The S&P 500 Drops More than 1%

Even though the stock market had its seven-day win streak snapped on Tuesday, the S&P 500 rallied to yet another new high yesterday. Today, however, is the first time in a long time that stocks are down sharply. This morning’s jobless claims report rose to 373,000. The S&P 500 is currently off by about 1%. At its low earlier today, the index was down by 1.6%.

As you might guess, it’s the cyclicals that are down the most. Specifically, the financials and the materials are lagging. The defensive sectors are down but not as much. When in doubt, just look at shares of Hershey (HSY). You can’t get much more defensive than chocolate. HSY is currently down 0.04%.

Posted by on July 8th, 2021 at 12:07 pm


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