March 16, 2023, 12:52 am EDT
Core Sectors Suffered
Core sectors, energy, financial, material, and financial, got hit hard today as shown. For example, the energy sector was down more than -5%. It described bloodshed action from investors.
Credit Suisse also encountered trouble where we can see the ripple effect after the shutdown of Silicon Valley Bank last Friday. In addition to the financial sector, other core sectors also join the downside teams. The outlook of the stock market became bearish for sure.
Although the market closed at relatively high points of the day, it does not change the fact that the overall tone is negative.
The technology sector was up slightly. Thus, there could be some bright spots available like AMD, MSFT, etc. It requires certain lucks to buy and hold stocks to market profits when the trend is going down. Therefore, we should keep tracking these core sectors to see if they can rebound or not. It could provide hints for the market direction for the months to come.