Optimists hoping the S&P 500’s month-long bounce off its mid-June trough signaled the start of a sustained bull run have been confounded.
The Nasdaq Composite COMP just recorded its seventh consecutive decline, the longest losing run in nearly six years, amid fretting over stubborn inflation, sharply rising borrowing costs and a resurgent dollar.
Indeed, Julian Emanuel, Evercore ISI’s chief equity and quantitative strategist, says that past experience tells us the recent volatility does not portend well. “Such a 50/50 whipsaw has happened only 4 other times since 1950 and confirms that the prevailing bear market has not ended,” he states. The markets S&P 500 futures ES00 rose less than 0.1% to 3912 as the 10-year Treasury yield TMUBMUSD10Y dipped 3.5 basis points to 3.314%. U.S. crude oil CL.1 was up 0.9% to $87.63 a barrel. Gold GC00 added 0.3% to $1,717 an ounce and Bitcoin BTCUSD slid 0.9% to $18,796.
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