The fastest bear market in history gave way to the fastest bull market. So it can’t really be that much of a shock when the stock market suddenly lurches lower.
“If you focus on not just growth, but also the trends that we’re seeing in the labor market, which was a big feature of what [Federal Reserve Chairman Jerome] Powell was talking about, then it does suggest to me there is, at a minimum, good grounds for thinking we’re in a bit of a consolidation phase, or range, for risk markets for now,” he says.
Little says the rally from the March lows was rational, first as governments and central banks poured in unprecedented support to eliminate tail risk, then as defensive stocks took leadership, and more recently as cyclical companies led the way on hopes for an improving economy. The South Korean Kospi Composite 180721, -2.04% has dropped just 3% this year, and the Shanghai Composite SHCOMP, -0.04% and Taiwan Taiex Y9999, -0.91% also have single-digit losses.
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