Wild Ride on Wall Street
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as this week’s action provides a wild ride on Wall Street. 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:
Futures on Thursday evening pointed to further declines for Wall Street on Friday as stocks stateside head toward the end of a turbulent trading week. As of 10:39 p.m. ET Thursday, Dow Jones Industrial Average futures fell 189 points, pointing to an implied drop of 225.28 points at Friday’s open.
The S&P 500 (SPY) dropped -1.71% today. All 11 sectors landed in the red. Energy (XLE) led the market down with losses of more than -5%. Financials (XLF) had a loss of -3%. Materials (XLB) and technology (XLK) suffered -2% losses. Communication services (XLC), consumer discretionary (XLY) and real estate (XLRE) each had -1% losses. Consumer staples (XLP), healthcare (XLV), industrials (XLI) and utilities (XLU) each had minor losses of less than 1%.
The Dow Jones index fell -256 points (-0.98%) to close at 25,864. The Nasdaq gave back -162 points (1.87%)to settle at 8,575.
Wild Ride on Wall Street
All 3 major averages closed in negative territory Friday as Wall Street endured a wild week.
Dow, S&P and Nasdaq eked out small weekly gains after a wild week that saw the Dow swing 1,000 points or higher twice. The Dow was up 1.7% on the week, while the S&P 500 and the Nasdaq gained 0.6% and 0.1%, respectively. The benchmarks are still in correction territory, however, down at least 10% from their recent peaks.
Friday’s declines came as the benchmark 10-year Treasury yield tumbled below 0.7% for the first time ever. Investors continued to seek safer assets amid fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. Another haven asset, gold, had its best week since 2016.
The market remained under pressure even after a blowout jobs report. The U.S. economy added 273,000 jobs in February, beating expectations of 175,000 new payrolls. The unemployment rate also fell back to 3.5%, matching its lowest level in more than 50 years.
Energy was the worst-performing sector, down 5.6%, as oil prices plunged more than 10% to multi-year lows after OPEC’s allies rejected additional production cuts.
Notable S&P 500 Movers…
I’ve highlighted below 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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S&P 500 Sector Graph
S&P 500 (SPY)
Communication Services (XLC)
Consumer Discretionary (XLY)
Consumer Staples (XLP)
Real Estate (XLRE)
S&P 500 Sector Heat Map
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