- U.S. equities had another strong week with the S&P 500 Index rising over 3%. This brought year-to-date losses to -9.3%, up nearly 17% from lows reached on 6/16/2022.
- Within the S&P 500, energy was the top performing sector – rising nearly 8%. More economically sensitive sectors, such as financials and materials, also fared well following a risk-on sentiment.
- More defensive portions of the market generally lagged. This included consumer staples and healthcare.
- Value demonstrated leadership of growth while small-caps bested large-caps. Value retains a strong lead over growth stocks year-to-date while small-caps have made up a lot of lost ground relative to large-caps in recent weeks.
