by Bespoke Investment Group
Below we highlight the performance of the S&P 500 from 4/29 through 5/17 and over the last two days. From 4/29 through 5/17, the S&P 500 declined 2.54%, but the cyclical sectors got crushed. Energy was down 9.14%, Materials was down 6.93%, Industrials was down 4.26%, Financials was down 3.24%, and Tech was down 3.06%. At the same time, the Defensive sectors rallied! Utilities rose 2.80% from 4/29 through 5/17, while Health Care rose 2.39% and Consumer Staples rose 2.10%.
Over the last two days, the S&P 500 has risen 1.01%, but Energy, Materials, and Industrials have outperformed. On the other hand, the Utilities sector is down 25 basis points.
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