Last week, the broader market fell into a decline, moving into technical correction territory with the S&P 500 down 10% from its peak in July. The correction comes from a mix of reactions to higher for longer interest rates, Treasury bond yields, and mortgage rates which continue to increase.
With a Federal Reserve decision, Treasury borrowing plans, and continued earnings pressure on the horizon, investors are overwhelmed by all the changing variables and what it means for the markets. NewEdge Wealth Chief Investment Officer Cameron Dawson joins Yahoo Finance anchors Seana Smith and Brad Smith to break down what all these events will mean for the market and how they will affect investors going forward.
On the immediate effect on the market, Dawson explains: “It means that a lot of the areas that were support for the market — things that we hoped that the market would be able to bounce off of — have now somewhat become resistant. So a lot to go on this week, I think in the very near term you are oversold enough to have some kind of relief rally, but then let’s judge that relief rally to see if it sets us up for a move higher or if we’ll continue in this down trend.”
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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