Industrials was the best performer among the ASX 200 sectors last week with just a minor 0.69% rise.
Meantime, the materials sector was pummelled, recording a 4.83% loss over the five trading days.
The S&P/ASX 200 Index (ASX: XJO) fell heavily, losing 2.47% of its value to close at a three-month low of 8,067 points on Friday.
This represents a stark demise since the benchmark index set a record high of 8,514.5 points on 3 December. Since then, the ASX 200 has tanked by 4.38%.
The United States Federal Reserve put a dampener on investor sentiment last week.
While it cut interest rates by 25 basis points to a range of 4.25% to 4.5%, Fed chair Jay Powell said he anticipated only two cuts in the new year instead of a previously forecast four cuts.
This is due to a growing economy in which inflation is beginning to move "sideways" rather than further down.
Let's take a look at what happened last week.
The industrials sector's largest stock, Transurban Group Ltd (ASX: TCL), gained 5.65% last week to finish at $13.47 per share on Friday.
The Brambles Ltd (ASX: BXB) share price lost 0.88% to close at $19.07.
Computershare Ltd (ASX: CPU) shares lifted 0.72% to $33.58.
SGH Ltd (ASX: SGH) shares lost 2.9% to close at $44.91 on Friday.
Reece Ltd (ASX: REH) fell 3.92% to close out the week at $22.78.
Qantas Airways Ltd (ASX: QAN) shares fell 1.64% to finish at $8.72 per share. Last week, the company announced a $120 million settlement package for the illegal sacking of ground crew during COVID.
Fellow ASX 200 airline share, Auckland International Airport Limited (ASX: AIA), rose 0.88% to $7.42.
The ALS Ltd (ASX: ALQ) share price rose by 0.72% to $15.25.
Worley Ltd (ASX: ING) gained 1.59% to $13.42 per share.
Qube Holdings Ltd (ASX: QUB) rose by 0.78% to $3.88 per share.
Cleanaway Waste Management Ltd (ASX: CWY) declined by 1.83% to $2.68 per share.
Aurizon Holdings Ltd (ASX: AZJ) shares fell 1.97% to $3.24 apiece.
The Ventia Services Group Ltd (ASX: VNT) share price rose 3.47% to $3.58. The gain was due to news that Ventia will expand its longstanding partnership with Telstra Group Ltd (ASX: TLS).
NRW Holdings Limited (ASX: NWH) lifted 2.02% to $3.79 per share.
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Industrials (ASX: XNJ) | 0.69% |
| Utilities (ASX: XUJ) | 0.5% |
| Consumer Staples (ASX: XSJ) | (1%) |
| Healthcare (ASX: XHJ) | (1.01%) |
| Information Technology (ASX: XIJ) | (1.54%) |
| A-REIT (ASX: XPJ) | (1.92%) |
| Communication (ASX: XTJ) | (2.19%) |
| Energy (ASX: XEJ) | (2.25%) |
| Financials (ASX: XFJ) | (3.36%) |
| Consumer Discretionary (ASX: XDJ) | (3.44%) |
| Materials (ASX: XMJ) | (4.83%) |
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