As we tweeted yesterday afternoon, yesterday was the first time since February 2016 that the S&P 500 closed down on the day after trading up more than 75 basis points at its highs.  Below is a look at sector performance so you can see where the late-day weakness came from.  In the chart, we show how much each S&P 500 sector was up at its highs yesterday, and we also show how much each sector fell from its highs to its closing level.

The S&P 500 as a whole was up 77 basis points at its high and it fell 1.07% from its high to the close.  As you can see below, the sectors that were up the most at their highs ended up selling off the most.  The sectors that were up the least on the day at their highs ended up selling off the least.

Financials and Energy got hit the hardest during the afternoon sell-off.  Energy was up 1.64% at its highs before selling off nearly 2% into the close.  Financials was up 1.25% at its high and then went on to fall 1.93% into the close.  A defensive sector like Utilities, on the other hand, closed nearly at its high for the day as investors moved from cyclicals into safer areas of the market.


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