– Risk assets declined, except for commodities, which climbed on higher oil prices. Strength last week was largely confined to sectors and countries tied to oil prices.
– It was a challenging week for growth and momentum stocks. The darling of 2020, Large Cap Growth, was down year to date through Friday’s close.
– Emerging market stocks were hit hard, down more than 6%, as Chinese equities declined almost 10%.
– Fixed income sectors are all negative ytd, with one exception, high yield. Junk bonds held onto a positive return.