY)

Stocks in Holding Pattern Until Election

Communication Services (XLC)

Stocks in Holding Pattern Until Election

Consumer Discretionary (XLY)

Stocks in Holding Pattern Until Election

Consumer Staples (XLP)

Stocks in Holding Pattern Until Election

Energy (XLE)

Stocks in Holding Pattern Until Election

Financials (XLF)

Stocks in Holding Pattern Until Election

Real Estate (XLRE)

Stocks in Holding Pattern Until Election

Healthcare (XLV)

Stocks in Holding Pattern Until Election

Industrials (XLI)

Stocks in Holding Pattern Until Election

Materials (XLB)

Stocks in Holding Pattern Until Election

Technology (XLK)

Stocks in Holding Pattern Until Election

Utilities (XLU)

Stocks in Holding Pattern Until Election

S&P 500 Sector Heat Map

 

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