The S&P 500 traded almost exactly flat today (-0.01%), but we saw huge moves underneath the surface. Below we have broken up the S&P 500 into deciles (10 groups of 50 stocks each) based on YTD performance through last Friday. We then calculate the average performance today of the stocks in each decile.
As shown below, the 50 stocks in the S&P that were up the most YTD coming into today were down an average of 1.45% today. Decile two (the next 50 best performers YTD) saw an average decline of 0.72%, while deciles three through five were roughly flat. Once you get to deciles six through ten, though, the average performance today was greater than +1% for each decile! The 50 worst performing S&P 500 stocks of 2019 coming into today were up an average of 3.37% today.
Basically the bottom half of the S&P in terms of YTD performance exploded higher today, while the top half lagged badly. What’s the reason for the big divergence in performance? Find out by reading our Chart of the Day. You can read it with a two-week free trial to Bespoke Premium.