The US equity market has had a rough start to say the least this year. The S&P 500 is down 7.7% YTD on price return basis and the Dow Jones is off by 5.7%. Tech heavy NASDAQ is performing even worse with the NASDAQ Composite and the Nasdaq-100 falling 12% and 11.5% respectively.
Below are the returns of select indices:
- Dow Jones Transportation Average: -7.5%
- Utility Average: -3.8%
- KBW Bank: 0.1%
- PHLX Semiconductor: -13.0%
- PHLX Oil Service: 14.9%
Consumer staples, energy and financials are performing well. But software, technology, consumer discretionary are in correction territory.
Market breadth is awful.
NYSE:
- New 52-Week Highs: 8
- New 52-Week Lows: 526
NASDAQ:
- New 52-Week Highs: 22
- New 52-Week Lows: 1323
Source: WSJ Market Data
According to an article in the journal this weekend, 72% of stocks trading on the NASDAQ are in bear markets (or down at least 20%) from their recent highs. More than 40% of the NASDAQ stocks have declined by 40% or more.
Related ETFs:
- SPDR Dow Jones Industrial Average ETF (DIA)
- SPDR S&P 500 ETF (SPY)
- SPDR KBW Bank ETF (KBE)
- SPDR KBW Regional Banking ETF (KRE)
- Invesco QQQ Trust Series (QQQ)
Disclosure: No positions
