- The S&P 500 Loses $1.8 Trillion in Market Cap for the Week
- Quick Market Stats: Week Ending 10/10
- Dow and the Depression
- Dow Loses over $300 Billion in Market Cap over 2-days
- Major Indices Set Record Losses
- One Year from the Highs
- Six Day Losing Streaks
- Best and Worst Performers in the Global Markets Crisis
- Trading the Volatility
- A Bad Case of the Mondays
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Financial stocks continue to deteriorate this week with lingering concerns over Freddie Mac [FRE
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] & Fannie Mae [FNM
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] and continued weakness in regional banks following the collapse of IndyMac Bancorp[IMB
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].
The S&P 500 Financials sector is now at its lowest level since June 1997, as it has fallen over 9% this week. At the halfway point of July, the sector is now down nearly 15% this month and over 41% on the year.
With this type of performance, the Financials have seen their weighting drop dramatically in the market cap-weighted S&P 500 index. Earlier this year and for the first time since the tech bubble burst, Financials relinquished its top spot in the S&P 500 to Techs as the biggest sector in the index. Of note today, Healthcare passed Financials to become the third biggest sector (behind Techs and Energy) in the S&P 500.
Healthcare Passes Financials: Portfolio Weightings in S&P 500
- Techs 16.6%
- Energy 15.9%
- Healthcare 12.9%
- Financials 12.8%
- Consumer Staples 11.5%
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Data is a real-time snapshot *Data is delayed at least 15 minutes