- U.S. equities rose last week, mostly pushed higher on Tuesday. Investors welcomed signs of a slowing economy and fading inflationary pressures.
- The Monthly Fund Manager Survey released by Bank of America last week highlighted that global funds’ aggregate cash positions have reached their highest levels since 2001 while their equity exposure was the lowest since the Global Financial Crisis. The survey indicated its Bull/Bear indicator was at “max bearish” levels suggesting a market turnaround may be around the corner.
- Within the S&P 500 Index, most sectors were higher led by consumer discretionary which rose nearly 7% given strong performance from Amazon.com and Tesla. Industrials and materials also outperformed while the typically defensive sectors of health care and utilities lagged.
- Small-cap stocks beat large-caps and growth marginally led value last week. These two instances helped to shrink the performance gap between market-caps and styles for the year.
