This is when the S&P 500 selloff is likely to end - Wells Fargo
experienced a sharp move lower last week as investors became more cautious. It culminated in the index dropping below a key psychological level on Friday after a 0.88% decline. The S&P 500 closed 43.89 points lower during Friday’s session.
Geopolitical tensions, particularly the recent flare-up between Israel and Iran, added another layer of uncertainty to the market. Investors tend to seek safer assets during periods of international instability, pulling money out of stocks. “The consumer is still selective and value-oriented,” wrote the bank. “High-end consumers appear better off than the low-end. For banks, there are concerns about NIMs vs expectations as anticipated Fed accommodation resets and depositors seek higher yields. The digestion of post-pandemic goods gorging seems to continue.”
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