The key U.S. equities index the S&P 500 has now declined by just over 10% from its July 31 peak on fears that the U.S. economy is headed for a recession. One expert characterized the index’s drop as the first correction since the market bottomed in the fourth quarter of 2022. In contrast, the prices of safe haven assets like gold and bitcoin have been on the rise.
S&P 500 in Correction Territory
Mounting fears that the U.S. economy is headed for recession have now seen the key S&P 500 index drop by just over 10% from the July 31 peak of 4,577 points. Similarly, the Dow Jow Industrial Average ended the last week of October 2023 1.7% lower at just under 32,420 points. The fall of both indices came just days after it was reported that the yield on 10-year U.S. Treasury notes had crossed the 5% mark for the first time since 2007.
The S&P 500 has now corrected 10% from its July 31 peak. This is the first such correction since the market bottomed on October 12, 2022.
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