After a strong showing in July, when stock indexes rebounded from their 2022 lows of June, U.S. equities abruptly reversed course in August.The S&P 500’s SPX, -0.11% market capitalization has declined by $6.76 trillion this year to $33.59 trillion. Market caps for the largest five companies in the benchmark index have dropped by a combined $1.95 trillion.
While oil prices pulled back in August, the U.S. energy industry had a banner second-quarter earnings season. Looking further ahead, those results led to a 12% increase in the S&P 500 energy sector’s consensus earnings-per-share estimate for 2023. Citigroup analyst Christopher Danley warned on Tuesday that semiconductor stocks could drop another 25% as they enter “the worst downturn in a decade.”
Best-performing S&P 500 stocks in August Constellation Energy Corp. CEG, +2.41% was split off from Elexon Corp. EXC, +0.75% in January.
Source: News Formal (newsformal.com)
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