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“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
It’s a mixed picture in futures markets this morning as the S&P 500 is set to open marginally higher while the Nasdaq is indicated up about 1%. At the individual stock level, the crazy moves of last week are continuing today as GameStop (GME) is up over 50% again, and a number of other high short interest and story stocks are trading up sharply in the pre-market. Economic data is on the light side this morning with just the Chicago Fed National Activity Index and the Dallas Fed Manufacturing Index.
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The year is just three weeks old, but already we’ve seen some big moves in individual sectors. With its gain of 11%, the Energy sector has stolen the show, but the 5% gain in the Consumer Discretionary sector is nothing to sneeze at either. On the other end of the spectrum, Consumer Staples has already given up 3.8% this year while Industrials is down just marginally (-0.2%). The broader S&P 500 as a whole is up a respectable 2.3% on the year, and four other sectors – Materials, Financials, Technology, and Telecom Services – all have YTD gains within half of one percent of the overall market.
The gap of nearly 15 percentage points between the best and worst-performing sectors so far this year is one of the larger ones we have seen through the first 14 trading days of a year dating back to 1990. As shown in the chart below, just three years (2009, 2001, and 2000) have seen larger disparities to start the year while a number of other years have seen disparities nearly but not quite as wide as the one this year (1992, 1999, and 2006).