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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.
Two big pieces of news dominated stock prices on US stock market indexes. The first piece was economic data drops that are adding credibility to the news that US interest rates could take their first leg down in September.
Two big pieces of news dominated stock prices on US stock market indexes. The first piece was economic data drops that are adding credibility to the news that US interest rates could take their first leg down in September.
Friday night on Wall Street was negative but it’s more likely to be a consequence of profit-taking after a very positive week for the S&P 500 index — up 1.69%
When I woke up this morning, I had one big question I wanted answered and it was all about what the US job figures did to support the current market view that an interest rate cut is coming in September.
While the news on the Fed’s preferred inflation measure wasn’t bad, it wasn’t good enough to excite a market that could be over-excited, especially if the all-important readings on what’s happening to US prices aren’t screaming that rate cuts are imminent.
Just when you thought it might have been safe to wade back into the tricky ‘waters’ of the stock market...
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