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A recession spooked Wall Street did not get the news it needed with the jobs report apparently coming in worse than expected
At the beginning of August, recession fears spooked Wall Street and took the Nasdaq down over 7% sending global markets lower as well.
When Fed boss Jerome Powell took the stage at the central bank conference at Jackson Hole, Wyoming overnight, he didn’t let stock players down.
Last week there was blood in the streets in the ‘town’ of New York as recession fears hit Wall Street, the Nasdaq in Times Square and stock markets of the world
The greatest lesson and insight from this week’s brutal market sell off (and then the rebound that produced the best day since November 2022 for the S&P 500) was the prevailing market belief that there’s another leg up for stocks.
With US recession fears now on the rise, it’s timely to say, ‘be careful of what you wish for’! Economists and market influencers have been wanting an economic slowdown in the US to see rate cuts happen to give another leg up for stocks, but have they wished too hard?
After a worrying week for stocks with a rotation out of big tech stocks that has sent stock prices earthward.
This week for stocks has been driven by rotation that’s raising the question: is this the start of a correction?
Friday on Wall Street confirmed what I’ve been expecting, with clear signs that the rally in stocks was broadening to other sectors. What was also heartening was the rise in the Nasdaq after a near 2% dumping on Thursday.
It’s fitting that on the week that the Yanks celebrate the ratification of the Declaration of Independence on 4 July 1776 that Wall Street celebrated with a winning week. And this comes as the Fed is being pressured to start cutting interest rates in September.
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