It’s been a terrible week in an awful year for the stock market.
Walmart WMT, Target TGT, and Tencent HK:700 each reported disappointing results to add fuel to the worries about interest-rate hikes and quantitative tightening. But, Melvin Capital aside, there haven’t been signs of capitulation.
Over the last six weeks, equity redemptions have totaled $46 billion, versus $91 billion when the COVID outbreak first became apparent, according to Sean Darby, chief equity strategist at Jefferies. So you could see the argument on why markets may not have plumbed their depths.