U.S. stocks might find some relief this week, analysts say, but that doesn't mean this late-summer selloff is over.
U.S. stocks might find some relief this week, analysts say, but that doesn’t mean this late-summer selloff is over.
For example, as of Friday’s close, just 15% of S&P 500 stocks were trading above their 20-day moving average, something cited by BTIG’s Jonathan Krinsky and Jeffrey deGraaf of Renaissance Macro. Here’s a chart below courtesy of deGraaf and his team: Any bounce should peter out around 4,450, he said, while technical strategists are eyeing 4,200 on the S&P 500 as a reliable long-term support level. Readers may recall that 4,200 served as a durable ceiling for stocks for more than six months.
Another development that has raised eyebrows: the spread between Treasury yields and yields on corporate bonds has remained remarkably subdued, something that differentiates this latest selloff from when stocks fell to their 52-week lows in October, as well as the March ructions following the collapse of Silicon Valley Bank.
The forward 12-month price-to-earnings ratio for the S&P 500 stood at 19.4 in late July. That was higher than the five-year average of 18.6 and the 10-year average of 17.4, according to FactSet data. The index’s decline over the past three weeks has brought it to more manageable level of 18.6, in line with its five-year average.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
As Hurricane Hilary approaches, Palm Springs braces for direct impactHurricane Hilary: SoCal residents stock up on emergency supplies
Read more »
Al Gore’s Firm Made a Big AI Bet, and Sold Salesforce, Mastercard, Schwab StockGeneration Investment, chaired by former Vice President Al Gore, bought Applied Materials stock, and sold Salesforce, Mastercard, and Schwab stock in the...
Read more »
1 Stock to Buy, 1 Stock to Sell This Week: Dick’s Sporting Goods, Macy’sStocks Analysis by Investing.com (Jesse Cohen) covering: Macy’s Inc, Dick’s Sporting Goods Inc. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
Read more »
How to Get Rich and Famous From a Stock Market Crash‘Big Short’ hero Michael Burry sees disaster and—eventually—he’ll get it right again.
Read more »
Broncos Preseason Stock Report: Who’s up, who’s down after 21-20 loss against San FranciscoThe initial stock report of the preseason after the Broncos’ 21-20 loss to San Francisco 49ers on Saturday night. Stock Up Jonathon Cooper: It might be time to buy stock in third-year outside lineb…
Read more »