Virus Anxiety Grips Wall Street

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as virus anxiety grips Wall Streer. 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 drops 1,300 points, S&P 500 loses 5% as coronavirus market sell-off reaches new low

Stocks tumbled on Wednesday, reaching a new coronavirus crisis low as investors worried about the economic damage from the pandemic. The Dow Jones Industrial Average dropped 1,338.46 points, or 6.3% to 19,898.92, marking its first close below 20,000 since February 2017. The Dow was down more than 2,300 points at the lows of the session.

The S&P 500 (SPY) dropped -5.18% today. All 11 sectors landed in deep negative territory. Losses ranged from -2% to -14%, check the sector graph below for specifics.

The Dow Jones index lost -1,338 points (-6.30%) to close at 19,898. The Nasdaq gave back -344 points (-4.70%) to settle at 6,989.

Virus Anxiety Grips Wall Street

Stocks continued to sink Wednesday as the economic impact of the coronavirus remains on the minds of investors leading them to push the sell button.

Stocks came off their lows in the final minutes of trading after the Senate obtained the votes to pass a coronavirus relief plan to expand paid leave.

Echoing concerns of the about the mounting economic impact of the virus and whether the government is doing enough to combat it, billionaire investor Bill Ackman said the best remedy for the market downturn and the outbreak in the U.S. is for President Donald Trump to shut down the country.

We need to shut it down now… This is the only answer,” Ackman, founder of Pershing Square Capital Management, told CNBC’s “Halftime Report” on Wednesday. “America will end as we know it. I’m sorry to say so, unless we take this option.”

“Hell is coming,” said Ackman. “Capitalism does not work in an 18-month shutdown, capitalism can work in a 30-day shutdown.”

Trading was briefly suspended after a “circuit breaker” was tripped up. A circuit breaker halts trading across the U.S. stock exchanges for 15 minutes and is meant to ensure orderly market behavior. Wednesday marked the fourth time in a week that a circuit breaker was triggered.

Dow Jones reported on Wednesday the Treasury Department is proposing two rounds of direct payments to citizens, which total $250 billion. Those payments, according to the report, would begin April 6. Treasury is also asking permission to backstop money markets, according to the report. A source familiar with the matter told CNBC on Tuesday the administration is seeking a stimulus package worth between $850 billion and more than $1 trillion.

The number of confirmed U.S. coronavirus cases has jumped to more than 6,400, according to data from Johns Hopkins University, while the death count has broken above 100.

Key Takeaways…

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P 500 movers.

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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3/18/20

S&P 500 Sector Graph

Virus Anxiety Grips Wall Street

S&P 500 (SPY)

Virus Anxiety Grips Wall Street

Communication Services (XLC)

Virus Anxiety Grips Wall Street

Consumer Discretionary (XLY)

Virus Anxiety Grips Wall Street

Consumer Staples (XLP)

Virus Anxiety Grips Wall Street

Energy (XLE)

Virus Anxiety Grips Wall Street

Episode 2: Building a Diversified Portfolio – Simply Stock Info: The Podcast

Simply Stock Info: The Podcast Episode 2: Building a Diversified Portfolio In this episode, I go over 5 stocks to build a diversified portfolio on. These are 5 stocks to hold for the long term in a retirement account such as a Roth or traditional IRA account.

Financials (XLF)

Virus Anxiety Grips Wall Street

Real Estate (XLRE)

Virus Anxiety Grips Wall Street

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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