S&P down for third day, but cyclicals help limit the damage
- The broader market overcame persistent tech stock weakness and
steadily erased the lows set at the start of trading with the help of
some
cyclical sectors.
- The S&P (SP500) ended off 0.15% and Dow (NYSEARCA:DIA) was down 0.1%.
The Nasdaq (COMP) remained the underperformer, closing off 0.5%.
- The megacaps closed lower. But Energy (NYSEARCA:XLE) and Financials
(NYSEARCA:XLF) stepped up as the market overcame increasing worries
about the COVID spread in Europe and the ever-present stimulus
back-and-forth.
- Six of 11 sectors ended higher, after all of them started the session
in the red.
- Energy saw the most gains, up 1.2%, with crude oil bouncing back from
down 4% to little changed near $41/barrel. The EIA reported a
bigger-than-expected drop in U.S. oil stockpiles.
- Financials reversed early losses and closed higher, led by
post-earnings gains from Schwab and Morgan Stanley and post-earnings
rebounds from BofA, JPMorgan and Citi.
- Communications Services (NYSEARCA:XLC) was the worst performer.
Facebook slumped, as did video game stocks.
- It was followed by Health Care (NYSEARCA:XLV), dragged down by the 20%
plunge in Vertex halting a Phase 2 study.
- Walgreens was the best gainer in the S&P after its solid guidance.
|Today, 4:01 PM|14 Comments
- The broader market overcame persistent tech stock weakness and
steadily erased the lows set at the start of trading with the help of
some
cyclical sectors.
- The S&P (SP500) ended off 0.15% and Dow (NYSEARCA:DIA) was down 0.1%.
The Nasdaq (COMP) remained the underperformer, closing off 0.5%.
- The megacaps closed lower. But Energy (NYSEARCA:XLE) and Financials
(NYSEARCA:XLF) stepped up as the market overcame increasing worries
about the COVID spread in Europe and the ever-present stimulus
back-and-forth.
- Six of 11 sectors ended higher, after all of them started the session
in the red.
- Energy saw the most gains, up 1.2%, with crude oil bouncing back from
down 4% to little changed near $41/barrel. The EIA reported a
bigger-than-expected drop in U.S. oil stockpiles.
- Financials reversed early losses and closed higher, led by
post-earnings gains from Schwab and Morgan Stanley and post-earnings
rebounds from BofA, JPMorgan and Citi.
- Communications Services (NYSEARCA:XLC) was the worst performer.
Facebook slumped, as did video game stocks.
- It was followed by Health Care (NYSEARCA:XLV), dragged down by the 20%
plunge in Vertex halting a Phase 2 study.
- Walgreens was the best gainer in the S&P after its solid guidance.
|Today, 4:01 PM|14 Comments
Comments
Post a Comment