Chart of the Day - Thursday, March 16th, 2023

Today’s Chart of the Day was shared by Abigail Doolittle (@TheChartress). The chart compares the year-to-date performance of the S&P 500 (white), Nasdaq (teal), Financial Sector (yellow), and the Bank Index (purple). Abigail points out that the major indices have been unphased by the sell-off in Bank stocks. The Bank Index is down another 10% this week, after falling more than 15% last week. However, the major indices are actually positive on the week. The Nasdaq has been particularly resilient. It's up 6.35% so far this week, while the S&P 500 is up 2.56%. Given recent headlines, you wouldn't expect to see that sort of risk-on action, but Mega-Cap Tech has done a lot of the heavy lifting to make up for the weakness in Banks. They say bull markets climb a wall of worry... is this just another example of that?