20 Mins Ago
Is the sell-off already over? History says no
The S&P 500’s decline from its July 16 all-time high may not be over, according to market history collected by Sam Stovall.
From its high to the low last week, the drop in the S&P 500 totaled 4.7%, according to the chief investment strategists at CFRA. Since 1990, 68% of all declines of 4.5% or more became pullbacks within a “matter of weeks,” wrote Stovall in a Monday note. The strategist defines a pullback as a decline of 5% to 9.9%.
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S&P 500, 1 month
31 Mins Ago
Market broadening looks ‘realistic’, says Oppenheimer
Oppenheimer strategist John Stoltzfus noted that, after last week’s volatile market action, the prospects of a broadening rally out of megacap tech is becoming more plausible.
The S&P 500 and Nasdaq Composite fell last week, while the small-cap Russell 2000 and Dow Jones Industrial Average posted gains.
It’s not so much that investors are abandoning the ‘Magnificent Seven’ stocks and the domination of market performance by the largest tech names but rather the broadening to us looks like a realistic perception by market participants that the next leg up requires a wider and less concentrated approach for stocks to move higher as the Fed gets nearer to cutting its benchmark rate,” he said in a note.
— Fred Imbert
12 Hours Ago
Fed likely to hold rates steady this week
The Federal Reserve’s Federal Open Markets Committee meets on Tuesday and Wednesday, but the market is not expecting a rate cut this week.
Traders in the Fed fund futures market put the probability of the central bank holding rates steady for this meeting at roughly 96%, according to the CME Fed Watch tool.
However, traders do overwhelmingly expect one cut at the September meeting.
— Jesse Pound
12 Hours Ago
Futures open little changed
Equity futures were calm at 6 p.m. in New York, with Dow futures adding about 50 points.
— Jesse Pound
12 Hours Ago
Busy week of earnings ahead
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