S&P 500 Gives Back Gains as Sector Rotation Accelerates
The S&P 500 ended the week of July 21-24 as a study in contrasts. SPY, the S&P 500 ETF, closed Friday at $738.18, down 1.23% and sitting 2.9% below the all-time high of $760.40 set on Monday. Read the headline in isolation and it looks like a reversal. Read the internals, and the picture is more constructive: capital did not leave equities this week. It rotated. Key Takeaways SPY closed Friday at $738.18, down 1.23% on the day and 2.9% below its July 21 all-time high of $760.40. June CPI came in at 3.5% year-over-year, down from 4.2% in May, cutting the CME FedWatch probability of a July rate hike from roughly 35% to 10%. Industrials (XLI +1.73%) and healthcare (XLV +1.26%) led Friday while…
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