Whether this is the correction investors have been waiting for could be made clear in the week ahead, after a weak jobs report added to fears of slowing growth and revised the monetary policy outlook. Stocks plunged to end the week after the July nonfarm payrolls report came in far below Wall Street estimates, implying that the strong labor market has finally faltered, after bolstering the U.S. economy amid persistent inflation and a historically aggressive rate-hiking cycle .
"We expect that we will see a positive correlation between interest rates and stock prices going forward," Kantrowitz wrote. Others were more sanguine. Jan Hatzius, chief economist at Goldman Sachs, on Friday said he does not expect a recession, noting that the Federal Reserve has plenty of room to combat any economic softness given the federal funds rate currently stands at 5.25% to 5.50%.
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