S&P heads for worst week in three months as stocks face ‘reality check’

The S&P 500 was on course for its worst week since early September despite a rebound on Friday after a hawkish Federal Reserve meeting this week helped trigger a “reality check” for high-flying Wall Street stocks. The benchmark climbed 0.6 per cent in on Friday, but remains 2.3 per cent lower this week.

Michael O’Rourke, chief markets strategist at broker Jones Day, said that in its post-election boom “the equity market forgot that President Trump is volatility bullish”. The Vix index of volatility, dubbed Wall Street’s “fear gauge,” this week hit its highest levels since a brief bout of market turmoil early in August. However, Treasury yields slipped on Friday after the Fed’s preferred measure of inflation showed marginally less price pressure than expected.

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