Nvidia’s earnings, a delayed jobs report for the US for September, and for the UK a crucial inflation reading, are all still to come. Each play into lingering worries about earnings for tech stocks trading at lofty valuations, about the health of the US economy, and for the UK on whether the bets on a rate cut in December will be backed up.
“It has been a great year in general for investors, however nerves are clearly increasing into the year end,” said Nick Twidale, chief market analyst at AT Global Markets. “We may see further volatility in the next few weeks as we hit the Christmas trading period.”
And technical analysts think that the latest dip in US stocks could swell into a correction of at least 10%. The S&P 500 closed below its 50-day moving average for the first time in 139 sessions, breaking the second-longest streak above the line this century.
www.bloomberg.com
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