Business Maverick: Stocks Drop as Robust Data to Keep Fed Aggressive : Markets Wrap

The S&P 500 dropped more than 1% to start September, the two-year Treasury yield topped 3.5% and the dollar rallied on speculation the latest data will force the Fed to raise rates by three-quarters of a percentage point at its meeting later this month. Risk assets had been under pressure over night after China put the megacity of Chengdu under lockdown, delivering a blow to economic growth.

US manufacturing growth steadied in August, while jobless claims came in lower than estimated, adding to a flurry of data this week that show the American economy can likely withstand additional harsh central bank tightening. Investors on Friday will receive the last reading on unemployment before the Fed’s next meeting. August inflation data is due Sept. 13.

“The market got ahead of itself thinking that the Fed was going to be able to cut interest rates next year because of some of the softening in inflation data,” said Megan Horneman, chief investment officer at Verdence Capital Advisors. Central bank officials quashing hopes of a dovish pivot drove a “pretty big shift in expectations for interest rates, not this year, per se, but really next year,” she said.for returns, following losses in August. The S&P 500 has averaged declines of 0.

“Right now you have to be patient,” Horneman said. “I wouldn’t try and get in the middle of this kind of reset and re-pricing we’ve seen. The markets can move pretty violently.”

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