The Nasdaq Composite COMP just recorded its seventh consecutive decline, the longest losing run in nearly six years, amid fretting over stubborn inflation, sharply rising borrowing costs and a resurgent dollar.
Indeed, Julian Emanuel, Evercore ISI’s chief equity and quantitative strategist, says that past experience tells us the recent volatility does not portend well. “Such a 50/50 whipsaw has happened only 4 other times since 1950 and confirms that the prevailing bear market has not ended,” he states. The markets S&P 500 futures ES00 rose less than 0.1% to 3912 as the 10-year Treasury yield TMUBMUSD10Y dipped 3.5 basis points to 3.314%. U.S. crude oil CL.1 was up 0.9% to $87.63 a barrel. Gold GC00 added 0.3% to $1,717 an ounce and Bitcoin BTCUSD slid 0.9% to $18,796.
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