The S&P 500 fell 1.8% on Friday to close at 7,580, its lowest close since September 16, and ended the week down 0.6%.
Energy leads at 9.5%, with health care at 9.0% and staples at 7.3%. Only technology at −3.9% and communication services at −8.4% sit meaningfully below.
Technology and communication services carry the heaviest weights in the index, and oversold can always get more oversold.
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Value has crushed growth for four weeks, and the AI bill just came due. The risk now is assuming the defensive trade still has room to run.
