Tech Slide Accelerate October Correction

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as the tech slide accelerate 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:

Dow poised for triple-digit losses at the open after Tuesday’s 500-point recovery

Drew Angerer | Getty Images News | Getty Images U.S. stock index futures indicated a weak start to the trading day, with Dow futures pointing to triple-digit losses as investors look ahead to a raft of economic data and third-quarter corporate earnings. At 4:10 a.m.

The S&P 500 (SPY) plummeted -3.09% today. Sector decliners led advancers 8 to 3. Communication services (XLC) -4.77% led decliners down. Technology (XLK) also lost -4%+ today. Energy (XLE), healthcare (XLV), industrials (XLI), materials (XLB) each lost -3%. Consumer discretionary (XLY) and financials (XLF) each lost -2%. Consumer staples (XLP), real estate (XLRE) and utilities bucked the trend today and ended positive on the day.

The Dow Jones index dropped a whopping 608 points (-2.41%) ending at 24,583. The Nasdaq dropped off a cliff, losing 329 points (-4.43%) to settle at 7,108.

Tech Slide Accelerate October Correction

A sharp drop in tech stocks helped accelerate the October correction on Wednesday. All major averages were deep in the red with the Dow and S&P turning negative for the year. There are worries about a slowing economy from rising interest rates and a slowing housing market.

Key Takeaways…

I took the following CNBC screenshots this morning regarding calming the markets and the market bull case:

Tech Slide Accelerate October Correction

Tech Slide Accelerate October Correction

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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10/24/18

S&P 500 Sector Graph

Tech Slide Accelerate October Correction

S&P 500 (SPY)

Tech Slide Accelerate October Correction

Communication Services (XLC)

Tech Slide Accelerate October Correction

Consumer Discretionary (XLY)

Tech Slide Accelerate October Correction

Consumer Staples (XLP)

Tech Slide Accelerate October Correction

Energy (XLE)

Tech Slide Accelerate October Correction

Financials (XLF)

Tech Slide Accelerate October Correction

Real Estate (XLRE)

Tech Slide Accelerate October Correction

Healthcare (XLV)

Tech Slide Accelerate October Correction

Industrials (XLI)

Tech Slide Accelerate October Correction

Materials (XLB)

Tech Slide Accelerate October Correction

Technology (XLK)

Tech Slide Accelerate October Correction

Utilities (XLU)

Tech Slide Accelerate October Correction

S&P 500 Sector Heat Map

Tech Slide Accelerate October Correction

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