- Renewed recessionary-founded fears and the largest interest rate increase in nearly 30 years resulted in a sharp decline in U.S. stocks last week. It also equated to the largest single-week drop in the S&P 500 Index since March 2020 in the midst of the pandemic.
- The once sizzling cryptocurrency market in 2021 has been challenged as of late. On late Sunday June 12th, crypto platform Celsius Network LLC announced it was suspending all withdrawals, swaps, and transfers between accounts due to extreme market conditions. This caused panic and a plummet in crypto assets’ prices including bitcoin to below $18,000 as of this writing. Then last Tuesday, Coinbase Global, the largest crypto exchange in the U.S., announced company layoffs totaling around 18% of its workforce.
- All sectors of the S&P 500 were lower. Energy, utilities, and materials were the leading laggard sectors, lower by 17%, 9%, and 8% respectively week over week. Shockingly, every member of the S&P 500 was in negative territory at one point this year which has not happened since 1996 according to T. Rowe Price.
- Large-cap stocks led small-caps while growth beat value, but once again no segment of the broad market was immune to the downturn.
