The recent retreat in the stock market has made many worried about a deeper correction. Lingering inflation concerns, rising Treasury yields and a shifting outlook for Federal Reserve interest rate policy prompted a market pullback, with the S & P 500 almost 4% off its 52-week high as of Tuesday. Last week, the equity benchmark suffered its worst weekly performance since October 2023.
"History once again reminds us that, for long-term investors, it has typically been better to buy than bail," Stovall said. .SPX 1Y mountain S & P 500 More to go? From a technical perspective, the S & P 500, trading around 5,060, is now firmly below its 50-day moving average — which points to more trouble ahead, according to BTIG chief market technician Jonathan Krinsky. "This correction likely has more to go," Krinsky said in a note.
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