The Week Ahead: A Growing Sense of Unease
Last week closed the books on the third quarter from both a corporate and an investor perspective. In the last three months, the S&P 500 has climbed 5.8%, while the Nasdaq has risen 6.2%. Those returns have brought the year-to-date returns to 14.6% and 19.6% respectively. Those are pretty strong moves, given the recent data, which point to a slower second-half for the global economy -- something that has corporate America concerned.
Those data, which in my view include the growing number of companies that have cut expectations in the last few weeks, have finally started to catch up to the stock market. Last week, we received a smattering of negative news, and the S&P 500 and Nasdaq fell 1.3% and 2%, respectively. That, moreover, was before we learned over the weekend that China's September manufacturing output fell at the fastest pace since March, and new export orders declined at the sharpest rate in 42 months, per this month's HSBC China manufacturing purchasing managers' index. ...984 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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