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Markets Fell Again Last Week, Led Lower By Non-US Equities

Stock Market Sees Longest Losing Streak In Almost a Year

Euphoria in domestic equity markets unwinds

Markets “sell the winners” again last week

Market turbulence continued last week in another “sell the winners” week of trading, shortened by the Labor Day holiday. The action was most pronounced in the U.S. equity market, the underperformer again last week (SPX -2.5%), led lower by weakness in tech (CCMP -4.1%) [Figure 1]. Back-to-back weekly declines haven’t occurred in the S&P 500 since early May, although the index is back to where it was one month ago — a reminder of how strong recent performance of U.S. equities has been. International equities had a better week than their domestic peers, with notable strength in international developed market equities (MXEA +1.5%) and strong relative emerging market performance (MXEF -0.7%) [Figure 1].

Stock Market Sell-off Biggest Since June

Last week was another reminder that stocks don’t go straight up all the time.

Global Markets See 5-Week Winning Streak

Upside momentum continues to build in equity markets as we approach the last week of a very non-standard summer. That makes five weeks of gains for global equities, their longest streak since last Fall.

Market Closes at Record High, But Rally a Narrow One

The S&P 500 had another positive week last week — its fourth in a row and its longest streak since last December. The domestic equity market added 0.8% (SPX) to close Friday at an all-time high just below 3,400 points, and on Monday of this week opened above the psychologically significant 3400 mark. However, the U.S. market was an outlier last week, as overseas markets fell 0.6% (MXWDU), led by weakness in international developed markets, down 1.0% (MXEA). Emerging market equities closed the week 0.1% lower (MXEF) [Figure 1].

Market Says “It’s August” In Slow Week Dominated By U.S. Politics

It was another slow week for markets as out-of-office replies pile up and volume plunges. Equities put in another positive week with international developed markets outperforming strongly (MXEA +2.4%) while emerging markets lagged (MXEF +0.4%). Domestic equities landed in between the two. The S&P 500 notched a 0.6% (SPX) gain on the week to close less than 1% from its all-time high.

Market rallies in lackluster trading as stimulus talks fall apart

Last week’s market action certainly felt like a typical August. Equities rallied in lackluster trading characterized by low volume and a general lack of interest from market players. The U.S. market outperformed (SPX +2.5%), while emerging markets lagged, up only 1.0% on the week (MXEF). International developed markets closed up 2.0% (MXEA) [Figure 1].

Market Shrugs Off COVID and GDP Concerns as Big Tech Dominates

Equities rallied last week, capping off four straight months of gains to end July about 5% below February’s all-time highs on a global basis (MXWD). But the pace of the rally off the March lows has been uneven. U.S. equities (SPX) have outpaced international shares (MXWDU) by about 5.8% in the past 4 months and remain about 9% ahead year-to-date (YTD) [Figure 1]. Focusing on U.S. large-cap tech provides an even more stark picture — the NASDAQ is up 40% since the end of March [Figure 1].

US Stock Market Dips Amid Rising COVID Cases, Big Tech Concerns, and Weak USD

Equities had a mixed week last week as investors continued to grapple with the stalling economic recovery due to rising COVID-19 case counts and deaths across the U.S.

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Insights

COVID

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TOPICS:

Stock Market Sees Longest Losing Streak In Almost a Year

Markets “sell the winners” again last week

Stock Market Sell-off Biggest Since June

Global Markets See 5-Week Winning Streak

Market Closes at Record High, But Rally a Narrow One

Market Says “It’s August” In Slow Week Dominated By U.S. Politics

Market rallies in lackluster trading as stimulus talks fall apart

Market Shrugs Off COVID and GDP Concerns as Big Tech Dominates

US Stock Market Dips Amid Rising COVID Cases, Big Tech Concerns, and Weak USD

See Horizon Investments' Customer Relationship Summary and View Form ADV for additional information

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