Posted 1/5/2024, 2:57:04 PM
S&P 500 Snaps 9-Week Win Streak as Tech Stocks Lead Pullback on Rate Worries
- The S&P 500 is on track to end its longest winning streak in nearly 20 years, snapping 9 weeks of gains
- Investors have sobered up after a sharp 14% rally in the past 2 months brought valuations very high
- The Fed's latest minutes cooled expectations for quick rate cuts that had lifted stocks
- Big tech stocks like Apple and Meta have led the market drop, responsible for nearly 60% of the S&P's decline
- While a pullback was due after the rally, risks like higher rates and resilient inflation remain, meaning more volatility ahead