meeting, with the central bank set to release a new policy statement on Wednesday. The Fed is not expected to cut interest rates this week, but traders will be looking for clues as to how likely the central bank is to make a move at its September meeting.
The recent cooling off of the tech trade has dragged some the major market indexes lower, but the catch-up of areas like small caps has been encouraging to many market strategists. The S&P 500's decline from its July 16 all-time high may not be over, according to market history collected by Sam Stovall.totaled 4.7%, according to the chief investment strategists at CFRA. Since 1990, 68% of all declines of 4.5% or more became pullbacks within a "matter of weeks," wrote Stovall in a Monday note. The strategist defines a pullback as a decline of 5% to 9.9%.