Tech Earnings Play Wildcard Going Into Reopening Phase

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as tech earnings play wildcard going into reopening phase. 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:

Stock futures flat after Monday’s rally on hopes for economy reopening

U.S. stock futures opened flat in overnight trading, following a rally in the previous session as plans to ease coronavirus-induced lockdowns fueled investor appetite for riskier assets. Dow futures rose 10 points, indicating a gain of 0.05% at the open on Tuesday. The S&P 500 and Nasdaq were also flat, with modest losses of 0.05% and 0.07%, respectively.

The S&P 500 (SPY) slipped -0.52% today. Sector advancers led decliners 8 to 3. Gains ranged from +2.29% to less than 1%. Losses ranged from -2.02% to -1.33%, check the sector graph for specifics.

The Dow Jones index lost -32 points (-0.13%) to close at 24,101. The Nasdaq faltered  -122 points (-1.40%) to settle at 8,607.

Tech Earnings Play Wildcard Going Into Reopening Phase

Stocks slid on Tuesday as tech earnings play wildcard in the re-opening phase.

Alphabet fell 3% ahead of its latest earnings release, which was scheduled for after the close. Facebook dropped 2.5% while Amazon slid 2.6%. Netflix shares fell 4.2% while Apple lost 1.6%.

Alphabet set to report earnings after the bell

Alphabet is set to report earnings for the first quarter of fiscal 2020 after the bell on Tuesday, making it the first of the five big tech giants to report earnings since the coronavirus pandemic struck. Wall Street is anticipating earnings per share of $10.33 on revenue of $40.29 billion, based on Refinitiv consensus estimates from analysts.

Facebook, Microsoft, Amazon and Apple are all scheduled to report earnings later this week.

A partial reopening of the U.S. economy — in Alaska, Georgia, South Carolina, Tennessee, Texas, and others — boosted investor sentiment on Monday and earlier on Tuesday, with certain U.S. businesses poised to benefit from the first wave of consumers emerging from the coronavirus driven quarantine.

Stocks that would benefit the most from a reopening led the market higher on Monday and were up again Tuesday. Shares of Simon Property Group and Kohl’s rose 10.7% and 6.7%, respectively, after big gains on Monday. Bank stocks such as Citigroup and JPMorgan also rose more than 0.7% each.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said the U.S. could be in for a “bad fall” season if an effective treatment for the coronavirus is not found by then. He noted the virus is “not going to disappear from the planet.”

More than 3 million virus cases have been confirmed globally, according to Johns Hopkins University. In the U.S., nearly 1 million cases have been confirmed.

Key Takeaway…

Notable S&P 500 Movers…

Blow I’ve highlighted some notable S&P 500 movers.

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

Tech Earnings Play Wildcard Going Into Reopening Phase

S&P 500 (SPY)

Tech Earnings Play Wildcard Going Into Reopening Phase

Communication Services (XLC)

Tech Earnings Play Wildcard Going Into Reopening Phase

Consumer Discretionary (XLY)

Tech Earnings Play Wildcard Going Into Reopening Phase

Consumer Staples (XLP)

Tech Earnings Play Wildcard Going Into Reopening Phase

Energy (XLE)

Tech Earnings Play Wildcard Going Into Reopening Phase

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Financials (XLF)

Tech Earnings Play Wildcard Going Into Reopening Phase

Real Estate (XLRE)

Tech Earnings Play Wildcard Going Into Reopening Phase

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

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Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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