The S&P 500 Drop 2.45%

Friday’s move in the market was the largest, by far, in more than two months. The S&P 500 lost 2.45%. In the weeks prior to that, the daily volatility for the index was incredibly low.

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Within the market, Financials stocks fell the least while Utilities fell the most. That suggests the market is expecting higher rates from the Fed. This was spurred on Friday by comments from Eric Rosengren, head of the Boston Fed who said that a “reasonable case can be made” for raising rates.

Today, all eyes will be on Lael Brainard who’s speaking in Chicago. She’s been rather dovish about a rate hike, so any change from her would be a big deal.

Posted by on September 12th, 2016 at 8:09 am


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