Stocks fell Friday as traders struggled to recover some of the ground lost in the previous session.
Stocks fell Friday, building on the sharp losses from the previous session as Wall Street heads for a losing week.
"Today, investors have to contend with a weaker-than-expected reading for durable orders that was offset by a softer-than-expected reading for the November PCE," said Sam Stovall, chief investment strategist at CFRA Research. "A pre-holiday trading day could be more volatile than normal, due to the light trading volume, which should carry over into the holiday-shortened week between Christmas and New Year's.
Recession fears have resurged recently dashing some investors' hope for a year-end rally and leading to big losses in December. Investors worry that overtightening from central banks worldwide could force the economy into a downturn. Bullish sentiment fell to 20.3% from 24.3% last week, while those who said they were neutral on the outlook for stocks dropped to 27.4% from 31.1%.The survey is a contrarian indicator, meaning less risk when bearishness is high and more risk when bullishness is rampant. "Above-average market returns have often followed unusually low levels of optimism, while below-average market returns have often followed unusually high levels of optimism," AAII says.
Stockton also expects a downtrend to continue going forward, saying that the major indices need to make lower highs and lower lows.The Bureau of Economic Analysis will issue November's personal consumption expenditure report – the Federal Reserve's preferred inflation measure – on Friday morning.
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