- U.S. stocks ended the week sharply lower following a more hawkish tone than anticipated from Powell’s Jackson Hole speech.
- Losses were broad-based with every S&P 500 sector except energy finishing in negative territory.
- Higher growth-focused sectors generally fared the worst. Securities within the IT, communication services, and consumer discretionary sectors were generally the poorest performers. The Nasdaq Composite fell to its lowest level in over a month.
- Higher commodity prices supported the energy sector, which finished up over 4%. The materials sector was negative but had a more modest loss relative to other portions of the market.
- Growth fell behind value names over the week. Leadership amongst market-caps was more mixed.
- Year-to-date, value shares continue to lead growth stocks while large-caps retain a modest lead over small-caps.
