Despite rising recession risks, US stocks slipped after a rally that took them to their best month since 2020 turned fragile.
After the best month for stocks since the pandemic, the S&P 500 and Nasdaq 100 opened lower. The 10-year Treasury yield is 2.63%, well down from June’s peak near 3.50%.
US manufacturing data for July is expected to show a slowdown in manufacturing.
Here is what the article states –
“Despite a 12.6% advance from a low on June 16, the S&P 500 could be facing an ugly stretch. Wall Street lore says October is the most dangerous month for the stock market because of crashes in 1929, 1987 and 2008. But August and September are actually worse, with the S&P 500 averaging declines of 0.6% and 0.7%, respectively, over the past 25 years.
While more than half of the S&P 500 companies that reported earnings so far have beat analyst estimates, the rate of earnings beats is still trailing the 62% average pace set in the last five quarters. And companies are worried about the economy, with executives and analysts on track to use phrases related to an economic slowdown three times more on second-quarter calls than they did during first-quarter results.”
Read the full story here.
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