On July 10, the Nasdaq 100 hit an all-time high. Then it began a slow descent that was accelerated by last Friday’s disappointing U.S. payrolls data and the announcement that the U.S. unemployment rate for July was higher than expected at 4.3 per cent – the highest level since the pandemic days of 2021 – fuelling fears of a recession.
Defensive sectors such as health care, utilities and consumer staples , which are relatively less sensitive to the business cycle and recession fears, are much more prevalent in the top 50 per cent, representing almost 40 per cent, versus less than 10 per cent for the bottom half. While these companies have fared better, they may still be relatively undervalued after the recent sell-off.
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