Wild Market Swings Exact Heavy Toll on Tempted Bulls
- S&P 500 flipped in week amid conflicting narratives over Fed
- AMD warning highlights conundrum around inflation, earnings
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
A week that saw the biggest stock advance in a month quickly became another week to forget for investors, who are now being punished in real time for each impulse of optimism.
After mounting the best two-day rally since April 2020, the S&P 500 ended with three consecutive declines, with losses snowballing to almost 3% on Friday. Reaping the S&P 500’s five-day gain required enduring an increasingly typical roller-coaster ride fueled by false hopes for a friendly Federal Reserve around mixed economic data.