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S&P 500 index loses over $4.4 trillion in one year to January 2023, finds GlobalData


February 20, 2023 ( Newswire) The aggregate market cap of the Standard and Poor's 500 (S&P 500) index companies declined 10.9% from $40.7 trillion to $36.3 trillion between 31 January 2022 and 31 January 2023. Communication services sector registered the most market loss over the period, followed by consumer discretionary* and information technology, according to GlobalData, a leading data and analytics company.

Murthy Grandhi, Analyst at GlobalData, comments: "Over the period, the S&P 500 index posted a 9.7% decline in annual return. On a positive note, it has rebounded 14% from its lowest level on 12 October 2022. Companies ranked in the top 10 stocks-Apple, Microsoft, Alphabet, Amazon, Berkshire Hathaway, Tesla, NVIDIA, Exxon Mobil, Visa, and UnitedHealth-accounted for 26.5% of the S&P 500's aggregate market cap."

The aggregate market cap of the information technology sector eroded by $1.9 trillion to $9.4 trillion. It was followed by communication services with $3 trillion and consumer discretionary with $3.9 trillion.

The real estate sector reported a loss of 9.4% in its market cap, reaching around $1 trillion. Some of the top and worst performers included VICI Properties (96.3% growth), Iron Mountain (19.3% growth), Boston Properties (33.4% loss), and Essex Property (32.4% loss).

According to GlobalData's report, "Global Mergers and Acquisitions (M&A) Deals in 2022 - Top Themes by Sector - Thematic Research," the tech sector continued to dominate M&A deal activity in 2022, with 11,048 deals worth $841 billion, or almost a third of the total deal value of $2.8 trillion in 2022. Furthermore, the global M&A market in 2022 witnessed deals worth $2.8 trillion, a drop of 29% compared to $3.9 trillion deal value in 2021.

In terms of market value percentage growth, energy companies outpaced others, having seen 33.8% growth over the period, and reached a market cap of $1.8 trillion. Energy constituents growing more than 30% included Occidental (67.4%), Hess (62%), Valero (59.1%), EQT (49.3%), Exxon Mobil (48.6%), Schlumberger (47.6%), Marathon (36.4%), Halliburton (36%), and Chevron (32.9%).

In terms of aggregate market value to number of constituents, communication services led with a value of $138.2 billion, followed by information technology ($125.1 billion), consumer staples ($80.7 billion), healthcare ($80.3 billion), energy ($77.2 billion), consumer discretionary ($70.3 billion), financials ($64.3 billion), industrials ($42.9 billion), utilities ($33.9 billion), materials ($33.7 billion), and real estate ($32.5 billion).

In total there are 89 new entrants, out of which Warner Bros Discovery, First Solar, VICI Properties, Steel Dynamics, and PG&E posted more than 50% growth. However, Signature Bank, Carnival Corp, Fidelity National Information Services, and Paramount Global posted more than 30% loss in market value.

Grandhi concludes: "S&P 500 index could rebound in 2023 as investor sentiment improves because of moderate inflation, declining unemployment rate, easing of supply chain disruptions, and expectations of a slower rate hike from the Federal Reserve, which could improve the market valuation of S&P 500 constituents. Positive investor sentiment is picking up the momentum, which can be seen in the fact that S&P 500 index was already up by 1.7% as of 15 February 2023, from the level it was at on 31 January 2023."

*Consumer discretionary is a term for classifying goods and services that are considered non-essential by consumers, but desirable if their available income is sufficient to purchase them.

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Notes to Editors

  • Quotes are provided by Murthy Grandhi, Company Profiles Analyst at GlobalData
  • The information is based on GlobalData’s Company Reports Database
  • This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.

About GlobalData

4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

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