The S&P 500 was down 1.9% week to date at Friday’s session, ending a three-week winning streak and marking its worst weekly decline since early June. Rising Treasury yields, uncertainty over the Middle East conflict, and signs of slower consumer spending weighed on equities this week. JPMorgan, through its technical strategist Jason Hunter, warned about concerning signals after examining market internals and sector rotations. Artificial intelligence stocks are showing similarities to the moves that occurred between 1999 and 2000, when tech stocks skyrocketed before crashing and sending the broader market into a bear market. The bank estimates these developments represent a significant risk heading into the post-Labor Day season.
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