The broad-market index snapped a long winning streak in September.
 | THU, SEP 30, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 141.50 | -1.33 | -0.93% | | MSFT | 281.92 | -2.08 | -0.73% | | INTC | 53.28 | -0.21 | -0.39% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 141.50 | -1.33 | -0.93% | | F | 14.16 | -0.14 | -0.98% | | AMD | 102.90 | +2.55 | +2.54% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 141.50 | -1.33 | -0.93% | | AMD | 102.90 | +2.55 | +2.54% | | MSFT | 281.92 | -2.08 | -0.73% | |
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The S&P 500 snapped a long winning streak in September and posted its worst month since March 2020 as concerns about supply chains, inflation and the Chinese property market rattled stocks. Big picture, however, the market drawdown doesn't seem quite so dramatic. The S&P 500 is still up solidly for the year. Additionally, this rocky month doesn't mean that stocks are going to be below record levels for long, David Katz of Matrix Asset Advisors said on CNBC's "The Exchange." "There have been 34 corrections of greater than 5% since 1993, and the critical point is on 31 of them — which were the lighter corrections — you fully got back to your highs within two or three months. So we think that's going to be the case this time, and what that means is you want to be buying on days like today," Katz said.  That near-term optimism can be especially true when the dip comes after a big winning streak, LPL Financial chief market strategist Ryan Detrick said in a note on Thursday. "September in the red, ending an incredible seven-month win streak. As we noted last month, these long win streaks actually tend to be quite bullish for future returns, with the S&P 500 higher six months later 13 out of 14 times. Yes, stocks were down some in September, but this still bodes well for the near term," the note said. |
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