The S&P 500 has fallen 4% this month, and a big bulk of the gains from this summer’s rally have gone up in smoke. After a flat first half of September, the index is losing steam — falling below the 4,350 level that chartmaster David Keller recently warned about.
There are several serious threats to US stocks right now, including high interest rates, as well as rising bond yields and oil prices. Each was addressed in a September 22 note from David Kostin, the chief US equity strategist at Goldman Sachs. The firm still thinks the S&P 500 will rebound to 4,500 by year’s end, but investors should tread carefully.
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