After snapping a 5-day losing streak on Monday, the S&P 500 retreated yet again by 0.57% and is now at trading 2.3% below its all-time high. It was the first time since February 2020, where the S&P 500 ended the day below its opening level for six consecutive trading sessions.
The flagship index’s 11 sectors all ended in the red territory, with financial, energy stocks and communication and industrial companies among the worst performers of the index. Even though inflation data came in slower-than-expected, the news led to uncertainty over the U.S. Federal Reserve’s timeline to taper monetary stimulus.
S&P 500 ETFs were dragged down, with the largest funds SPDR S&P 500 (SPY), iShares Core S&P 500 ETF (IVV) and Vanguard S&P 500 ETF (VOO) inching lower by more than 0.50% each.
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