Tech Leads October Monthly Gains
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after tech leads October monthly gains. 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:
“Earnings have been solid but not spectacular,” said Kate Warne, investment strategist at Edward Jones. She also noted that the “companies that have missed have not been an indication of something broader.” “For example, GE’s results are not a bellwether for the broader market,” Warne said.
The S&P 500 (SPY) inched up 0.09% today as tech leads October monthly gains. S&P sector advancers led decliners by 7 to 3. Consumer discretionary (XLY), consumer staples (XLP), energy (XLE), materials (XLB), real estate (XLRE), technology (XLK) and utilities (XLU) all gained ground on the day by less than 1%. Financials (XLF), healthcare (XLV) and industrials (XLI) were all negative by less than 1%.
The Dow Jones index advanced 28 points closing at 23,377. The Nasdaq also gained 28 points finishing at 6,727.
The main focal point from today’s session was the solid monthly gains the market showed during October. The S&P 500 and the Dow gained 2.2% and 4.3% respectively in the month of October. Both indexes rose for the 7th straight monthly gain. More than half of the S&P’s gains in October came from just 5 tech stocks…Facebook, Amazon, Apple and Alphabet. The Nasdaq added 3.6% in October, its 4th straight monthly gain.
Some bright spots and standouts from today’s action included Apple (AAPL) popping another 1.3% after a report came saying that Apple is moving away from Qualcomm chips in future iPhone versions. Apple and Qualcomm are in the middle of a legal dispute regarding the use of Qualcomm’s chips. Netflix (NFLX) slipped almost 1% after the streaming company suspended the production of House of Cards 6th season.
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