The S&P 500 index fell 2.4% last week amid a fresh round of tariff worries. By the end of the day Friday, the index was down 2% for October. It was still solidly in positive territory for 2025, with a gain of 11%.
Coming into Friday’s session, the S&P 500 has been up on the week, having just reached a new intraday high on Thursday. Gains were erased on the final trading day of the week after President Donald Trump said he is considering “a massive increase” in tariffs on Chinese products coming into the U.S. Trump also indicated he might call off a planned meeting set for later in the month with Chinese President Xi Jinping.
All but two sectors posted weekly declines. The energy sector has the largest weekly drop, falling 4%, followed by declines of 3.3% each in consumer discretionary and real estate. Materials lost 3.1% while financials and industrials shed almost 3% each. Technology and communication services fell more than 2% each while health care was down 1.9%.
The energy sector’s drop came as crude oil futures also fell. Every component of the sector fell, led by a 11% loss in shares of APA Corp. (APA).
The two sectors that managed to stay positive on the week were utilities, up 1.4%, and consumer staples, up 0.6%.
Earnings season is ramping up this week, especially in the financial sector. Reports are expected from companies including JPMorgan Chase, Johnson & Johnson, Wells Fargo, Goldman Sachs, BlackRock, Citigroup, Bank of America, Morgan Stanley, Charles Schwab, and American Express.
Economic data may be light if the U.S. government shutdown continues. The shutdown has caused a delay in closely watched government data releases including the September jobs report.
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