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Market recap

Happy April FS Insight family and hope you had a great Easter Sunday.

S&P 500 rose another 3.2% in March, but the rise was not primarily driven by the YTD leader the FANG+ or Magnificent 7. Instead, the further gains in March stemmed from other sectors, aka 'Breadth Expansion' - 7 out of 12 sectors (we listed FANG+ as a separate sector when analyzing sector performances) outperformed the S&P 500, compared to only 5 in February and 4 in January.

Speaking about sector performance, commodity sectors such as Energy and Materials led the market with increases of 7.3% and 3.1% respectively in March. The bond proxy sector, Utilities, also saw a rise of 3.2%. Additionally, with Fed Chair Powell's 'more dovish than expected' stance and alleviating concerns about higher-than-expected CPI in January and February, cyclical sectors like Financials and Industrials outperformed the market by 1.6% and 1.2%, respectively. Real estate was the biggest laggard, down -2.0% relative to S&P 500 in March, while Tech excluding FANG+, also trailed the market by -1.9%.

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Market breadth improvement is also evident in cap-weight vs equal-weight performance. After trailing the cap-wei...

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