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Investment Insights

Summit Snapshot: Week of 5.2.2022

May 2, 2022
  • 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.
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Summit Financial, LLC, an SEC registered investment advisor firm, established in November 2018 is a wholly owned subsidiary of Summit Financial Holdings and is the successor firm of all the legacy investment advisory and financial planning business of Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983)