FYI: While most didn’t finish near those levels, a lot of stocks in the S&P 500 hit 52-week lows today. For the S&P 500 as a whole, 17.6% of stocks in the index traded down to their lowest levels in at least a year. The last time we saw that many stocks trade at new lows in unison with each other was way back in February 2016. Anyone know if Jamie Dimon is planning to buy some more stock in JPMorgan right about now? The chart below shows the net percentage of stocks in each S&P 500 sector that hit 52-week lows today. Leading the way down the tubes was the Materials sector where half of the stocks in the sector made an appearance on the new low list. The last time the Materials sector saw a larger percentage of new lows was back in August 2015 during the last China devaluation. Behind Materials, Financials, Consumer Discretionary, and Industrials all saw at least 20% of the stocks in their sector hit 52-week lows on Tuesday, and for all three sectors, it was the greatest percentage of new lows for each sector since early 2016.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/lots-of-new-lows/
