Matt Dusk sings Sinatra in Halifax/PEI/Moncton | SaltWireNEW YORK - Technical and seasonal indicators that investors use to gauge the U.S. stock market's health show it may be time to buy, though upcoming inflation data and the third-quarter earnings season could still throw Wall Street a curveball.
Investors are also worried about the Federal Reserve interest rate trajectory, which could be influenced by Thursday’s U.S. consumer price report. Another wild card could be third-quarter earnings season which kicks off on Friday and should help show whether companies can justify valuations that have swelled this year.
The S&P 500's ability to rise in the aftermath of those events"leads me to believe that a lot of negative information had been priced into the market," Clissold said. Those two factors have occurred together only 14 times since 1990. In 12 of those times the S&P 500 was higher six months later, Turnquist said.
Market sentiment has turned more negative with the latest stock slide, with 41.6% of investors bearish and 30.1% bullish in the latest American Association of Individual Investors weekly survey.
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