Volatile Trading Leaves US Stocks on Doorstep of a Correction
- Index retreated 10% from peak for first time since late 2023
- ‘Pendulum has shifted and fear has taken over,’ Sarhan says
This article is for subscribers only.
A fresh flurry of trade-policy headlines touched off another volatile trading day on Wall Street, with the S&P 500 Index’s three-week selloff briefly reaching 10% before a late rally pared the drop.
The equity benchmark ended lower by 0.5%, after earlier falling as much as 1.5%. That had it on track to meet the accepted definition of a correction, which would be the first since late 2023. It is now trading at 5,572, compared with the record closing high of 6,144.15 it hit last month. Technology behemoths Apple Inc., Nvidia Corp. and Alphabet Inc. were among the biggest contributors to the index’s losses on the session. The tech-heavy Nasdaq 100, which entered its own correction on March 7, fell 0.2%.