S&P 500 Standing At Crossroads After 3 Day Losing Streaks โ๏ธ๐ค
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The S&P and Nasdaq dropped 1.3% and 1.9%, respectively, for their first negative week in three. Stocks rose slightly on Friday but logged a losing week amid renewed worries that the Federal Reserve may raise rates more than previously expected.
SPY was climbing about 0.4% at one point on Friday, shaking off market fear caused by reports that China may ban its public workers from using Apple's iPhones.
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Investors are optimistic that the Federal Reserve may choose to hold interest rates steady when it meets next on Sep 19 and 20, boosting a positive sentiment in the market, despite recent data showing the economy remains strong with borrowing costs at the highest level since January 2001.
Some technology stocks that have struggled in recent sessions found their footing. After two straight losing days, Apple inched up 0.4%. Microsoft and Salesforce rose about 1%. Other names, including Nvidia and Tesla, fell more than 1%.
When bad news is good news
Investors may have found some comfort in the lack of bad news during Fridayโs session following a string of stronger-than-expected economic data points earlier in the week, said Bryce Doty, a senior vice president and portfolio manager at Sit Investment Associates.
โWhen you think of the economy, itโs a Catch-22 for investors,โ he said. โIf it looks like weโre going to avoid the hard landing, we get some good economic news, and thereโs a sigh of relief quickly followed up by an increased expectation of Fed rate increases.โ
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Recent economic data, including lower-than-expected initial jobless claims, have reignited rate hike fears and concerns that the Federal Reserve may have more work ahead.
As of Friday, traders are pricing in greater than 4 in 10 chances of an increase in November after an anticipated pause in September.
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