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Only 4 Sectors Dipped, but S&P 500 Fell 42 Basis Points

Only 4 Sectors Dipped, but S&P 500 Fell 42 Basis Points

February 22, 2024

Mixed week in the markets!  Domestic market pulled back, but small & mid-caps held strong. Only 4 sectors dipped, but S&P 500 fell 42 basis points due to losses in Information Tech & Communication. Tuesday saw the biggest drop after higher-than-expected Consumer Price Index, impacting March rate cut expectations. By Friday, chance of rate hold rose to 91.5%. Despite a Friday dip, positive vibes returned midweek with better jobless claims & retail sales. The bond market took a hit as optimism for a March rate cut dwindled.