The S&P 500 fell over 1.5% on Friday following the release of December's stronger than anticipated jobs report. The index is now 4.32% below its record close from December 6th, 2024 and is down 0.71% year to date.
The table below summarizes the number of record highs reached each year dating back to 2013.
Here is a snapshot of the index over the past 5 days:
Here is a snapshot of the index from the past six months with a 50-day moving average:
As of January 10th, the U.S. Treasury put the closing yield on the 10-year note at 4.77%, its highest level since November 2023. The 2-year note is at 4.40%, its highest level since April. See our latest Treasury Snapshot here. ETFs associated with Treasuries include: iShares 1-3 Year Treasury Bond ETF (SHY), iShares 7-10 Year Treasury Bond ETF (IEF), and iShares 20+ Year Treasury Bond ETF (TLT).
S&P 500: A Perspective on Drawdowns
On October 9, 2007 the S&P 500 reached a then all-time high, closing the day at 1565.15. Then on March 9, 2009, the index dropped ~57% off of its high from exactly 17 months before, closing the day at 676.53. This time period became known as the Global Financial Crisis. It took over 5 years before the index reached a new then all-time high on March 28, 2013, where it closed out at 1569.19. The chart below is a snapshot of record highs and selloffs since the 2007 peak reached on October 9, 2007.
What happens if we take out the Global Financial Crisis? Here's a snapshot the same chart above where the start date has been changed to the trough reached on March 9, 2009. Note the recent selloffs in 2022.
Here's a few tables with the number of days of a 1% or greater change in either direction and the number of days of corrections (down 10% or more from the record high).
