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CNBC Daily Open: Market bounce may not last

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After a rough week amid accelerating inflation and disappointing earnings, stocks bounced to start the week. But the recovery may not last.

Traders work on the floor of the New York Stock Exchange on October 30, 2023 in New York City.This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeMonday after the S&P 500 fell into correction territory last week. The Dow Jones Industrial Index had its best day since June.

Other analysts also see a shift in the winds. "Investors are finally feeling a little bit more confident that perhaps we priced in enough bad news and that's really manifesting in a stronger market today," said Art Hogan, chief market strategist at B. Riley Financial. However, it might be too early to let your guard down. Ari Wald, head of technical analysis at Oppenheimer, wrote that the S&P's "correction since July hasn't run its course." Wald thinks the broad-based index will dip to 4,050 — around 100 points lower than its Monday close — before reversing losses.

 

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