S\u0026amp\u003BP 500 rout pushing the gauge within a striking distance of its June bottom. Read on
Canada’s main stock index plunged Friday, with losses led by energy stocks. Shortly after 10 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 512 points at 18,490.As the risk-off sentiment took hold, Treasuries reversed a slide that earlier sent 10-year yields above 3.8 per cent. The dollar hit a fresh record, sweeping aside other currencies. The euro slid to its weakest since 2002, while the pound touched its lowest in 37 years.
“It appears that traders and investors are going to throw in the towel on this week in what feels like ‘the sky is falling’ type of event,” said Kenny Polcari, chief strategist at SlateStone Wealth. “Once everyone stops saying that they ‘think a recession is coming’ and accepts the fact that it is here already – then the psyche will change.”
The greenback’s strength has been unrelenting and will exert a “meaningful drag” on corporate earnings, serving as a key headwind for stocks, said David Rosenberg, founder of his namesake research firm. Investors are flocking to cash and shunning almost every other asset class as they turn the most pessimistic since the global financial crisis, according to Bank of America Corp. Investor sentiment is “unquestionably” the worst it’s been since the crisis of 2008, with losses in government bonds being the highest since 1920, strategists led by Michael Hartnett wrote in a note.Article content
Gloomy sentiment is often considered a contrarian indicator for the U.S. stock market, under the belief that extreme pessimism may signal brighter times ahead. But history suggests that equity losses may accelerate even further from here before the current bear market ends, according to Ned Davis Research.
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