![]() We've seen it at the grocery stores and we've seen it at the pump."Ĭoncerns over slowing global demand loomed larger after China cut its lending benchmarks to jump start sluggish demand, which offset a 21.7% surge in housing starts, the largest monthly jump in thirty years. "Inflation is not running as rampant as it was. "I don't know what the Fed sees that the rest of us don't see," Pavlik said. "The Fed hasn't given these hikes much time to have a real impact on the economy," Pavlik added. House Financial Services Committee on Wednesday, which will be scrutinized for clues regarding how long the central bank will keep its restrictive policy in place. Investors now look to Powell's two-day testimony before Congress, starting with the U.S. "The market runs in cycles and the most recent rally has surprised a lot of people." "The market is trying to test whether these recent gains are going to stick," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. Including Tuesday's loss, the benchmark S&P 500 has advanced 14.3% so far this year. ![]() The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. stocks softened on Tuesday, closing in negative territory as investors began the holiday-shortened week by taking profits in the wake of a sustained rally amid signs of weakening global demand.įederal Reserve Chairman Jerome Powell's congressional testimony Wednesday could be a potential market mover.Īll three major U.S. ![]()
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