It was a generally turbulent week for global markets with most major indices closing down. The S&P 500 was down 1.4%, the FTSE 100 down 0.9%, and the Nikkei 225 was flat on the week.
The CBOE Volatility Index, which many call the market’s “fear gauge” ticked up 12 percent as markets entered the last few sessions before the U.S. presidential elections.
Despite a stunningly weak U.S. jobs report on Friday, the yield on the U.S. 10-year note continued to climb and reached a four month high of 4.361%.
Most sectors of the economy had a tough week. The below chart shows the performance of major sectoral ETFs of the S&P 500 as well as our FSW All Luxury Index. In particular, tech (XLK) and utilities (XLU) had a tough week and closed down 2.8%. The luxury index closed down 2.2%, pulled down by a 3.7% decline at industry giant LVMH.