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Home » Today's sell-off is a good entry point for year-end rally: Tony Dwyer financial news

Today's sell-off is a good entry point for year-end rally: Tony Dwyer financial news

Canaccord Genuity’s Tony Dwyer on today’s pullback and the opportunity it presents. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

U.S. stocks began the week deeply in the red as investors continued to flock to the sidelines in September amid several emerging risks for the market.

The S&P 500 fell 1.7% to 4,357.73, posting its worst daily performance since May 12. It was a broad sell-off with each of the main 11 sectors of the benchmark registering losses. The Dow Jones Industrial average lost 614.41 points, or 1.8%, to 33,970.47 for its biggest one day drop since July 19. The tech-heavy Nasdaq Composite dropped 2.2% to 14,713.90.

One optimistic sign from Monday’s rout: The Dow closed well off its session low. The 30-stock average was down 971 points at it low for the day.

There were a number of reasons for the sell-off:

Investors fear a contagion sweeping financial markets from the troubled China property market. Hong Kong equities saw a big sell-off during the Asia trading session on Monday. The benchmark Hang Seng index plunged 4% with embattled developer China Evergrande Group on the brink of default.
The Federal Reserve begins a two-day meeting Tuesday and investors are worried the central bank will signal it’s ready to start pulling away monetary stimulus amid surging inflation and improvement in the job market.
Covid cases because of the delta variant remain at January levels as colder weather approaches in North America.
September has the worst track record of any month, averaging a 0.4% decline, according to the Stock Trader’s Almanac. History shows the selling tends to pick up in the back half of the month.
Investors are also concerned about brinkmanship in DC as the deadline to raise the debt ceiling approaches. Congress returned to Washington from recess rushing to pass funding bills to avoid a government shutdown.

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Monday’s sell-off briefly pushed the S&P 500 5% below its last record on an intraday basis. It’s been a long time since the market has faced a sell-off of this magnitude as investors continued to buy the dip with fiscal and monetary stimulus backstopping the markets. The index closed the session 4.1% below its record high from Sept. 2.

Stocks linked to global growth led the broad-based sell-off Monday. Ford lost more than 5%. General Motors and Boeing fell 3.8% and 1.8%, respectively. Steel producer Nucor shed 7.6%

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Energy stocks tumbled as WTI crude oil fell nearly 2% on concerns about the global economy. The energy sector slid 3%, becoming the worst-performing group among the 11 S&P 500 groups. APA shed more than 6%, while Occidental Petroleum and Devon Energy both dropped over 5%.

Bond prices gained as investors sought safety. The move pushed the 10-year Treasury yield down by 6 basis points to 1.31%. (1 basis point equals 0.01%)

Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase dropped 3.4% and 3%, respectively.

“We think the mid-cycle transition will end with the rolling correction finally hitting the S&P 500,” wrote Mike Wilson, Morgan Stanley’s chief U.S. equity strategist. “We point to downside risk to earnings revisions, consumer confidence and PMIs.”

Wilson said he believes a “destructive outcome” is looking more likely that results in a pullback of 20% or more. On Friday, University of Michigan’s September consumer sentiment index came in at 71, just slightly above the August level that was the lowest in 9 years.

The Cboe Volatility index, Wall Street’s fear gauge, jumped above the 28 level on Monday, the highest since May.

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Today's sell-off is a good entry point for year-end rally: Tony Dwyer

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Today's sell-off is a good entry point for year-end rally: Tony Dwyer
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15 thoughts on “Today's sell-off is a good entry point for year-end rally: Tony Dwyer financial news”

  1. Impressive, I realized that the secret to making a million is saving for a better investment..  I always tell myself you don’t need that new Aston Martin or that vacation in Hawaii just yet and that mindset helps me make more money investing. For example last year I invested 100 grand in s&p 500  (with the help of my advisor of course) and made 450k, but guess what? I put it back and traded with her again and now I’m rounding up close to a million. Hoping to get to 2 In 6 months time..

  2. Rich people plays the money game to win. Poor people plays the money to not lose. The goal of the truly rich people is to have massive wealth and the poor sees a surplus as an opportunity for consumption instead of investing it. change your mindset and do what the rich does, which is investing, investing and investing.

  3. When I listen to these people, sometimes I get the sense that value is a non-contextual floating abstraction. How can anyone discern what is happening in the market without including volume in the calculous? Volume is extremely important. The old saying "FOLLOW THE MONEY" comes to mind. Read Stock Market Tradecraft. In a nutshell, the reality is that there is an individual who is called a Designated Market Maker (DMM) who while at the same time he is allowed to invest for himself, is also given the incredibly sensitive task of setting the price for the stocks that are assigned to him. As a result, this individual becomes a merchant who has the extraordinarily good fortune to make whatever posture he takes in the market work to his advantage.

  4. Let me know if Jerome Powell and his BROS at the Fed were buying today. Then I will buy. I wish they would tweet their buys and sells so we could all time the market like those in the 0.001%.

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