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- The S&P 500 hit its first record high since mid-August, though the rally's breadth is notably thin, according to the source.
- Technology leads all sectors with a 6% gain since that previous August top, per Bespoke data cited in the source.
- Energy ranks second at a 4.6% gain, while communication services is the only other positive sector at up 3.6%.
- Real estate is the worst-performing sector, down 8.3%, followed by industrials at minus 7.6% and financials at minus 7.2%.
- Utilities have fallen 6.4%, while consumer discretionary and consumer staples are down 4.3% and 3.8%, respectively, with materials and health care also lower.
- The source attributes the declining sectors' weakness partly to surging energy prices and interest rates pressuring corporate profits.
Why it matters: Eight of eleven S&P 500 sectors are negative over two months despite the index hitting a record, meaning diversified investors are absorbing losses in rate-sensitive groups like real estate, industrials, financials, and utilities — each down between 6.4% and 8.3% — even as the headline number rises on the back of technology, energy, and communication services.
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