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Bullish sentiment sees biggest one-week drop since Feb 2023 in latest AAII survey

Bullish sentiment sees biggest one-week drop since Feb 2023 in latest AAII survey. A tech-driven wipeout on Wall Street sent the Nasdaq Composite plunging close to 4%. Bullish sentiment as per the weekly AAII investor sentiment survey slipped to 43.2% for the week ending July 24. Still, bullish sentiment remains above its historical average.

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Nasdaq has dropped 7% in two weeks as the tech selloff picks up steam

The Nasdaq Composite has dropped 7.1% in two weeks as the tech selloff picks up steam. The tech-focused index is now trading below its 50-day moving average for the first time since early May. Wednesday's 3.6% drop in the Nasdaq is the worst single day performance for the index since July 11.

The correction happening in stocks is 'far from over,' IBKR says

The S&P 500 and the Nasdaq Composite suffered their worst sessions in more than a year on Wednesday. A selloff in tech stocks led the indexes to their steepest falls since October. Interactive Brokers' senior economist says a 10% to 15% correction in the U.S. Equity market is likely.

Winter (Rate Cuts) Is Coming

The 2024 deficit estimate has increased by $400 billion, a 27% rise from their estimate five months ago. The U.S. Deficit for 2024 is expected to be $2.0 trillion, 7% of our Gross Domestic Product. The CBO forecasts no recession for the next decade. The IMF has warned of runaway spending in the United States.

The Case Against Lone Recession Indicators Is Stronger Than Ever

U.S. Recession In Motion?

Goldman Sachs is shifting to neutral, but remains mildly pro-risk for the next 12 months

Goldman Sachs is shifting to neutral, but remains mildly pro-risk for the next 12 months. Second half outlook for 2024 shifts towards a more neutral stance. The investment bank's baseline view for the second half of the trading year remains optimistic. Goldman Sachs expects a small pickup in growth as inflation moderates.