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Seeking Alpha 2022-11-18 23:05:27

S&P 500 ends 0.7% lower for the week as Fed's hawkish views weigh

The S&P 500 ( SP500 ) on Friday closed 0.69% lower for the week, with the benchmark index ending lower in three out of five sessions, as investors remained wary after hawkish comments from Federal Reserve speakers. This followed a notable rally last week support by cooler-than-expected inflation data. St. Louis Fed president James Bullard said more hikes were needed to get to sufficiently restrictive levels, while Minneapolis Fed president Neel Kashkari said it was an "open question" as to how high rates would be raised. On the economic data front, existing home sales and leading indicators fell more than expected, while housing starts came in above expectations. Oct. PPI came in flat and core PPI was unchanged, showing an overall moderation in prices. Weekly jobless claims were in line with estimates and retail sales were stronger than expected . Meanwhile, industrial production unexpectedly slipped . Crypto markets continued to reel from the FTX collapse, with bitcoin ( BTC-USD ) on track to post weekly loss of over 2% . The SPDR S&P 500 Trust ETF ( NYSEARCA: SPY ) on Friday fell 0.62% for the week alongside the benchmark index. The ETF is -17.1% YTD. Three out of 11 S&P 500 ( SP500 ) sectors ended the week in the green, with Consumer Staples and Health Care as the top gainers. Consumer Discretionary and Energy sectors were the top losers. See below a breakdown of the weekly performance of the sectors as well as the performance of their accompanying SPDR Select Sector ETFs from Nov. 11 close to Nov. 18 close: #1: Consumer Staples +1.69% , and the Consumer Staples Select Sector SPDR ETF ( XLP ) +1.58% . #2: Health Care +0.99% , and the Health Care Select Sector SPDR ETF ( XLV ) +1.08% . #3: Utilities +0.83% , and the Utilities Select Sector SPDR ETF ( XLU ) +1.13% . #4: Communication Services -0.08% , and the Communication Services Select Sector SPDR Fund ( XLC ) -0.98% . #5: Industrials -0.23% , and the Industrial Select Sector SPDR ETF ( XLI ) -0.09% . #6: Information Technology -0.85% , and the Technology Select Sector SPDR ETF ( XLK ) -0.79% . #7: Financials -1.45% , and the Financial Select Sector SPDR ETF ( XLF ) -1.39% . #8: Materials -1.61% , and the Materials Select Sector SPDR ETF ( XLB ) -1.55% . #9: Real Estate -1.83% , and the Real Estate Select Sector SPDR ETF ( XLRE ) -1.78% . #10: Energy -2.35% , and the Energy Select Sector SPDR ETF ( XLE ) -1.61% . #11: Consumer Discretionary -3.15% , and the Consumer Discretionary Select Sector SPDR ETF ( XLY ) -2.83% . Below is a chart of the 11 sectors' YTD performance and how they fared against the S&P 500. For investors looking into the future of what's happening, take a look at the Seeking Alpha Catalyst Watch to see next week's breakdown of actionable events that stand out .
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