S&P 500 Overview
This week, we saw the market selloff in response to the tariff announcement, moving the SPY below the 10% drawdown level traditionally used to mark correction territory.
Trump’s Tariffs Wipe Out Over $6 Trillion on Wall Street in Epic Two-Day Rout - WSJ
Zooming out to a longer time frame, the SPY is sitting back at April 2024 levels, which is still around a 45% gain from the October 2022 lows.
Sector Overview
No sector was immune from the selloff at the end of the week. Consumer Staples (XLP) appeared to weather it the best, followed by Utilities (XLU). It is worth noting that all sectors are now negative for the year.
XLU shows strength when looking at breadth on the more extended time frames. As expected, the other sectors are displaying weakness across all time frames.
Performance Update
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