Monty Rakusen
The S&P 500 (SP500) posted its fourth consecutive week of losses, but it was a minuscule decline driven by the materials group and produced a notable statistic for the benchmark index.
The wild week on the stock market was dominated by the S&P 500 (SP500)(SPY)(IVV) fell 3% on Monday, its worst daily session since September 2022, on recession fears. Summing up the “crazy week” in stocks, Justin Wolfers, an economist and professor at the University of Michigan, pointed to these figures in a x.com/JustinWolfers/status/1822004219081028079″ target=”_blank” class=”paywall-full-content invisible”>Post on x (formerly twitter):
- Last Friday's closing: 5,346.56
- Closing this Friday: 5,344.16
- => A decrease of four-hundredths of a percent.
- => The smallest weekly drop in more than six years.
The drop was the smallest since the week of April 27, 2018: The S&P 500 (SP500) failed to reach the target to avoid extending a weekly losing streak. Ten of its 11 sectors ended higher, and the materials sector was the only one to fall, down 0.1%.
These are the top 5 falling stocks in the S&P 500 Materials ETF (NYSERCA:XLB) on Friday:
Ball (BALL): Daily loss: -1.42%
Packaging Corp of America (PKG): Daily loss: -1.37%
International Paper (IP): Daily loss: -1.11%
Martin Marietta Materials (MLM): Daily Loss: -1.01%
Smurfit Westrock (SW): Daily loss: -0.89%
