Stocks have suffered a rough September, with the S&P 500 dropping from 4,516 at the month's start to 4,275 by midday on September 26, a drop of 5.3% in just 18 trading days.
Of course, the apparent cause is the sharp, sudden spike in long-term interest rates, epitomized by the month-to-date leap in the 10-year Treasury yield by almost 50 basis points to 4.55%. So far, neither the rise in rates nor the cratering in stocks has done much to stir the Wall Street bulls to lower their forecasts for 2023, with Goldman Sachs predicting a year-end number of 4,500, and Citigroup at 4,600.
