All three main U.S. equity market indexes closed lower on Monday amid a continuing sell-off for bitcoin and stocks leveraged to digital assets, as well as tepid economic data. History suggests better things are ahead, at least for the S&P 500, with investors, traders and speculators looking forward to another rate cut by the Federal Reserve.
"The S&P 500 clawed its way back from nearly a 5% intra-month drawdown to finish November with a modest 0.1% gain," LPL Financial Chief Technical Strategist Adam Turnquist writes, citing oversold conditions, solid earnings, renewed AI optimism, and repricing of rate-cut expectations at the next Fed meeting as fuel for the rebound.
