- After a rally that added $7 trillion to the stock market, traders are bracing for hawkish rhetoric from federal reserve officials at the Jackson Hole retreat later this week.
- Following a surge that propelled the S&P 500 to its best start to a third quarter since 1932, equities experienced their worst drop in two months. The Nasdaq 100 underperformed as 10-year Treasury yields surpassed 3%. The meme-stock frenzy continued, with other speculative sectors of the market, such as Bitcoin and profitless tech firms, also taking a beating. The CBOE Volatility Index, or VIX, increased dramatically. As the dollar rose, the euro fell to a two-decade low.
- The ferocious runup in US stocks from June lows came to an end as earnings season wrapped up, with the threat of an economic recession looming large and Fed officials warning that the fight against inflation is far from over. That stance is likely to be reinforced when Jerome Powell speaks at the prestigious event in Wyoming's Grand Teton Mountains on Friday, which has been used by Fed Chairs to make key policy announcements.
