After a whipsawing week, stocks could keep trading with volatile swings as markets assess any new information on trade and the economy.
There are, however, some pretty important economic reports spread across the week, with CPI inflation data Tuesday, and a load of key reports Thursday, including retail sales, PCE inflation data, industrial production, and regional Fed surveys.
Sam Stovall, chief investment strategist at CFRA, said he believes the worst is over and stocks could trade at their highs again by the end of the month. Despite small losses on Friday, stocks regained most of the steep losses from earlier in the week. The S&P 500 and Nasdaq Composite were down just 0.2% week to date while the Dow had lost 0.5%. After Monday's close, the Dow and S&p 500 had plunged around 3% while the Nasdaq had lost 3.5%.
Treasury yields went on a wild ride in the past week, with the 10-year dipping as low as 1.59% from as high as 2.08% the week earlier. "As this things accelerate, the [bond] market has been dealing with known unknowns, and now you're starting to see people worrying about unknown unknowns. We're in dangerous territory," said McCarthy. "There' s a widespread perception that there's a race to the bottom going on here in yields, and it's not necessarily the U.S. that's driving this. It's the fact we're the high yielding market.
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