Wall Street Looking Past COVID
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Wall Street looking past COVID. 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:
U.S. stock futures rose slightly on Tuesday night following a banner day for three of the for major market benchmarks. Dow Jones Industrial Average futures traded higher by 21 points, or 0.1%. S&P 500 futures also climbed 0.1% and Nasdaq 100 futures advanced 0.2%.
The S&P 500 (SPY) slipped -0.16% today. Sector decliners led advancers 7 to 4 as shown below in the sector graph. Losses ranged from -2.33% to less than 1%. Consumer discretionary (XLY), real estate (XLRE), technology (XLK) and utilities (XLU) each had minor gains of less than 1%.
The Dow Jones index dropped -173 points (-0.58%) to close at 29,872. The Nasdaq added +57 points (+0.47%) to settle at 12,094.
Wall Street Looking Past COVID
Stocks finished mixed on Friday as Wall Street is looking past COVID with vaccinations months away despite rising COVID cases and unemployment claims.
The Labor Department said that 778,000 people filed for unemployment benefits for the first time last week. Economists polled by Dow Jones expected initial jobless claims to come in at 733,000.
The market’s rally to record highs comes amid positive vaccine news coupled with increasing political clarity.
Earlier this week, AstraZeneca said an early analysis showed its vaccine candidate had an average efficacy of 70%. Meanwhile, the Trump administration made federal resources available to President-elect Joe Biden’s team for his transition into office. Traders have also cheered the prospects of former Federal Reserve Chair Janet Yellen potentially being nominated for Treasury secretary.
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Notable S&P 500 Movers…
Below I’ve highlighted some notable S&P 500 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
S&P 500 (SPY)
Communication Services (XLC)
Consumer Discretionary (XLY)
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Consumer Staples (XLP)
Real Estate (XLRE)
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S&P 500 Sector Heat Map