- Most U.S. equity indices were lower last week as interest rate and inflation concerns mounted. The Dow Jones Industrial Average entered correction territory, joining the S&P 500 and S&P MidCap 400 indices down more than 10% from their recent high levels.
- Last week saw meaningful volatility swings as the S&P 500 Index produced small gains to start the week and a sizable 3.0% increase on Wednesday following the Federal Open Market Committee meeting. Then Thursday’s -3.6% loss wiped it all out as investors further digested meeting comments.
- A few notable stocks include Marriott International which capitalized on the increased travel demand as its first quarter sales jumped by 81%. Similarly, Airbnb Inc.’s gross bookings grew 67% last quarter to $17.2 billion. Peloton is looking to sell a 15-20% stake to a qualified private-equity firm to shore up its struggling business or even Amazon.com which explored a full purchase of the company.
- Within S&P 500 sectors, energy was up 10% as the price of Brent crude oil surpassed $112 per barrel. Consumer discretionary stocks fell by 3% on average.
- Large-cap stocks led small-caps and value outperformed growth last week.
