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The S&P 500 has experienced a significant pullback, with a decline of 8.8% since its high on July 31st, nearing the 10% correction territory. The S&P equal weight index has already dropped 12.5%, while the Russell 2000 is down 18%. This year's 8.8% pullback is the largest so far, although it is relatively mild compared to the median 13% intra-year drawdown since 1928. The S&P 500 Equal Weight index is down 4.2% year-to-date, contrasting with the cap-weighted index's gain of 9%, resulting in a spread of -13.2 percentage points, the largest in favor of the cap-weighted index since at least 1990. The recent price action in supercap tech suggests a convergence between the two indices. Two-thirds of all calendar years on the S&P 500 have experienced peak-to-trough drawdowns of 10% or worse since 1928, and 2023 is approaching that level. The equal-weighted S&P is about to break the March bank crisis lows. Small caps have underperformed the S&P 500 by over -17% in the first year following the 2022 bottom, the second-worst ever next to 1930. Other sectors and factors have also exhibited unusual performance patterns. The Dow industrials are down 1% in 2023, following a 9% decline in 2022. The Russell 2000 is down 6% in 2023, after a 21% drop in 2022. The S&P 500 is up 7.92% in 2023, rebounding from a 21% decline in 2022. The equal-weight index (RSP) is down 3.3% in 2023, reflecting the overall decline in stocks. The Nasdaq, on the other hand, has risen by 29% this year.
sobering numbers dow industrials down 1% in 2023, following a down 9% in 2022 russell 2K is down 6% in 2023 following a down 21% in 2022 spx 500 is up 7.92% in 2023 after being down 21% in 2022, equal weight (rsp) is down 3.3% in 2023. the average stock is down. nasdaq, up 29%… https://t.co/9vos75ledO
In the first year following the 2022 bottom, Small Caps underperformed the S&P 500 by more than -17%, the 2nd-worst ever next to 1930. Other sectors and factors have also performed in unusual patterns. Learn more: https://t.co/2XJ9j5GtBl @jasongoepfert
The equal-weighted S&P is about to take out the March bank crisis lows. https://t.co/kK5hI4Yyil
Two-thirds of all calendar years on the S&P 500 have experienced intrayear peak-to-trough drawdowns of 10% or worse since 1928 2023 is now w/in spitting distance of that https://t.co/yLwmlMAfom
“.. S&P’s cap-weighted index is outperforming its equal-weighted index by 13% ytd .. the widest margin of outperformance (through this point in the year) in 30+ years. The recent price action in supercap tech .. is telling us to brace for some convergence here.” - GS desk/Flood https://t.co/f2Zl3Z2NjW
The S&P 500 Equal Weight index is now down 4.2% YTD versus the S&P 500's (cap-weighted) gain of 9%. The spread of -13.2 ppts between the two is the most extreme it has been in favor of the cap-weighted index through 205 trading days since at least 1990. https://t.co/8KyqzQJ3L1
The median year since 1928 has experienced a 13% intra-year drawdown in the S&P 500, making 2023 relatively mild by comparison. The current 8.8% pullback is the largest thus far. $SPX https://t.co/suar6pU0Xq
S&P 500 $SPY now down 8.8% since its 7/31 high, getting close to that 10% correction territory. The S&P equalweight $RSP is already down 12.5%, though, while the Russell 2K $IWM is down 18%. #yieldsgonewild