By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > All S&P 500 sectors are down in August, on pace for a broad monthly drop not seen this year
Markets

All S&P 500 sectors are down in August, on pace for a broad monthly drop not seen this year

News Room
Last updated: 2023/08/23 at 7:21 AM
By News Room
Share
3 Min Read
SHARE

All of the S&P 500’s sectors are down in August in a sweeping stock-market tumble not seen since the end of last year, after the index surged in the first seven months of 2023. 

The last time all 11 of the S&P 500’s sectors fell in the same month was December, according to Dow Jones Market Data. Utilities, information technology and materials are showing the biggest losses so far in August, according to FactSet data.

The S&P 500 soared 19.5% this year through July, its strongest performance through the first seven months of any year since 1997. But the index has stumbled this month amid a jump in Treasury rates, as macroeconomic concerns weigh on investors awaiting comments from Federal Reserve Chair Jerome Powell on Friday.

The Fed raised interest rates again in July to fight still-elevated, but easing, inflation. Many investors this year have been anticipating that the Fed is nearing the end of its hiking cycle, as it has slowed the pace of lifting its benchmark rate this year.

While megacap Big Tech stocks propelled the stock market earlier in 2023, August’s drop has seen the S&P 500’s 11 sectors weighed down with losses ranging from less than 1% to more than 6%. Nine of them have a monthly decline of at least 4% through Tuesday, including a 6.1% fall for utilities, according to FactSet data.

The S&P 500’s information-technology and materials sectors have each slumped around 5.9% in August, while real estate is down 5.8% this month through Tuesday. 

So-called Big Tech stocks, which include companies such as Apple Inc.
AAPL,
+0.79%,
Nvidia Corp.
NVDA,
-2.77%,
Tesla Inc.
TSLA,
+0.83%
and Google parent Alphabet Inc.
GOOG,
+0.59%

GOOGL,
+0.55%,
span across the S&P 500’s information-tech, consumer-discretionary and communication-services sectors. 

Also read: Apple only Big Tech stock ‘really hitting’ the S&P 500 as ‘little’ about August’s market slump appears worrisome, says DataTrek

The S&P 500’s best-performing sectors this month to date are energy, with a 0.4% decline, and healthcare, with a fall of around 0.8%, according to FactSet data.

The U.S. stock market ended Tuesday mostly lower as shares of banks slid following the decision of S&P Global Ratings to downgrade some smaller firms in the banking sector.

The Dow Jones Industrial Average
DJIA
closed down 0.5%, while the S&P 500
SPX
slipped 0.3% and the tech-heavy Nasdaq Composite
COMP
edged up 0.1%. Financial stocks in the S&P 500 fell 0.9% on Tuesday, the broad index’s worst-performing sector for the day, according to FactSet data. 

Tuesday’s close left the broad S&P 500 off about 4.4% from its 2023 closing high on July 31, but still up 14.3% for the year, according to Dow Jones Market Data.

Read the full article here

News Room August 23, 2023 August 23, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Dealmakers hit pause on M&A as caution rules the boardroom

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Opec+ plans to boost oil output in bid to win back market share

Stay informed with free updatesSimply sign up to the Oil & Gas…

All hail the equity vigilantes

Stay informed with free updatesSimply sign up to the Capital markets myFT…

Apple races to box office glory with Brad Pitt’s F1 blockbuster

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

EU to stockpile critical minerals due to war risk

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

Crypto

'Fundamental Shift' in Traditional Bitcoin Market Cycle May Be on the Horizon

By News Room
Crypto

FTX/Alameda Unstakes Over $1B in Solana – Is a Major Price Shift Coming?

By News Room
Crypto

Mastercard Launches “Crypto Credential” To Replace Wallet Addresses With Usernames

By News Room
Crypto

Polygon Executive Pivots Roles To Developing ZK Proof Tech

By News Room
Crypto

Altcoin Interest Driving South Korean Crypto Craze – Report

By News Room
Crypto

Russian Central Bank Flags Sharp Rise in Crypto-related Activity

By News Room
Crypto

BitGo’s $100M Suit Against Galaxy Gets Green Light from Delaware Supreme Court

By News Room
Crypto

Here Are Your Top Crypto Gainers Today on DEXScreener

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?