Stock market gives up early gains as Wall Street momentum fizzles

Stocks surrendered early gains to turn mostly lower mid-morning Wednesday as investors tried to generate momentum one day after the S&P 500 and Nasdaq snapped a four-day losing streak.

What’s driving the market? Stocks began the week by extending a slide, taking the S&P 500 within a whisker of a correction—defined as a 10% pullback from a recent peak—during Monday’s session before ending off session lows. Skeptics argue that the recent turnaround was unconvincing, with few catalysts capable of justifying elevated values for stocks against a backdrop of tremendous uncertainties.

Volatility will be “on a steady upward march” for the next several months, said Peter Andersen, founder of Andersen Capital Management, in an interview. Investors are faced with a litany of unknowables over the coming months, he noted: the outcome of the November election and the likely protest against it, the timing and rollout of a vaccine, the tone of any civil unrest, and more.

Powell will be testifying again Wednesday, this time before the House Select Subcommittee on the Coronavirus Crisis, at 10 a.m. Eastern. Before that, Cleveland Federal Reserve Bank President Loretta Mester is scheduled to deliver a speech on the payments system in Chicago at 9 a.m.

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