Painful Day Today

The stock market is taking a big hit today. To be fair, it’s really not down that much but the market’s been so tame in recent weeks, that any sizable move grabs our attention.

The S&P 500 is currently down 1.13%. The biggest pain is being felt by the financials. Several of the big banks are off by 3% or more. Today’s like it’s own unwinding of the Trump Trade.

We can see that most clearly by looking at the High Beta sector. I like to track the High Beta ETF (SPHB). High Beta got absolutely clobbered in 2015. It came back strongly in 2016, and really soared after Election Day. Since December, however, it’s gradually lagged the market. Today has been especially rough.

The defensive names like Hormel and Smucker are holding up well. Some are even in the green. A little bit at least. In the last month, the tech sector has been holding up so much of the market.