Wall Street Brushes Off Trump Impeachment

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Wall Street brushes off Trump impeachment. 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:

US futures point to slightly higher open after Trump impeached by the House

U.S. stock index futures were slightly higher Thursday morning.

The S&P 500 (SPY) rose by +0.45% today. Sector advancers led decliners 9 to 2 as shown below in the sector graph. Communication services (XLC), consumer discretionary (XLY), consume staples (XLP), healthcare (XLV), industrials (XLI), materials (XLB), real estate (XLRE), technology (XLK) and utilities (XLU) each enjoyed small gains of less than 1%. Energy (XLE) and financials (XLF) each suffered minor losses of less than 1%,

The Dow Jones index climbed +137 points(+0.49%) to close at 28,376. The Nasdaq jumped +59 points (+0.67%) to settle at 8,887.

Wall Street Brushes Off Trump Impeachment

Stocks added to recent gains Thursday as investors turned a blind eye to the Trump impeachment process.

The Democrat-led House of Representatives voted Wednesday to impeach Trump for abuse of power and obstruction of Congress. Trump became only the third president to be charged with high crimes and misdemeanors and will now face a trial in the Republican-controlled Senate.

However, Wall Street has largely shrugged off impeachment news as the chances of a trial conviction in the Senate are low. Because of this, the market’s performance during Trump’s impeachment process is tracking that of the time when former President Bill Clinton was impeached.

The S&P 500 is up nearly 7% since House Speaker Nancy Pelosi launched a formal impeachment inquiry in September. During Clinton’s impeachment process, the broad index surged more than 26%.

Key Takeaways…

I took the following CNBC screenshots today regarding reflation trade, sector snapshot, industrials check, behind the optimism and driving the action:

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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12/19/19

S&P 500 Sector Graph

Wall Street Brushes Off Trump Impeachment

S&P 500 (SPY)

Wall Street Brushes Off Trump Impeachment

Communication Services (XLC)

Wall Street Brushes Off Trump Impeachment

Consumer Discretionary (XLY)

Wall Street Brushes Off Trump Impeachment

Consumer Staples (XLP)

Wall Street Brushes Off Trump Impeachment

Energy (XLE)

Wall Street Brushes Off Trump Impeachment

Financials (XLF)

Wall Street Brushes Off Trump Impeachment

Real Estate (XLRE)

Wall Street Brushes Off Trump Impeachment

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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