August 5, 2024
The market was whistling past the graveyard.
Chief investment strategist Sam Stovall at CFRA Research on the recent stock market declines.
Why It Matters: The markets had the worst trading session in nearly two years – with the Dow and S&P reflecting “their biggest daily losses since September 2022.” The three major market indices, the Dow, the Nasdaq and the S&P, all declined on concerns about a recession. Sam Stovall added, “I think people were basically lulled into a sense of security, yet the market itself was very vulnerable to a correction — and the weaker than expected economic and employment data provided that catalyst for correction.”
A “correction” = an index declining at least 10% off its high.
Read More: Dow tumbles 1,000 points, S&P 500 posts worst day since 2022 in global market sell-off: Live updates (CNBC)
by Jenna Lee, Founder of SmartHER News
