The S&P 500 slipped by 0.10% for the week, closing at 4,133.52 points, while the SPDR S&P 500 Trust ETF fell 0.07%. Earnings season was in focus, with reports from Johnson & Johnson, Bank of America, Goldman Sachs, AT&T, American Express, and Procter & Gamble. Netflix and Tesla also released their results. Next week will see earnings from Alphabet, Microsoft, Amazon, Meta, Boeing, and Coca-Cola.
Economic data indicated a slowdown in the economy, with a rise in jobless claims, a negative Philly Fed business outlook, a fall in existing home sales, and a decline in U.S. leading indicators. Market participants are concerned about the Federal Reserve’s rate-hiking campaign leading to a hard landing and a U.S. recession. A 25 basis point hike in May is seen as mostly certain.
S&P 500 Sector Performance
In terms of S&P 500 sectors, six ended in the green, led by Consumer Staples and Real Estate. Communication Services and Energy were the top losers.
| Sector Name | Symbol | 1 Day | 5 Day | 1 Month | YTD | 1 Year | 5 Year | 10 Year |
|---|---|---|---|---|---|---|---|---|
| Consumer Discretionary | GSPD | 1.20% | 0.53% | 4.40% | 14.42% | -19.68% | 40.38% | 172.66% |
| Consumer Staples | GSPS | 0.75% | 1.68% | 4.98% | 2.51% | -5.14% | 54.22% | 88.65% |
| Health Care | GSPA | 0.68% | -0.24% | 5.61% | -1.32% | -4.26% | 64.75% | 183.47% |
| Communication Services | GSPL | 0.32% | -3.05% | 4.21% | 19.95% | -12.63% | 27.40% | 14.40% |
| Utilities | GSPU | 0.30% | 1.09% | 3.86% | -1.31% | -9.29% | 38.73% | 70.96% |
| Real Estate | GSPRE | 0.17% | 1.59% | 1.95% | 0.37% | -26.29% | 25.03% | — |
| Industrials | GSPI | -0.24% | 0.75% | 3.07% | 2.41% | -1.24% | 33.98% | 143.35% |
| Information Technology | GSPT | -0.37% | -0.46% | 3.20% | 19.10% | -1.53% | 124.04% | 461.89% |
| Financials | GSPF | -0.39% | 0.98% | 6.40% | -3.05% | -12.26% | 19.34% | 126.74% |
| Energy | GSPE | -0.59% | -2.54% | 9.43% | -2.83% | 6.51% | 20.65% | 18.23% |
| Materials | GSPM | -0.91% | -0.31% | 5.07% | 3.78% | -10.68% | 37.59% | 113.78% |
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