- U.S. stocks declined last week as investors continued to digest hawkish messages delivered by the Federal Reserve despite the strong August’s jobs report. The S&P 500 produced negative results each day aside from Thursday’s modest increase.
- All sectors within the S&P suffered losses, with technology leading the way. Nvidia’s stock price fell 16% after the country’s largest chip maker by market value faces new licensing requirements on shipments of
its innovative chips to China which could weigh on its future sales. Energy stocks lagged as oil prices slipped below $90 per barrel based on West Texas Intermediate crude. - Value stocks once again led growth stocks, while large-caps were a little less volatile than small-caps. Large-cap value’s 10% year-to-date price decline is less than half the drop of growth stocks.
- According to T. Rowe Price, companies that missed earnings estimates declined much more in magnitude than companies that beat estimates and rose.