Friday’s losses were driven by a sharp rise in the 10-year Treasury yield, which rose to 4.627%, its highest level since May. Rising yields often weigh on stocks, especially growth stocks, as investors turn toward bonds.
Sectors to focus on
Technology and Consumer Discretion Driven Decline
The worst-performing sector was technology, with a 1.49% decline, followed by the consumer staples sector, with a 1.9% decline. Financial and industrial sectors each fell by 0.81%, and real estate fell by 0.99%. Defensive sectors such as consumer staples (-0.58%) and healthcare (-0.51%) performed relatively well, but still ended in the red.
The energy sector was almost flat, with a decline of only 0.01%, as oil prices remained strong. Utilities, which are usually considered a haven during periods of volatility, fell 0.29%.
