COMMENTARY:
- The S&P500 index fell 1.37% for the week. Factors contributing to the decline included unexpectedly weak employment numbers which raised concern about the overall economy, geopolitical tensions in the Middle East, and mixed corporate earnings particularly lackluster earnings in Tech.
- Real Estate took the biggest hit down 3.0%. Only three of the 31 stocks within the sector were up this week, all other names were negative including BXP Inc which dropped 9% and Equity Residential was off 7.4%, on the backdrop of uncertainty of future rate drops.
- Utilities decline 2.8% for the period. Constituents that contributed included AES Corp (-13.3%), NextEra Energy (-5.0%). The sector overall was haunted by over-valuation concerns and free cash flow pressures.
- Only two sectors were in the green this week. Financials barely stayed out for the red, or essentially flat. Communications Services rose 1.7% taking the top spot among all sectors this week.
- Year to date all sectors continue their upward momentum, despite the rough week.
