Investors are taking a bit off the top with markets hovering near all-time highs.
Investors are taking a bit off the top: Sevens Report Editor, Tom Essaye, Quoted in Barron’s
2 Big Reasons Why the Dow and S&P 500 Are Down
Sevens Report Research’s Tom Essaye told Barron’s that he thinks investors are taking a bit off the top with markets hovering near all-time highs.
“I think that markets are, especially at these levels, a bit nervous that perhaps growth is stronger than they think, and maybe inflation is just a touch stickier than they think following the jobs report,” he said in a phone interview.
Essaye thinks that it would take a very hot inflation report, one that spooks even the generally dovish Powell, to send stocks falling fast on Wednesday.
“If that starts to percolate, that’s a substantial change, because now they may hike again,” Essaye said. “And that would cause volatility. I think the chances of that happening tomorrow are extremely slim, unless CPI is just a total shock.”
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