After a nice upward move on the day of the Fed rate hike, the market has retreated sharply in the three subsequent sessions. The sell-off isn’t quite done yet, according to Redpoint Ventures.
Fall
Between Wednesday and Monday, the SPDR S&P 500 ETF Trust has lost over 7 percent. The weakness is starker when we consider the all-time high reached late last year. Since hitting a peak of 473.54, the SPY has pulled back about 16 percent.
Future ‘Tense’ for Market
The market could decline “quite a bit” more despite the plunge in software stocks from their recent highs, venture capitalist Tomasz Tunguz said in his weekly newsletter.
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