[This ETF Industry Perspective is sponsored by Fidelity.]
One of the notable things about the S&P 500’s 11.5% intramonth decline in October is that it left investors with basically no place to hide other than in cash or a defensive sector such as utilities. Growth/momentum exposure offered no reprieve, and cyclicals and interest-rate-sensitive groups got clobbered. Bonds offered no safe haven either. Bond yields up while stock prices down? That is a twist to the market playbook we have gotten used to over the past 2 1/2 decades.
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