This is the week where most traders and PMs are out of the office during the summer, and it was a good one to take off for those that did! Below is a look at the carnage through our key ETF matrix covering most asset classes.
As shown, the S&P 500 SPY ETF fell 5.63% on the week, but it wasn’t to be outdone by the Nasdaq 100 (QQQ), which fell 7.16%. For the year, the QQQs are now down 0.64%, while the Dow 30 (DIA) is down 7.54%!
The one bright spot, if you want to call it that, was small-caps, which only fell 4.19% this week. This outperformance for the smallcaps all came on Friday, when the IWM fell just 1.19% while the SPY fell 3.11%.
Energy (XLE) fell the most of any sector this week, dropping 8.5% and leaving it down 20% on the year. The best performing sector was Utilities (XLU), which only fell 1%.
Things were even worse outside of the U.S., where areas like China (FXI) and Hong Kong (EWH) fell 9%+ on the week. The only bright spots on our matrix were in gold (GLD) and silver (SLV) and Treasuries.
For a complete run-down of this week’s sell-off and what it means for the market going forward, sign up for a Bespoke Premium membership and check out our just-published Bespoke Report newsletter. It’s probably the most important one we’ve written in a couple of years. Sign up is quick and easy at our Subscribe page, where you can use the coupon code “markets” to get a 10% membership discount.