Thus far, September has lived up to its billing as a weak month for stocks. And getting back into sustained rally mode may take some time.
Through September 23, all three of the major equities indices are in the red for the month. The worst-performing index has been the Nasdaq Composite, which has shed nearly 9%. The S&P 500 and Dow Jones Industrial Average are down 5% and 2.5%, respectively, month-to-date.
Talk up any Wall Street veteran and they will say the pullback in stocks in September is due to the simplest of reasons:
Tech stocks such as Amazon, Apple, Netflix and Tesla had powerful gains in the summer and had to come back down to Earth. In short, Big Tech is now viewed a bigly overvalued.
No new stimulus plan from a bickering set of lawmakers, means downside risk to consumers this holiday season.
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