S&P 500 extends post-Jackson Hole losses, falls ~3% for the week; materials top loser

Sep. 02, 2022 4:58 PM ETSPDR S&P 500 Trust ETF (SPY)XLU, XLE, XLV, XLB, XLF, XLI, XLK, XLP, XLY, XLRE, XLC, SP500By: Anuron Mitra, SA News Editor18 Comments

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The S&P 500 (SP500) on Friday posted another week of hefty losses, falling 3.29% for the five-day session. The benchmark index has now posted a three-week losing streak after a four-week run of gains. The markets are closed on Monday for the Labor Day holiday.

Muted investor sentiment carried on from last week after the U.S. Federal Reserve Chair at the Jackson Hole symposium indicated that policymakers were committed to raising rates in order to combat inflation. A trend of good-news-is-bad-news trading also weighed on the S&P 500, as economic data released during the week supported the case for a hawkish Fed.

Investors digested job openings data that exceeded consensus expectations, a retooled ADP report that showed less-than-expected jobs were added in August, jobless claims figures, a stronger-than-expected ISM manufacturing PMI readout and an unexpected increase in the unemployment rate.

The S&P 500 along with the broader market also took a hit from semiconductor stocks which fell after the U.S. prohibited Nvidia from selling some of its products to China.

The SPDR S&P 500 Trust ETF (NYSEARCA:SPY) on Friday lost 3.22% for the week alongside the benchmark index. The ETF is -17.42% YTD.

All 11 sectors in the S&P 500 closed in the red for the week, with Materials the top loser. The Information Technology sector also extended its slump from last week. See below a breakdown of the weekly performance of the sectors as well as the performance of their accompanying SPDR Select Sector ETFs from Aug. 26 close to Sept. 2 close:

#1: Utilities -1.57%, and the Utilities Select Sector SPDR ETF (XLU) -1.47%.

#2: Health Care -1.79%, and the Health Care Select Sector SPDR ETF (XLV) -1.81%.

#3: Communication Services -2.37%, and the Communication Services Select Sector SPDR Fund (XLC) -2.39%.

#4: Consumer Staples -2.38%, and the Consumer Staples Select Sector SPDR ETF (XLP) -2.54%.

#5: Financials -2.51%, and the Financial Select Sector SPDR ETF (XLF) -2.46%.

#6: Consumer Discretionary -2.66%, and the Consumer Discretionary Select Sector SPDR ETF (XLY) -2.62%.

#7: Energy -3.31%, and the Energy Select Sector SPDR ETF (XLE) -3.27%.

#8: Industrials -3.59%, and the Industrial Select Sector SPDR ETF (XLI) -3.52%.

#9: Real Estate -3.94%, and the Real Estate Select Sector SPDR ETF (XLRE) -3.96%.

#10: Information Technology -4.98%, and the Technology Select Sector SPDR ETF (XLK) -5.03%.

#11: Materials -4.99%, and the Materials Select Sector SPDR ETF (XLB) -4.89%.

Below is a chart of the 11 sectors' YTD performance and how they fared against the S&P 500. For investors looking into the future of what's happening, take a look at the Seeking Alpha Catalyst Watch to see next week's breakdown of actionable events that stand out.

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