Wall Street Digests Tax Reform Plan

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Wall Street Digests Tax Reform Plan. 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:

http://www.cnbc.com/2017/04/26/us-markets.html

The S&P 500 (SPY) closed lower by 0.05% today (flat) after Wall Street Digests Tax Reform Plan. Leading to the downside was real estate (XLRE) and consumer staples (XLP). Other sectors that finished lower less than 1%… energy (XLE), materials (XLB), technology (XLK) and utilities (XLU). Four sectors ended in the green less than 1%… consumer discretionary (XLY), financials (XLF), healthcare (XLV) and industrials (XLI).

“The discussion around the tax plan is a positive for the market,” said John Conlon, chief investment officer at People’s United Wealth Management. But “I don’t think the market is excited; I think it takes some pressure off the market, but there are still questions about some of the details.” (CNBC)¬†Expectations for lower corporate taxes have been a boon for stocks ever since Trump was elected in November. The S&P has gained 11.6 percent since the election and was on track to post a weekly gain of nearly 2 percent on reignited hopes around lower taxes. (CNBC)

Top White House officials outlined President Donald Trump’s tax plan Wednesday, a proposal they said would be the “biggest tax cut” in U.S. history. The proposal slashes the corporate tax rate to 15 percent from 35 percent. (CNBC)¬†The White House added there will be a “one-time tax” on the trillions of dollars held by corporations overseas. However, Treasury Secretary Steven Mnuchin said the rate for that tax has yet to be determined. (CNBC)

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. Photo Credit: Motley Fool

S&P 500 Sector Graph

Wall Street Digests Tax Reform Plan

S&P 500 (SPY)

Wall Street Digests Tax Reform Plan

Consumer Discretionary (XLY)

Wall Street Digests Tax Reform Plan

Consumer Staples (XLP)

Wall Street Digests Tax Reform Plan

Energy (XLE)

Wall Street Digests Tax Reform Plan

Financials (XLF)

Wall Street Digests Tax Reform Plan

Real Estate (XLRE)

Wall Street Digests Tax Reform Plan

Healthcare (XLV)

Wall Street Digests Tax Reform Plan

Industrials (XLI)

Wall Street Digests Tax Reform Plan

Materials (XLB)

Wall Street Digests Tax Reform Plan

Technology (XLK)

Wall Street Digests Tax Reform Plan

Utilities (XLU)

Wall Street Digests Tax Reform Plan

S&P 500 Sector Heat Map

Wall Street Digests Tax Reform Plan

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