This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeMonday after the S&P 500 fell into correction territory last week. The Dow Jones Industrial Index had its best day since June. Europe's0.36%, but is still on track to drop 4.6% in October, according to LSEG data.
Other analysts also see a shift in the winds."Investors are finally feeling a little bit more confident that perhaps we priced in enough bad news and that's really manifesting in a stronger market today," said Art Hogan, chief market strategist at B. Riley Financial. The Federal Reserve meeting concludes Wednesday — the central bank is expected to keep interest rates unchanged — and might also give stocks a fresh tailwind. If the Fed does hold rates at the same level, Hogan thinks it"may signal that the cycle of raising rates is over," which might"stop that parabolic rise we've seen in Treasury yields," he said.
However, it might be too early to let your guard down. Ari Wald, head of technical analysis at Oppenheimer, wrote that the S&P's"correction since July hasn't run its course." Wald thinks the broad-based index will dip to 4,050 — around 100 points lower than its Monday close — before reversing losses.chief U.S. equity strategist Mike Wilson.
The spread in opinions may make the picture ahead murky, but, ironically, it does make one thing clear: markets are increasingly volatile. Investors would do well to guard against more wild swings.
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