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CPI below expectations

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Last week was a brutal one for US stocks as the Nasdaq, Russell 2000, and the S&P 500 fell at least 2.5%.  Sector performance within the S&P 500 was also mostly lower but varied widely.  Both Real Estate and Consumer Staples managed to finish the week higher, but every other sector was down at least 1% and in many cases a lot more.  Thanks in large part to Netflix (NFLX), the Communication Services sector was down nearly 8%, while Energy, Materials, and Health Care all fell more than 3%.  Despite the carnage last week, though, only three sectors head into the new week at oversold levels, and two are actually overbought.

What’s also interesting about last week’s declines was that the selling wasn’t confined to either just the year’s winners or losers.  The two worst performing sectors are also the worst performing (Communication Services) and the best performing (Energy) year to date. In other words, there wasn’t a whole lot of rhyme or reason behind the weakness.

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