History shows that things can get ugly — and volatile — for the U.S. stock market in August and September. So a rocky start to the month shouldn’t be a big surprise. Indeed, even bulls might pine for some near-term consolidation after a torrid run that saw the S&P 500 index SPX rally nearly 20% over the first seven months of 2023. Through Friday’s close, the index is still up nearly 25% from its bear-market closing low of 3,577.03 hit on Oct. 12.
So trouble for the market would emerge if economic data were to falter and begin pointing to a hard landing, core inflation leveled off or bounced, or Fed Chair Jerome Powell signaled another rate hike is “definitely coming” and caused a further rise in Treasury yields. The S&P 500 edged down 0.3% last week, suffering its first back-to-back weekly decline since May. The large-cap benchmark is down 2.7% so far in August, trimming its year-to-date gain to 16.3%. The Dow Jones Industrial Average DJIA rose 0.6%, while the Nasdaq Composite COMP shed 1.9%.
Stocks have rallied since late last year as fears priced into the market didn’t materialize, but now that dynamic is gone.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »