- U.S. stocks had modest losses over a busy and volatile week for economic data and markets. Notably, trading volumes were among the lowest for the year.
- The S&P 500 dropped to its lowest level since last month, mid-week before a late rally brought returns to more muted levels.
- Within the S&P 500 Index, more defensive sectors were the best relative performers. Both consumer staples and utilities were next to flat. IT and healthcare also had more muted losses than the broad benchmark.
- Energy and the communication services sector had the largest losses. Oil has now fallen to its lowest price since before the invasion of Ukraine.
- Growth stocks lagged relative to value shares last week. Small-caps also lagged large-caps, although by a small margin. The same trends have persisted throughout the year.
