In the 30 days ending July 8, the S&P 500 made a directional move of 1% or more four times. Some analysts will dismiss that as a consequence of large numbers. That is, the S&P 500 is over 7,500 points. Five years ago, that was around 4,300 and 10 years ago it was around 2,100.
But investors perceive that as volatility, and that has many seeking safety outside of the volatile artificial intelligence trade. It’s hard to fault that strategy. Investors (who are also consumers) are dealing with sticky inflation, which impacts the outlook for interest rates and consumer sentiment.
