The S&P 500 and Nasdaq Composite notched their sixth straight positive days and are poised for their best weeks in 2024.
JPMorgan believes the recent jarring market meltdown was a practice for possibly similar scenarios down the road. 'Many market participants are dismissing the recent blowup of various crowded trades as a fluke or flash cash, but we see it as more of a dress rehearsal for what's to come,' JPMorgan strategists said in a note. Earlier August, the Nikkei 225 index , a benchmark for Japanese stocks, plunged 12.
The sell-off was triggered by a small rate hike by the Bank of Japan , lifting rates to their highest in 15 years and unwinding of the yen 'carry trade.' The Wall Street firm believe that the carry trades could become a problem again, but with investors getting burned, they shouldn't trigger another market meltdown. However, JPMorgan said concerns about an economic slowdown could resurface.
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