Market Movers & Shakers
Another week is in the books and a rather muted week it was. The S&P closed up 15 bps, the Nasdaq was up a quarter of a percent, and the Russell was down 50 bps. Sector performance was mixed with defensive sectors largely leading the way. REITS and Consumer Staples were both up at least 150 bps, while Utes added to the defensive theme — up 133 bps. Tech also made a material move, closing up 1 and 1/3 percent. Telecomm took a beating on the back of a bad report from AT&T. Fins, Healthcare, and Discretionary were all o at least 1/2 percent as well. Gold was bid higher, closing up 2%, the dollar was weaker, and Crude had a nice week — up 4.5%. The yield curve continued to flatten, though an inversion still seems quite a ways away. However, we are once again nearing cycle lows on the spread between 10s and 2s. We’ve talked a lot about the yield curve here in the past, and I still hold that a continuation in the attening of the curve is bad news for the stock market.