- U.S. stocks were mostly down over a shortened trading period last week. Volumes were generally lower given the holiday.
- Small-cap stocks outperformed large-caps and small-cap value/blend was one of the few positive areas of the market last week. Growth securities again trailed value equivalents.
- Last week kicked off the first quarter of earnings for 2022. Several of the big banks, including JPMorgan, reported underwhelming results relative to estimates.
- Within the S&P 500 Index, technology, healthcare, and financials were among the poorest performers. More cyclically exposed sectors – including energy, industrials, and materials – outperformed and all produced positive results last week.
- Analysts polled by FactSet have been lowering first quarter expectations recently reflecting falling business sentiment and the impact of higher inflation on earnings.
