Stocks slid into the month's end on Thursday, capping a wild March and a tumultuous first quarter on Wall Street. The S&P 500 ended up losing nearly 5% in the first quarter but gaining 3.5% in March. The Dow Jones Industrial Average and Nasdaq Composite also saw major swings in both time periods, with the Nasdaq dropping 9.1% for the quarter. |
The March rebound did make the first-quarter losses more mild, but growth stocks, which began to lose ground late last year, are still badly underperforming energy and more defensive sectors like utility stocks in 2022. That happened again during Thursday's sell-off, when utilities and consumer staples held up better than the broader market. Angelo Kourkafas, an investment strategist at Edward Jones, said it is too early for investors to get aggressive with growth stocks again. "We still think, so far, for the next couple of months, value is likely to continue to be favored. But maybe in the second half of this year and next, as growth slows and potentially inflation starts to moderate, it could be a little more favorable for growth," Kourkafas said. "But not there yet until we get some more clear confirmation that inflation is peaking." |
