The major averages are grappling with a few hurdles, including an upheaval in tech shares and an uncertain outcome for the presidential election.
The stock market is facing several issues: a tech re-rating, a slower economy, a seasonally weak period and an uncertain presidential outcome. Big cap tech is getting re-rated This is what happens when the market gets top-heavy in technology. Like the pros say, when you get a correction in a concentrated market, you take the stairs up and the elevator down. Prices for megacap tech stocks have run up dramatically in hopes of outsized earnings.
chief investment strategist Sam Stovall seems to agree. "The 'certainty' of the Trump trade appears to be fading," he wrote in a note to clients. "In the near term, investors may end up being frozen by indecision until clarity improves on a multitude of issues, such as industry regulation, medical insurance, corporate and individual tax policy, and defense spending, just to name a few.
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