US Considers China Tariff Removal

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as US considers China tariff removal. 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 point to a 100-point decline at the open after Morgan Stanley earnings miss estimates

Michael Nagle | Bloomberg | Getty Images Citigroup, J.P. Morgan Chase, and Wells Fargo also reported quarterly earnings this week. American Express and Netflix are scheduled to report after the close Thursday. Netflix’s earnings will arrive after the streaming giant announced it would raise monthly subscription prices by 13 to 18 percent, a move that was cheered by Wall Street earlier this week.

The S&P 500 (SPY) rose +0.76% today. All 11 sectors finished in the green as shown below in the sector graph. Materials (XLB) +1.76% and industrials (XLI) +1.71% both led the market higher. Communication services (XLC), consumer discretionary (XLY), consumer staples (XLP), energy (XLE), financials (XLF), healthcare (XLV), real estate (XLRE), technology (XLK) and utilities (XLU) each enjoyed minor gains of less than 1%.

The Dow Jones index added +162 points (+0.67%) to close at 24,370. The Nasdaq advanced +49 points (+0.71%) to settle at 7,084.

US Considers China Tariff Removal

Stocks jumped to session highs after a report surfaced saying the US is considering reducing China tariffs during trade negotiations with China. The report said Treasury Secretary Steven Mnuchin suggested the idea. However, the idea faces opposition with US trade representative Robert Lighthizer. In after hours action, shares of Netflix (NFLX) are in the red after reporting earnings that beat on subscriber growth but missed on revenue.

Key Takeaways…

I took the following CNBC screenshot this morning regarding new market fear, why the drift up and first quarter earnings:

US Considers China Tariff Removal

US Considers China Tariff Removal

US Considers China Tariff Removal

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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1/17/18

S&P 500 Sector Graph

US Considers China Tariff Removal

S&P 500 (SPY)

US Considers China Tariff Removal

Communication Services (XLC)

US Considers China Tariff Removal

Consumer Discretionary (XLY)

US Considers China Tariff Removal

Consumer Staples (XLP)

US Considers China Tariff Removal

Energy (XLE)

US Considers China Tariff Removal

Financials (XLF)

US Considers China Tariff Removal

Real Estate (XLRE)

US Considers China Tariff Removal

Healthcare (XLV)

US Considers China Tariff Removal

Industrials (XLI)

US Considers China Tariff Removal

Materials (XLB)

US Considers China Tariff Removal

Technology (XLK)

US Considers China Tariff Removal

Utilities (XLU)

US Considers China Tariff Removal

S&P 500 Sector Heat Map

US Considers China Tariff Removal

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