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.Going back to 2017, the most expensive stock was Veeva Systems, Inc. and it was then trading at 11.7 times forward multiple, he noted.
