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The S&P 500 fell 23.6% from January 3 to June 16. It is up 5.4% since then through Friday's close. Is this just a short-covering rally in a bear market? We will be discussing this topic in Monday's Morning Briefing. For now consider the following:
(1) So far, the stock market’s rally since June 16 has been led by the biggest losers during the bear market from January 3 through June 16. Here is the performance derby of the 11 sectors of the S&P 500 from January 3 through June 16 and since then through Friday’s close sorted by the latest results (table below): Health Care (-14.4%, 8.9%), Consumer Discretionary (-36.4%, 8.0), Information Technology (-30.2, 7.6), Utilities (-8.3, 7.3), Real Estate (-24.9, 6.3), Consumer Staples (-11.2, 6.1), S&P 500 (-23.6, 5.4), Communication Services (-32.7, 5.0), Financials (-22.4, 3.5), Industrials (-18.6, 1.6), Materials (-16.5, -3.4), and Energy (35.0, -10.9).
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