Tech Selloff Pressures Stocks Lower

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as a tech selloff pressures stocks lower. 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 mostly flat following tech rebound

U.S. stock futures were little changed on Wednesday night following a rebound during market hours that stopped a three-day skid. Futures for the Dow Jones Industrial Average dipped about 20 points, while those for the S&P 500 and Nasdaq-100 each lost about 0.1%.

The S&P 500 (SPY) fell -1.76% today. All 11 sectors were negative on the day as shown below in the sector graph. Losses ranged from -3.67% to less than 1%.

The Dow Jones index dropped -405 points (-1.45%) to close at 27,534. The Nasdaq declined -221 points (-1.99%) to settle at 10,919.

Tech Selloff Pressures Stocks Lower

Equities slipped on Thursday as technology, the best performing sector in the S&P, continued its recent losses.

Apple shares were down 3.3% after rising as much as 2.7%. Tesla, which was up more than 8% at one point, closed just 1.4% higher. Netflix and Microsoft were both lower along with Facebook and Amazon. Nvidia shares lost 3.2%. The S&P 500 tech sector dropped 2.3%.

Thursday’s moves follow a broad rally for the market on Wednesday, with the S&P 500 posting its best day since June. The Nasdaq pulled itself out of correction territory as tech managed to claw back some of its recent steep losses.

The S&P 500 tech sector fell 11.4% between the close of Sept. 2 — when the market hit an all-time high — and Tuesday. Over that time period, the S&P 500 dropped nearly 7%. Tech clawed back some of its losses on Wednesday, posting its biggest one-day surge since April before the sell-off resumed Thursday.

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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9/10/20

S&P 500 Sector Graph

Tech Selloff Pressures Stocks Lower

S&P 500 (SPY)

Tech Selloff Pressures Stocks Lower

Communication Services (XLC)

Tech Selloff Pressures Stocks Lower

Consumer Discretionary (XLY)

Tech Selloff Pressures Stocks Lower

Consumer Staples (XLP)

Tech Selloff Pressures Stocks Lower

Energy (XLE)

Tech Selloff Pressures Stocks Lower

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Tech Selloff Pressures Stocks Lower

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Tech Selloff Pressures Stocks Lower

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S&P 500 Sector Heat Map

 

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