The S&P 500 (SPX) closed lower on Monday in a slow start to the trading week as tensions between the U.S. and Iran grew. Let’s break down the sectors behind the performance.
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Materials was the best-performing sector on Monday, driven by strength in steel producers amid broader gains across industrial groups. The move was also supported by a rotation to defensive sectors as fears of an extended war in the Middle East returned amid Iran’s reluctance to participate in a second round of peace talks.
Several materials stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the communications services sector faced the largest drawdown, led by megacap names such as Meta Platforms (META) and Netflix (NFLX). The decline came as investors reduced exposure to high-growth tech stocks and locked in profits as concerns over geopolitical uncertainty returned to the spotlight.
Notable communication services stocks trading lower include: