Is this good news or bad news? 'Even after Monday’s fireworks and losses in nine of the last 11 sessions, the S&P 500 is only 4% below its record high.'
On Monday, the Dow Jones Industrial Average DJIA, -1.78% fell 614 points, or 1.8%, to 33970, the S&P 500 SPX, -1.70% declined 75 points, or 1.7%, to 4358, and the Nasdaq Composite COMP, -2.19% dropped 330 points, or 2.2%, to 14714.
“The market sell-off that escalated overnight we believe is primarily driven by technical selling flows in an environment of poor liquidity, and overreaction of discretionary traders to perceived risks,” said Marko Kolanovic, chief global markets strategist at JPMorgan. The worries over Evergrande came at a critical junction, with several firms having warned, correctly, that September would be bumpy for U.S. equities after a smooth summer.
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