Worries about the economy and a seemingly slow-footed response from the Fed, along with concerns over corporate earnings, dragged markets Monday.
Any number of suspects could be blamed for Monday's market beatdown, ranging from worries about the economy and seemingly slow-footed response from the Federal Reserve to the unwind of a popular global currency trade and concerns over corporate earnings.Those all played a part in some shape or form, and each helped tell a story of a shifting investing landscape that likely has not fully played out fully.
An unexpected rate hike last week from the Bank of Japan as well as currency intervention there have sparked fears that the carry trade is over. The yen rallied sharply Monday, andSecond-quarter earnings season has seen 78% of companies beat profit forecasts, but just 59% top revenue estimates, according to FactSet.
"While folks make fundamental arguments that give them comfort, everybody in the back of their minds knows stuff doesn't go up 30% in six months," he added."So, when you're in a period of huge profits, it's very easy to take profits. It's a much easier decision to say I want to take my chips and go home here."Still, Farr, like many others on the Street, doesn't think it's time for the Fed to take any drastic actions.
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