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All 11 S&P 500 sectors were at risk of closing lower on the same day. Updates on each of these topics typically offers traders winners and losers, but energy stocks were struggling with the rest of the market on Friday. The Invesco S&P 500 Equal Weight ETF was down 0.5%, compared to the S&P 500’s 0.2% drop.
After pushing chip stocks into a bull market, traders were taking profits in key AI stocks on Tuesday. The Nasdaq Composite fell 1.1%. The Dow Jones Industrial Average fell 200 points, or 0.4%. The S&P 500 dropped 0.
Chip stocks have taken it on the chin lately, but worries about the AI trade don’t have to bring down the entire market. The S&P 500’s information technology and communications sectors fell 15% from June 1 through July 29, when the Federal Reserve announced it was holding the fed-funds rate steady, strategist Jim Paulsen wrote Monday on Substack. The overall S&P 500 ended up down less than 4%.
The Nasdaq was down 1%, while the Dow was down 206 points, or 0.4%. The Invesco S&P 500 Equal Weight ETF, a proxy for breadth since it counts every single S&P 500 stock as if it had the same market capitalization, was rising. At the sector level, a rotation to health care, consumer staples, real estate, and utilities came at the expense of tech and industrials.
Markets are currently digesting massive first half gains. That said, several market indicators suggest that the volatility and selling will be temporary.
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