- U.S. stocks fell to their lowest level of 2022, last week, as disappointing earnings and falling sentiment weighed on major indexes. The S&P 500 Index is now nearly 13% lower so far this year.
- Last week was an active earnings week for the mega-cap, tech platform companies. It was a mixed bag, but it again demonstrated how these names continue to have a disproportionate impact on index performance given their extensive concentration.
- All sectors within the S&P 500 Index fell, although the energy and IT sectors were relative outperformers. The consumer discretionary sector was by far the biggest laggard – declining nearly 8%. A sizeable fall in Amazon, an oversized constituent, was mostly to blame for the result.
- Nearly all market caps and styles also declined last week. Growth and value were somewhat evenly matched while small-caps fell more than large-caps.
- The technology-heavy NASDAQ Composite is now off ~21% for the year and continued to fall further into bear market territory.