XLU

S&P 500 ends wild week nearly 1% lower as tech keeps bleeding, eyes turn to Fed

Wall Street Enjoys Late-Week Rally On Benign Inflation Data, Dow Jones Eyes Best Session Of 2024, Tech Unwinding Stalls: What's Driving Markets Friday?

The Dow Jones Industrial Average surged 1.9% on Friday. In June, inflation dropped to 2.5% year-on-year, below the Fed's 2% target. The tech-heavy Nasdaq 100 rebounded from a negative weekly close. Homebuilders rose over 3% for the day, reaching all-time highs.

BofA’s Suttmeier: Rotation is the lifeblood of the bull market

BofA’s Suttmeier: Rotation is the lifeblood of the bull market. Only information technology and communication services are beating the S&P 500 in the first half of the year. Month-to-date returns for July showed positive absolute returns for all 11 sectors.

7%-Yielding Dividend Portfolio From SPYI And 3 Other Funds

This DB chart shows how the tech selloff is driving moves throughout the stock market

This DB chart shows how the tech selloff is driving moves throughout the stock market. A Deutsche Bank chart showed utility stocks (XLU) gaining ground and a Magnificent 7 gauge sinking. Seven of ten sectors in the S&P 500 have advanced since a slide in tech stocks kicked off.

The Top Three Sectors Benefitting from Tech’s Decline

Thursday Sector Laggards: Utilities, Consumer Products

Stocks Rebound As US Economy Flexes Muscles, Small Caps Rally, Gold Falls: What's Driving Markets Thursday?

All eleven sectors of the S&P 500 posted gains on Thursday. The U.S. Economy posted 2.8% real growth in the second quarter. The Dow Jones Industrial Average rose 1.3% and the Nasdaq 100 was up 0.9%. Treasury yields fell significantly, and gold fell 1.6%.