Why stocks may just roll into an October correction

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Why stocks may just roll into an October correction

Yahoo Finance2023-09-29

Don't feel at ease because today is the final trading day in an ugly September for markets. On the contrary, put yourself on heightened alert — an easy case could be made that October may be equally ...

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Oil prices climbing toward $100 a barrel has also weighed on the minds of the bulls.The sour mood has hurt the likes of big-cap tech names such as Netflix , with shares off by 15% in the past three weeks . Apple  has lost 9.8% in the face of positive reads on new iPhone demand. Even Salesforce  has pulled back by 8% despite the unveiling of cool new AI tools at the company's D","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0079474960.USD":"联博美国增长基金A","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","BK4501":"段永平概念","BK4527":"明星科技股","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","BK4538":"云计算","BK4588":"碎股","BK4524":"宅经济概念","CRM":"赛富时","BK4535":"淡马锡持仓","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","BK4505":"高瓴资本持仓","KMX":"车美仕","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","NFLX":"奈飞","BK4504":"桥水持仓","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","BK4170":"电脑硬件、储存设备及电脑周边","LU0072462426.USD":"贝莱德全球配置 A2","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","COST":"好市多","AAPL":"苹果","BK4528":"SaaS概念","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU1548497426.USD":"安联环球人工智能AT Acc","BK4532":"文艺复兴科技持仓","BK4592":"伊斯兰概念","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","JWN":"诺德斯特龙","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","BK4108":"电影和娱乐","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","BK4534":"瑞士信贷持仓","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0238689110.USD":"贝莱德环球动力股票基金","KSS":"柯尔百货","BK4587":"ChatGPT概念","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc"},"translate_title":"为什么股市可能会进入10月份的回调","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NFLX":1,"AAPL":1,"KSS":0.9,"KMX":0.9,"JWN":0.9,"CRM":0.9,"COST":0.62},"content_text":"Don't feel at ease because today is the final trading day in an ugly September for markets.\nOn the contrary, put yourself on heightened alert — an easy case could be made that October may be equally as glum for stocks. \nBut first those grim facts. \nThe S&P 500 (^GSPC) is down by 5% in September, the Nasdaq Composite (^IXIC) has shed 6.5%, and the Dow Jones Industrial Average (^DJI) is off by a more pedestrian 3.4%. \nInvestors have fretted about everything from the looming government shutdown (that would begin this weekend) to fears of one more interest rate hike this year, which Chicago Fed president Austan Goolsbee teed up to Yahoo Finance this week, as well as rates staying high deep into 2024. Oil prices climbing toward $100 a barrel has also weighed on the minds of the bulls.\nRead more: How a government shutdown would impact your money: Student loans, Social Security, investments, and more\nThe sour mood has hurt the likes of big-cap tech names such as Netflix (NFLX), with shares off by 15% in the past three weeks (down 13% in the month). Apple (AAPL) has lost 9.8% in the face of positive reads on new iPhone demand. Even Salesforce (CRM) has pulled back by 8% despite the unveiling of cool new AI tools at the company's Dreamforce conference. \nBottom line: Sentiment isn't good!\n\n\"I think it's all coming home to roost as investors realize that the Fed does not have this under control and that the economy is struggling,\" Kace Capital Advisors managing partner Kenny Polcari told Yahoo Finance.\nPolcari makes a good point that there is lots of \"stuff\" coming home to roost. Just take a look at some of the things we have seen this week in markets:\n\nTarget is closing nine stores, citing rising retail crime. Certainly, there is an economic message or two there.\nCostco said on its earnings call that it’s not seeing a \"dramatic\" pick-up in thefts (hard to thieve and carry out a 25-pack of paper towels from Costco), which means they are seeing some form of theft pickup.\nConsumer confidence hit a four-month low.\nNew data on housing showed home purchases fell.\nH&M warned about a sales plunge in September, blaming warm weather in Europe for delaying purchases of winter clothes. But hey, my H&M store at Roosevelt Field in New York has been a little empty on the weekend too.\nBofA warned this week about rising credit delinquencies hitting retailers, with specific concerns cited for Kohl's and Nordstrom.\nUsed car retailer CarMax had a dreadful quarter, with execs blaming rising interest rates for consumers delaying auto purchases. The company also saw a year-over-year pickup in credit losses.\n\nThat’s a ton of signals that point to growing economic stress that the market likely hasn't adjusted for yet. \nAre we witnessing the lagged effects of Fed policy? Probably. Are households really feeling that inflation is slowing? Probably not. If people aren’t buying homes or used cars because of higher interest rates, is that a problem for stocks? Yes, it should be. \nRead more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards\n\n\n\n  A brown bear inspects a pumpkin in its enclosure at Pairi Daiza animal park in Brugelette on October 30, 2020. (KENZO TRIBOUILLARD/AFP via Getty Images)\n \n\n  KENZO TRIBOUILLARD via Getty Images\n \n\nEven Tak Niinami, CEO of Suntory, the third-largest liquor producer, told me this week that US consumers are trading down to cheaper whiskey.\nTake this all together, and nothing hints that sentiment in markets stands to improve in October — at least not in the early part of the month ahead of big bank earnings, which stand to capture the aforementioned consumer weakness. \n\"Our 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,\" Truist chief investment officer Keith Lerner told me. \nBrian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com.\nClick here for all of the latest retail stock news and events to better inform your investing strategy","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}