(Bloomberg) -- September's equity market swoon has been so broad that every sector in the S&P 500 is on track to end the month in negative territory.
Every industry from energy to technology has dropped so far this month as concerns about China Evergrande Group's debt woes and questions about the future of Federal Reserve stimulus rattle markets. All 11 sectors haven't fallen in tandem since March 2020.
“It tells us that the decline has been quite broad and that, in turn, tells me that we're likely to finally see a decline of more than 5%,” said Matt Maley, chief market strategist for Miller Tabak + Co. “In other words, it tells me we haven't seen the lows for this move yet.”
The S&P 500 has dropped 3.7% so far in September, dragged down by a 7.2% decline in the materials sector. Should that loss hold for the next seven trading days until Oct. 1, it will be the index's first monthly decline since January.
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