{"id":12457,"date":"2023-09-16T09:40:37","date_gmt":"2023-09-16T09:40:37","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/markets-bounce-around-and-wind-up-where-they-started\/"},"modified":"2023-09-16T09:40:38","modified_gmt":"2023-09-16T09:40:38","slug":"markets-bounce-around-and-wind-up-where-they-started","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=12457","title":{"rendered":"Markets Bounce Around and Wind Up Where They Started"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"SB51395575971688893706004590213252982544416\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Trading has been choppy and range-bound in recent weeks, leaving investors with a seasick feeling. Don\u2019t expect smoother sailing just yet.<\/p>\n<p>Despite no shortage of headlines and hand-wringing, the stock market hasn\u2019t been doing much of anything. The<br \/>\n        S&amp;P 500 index<br \/>\n       has been flat over the past two months. This past week\u2019s inflation and retail sales data, tech-company drama, and a parade of industry conferences did little to change that. The S&amp;P 500 slipped 0.16%, the<br \/>\n        Dow Jones Industrial Average<br \/>\n       ticked up 0.12%, and the<br \/>\n        Nasdaq Composite<br \/>\n       lost 0.39%.<\/p>\n<div class=\"paywall\">\n<p>Even this coming week\u2019s meeting of the Federal Open Market Committee is unlikely to help the market pick a direction. A data-dependent Federal Reserve will meet on Tuesday and Wednesday to contemplate its next monetary-policy move and offer projections for interest rates, economic growth, and inflation. The futures market is pricing no change in rates this time. <\/p>\n<p>\u201cThe data flow since the July meeting largely supports a wait-and-see approach,\u201d wrote Michael Gapen, Bank of America\u2019s chief U.S. economist. \u201cRecent data should leave the Fed encouraged by ongoing disinflation but concerned about reacceleration in inflation because of the strength in activity.\u201d<\/p>\n<p>What the Fed makes of the longer-term trajectory, however, is still up in the air. That will put the focus on the Summary of Economic Projections\u2014the so-called dot plot. Higher energy prices are fueling inflation again, while economic growth continues to surprise to the upside and unemployment remains very low. The Fed\u2019s fight against inflation doesn\u2019t appear likely to be over by year end, so where the median dot for interest rates in 2024 lands on Wednesday will also get plenty of attention. <\/p>\n<p>For now, futures pricing calls for about a percentage point\u2019s worth of rate cuts by the end of next year\u2014a forecast that could move depending on Fed officials\u2019 collective prediction this coming week.<\/p>\n<p>What about stocks for the balance of the year? Deutsche Bank Securities Chief U.S. Equity and Global Strategist Binky Chadha expects the S&amp;P 500 to experience \u201ca continued muddle through as growth surprises to the upside but the cloud of uncertainty remains, supporting a choppy grind up to 4750.\u201d The index closed at 4450 on Friday.<\/p>\n<p>\u201cA continued muddle through\u201d sounds like an appropriate way to describe the near-term path for the market. Stocks are pricey, but not egregiously so, and earnings growth is expected to be, well, fine. The economic data can appear both good and bad, depending on how and where you look. And the Fed\u2019s next moves can be interpreted through a bullish or bearish lens\u2014rate hikes are almost done, but cuts remain far away.<\/p>\n<p>It will take more authoritative proof of a recession or soft landing ahead to put stocks and bonds in definitive up or down trends. That evidence may still be months away, so don\u2019t put the Dramamine away just yet.<\/p>\n<div data-layout=\"inline\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          inline\n    scope-web|mobileapps\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--inline\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p><strong>Write to <\/strong>Nicholas Jasinski at nicholas.jasinski@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/markets-bounce-around-and-wind-up-where-they-started-3900945f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trading has been choppy and range-bound in recent weeks, leaving investors with a seasick feeling. Don\u2019t expect smoother sailing just yet. Despite no shortage of headlines and hand-wringing, the stock market hasn\u2019t been doing much of anything. The S&amp;P 500 index has been flat over the past two months. This past week\u2019s inflation and retail [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-12457","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Markets Bounce Around and Wind Up Where They Started | Prosfunds<\/title>\n<meta name=\"description\" content=\"Trading has been choppy and range-bound in recent weeks, leaving investors with a seasick feeling. 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