Trade Clouds Hang Over Wall Street

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as trade clouds hang over Wall Street. 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 futures slightly lower after Powell’s comments

U.S. stock index futures were slightly lower Wednesday morning, after Fed Chairman Powell downplayed chances of a rate cut and argued that any decision will be based on a broad scope of information. At around 02:00 a.m. ET, Dow futures slipped 19 points, indicating a negative open of more than 12 points.

The S&P 500 (SPY) slipped -0.12% today. Sector decliners led advancers 7 to 4 as shown below in the sector graph. Utilities (XLU) led decliners down with a -2.18% loss. Real estate (XLRE), consumer staples (XLP) and healthcare (XLV) also had losses of more than 1%. Communication services (XLC), financials (XLF) and materials (XLB) each suffered losses of less than 1%. Energy (XLE) and technology (XLK) led advancers with gains of more than 1%. Consumer discretionary (XLY) and industrials (XLI) each enjoyed minor gains of less than 1%.

The Dow Jones index lost a minimal 11 points (-0.04%) to close at 26,536. The Nasdaq added +25 points (+0.32%) to settle at 7,909.

Trade Clouds Hang Over Wall Street

Stocks ended mixed on Wednesday as Wall Street sat on its hands as President Trump and Chinese leader Xi are meeting on Saturday at the G20 Summit. Stocks traded higher for most of Wednesday’s session after Treasury Secretary Steven Mnuchin told CNBC’s Hadley Gamble he thinks “there’s a path” for the U.S. and China to complete a trade deal. “This clearly highlights how the escalation of the trade conflict in May negatively impacted stock returns while a trade resolution will lift them back up,” said Nick Raich, CEO of The Earnings Scout, in a note. However, “this is not new talk from Mnuchin.” Equities have had a nice recovery in June compared to an ugly May.

Key Takeaways…

I took the following CNBC screenshots today regarding concentrated rally, big cap rally and thought experiment:

Notable S&P 500 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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S&P 500 Sector Graph

Trade Clouds Hang Over Wall Street

S&P 500 (SPY)

Trade Clouds Hang Over Wall Street

Communication Services (XLC)

Trade Clouds Hang Over Wall Street

Consumer Discretionary (XLY)

Trade Clouds Hang Over Wall Street

Consumer Staples (XLP)

Trade Clouds Hang Over Wall Street

Energy (XLE)

Trade Clouds Hang Over Wall Street

Financials (XLF)

Trade Clouds Hang Over Wall Street

Real Estate (XLRE)

Trade Clouds Hang Over Wall Street

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map


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