The stock market started the month in green with two rip-roaring rallies, but the momentum could not last. The Nasdaq composite closed at its two-year low on Monday. The market is experiencing a broad sell-off amid macroeconomic issues. According to JPMorgan CEO Jamie Dimon, the S&P 500 could fall another 20% depending on whether the Fed attains a soft or a hard landing.
“This is an awful stock market environment that is grappling with a weakening economy, uncertainty over earnings and how long the Fed’s tightening will last, and sentiment issues with an extremely risk averse investor psychology,” said David Bahnsen, a chief investment officer of The Bahnsen Group.
