2023 summer markets: Risk-off sentiment, VIX rise, weak economic data, tech/small-cap stocks decline.
In summer 2023, a risk-off sentiment dominated markets, leading to significant losses in equities while bonds and gold surged. The VIX reached a 3-month high as economic data disappointed, causing tech stocks to plummet and small-cap stocks to decline. Investors' concerns were heightened by weak manufacturing PMI, a rise in jobless claims, and disappointing job reports. The VIX spike indicates anticipated sharp near-term swings in the market, and the Federal Reserve may face questions regarding its response to the deteriorating economic outlook.
August 01, 2024
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