Stocks Slip as Industrials Lag; CAT Falls 5.75%
SPY fell 0.24% and IWM dropped 1.29% on Oct. 7 as ten of 11 sector funds declined; Health Care was the lone gainer and CAT fell 5.75% to 813.83.
Wednesday, Oct. 7, ended with losses across the major U.S. equity funds, led by small caps. IWM fell 1.29% to 277.70, a decline of 3.64 points. DIA lost 0.69% to 511.02, QQQ slipped 0.25% to 757.73, and SPY eased 0.24% to 777.22. DIA fell 3.54 points and QQQ 1.93 points from their Oct. 6 closes, while SPY shed 1.87 points.
Selling was widespread across sectors. Ten of the 11 sector funds closed lower. Industrials (XLI) posted the largest drop, down 2.18% to 167.84, followed by Materials (XLB), down 1.51%, and Real Estate (XLRE), down 1.29%. Energy (XLE) lost 0.61% and Financials (XLF) declined 0.48%. Health Care (XLV) was the only sector to rise, gaining 1.03% to 168.81, while Utilities (XLU) was nearly flat, down 0.02%.
Among large caps, LLY rose 2.70% to 1,188.72, AMGN gained 2.60% to 413.08 and ISRG added 2.41%. INTU rose 2.56% and PFE gained 1.82%. On the losing side, CAT fell 5.75% to 813.83, the largest decline in the large-cap group. TXN dropped 2.78%, META fell 2.38% to 721.31, ADBE lost 2.25% and QCOM declined 2.16%.
Geopolitics featured in the headlines. CNBC reported “Trump says he is not keen on a deal with Iran as U.S. reportedly prepares for 'massive bombing',” and Barron's daily wrap was headlined “Review & Preview: Close but No Cigar.”
The VIX stood at 15.08, and the 10-year Treasury yield was 5.28%, according to FRED data for the day.
Data
| Instrument | Close | Change |
|---|---|---|
| SPY | 777.22 | -0.24% |
| QQQ | 757.73 | -0.25% |
| DIA | 511.02 | -0.69% |
| IWM | 277.70 | -1.29% |
Data: FMP, FRED. Figures are close-to-close unless stated.
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Neutral market summary for information only; not investment advice.
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