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S&P 500’s pullback deepens as hard landing fears spike: RBC

August 5, 2024 6:23 AM EDT

The S&P 500 resumed its pullback late last week, driven by escalating fears of a hard landing following disappointing economic data, RBC Capital said in a note Monday.

Initially, the market showed signs of stabilization, bolstered by expectations of a rate cut in September following Wednesday's Federal Reserve meeting.

However, weaker-than-expected ISM and jobs reports reignited concerns about economic downturns and policy missteps. By Friday's close, the S&P 500 had declined 5.7% from its July high, a pullback slightly more severe than... More