Nasdaq catches up to the S&P 500 from monthly perspective
The market is currently trading mixed, with the S&P 500 down 0.3% and the Nasdaq up 0.1%. This isn't too different from the week's trend in which the Nasdaq is up 0.8% and the S&P 500 is down 0.4%. One wouldn't expect to see the Nasdaq outperforming this week when the S&P 500 information technology (+0.1%), communication services (+0.3%), and consumer discretionary (+0.4%) sectors are way behind the cyclical energy (+5.1%), industrials (+1.0%), and materials (+0.9%) sectors in terms of weekly performance. This divergence could be attributed to Tesla (TSLA 496.30, -2.97, -0.6%) being up 21% this week and the Philadelphia Semiconductor Index (+0.7%) being up 3.2% this week. From a broader perspective, the Nasdaq has simply caught up to the S&P 500 on a monthly performance basis (both are now up 9.2%).