Stocks Rebound Amidst Fed Meeting Watched Closely
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after stocks rebound amidst Fed meeting watched closely. 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:
U.S. stock index futures were lower on Tuesday, but pointed to slight gains at the open, after U.S. equities pulled back in the previous session led by a sell-off of Facebook shares. Dow Jones industrial average futures fell 17 points, but indicated a rise of 45.09 points at the open.
The S&P 500 (SPY) inched up +0.15% today as stocks rebound amidst Fed meeting watched closely. Sector advancers tied decliners 5 to 5 as seen in the sector graph below. Consumer discretionary (XLY), energy (XLE), financials (XLF), healthcare (XLV) and industrials (XLI) each closed higher by less than 1%. Consumer staples (XLP), materials (XLB), real estate (XLRE), technology (XLK) and utilities (XLU) each lost less than 1% on the session.
The Dow Jones index added +116 points (+0.47%) closing at 24,727. The Nasdaq gained +20 points (+0.27%) settling at 7,364.
Stocks rebounded today from a tech selloff as investors shifted their focus towards the ongoing Fed meeting concluding on Wednesday with Fed Chair Powell’s first news conference. Wall Street’s expectations for a March rate hike stand at 94%. Investors will also look for clues if the FOMC stays on track for 3 hikes this year or tighten monetary policy faster by adding a 4th hike. The 10 year bond yield rose to 2.88% before the Fed announcement. Facebook (FB) dropped additional -2.50% today after the company lost -7% yesterday after an analytics firm that worked with Facebook was able to collect data on 50 million people’s profiles without their consent.
Notable S&P movers…
- AMZN +2.69%
- FB -2.56%
- NFLX +1.28%
- NKE +1.66%
- BA +1.77%
- CAT +1.26%
- V +1.38%
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.
S&P 500 Sector Graph
S&P 500 (SPY)
Consumer Discretionary (XLY)
Consumer Staples (XLP)
Real Estate (XLRE)
S&P 500 Sector Heat Map