Stocks Rebound Against October Correction

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stocks rebound against October correction. 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 point to a rebound after the Dow’s 600-point slide

U.S. stock index futures rose slightly ahead of Thursday’s open, pointing to a rebound after the previous day’s tumble wiped out the Dow’s gains for the year and pushed the Nasdaq into correction territory. At around 3:50 a.m.

The S&P 500 (SPY) rose +1.86% today. Sector advancers led decliners 10 to 1. Technology (XLK) led the charge with a +3.44% gain. Communication services (XLC) and consumer discretionary (XLY) also had a +3% daily gain. Energy (XLE), financials (XLF), healthcare (XLV), materials (XLB) and real estate (XLRE) enjoyed gains of +1%. Utilities (XLU) lost -1.56% on the day.

The Dow Jones index popped +401 points (+1.63%) to end at 24,984. The Nasdaq enjoyed similar success, jumping +209 points (+2.95%) to settle at 7,318.

Stocks Rebound Against October Correction

Stocks rebounded from the recent October correction on Thursday led by technology. Yesterday, both the Dow and the S&P lost all their gains for the year and the Nasdaq entered correction territory (down at least 10% from its high). When reading the above CNBC article, I cam across this oversold quote, “What happened yesterday was the market got way oversold,” said Tom Essaye, founder of The Sevens Report. “Was a decline on earnings warranted? Yes, but not 10 percent.”

Key Takeaways…

I took the following CNBC screenshots this morning regarding dramatically oversold and the search for yield and a short clip from Warren Buffett on why you shouldn’t panic during a selloff:

Stocks Rebound Against October Correction

Stocks Rebound Against October Correction

Why you shouldn’t panic when stocks are getting slammed

CNBC’s finance editor Jeff Cox explains why it’s important to keep your cool when there are ugly days in the stock market. Selling on dips and corrections can be a problematic strategy.

Notable S&P 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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10/25/18

S&P 500 Sector Graph

Stocks Rebound Against October Correction

S&P 500 (SPY)

Stocks Rebound Against October Correction

Communication Services (XLC)

Stocks Rebound Against October Correction

Consumer Discretionary (XLY)

Stocks Rebound Against October Correction

Consumer Staples (XLP)

Stocks Rebound Against October Correction

Energy (XLE)

Stocks Rebound Against October Correction

Financials (XLF)

Stocks Rebound Against October Correction

Real Estate (XLRE)

Stocks Rebound Against October Correction

Healthcare (XLV)

Stocks Rebound Against October Correction

Industrials (XLI)

Stocks Rebound Against October Correction

Materials (XLB)

Stocks Rebound Against October Correction

Technology (XLK)

Stocks Rebound Against October Correction

Utilities (XLU)

Stocks Rebound Against October Correction

S&P 500 Sector Heat Map

Stocks Rebound Against October Correction

 

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