The latest First Coverage Weekly Street Sentiment Index fell 1.5% during the week ended June 18, the largest drop since mid-March. It ended last week at 58.3, still not far from the 60.0 peak set in each of the last two weeks of May.
Nonetheless, a similar decline again this week would be enough to change the flattish trend line established at the beginning of May to one headed downward, according to First Coverage.
Derived each week from an aggregated analysis of thousands of trade ideas and data sent in real-time (on the First Coverage platform) from more than 300 sell-side firms to portfolio and asset managers on the buy-side, the First Coverage Weekly Street Sentiment aims to provide market-watchers with a snapshot of trading trends and the Street’s perspective of the days ahead.
The declining sentiment in the second week of June showed up in nine of the ten industries: Only financials managed to show a gain – of just 0.5%.
Sentiment for consumer goods fell 4%, and utilities fell 11%, with the latter decline influenced by the recent sharp rise in the price index for utilities.