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September is so far living up to its reputation as a brutal month for stocks, with the equity market struggling to avoid more losses as we enter the final week of the third quarter. Investors are cautiously eyeing the Fed's “higher for longer” approach to interest rates as high energy prices prop up inflation, and ongoing economic concerns out of China have caused some speculators to lose their appetite for risk entirely.
As a result, many growth stocks have fallen hard off their 2023 highs - particularly in the tech sector, where quite a few names rode the wave of artificial intelligence (AI)-fueled euphoria to outsized gains during the first half of the year.
