After today's 3%+ decline in the S&P 500, it is just 0.79% above its 7/15 closing low of the current bear market. Another 10-point decline or so on the S&P 500, and the market will be on its next leg down of the bear market. Below we highlight the percentage change of the ten S&P 500 sectors since the index's low on July 15th. As shown, six sectors are up and four are down, with Financials and Consumer Discretionary leading the way on the upside. On the downside, Energy is off 18%, the Utilities sector is down 12%, Materials are down 11.3%, and Tech is down 4.25%. With Energy making up a bigger slice of the S&P 500 in recent months, it's no surprise that the market has struggled as oil prices have crashed. The question now is, can the increased guidance from companies like FedEx due to oil's declines pick up the slack?
Comments