Sector Performance In Response to S&P Outlook Downgrade

by Bespoke Investment Group

Given the history of the ratings agencies, it's pretty sad that the market is still forced to react to anything they say. At any rate, below we highlight the impact that today's US outlook downgrade by S&P is having on sectors at an hour into the trading day. As shown, the Energy sector is getting hit the hardest with a decline of 2.40%, followed by Industrials (-1.96%), Materials (-1.96%), Technology (-1.84%), and Consumer Discretionary (-1.64%). The defensives are unsurprisingly holding up the best. The Utilities sector is only down 0.48%, while Consumer Staples is down 0.70%. The S&P 500 as a whole is down 1.58% on the day at the moment. Let's hope this looks better by the end of the day given the reason for the decline.

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