- U.S. stocks pulled back after a significant reversal rally two weeks ago. Investors remained concerned over the Fed’s ability to tame inflation without stifling growth.
- Within the S&P 500 Index, industrial and energy stocks were top performers maintaining market leadership so far this year. The consumer discretionary sector also performed well, boosted by strong results from Amazon.com, a sizeable constituent. The healthcare and real estate sectors were notable laggards.
- In a reversal from earlier in the year, growth stocks generally outpaced value stocks for the week, although they were still negative. Small-caps also led large-caps.
- Volatility (as measured by the VIX) remained elevated in 2022, although it hasn’t broken out to levels seen in prior major selloffs. So far this year, the VIX has spiked to the mid-30s where it soared above 80 during the COVID selloff.