A shift has come over the stock market this summer, and from Goldman Sachs comes a warning that things may reach a head sooner rather than later.
Investors taking part in late summer stock selling may have felt vindicated after Wednesday’s hawkish set of Fed minutes all but promised more rate increases, offering yet another reason to cash in on this year’s gains.
He said Tuesday also marked an all-time high for volumes of options linked to the S&P 500 with extremely small lifespan, known as 0DTEs. As MarketWatch’s Joe Adinolfi highlighted last week, a recent surge in those “zero-day until expiration” options has raised concerned among some market participants of a market selloff. The S&P finished 1.1% lower on Tuesday.
“This matters because there is low risk tolerance to add into any potential negative headlines,” he says, pointing to news on China and next week’s Jackson Hole conference and Nvidia results. “Is NVDA the most important stock world right now for market sentiment? I think so, this is a single stock microcosm of everything that went right in the first half. The mood is defense, not offence,” he says.
The buzz Weekly jobless claims fell by 11,000 to 239,000 in the latest week, while the Philly Fed manufacturing survey rose to 12 in August from negative 13.5 in the prior month. U.S. leading economic indicators are still to come.
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