Stocks could fall back to levels last seen in June before the selling subsides, investors say
Traders wearing masks work inside posts, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.
Brendan McDermid | Reuters
The market’s brief attempt to rally failed Thursday, and some strategists are looking for a bigger drop of nearly 15% in total for the S&P 500 before the sell-off is over.
The S&P 500 fell 1.8% Thursday to 3,338, after a 2% gain on Wednesday. Momentum and tech names were among the hardest hit, and the Nasdaq was down 2% on the day. Futures were attempting to rebound early Friday.
September is often a weak month for stocks, and strategists expect the market to remain choppy.