- The S&P500 was up 0.22% for the week, as there was more talk about November rate cuts by Fed Chairman Powell, backed by Governors Bostic and Goolsbee. All were open to another 50bps cut.
- Energy sector led the way this week, up 6.9%. All 22 stocks in the sector were gainers this week, amid escalating Middle East tensions that have lifted oil prices. Diamondback Energy (+14.0%) and The Williams Companies (+9.9%) were top performers.
- Consumer Staples and Materials were both down, each approximately 1.8%. Laggard stock in these two sectors included Conagra Brands (-9.1%), missed revenue expectation, and Kenvue Inc. (-4.7%). Smurfit WestRock (-6.7%) and Air Products & Chemicals (-4.9%) were the worst performers this week within the Materials sector.
- Other laggards for the period included Real Estate (-1.7%), Consumer Discretionary (-1.3%), and Health Care (-1.0%).
- Of the five sectors outperforming the S&P500 Index were Utilities and Financials up each (+1.1%). All 11 sectors continue to perform well YTD.
ETF Tidbits
CFRA Research’s ETF database, September was a significant month for new ETF launches, with 126 new ETFs debuting which brings the YTD total new funds to over 500. To note, there were 19 funds that closed.
