S&P 500 sits 0.07% below a three-month high as rate-sensitives lead a rotation ahead of CPI
The S&P 500 closed Friday within a whisper of its three-month high, and the tape underneath that print reads like a reposition, not a panic. SPY finished at $778.57, up 0.60% on the day and just 0.07% under the Oct 6 high of $779.09. Nine of eleven sectors closed green.
The leaders were the rate-sensitive cohort: real estate +1.86%, health care +1.58%, financials +0.92%, utilities +0.83%. Communication services, one of the late-summer growth darlings, gave back 1.51%. That lineup is not what a market running for shelter looks like.
Related reading: Defensive rotation takes hold: Health Care leads as Industrials slip 2.2% .
Key Takeaways SPY closed Friday at $778.57, 0.07% under its three-month…
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