Financials Continue to Lose S&P Weight - CNBC By The Numbers

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Nov.18

2:34 PM ET

Tuesday, 18 Nov 2008

Financials Continue to Lose S&P Weight

Posted By:Robert Hum | Ariel Nelson

Topics:Stock Market

Sectors:Financial Services | Sectors

Companies:American Capital Strategies, Ltd. | Developers Diversified Realty Corporation | Prologis | Genworth Financial Inc | General Growth Properties, Inc.

With ongoing earnings and capital concerns, financials have failed to muster up any sustained rally, as they continue to hit lower lows this week. The S&P 500 Financials sector remains at 12-year lows, and is approaching its 1995 levels. Not surprisingly, it continues to be the worst performing sector in the S&P 500 this year. Furthermore, the sector’s underperformance hasn’t let up so far this month. While the S&P 500 is “only” down 13.6% in November, the financials sector is down 26.2% month-to-date.

The financial sector’s poor performance has pushed its weighting in the S&P 500 significantly lower this month. What was once the S&P’s largest sector, the financials now barely make it into the top half of the index’s 10 sectors (behind even the healthcare and consumer staples sectors!). Here’s how the S&P’s 10 sectors rank now:

                      S&P 500 Index Weighting
Technology           15.1%
Healthcare            14.9%
Energy                  14.0%
Consumer Staples   14.0%
Financials              12.9%
Industrials             10.8%
Consumer Discretionary 7.6%
Utilities                  4.2%
Telecom                 3.6%
Materials                3.0%

Worst performing financials MTD include