Wednesday Sector Laggards: Services, Materials

In afternoon trading on Wednesday, Services stocks are the worst performing sector, showing a 1.1% loss. Within the sector, Las Vegas Sands Corp (NYSE:LVS) and Warner Bros Discovery Inc (NASDAQ:WBD) are two large stocks that are lagging, showing a loss of 5.5% and 4.7%, respectively. Among the largest ETFs, one ETF closely following services stocks is the iShares U.S. Consumer Services ETF (NYSE:IYC), which is down 1.0% on the day, and down 24.77% year-to-date. Las Vegas Sands Corp, meanwhile, is down 1.41% year-to-date, and Warner Bros Discovery Inc, is down 46.52% year-to-date. Combined, LVS and WBD make up approximately 1.0% of the underlying holdings of IYC.

The next worst performing sector is the Materials sector, showing a 0.6% loss. Among large Materials stocks, Freeport-McMoran Copper & Gold (NYSE:FCX) and Newmont Corp (NYSE:NEM) are the most notable, showing a loss of 4.5% and 1.8%, respectively. One ETF closely tracking Materials stocks is the Materials Select Sector SPDR ETF (XLB), which is down 0.9% in midday trading, and down 19.58% on a year-to-date basis. Freeport-McMoran Copper & Gold, meanwhile, is down 30.89% year-to-date, and Newmont Corp, is down 29.59% year-to-date. Combined, FCX and NEM make up approximately 9.4% of the underlying holdings of XLB.

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Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:

Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Wednesday. As you can see, two sectors are up on the day, while six sectors are down.