US stocks dropped around 1% today, erasing Monday’s gains and raising fears of a return to early 2016’s market turmoil.
The S&P 500 sank 11% during the first six weeks of 2016, but bounced back to continue a nearly three-month rally. As gains begin to plateau, however, investors are becoming ambivalent and any signs of slowing global growth could mean a selloff.
“Our clients are very edgy, they’re nervous. The market drops like a rock into mid-February and then rallies from there, two very quick moves in a short time,” Scott Wren, senior global equity strategist at Wells Fargo, tells the Wall Street Journal.
Oil’s recent price drop is fueling investor fears, combining with a drop in Chinese manufacturing and a series of poor Q1 earnings reports—all lending credence to real estate billionaire Sam Zell’s warnings of a 2016 recession. [WSJ]
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