Stocks ended lower over a volatile week, as investors continued to weigh developments in the crisis in Ukraine. The S&P 500 Index was dragged lower by the heavily-weighted technology, financials, consumer discretionary, and communication services sectors, but all other segments moved higher.
The major indexes closed mostly higher after a holiday-shortened week of historic volatility sparked by Russia’s invasion of Ukraine.
The large-cap indexes suffered their second consecutive week of declines as worries over a Russian invasion of Ukraine and high inflation weighed on sentiment.
After another volatile week, the large-cap indexes ended the week lower, while the S&P Mid-Cap 400 and small-cap Russell 2000 indexes recorded modest gains.
Equity markets remained volatile but recorded overall gains for the second consecutive week. Breaking with a pattern of value outperformance largely in place since November, growth and value shares performed similarly, while mid-and small-caps outpaced large-caps.
Late gains helped the large-cap benchmarks move higher for the week, but not before most major indexes moved temporarily into correction territory or down more than 10% from recent highs.
Rising interest rate fears and growth worries pushed the S&P 500 Index to its biggest decline in more than 14 months over the holiday-shortened week.
The large-cap indexes recorded their second consecutive weekly loss to start the year—and the technology-heavy Nasdaq Composite its third—as the unofficial start of earnings season began.
Stocks backed away from record highs at the start of the week as expectations for higher interest rates took a particular toll on growth stocks and the technology-heavy Nasdaq Composite—which suffered its biggest weekly decline in nearly a year.
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ClearWater Market Commentary as of March 11th, 2022
Shares in Europe rebounded in a volatile week of trading, perhaps reflecting hopes that a diplomatic solution to the Russia-Ukraine conflict might emerge.