Yesterday was a very ugly day for the stock market. It was a reminder that markets don’t always go up and up and sometimes they do go down and when they do, some are taken with a surprise.
To recap: The S&P 500 lost 3.3% and registered the worst one-day slump since February whilst the Nasdaq Composite lost 4% which was the worst session since the Brexit vote. Europe lost 1.6% whilst Japan lost 4%.
As we can see from the above image, there was no escape as over 95% of the companies which are part of the US index were all red with just a very tiny minority showing some green light.
The worst stock in the S&P universe was Tiffany & Co which lost over 10% whilst it was Netflix (-8.4%) which registered the worst decline in the Nasdaq index.
From an overall sector perspective, the worst one was Technology that lost 4.7% whilst the less beaten were the defensive sectors like Utilities (-0.5%) and Consumer Staples (-1.27%) (see diagram below).