The S&P 500 SPX finished lower on Monday, as neither strength in mega-cap technology stocks nor a pullback in Treasury yields managed to spare the large-cap index from a fifth straight daily loss, the longest losing streak for the index since December, according to Dow Jones Market Data.
This surpasses an 11-day streak that ended in June 2005 and a 10-day streak that ended in July 2020, Detrick’s data show. The S&P 500 was launched in 1957, but FactSet uses historical data to represent the index’s performance prior to its formal creation. Prior to markets opening on Monday, the streak had caught the attention of a handful of equity analysts, including a team at Bespoke Investment Group who noted that Mondays have been an indispensable driver of this year’s gains.
“The ‘Magnificent Seven’ have gotten all the credit for carrying the market this year, but ‘Magnificent Mondays’ have been just as important,” the team said.