- Last week broke the U.S. equity market’s three-week losing streak with the S&P 500 Index logging a near 4% gain.
- Investor sentiment was boosted by moderating inflation fears and select comments from the Fed that could be interpreted as dovish. Notably, volumes were light, partially due to the observance of Labor Day last Monday.
- Within the S&P 500 Index, the consumer discretionary and materials sectors were the top performers. The consumer discretionary sector got a boost from strong results by Tesla, a large constituent. The energy sector lagged after oil prices briefly reached their lowest level since the start of the conflict in Ukraine.
- Growth stocks outpaced value shares last week while small-caps exceeded large-caps in each style aside from the value space. Value shares still remain well ahead of growth shares year-to-date.
