So much for that big stock market comeback this year.
Sure, it’s only February. But the Dow is now down slightly after a sizzling start to the year. At one point in mid-January, the average of 30 blue chips was up nearly 4% in 2023. The S&P 500 and Nasdaq are still sporting solid gains of about 4% and 10% respectively year-to-date. But they too have retreated from higher levels just a few weeks ago. Stocks were off to a decent start Monday, with the Dow up 100 points, or 0.3%. The S&P 500 and Nasdaq each rose nearly 1%, as well.
“There is absolutely no reason for the stock market to surge from this point,” said John Norris, managing director with Oakworth Capital, adding that investors have no idea when the Fed is finally going to pause. He speculated that if inflation doesn’t cool off soon, the Fed may need to keep raising rates all the way up to 6%. “Inflation will eventually subside, but there is the uncertainty of not knowing when the Fed will stop,” Norris said.
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