The Stock Market’s Drop Was the Worst Since March. Is It September or Something More Sinister?

📆 23-9-2023 04:17:00
📰 MarketWatch

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The ninth month of the year is the S&P 500’s worst, but some signs suggest that it’s getting close to bouncing.

The autumn equinox is supposed to bring equilibrium, but the market feels anything but balanced. Thankfully, the market’s spooky season might be ending as October begins.

We can blame the Federal Reserve. While it left interest rates unchanged, its dot-plot showed only two cuts next year, down from previous projections for four, in what was taken to be a hawkish pause. In his comments, Fed Chairman Jerome Powell tried to bring balance to the statement, to no avail. That could lead to some choppy trading, says Keith Lerner, co-chief investment officer at Truist Advisory Services, especially since the S&P 500 gained 17.5% before dropping this past week and is lacking any catalyst that would propel stocks higher.

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