Trump No More Effective Than Powell in Stanching Stock Bleeding
- S&P 500, Dow, Nasdaq fall more than 2% after curve inversion
- Defensives outperform, Dow falls toward technical level
This article is for subscribers only.
Markets are angry again, and it will take more than a few tweets to placate them. If you take one message from Wednesday’s sell-off, make it that: once volatility gets revved up like it has, no single human voice is likely to calm it back down.
Consider that the S&P 500 has swung more than 1% now for 11 straight days, a cluster of chutes and ladders not seen since the December rout. The trade outlook improves, and the Dow jumps 370 points. The yield curve inverts, and it falls more than twice that. All month long, an incessant back-and-forth has dominated.