The pieces of the next bull market are starting to come together

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Thursday, November 17, 2022

Today’s newsletter by Jared Blikre, a reporter on the markets on Yahoo Finance. Follow him on Twitter @SPYJared. Read this and more market news on the go Yahoo Finance App.

U.S. stocks fell on Wednesday, possibly fueling concerns that the bear market may not end anytime soon. But some sectors outperformed the broader market and caught the eye of investors.

Check out the performance of S&P 500 sectors as the broader market edged lower in mid-October.

S & P 500 Sector Performance

S & P 500 Sector Performance

Cyclical and value sectors dominate the top spots, as industrials and materials gain – both sectors up about 14%. Financials and energy – the only sector that has been up for the year – follow closely behind. Each increases by 10%.

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Looking inside the top sectors, the stronger names went down over the summer. As the broader market made new lows recently, many of these stocks held ground and even rose.

Industrial Stocks and Materials

Industrial Stocks and Materials

Freeport materials company (FCX) leads this group, which was able to easily break through recent highs and climb into June price territory. Caterpillar ( CAT ) — up 30% in the past month — is at its highest level since mid-2021. Even the beleaguered Boeing ( BA ) has crossed August highs in the last few days.

Employment in the rest of the sectors – technology, real estate, and services – all increased by 9% in the last month. Most technological advances are found in semiconductors, and to a lesser extent, software.

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Semiconductor Industry Stocks - 1 Month Back

Semiconductor Industry Stocks – 1 Month Back

Warren Buffett’s Berkshire Hathaway (BRK-A, BRK-B) just dipped its toe into the mix, buying Taiwan Semiconductor (TSM) in the third quarter. When a high-value investor decides it’s time to move into a highly cyclical growth name in the semiconductor sector, investors pay attention.

No one knows what the next few weeks will bring, but the pieces of the next bull market are starting to align — and it’s time for investors to pay attention.

What to Watch Today


  • 8:30 a.m. ET: The house beginsOctober (1.411 million expected, 1.439 in the previous month)

  • 8:30 a.m. ET: Building PermitsOctober (1.515 million expected, 1.564 million in the previous month, revised upwards to 1.696 million)

  • 8:30 a.m. ET: The house beginsmonth-on-month, October (-2.0% expected, -8.1% in the previous month)

  • 8:30 a.m. ET: Building Permitsmonth-on-month, October (-3.2% expected, -1.4% in the previous month)

  • 8:30 a.m. ET: Philadelphia Fed Business Outlook IndexNovember (-6.0 expected, -8.7 in previous month)

  • 8:30 a.m. ET: Initial unemployment claimsweek ended November 12 (228,000 expected, 225,000 next week)

  • 8:30 a.m. ET: Continuing Claimsweek ended November 5 (1,510 in previous week)

  • 11:00 a.m. ET: Kansas City Fed Production ActivityNovember (-8 expected, -7 in previous month)

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  • Alibaba Group (FATHER), BJ’s Wholesale (BJ), Dole (DOLE), Farfetch (FTCH), Келишток (GPS), Kohl’s (CSS), Macy’s (M), Palo Alto Networks (PANW), Ross Stores (RIGHT), Children’s Place (PLCE)

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