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An article published in August by the New York Times detailed how Wall Street is fearful after a “wild week” within the markets, leaving many wondering what happens next.
Markets went wild Monday with the Dow opening more than 1,000 points lower while the S&P 500 and Nasdaq dropped by huge margins following Japan’s biggest market loss since 1987, according to Million Voices. Prior to this major shock, Wall street was focus on dealing with inflation — like the rest of us — hoping that the Federal Reserve would cut rates to support stocks, according to the NYT.
“The recent havoc has added an additional consideration: the risk that markets could tank in response to signs that the economy was slowing too fast,” the outlet wrote. (TAKE A POLL: Is the Government Doing Enough to Address Unemployment?)
We’re Not Through It
“We’re not over this yet,” StoneX senior strategist James Stanley told the NYT. “We’re not through the woods.”
Many seemed to be more optimistic as the week went on. But there is still “nervousness” about what the future of the economy holds for is. One key metric is inflation data due in mid-August, as well as ongoing conflicts in the Middle East, the presidential election, and some “technical reasons,” NYT continued. (TAKE A POLL: Do You Feel Confident About the Current State of the Economy?)
“I’m concerned about a surprise on the headline if there’s anything quirky in the data, but our base case is inflation is moving lower,” CreditSights senior investment grade strategist Zachary Griffiths told Reuters. “The economy is slowing, driven by the consumer that’s just running out of steam, running out of excess savings and starting to see this increase in the unemployment rate, which should work its way through to the spending and inflation numbers.”
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