Summer is over. Those could be three of the worst words in the English language, but as much of a bummer as it is to bid goodbye, it was a decent run for markets. Since the close on the Thursday before Memorial Day (because let's be honest, most of you probably took off or cut out early on that Friday before the holiday weekend), the S&P 500 has rallied 3.7%. Sector breadth has been almost evenly split, with six sectors trading higher while five were lower. Leading the way higher, Health Care posted a healthy 16% rally, followed by a 12.4% gain in the Financials sector. On the downside, only Communication Services fell more than 5% (-8.1%).
With Health Care coming in as the top-performing sector this summer, it shouldn’t be surprising that three of the top four performers in the S&P 500 were from that sector. Moderna (MRNA) had a summer fling for the ages, tripling since Memorial Day. Outside the sector, Dell (DELL) wasn’t a slouch either, gaining 104%.
Of the 25 stocks listed, six sectors are represented, with the most coming from Technology (9), followed by Consumer Discretionary and Health Care with five each. Financials was the second-best-performing sector this summer, but only two stocks from the sector cracked the top-performer list: Robinhood (HOOD) and FactSet (FDS).
Technology was the most well-represented sector on the "flings" list, but it absolutely dominated the 'heartbreak" list, accounting for 14 of the 25 names listed below. The three worst performers on the list were all from the Technology sector, as Ciena (CIEN), AppLovin (APP), and ON Semiconductor (ON) all fell 30% or more.
Of the remaining 11 stocks, six other sectors were represented: four from Industrials, two each from Communication Services and Utilities, and one each from Consumer Staples, Health Care, and Materials. The only sector not to make either list was Real Estate. Not surprisingly, it experienced the smallest absolute change, with a decline of just 0.5%.
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