Mar 19, 2019

The S&P's market cap markdown

Courtenay Brown
Data: GlobalData; Chart: Harry Stevens/Axios

The S&P 500 lost $1.5 trillion in collective market cap since the beginning of last year, according to recent analysis by research firm GlobalData.

By the numbers: 8 out of the S&P's 11 sectors lost market cap value, with companies like Exxon Mobil, Wells Fargo and Walmart seeing their market cap shrink by more than $40 billion. The utilities sector was the only sector to see double-digit market cap growth, with companies like NextEra and Duke Energy gaining $5 billion in value.

  • Interestingly, tech still dominates the S&P by a wide margin, despite losing $90 billion in market cap.
  • The tech sector is 12 times bigger than the smallest S&P sector (which also includes some tech names), Communication Services.

Go deeper: Big Tech's hold on the market might not last

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Orion Rummler

Mass shooting in Milwaukee: What we know

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Molson Coors Brewing Company in Milwaukee on Wednesday, including the gunman, Mayor Tom Barrett told reporters at a Wednesday evening press conference with local police.

Details: All of the victims worked at the brewery complex, as did the shooter who died of "an apparent self-inflicted gunshot wound," police confirmed in a statement late Wednesday.

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Axios

Coronavirus updates: South Korea case count tops 2,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

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Dave Lawler

Syria's darkest chapter

Family room without a family, in Idlib. Photo: Muhammed Said/Anadolu Agency via Getty Images

The worst humanitarian crisis of Syria’s brutal civil war is colliding today with what could be the war’s most dangerous geopolitical showdown, after at least 29 Turkish troops were killed in an airstrike.

The big picture: The fighting is taking place in Idlib in northwest Syria, where a ferocious Syrian and Russian offensive has displaced 1 million civilians and infuriated Turkey, which borders the region.

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