{"id":21615,"date":"2023-09-23T14:49:46","date_gmt":"2023-09-23T14:49:46","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/stock-market-drop-worst-since-march-is-it-september-or-something-more-sinister\/"},"modified":"2023-09-23T14:49:48","modified_gmt":"2023-09-23T14:49:48","slug":"stock-market-drop-worst-since-march-is-it-september-or-something-more-sinister","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21615","title":{"rendered":"Stock Market Drop Worst Since March. Is It September or Something More Sinister?"},"content":{"rendered":"
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<\/p>\n

\n
<\/div>
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Traders work on the floor of the New York Stock Exchange.<\/h4>\n


\n Michael M. Santiago\/Getty Images
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

The autumn equinox is supposed to bring equilibrium, but the market feels anything but balanced. Thankfully, the market\u2019s spooky season might be ending as October begins. <\/p>\n

It sure doesn\u2019t feel like it. The
\n Dow Jones Industrial Average
\n fell 1.9% this past week, while the
\n S&P 500 index
\n was off by 2.9% and the tech-weighted
\n Nasdaq Composite
\n slid 3.6%. For the S&P and the Nasdaq, it was the worst week since March.<\/p>\n

\n

We can blame the Federal Reserve. While it left interest rates unchanged, its dot-plot showed only two cuts next year, down from previous projections for four, in what was taken to be a hawkish pause. In his comments, Fed Chairman Jerome Powell tried to bring balance to the statement, to no avail. <\/p>\n

The higher-for-longer rates put pressure on Treasuries, with the yield on the 10-year hitting a 16-year high near 4.5% before ending Friday at 4.438%, and sent stocks slumping. Those higher rates will also make it harder for the Fed to achieve a soft landing, something that Powell acknowledged by saying that\u2019s not his base case. <\/p>\n

That could lead to some choppy trading, says Keith Lerner, co-chief investment officer at Truist Advisory Services, especially since the S&P 500 gained 17.5% before dropping this past week and is lacking any catalyst that would propel stocks higher. \u201cOur work suggests this correction in time and price has further to go, but at this point, we are still viewing this in the context of a choppy trading range,\u201d Lerner wrote, noting that the S&P was trading around 4330 this week and testing the 4200 level.<\/p>\n

With one week of September left, bad memories of October selloffs spring to mind. It\u2019s the month of 1987\u2019s Black Monday, when the Dow dropped 22.6%, and the 1929 plunge that inaugurated the Great Depression. Historically, though, it has been a pretty decent month for stocks, with the S&P 500 averaging a 1% rise in October since 1950, according to the Stock Trader\u2019s Almanac. <\/p>\n

And signs are emerging that the pessimism has gotten a touch extreme. Sentiment is also weakening on Wall Street, with bullish sentiment falling 3.1 percentage points to 31.3%, a 16-week low, according to data from the American Association of Individual Investors. Nearly a third of investors are of the mind that stocks are overvalued, though 44.4% see a mixed bag\u2014with some stocks looking expensive and others looking cheap. <\/p>\n

Fairlead Strategies\u2019 Katie Stockton notes that about 80% of stocks now trade below their 50-day moving average, \u201creflecting an increase in bearishness that we interpret from a contrarian perspective.\u201d<\/p>\n

And we\u2019re nothing if not contrarian.<\/p>\n

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\n \"\"\n <\/div>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

Write to <\/strong>Carleton English at carleton.english@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Traders work on the floor of the New York Stock Exchange. Michael M. Santiago\/Getty Images The autumn equinox is supposed to bring equilibrium, but the market feels anything but balanced. Thankfully, the market\u2019s spooky season might be ending as October begins. It sure doesn\u2019t feel like it. The Dow Jones Industrial Average fell 1.9% this<\/p>\n","protected":false},"author":1,"featured_media":21616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-21615","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nStock Market Drop Worst Since March. Is It September or Something More Sinister? | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Traders work on the floor of the New York Stock Exchange. Michael M. 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