The S&P 500 has fallen 7.5% since late July, but remains up over 10% for 2023.
"Concern is that the economy is still doing OK, but we need to see some weakness to give interest rates a reason to peak and so far, we're not seeing that," said Paul Nolte, market strategist at Murphy & Sylvest Wealth Management. Declining issues outnumbered advancers by a 1.5-to-1 ratio on the NYSE. There were 42 new highs and 365 new lows on the NYSE.
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