The major U.S. stock indices posted their third negative weekly close on Friday. The benchmark S&P 500 ended the week 3.1% off its April 20 high, which came two days after I warned readers going long was a dangerous prospect. Last week’s decline was led by the blue-chip Dow industrials, which lost 1.2%. However, the index is actually in the lead for the year with a modest 0.6% gain. Meanwhile, the tech-heavy Nasdaq 100 and small-cap Russell 2000 — which typically lead the broader market both higher and lower — are down 5.8% and 2.9% year to date. Read More
The major U.S. stock indices posted their third negative weekly close on Friday. The benchmark S&P 500 ended the week 3.1% off its April 20 high, which came two days after I warned readers going long was a dangerous prospect. Last week’s decline was led by the blue-chip Dow industrials, which lost 1.2%. However, the index is actually in the lead for the year with a modest 0.6% gain. Meanwhile, the tech-heavy Nasdaq 100 and small-cap Russell 2000 — which typically lead the broader market both higher and lower — are down 5.8% and 2.9% year to date. #-ad_banner-# From a sector standpoint, last week’s decline was led by real estate (-1.6%) and consumer discretionary (-1.5%). Utilities were the only sector of the S&P 500 to finish in positive territory, gaining 1.2%. The table below shows that, for the second week in a row, the biggest positive percentage change in sector bet-related assets invested over the past one-month and three-month periods went to energy. Continued expansion would bode well for energy stocks and oil prices in the weeks and months ahead. Follow… Read More