{"id":66935,"date":"2023-09-29T16:04:21","date_gmt":"2023-09-29T20:04:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/stocks-head-for-worst-quarter-of-2023-as-good-vibes-dry-out\/"},"modified":"2023-09-29T16:04:23","modified_gmt":"2023-09-29T20:04:23","slug":"stocks-head-for-worst-quarter-of-2023-as-good-vibes-dry-out","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66935","title":{"rendered":"Stocks Head For Worst Quarter Of 2023 As Good Vibes Dry Out"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>All three major stock indexes<strong> <\/strong>closed dismal worst quarters on Friday, erasing much of the gains from the first half<strong> <\/strong>as investors snapped out of their growth-friendly sentiments fueled by artificial intelligence daydreams and paid heed to a litany of potentially worrisome macroeconomic conditions.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>The S&amp;P 500 (down 3.4% from July 1 through Thursday\u2019s close), Dow Jones Industrial Average (down 2.2%) and tech-heavy Nasdaq (down 4.3%) each suffered their worst quarterly losses since last year\u2019s third quarter.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>All three major indexes remain up this year despite the slump.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Losses were concentrated strongly in September due to mounting evidence that interest rates will remain higher for longer than many initially hoped, coming after stocks enjoyed a strong expansion to open 2023.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Among the bearish headlines this month which affected stocks were the Federal Reserve\u2019s revised projections that interest rates will remain elevated far longer than previously expected, bond yields\u2019 surge to their highest levels since 2007 and crude oil prices\u2019 jump to 11-month highs, potentially front-running a further rise in gas prices which could hinder inflation from slipping to the Fed\u2019s 2% target.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Energy was by far the best-performing sector as oil drilling and refinery stocks enjoyed higher crude input prices; the popular XLE exchange-traded fund gained 14% this quarter and five of the S&amp;P\u2019s seven top returners were oil stocks, according to FactSet data.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>But perhaps most notably, it was a down period for the \u201cmagnificent seven\u201d large technology stocks behind much of this year\u2019s prior gains thanks to rapidly expanding valuation multiples: The grouping lost some $475 billion in market capitalization, largely due to a 12% slide from Apple, the world\u2019s most valuable company.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>So why the sudden shift in stock returns? Sevens Report analyst Tom Essaye emphasized in a Thursday note because of economic data\u2019s importance in market movements, the change came because up until last month, data indicated no signs of a broader slowdown and declining inflation, but \u201csince August, the data has become more mixed (but not outright negative) and as a result of that mixed data, we have seen stocks appropriately decline.\u201d Essaye noted he expects \u201cchoppy\u201d trading until \u201cthe data does begin to break one way.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Contra<\/h2>\n<p>Despite the recent shattering of bulls\u2019 confidence, Q3 featured one notable growth-friendly milestone: the return of the initial public offering. Earlier this month, British chip designer Arm became the largest company to go public since November 2021, while grocery delivery firm Instacart and automated marketing service Klaviyo also went public at roughly $10 billion valuations.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>The Fed\u2019s Open Markets Committee will conduct a pair of meetings during the fourth quarter, concluding November 1 and December 13. Fed staff\u2019s median projections call for one 25 basis-point rate hike this year, and the futures market prices in a roughly 35% chance of a 2023 increase, according to CME Group data.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>The fourth quarter has been the friendliest period for stocks historically \u2013 BlackRock research found the S&amp;P has risen an average of 4% during Q4 since 1957, by far the strongest return of any quarter.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/09\/29\/stocks-head-for-worst-quarter-of-2023-as-good-vibes-dry-out\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline All three major stock indexes closed dismal worst quarters on Friday, erasing much of the gains from the first half as investors snapped out of their growth-friendly sentiments fueled by artificial intelligence daydreams and paid heed to a litany of potentially worrisome macroeconomic conditions. Key Facts The S&amp;P 500 (down 3.4% from July 1 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":66936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stocks Head For Worst Quarter Of 2023 As Good Vibes Dry Out | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline All three major stock indexes closed dismal worst quarters on Friday, erasing much of the gains from the first half as investors snapped out of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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