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Stock market’s bounce from summer selloff sends reassuring signs

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With U.S. equities on the rebound, this summer’s selloff is looking more like a pause in the bull market than the beginning of its end.

Sagarika Jaisinghani and Michael MsikaPedestrians cross an intersection in the Shibuya district of Tokyo, Japan, on Saturday, Aug. 10, 2024. --

During its depths, only about five per cent of S&P 500 members fell to a one-year low, according to data compiled by Bloomberg. That means the drop had a far more limited scope than previous ones set off by major macroeconomic shifts. After the inflation surge drove the Fed to hike rates aggressively in 2022, nearly half the index tumbled to a 12-month low. The pandemic sent about two-thirds to that level.

This time around, it came nowhere near that threshold even at its lowest point. While that also indicates how much further the index could slump in a renewed selloff, it shows that investors were confident enough to swoop in well before the market tested a new bottom.

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