Stocks (^DJI, ^IXIC, ^GSPC) have pulled back in the last several trading sessions, already posting two consecutive losing weeks in 2024’s first quarter. Is the market on track for where it should be or is it still playing catch-up from prior years?
Ned Davis Research (NDR) Chief Global Investment Strategist Tim Hayes weighs in on the market’s trajectory amid inflation and interest rate pressures.
“If you have a rally like we’ve had, it creates a lot of optimism and creates a lot of complacency and it leaves the market vulnerable… you never know what the trigger is going to be. In this case, it was the timing of the [interest[ rate cut by the Fed [Federal Reserve], which has sort of been the trigger,” Hayes tells Yahoo Finance. “But what it’s done, though, is it’s… improved the sentiment, so kind of relieved the optimism. In that sense, it’s been a healthy correction…”
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