The Russell 2000, which tracks small-cap stocks, entered correction territory on Wednesday, down 11% from its August 14 record close. The index fell 2.8% for the week, slightly underperforming the Nasdaq Composite’s 2.5% decline. Several factors are driving the weakness: inflation remains elevated with consumer and producer price indexes coming in above expectations, and markets are pricing in at least one more Fed rate hike before year-end. Small business sentiment also deteriorated, with the NFIB Optimism index dropping from 98.7 in August to 97.9 in September. Legendary investor Paul Tudor Jones warned that 2024 will be extremely challenging for stock markets.
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