The S&P 500 has ventured into correction territory, grappling with a significant 10% decline since late July, with the energy sector shouldering much of the blame. Shares of Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) have witnessed substantial drops of 2% and 7%, respectively. Investors are now keeping a watchful eye on forthcoming quarterly updates and pivotal monetary policy announcements from the Federal Reserve and the Bank of England.
In addition to the S&P 500’s downturn, Friday’s closing session witnessed a further 0.5% drop. This comes on the back of mixed outcomes in Asian stock markets, with Japan’s Nikkei 225 experiencing a drop of over 1%, while Hong Kong’s Hang Seng remained stagnant.
The UK’s FTSE 100 index also encountered a decline, closing at 7291.28 on Friday, marking a 0.9% decrease. However, CMC Markets (LON: CMCX) foresees a potential rebound for the index. The firm predicts a 20-point rise at the opening bell today, potentially elevating the index to 7311.
Global investors are anxiously awaiting further quarterly updates this week, alongside significant monetary policy updates from both the Federal Reserve and the Bank of England. These upcoming announcements are poised to provide a deeper understanding of the current market state and potential future trends.
