2024-07-01 08:20:00 ET
Summary
- Energy stocks were the best performer of the week, up 2.4% as crude oil rose 1%.
- On a sector basis, only three sectors beat the index this quarter, and all of them are AI-related in some way.
- Diversified strategies and the S&P 500 really started to diverge around 2016, but the acceleration over the last 5 years is stunning.
- Only 4 of the 11 sectors had a positive return for the quarter, although only one has a negative return YTD (real estate).
The 2nd quarter is officially over, and it was one of the strangest I’ve experienced in my 33-year career. To jump straight to the punchline, if you owned large-cap growth stocks, you had a great quarter. If you owned almost anything else, you didn’t and you likely lost money. I don’t know when the bear market in doing the right thing will end, but it wasn’t this quarter....
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Weekly Market Pulse: The S&P 500 Rules Everything Around Me