The rotation away from large Nasdaq stocks like Tesla has intensified, resulting in the market’s biggest divergence since the dotcom bubble broke a generation ago.
The S&P 500 plunged 3.3 percent between Friday, January 22, and Friday, January 29. It was the biggest weekly decline since October, with 85 percent of the index’s members losing value. The selloff also dragged stocks into negative territory on a year-to-date basis.
The S&P 500 rose 3.3 percent between Friday, September 21, and Friday, September 28. It was the biggest weekly gain since the end of June 29 – July 2.
The S&P 500 rose less than 0.1 percent between Friday, February 1, and Friday, February 8. It was only the sixth and smallest advance in the last seven weeks, following the index’s sharp rebound in January. The index also had its narrowest weekly trading range (just 57 points) since late September.