Wall Street is on pace to have a loss week as stocks slumped on Friday as a surge that had been lifting the broader market in recent months seemed to run out of steam.
Multiweek winning streaks are about to be broken by all three main averages. Since the beginning of the week, the Dow and S&P 500 have fallen by 1% and 0.6%, respectively. With a 0.4% decline, the Nasdaq is on track to end an eight-week winning streak and record its worst weekly performance since April.
The Fed’s press conference and news release from last week, which stated that they would not be raising interest rates at the moment but were likely to do so again, put the markets under some pressure. 1-2 times afterwards Yung-Yu Ma, head of investment strategy at BMO Wealth Management, stated that this year.
Source (CNBC)
