The S&P 500 recorded its worst week since March 2023 last week as worries over Economic growth weighed on the major indices. Tech led the decline, with NVDA shedding $300B in market cap on the week.
Conversely, Defensives (Utilities, Consumer Staples, Real Estate) held up better and outperformed on the week. This has turned into a global theme in Q3 (and even beyond), as Defensive sectors are the top performers in both the US and Europe over the past 1, 3, and 6 months.