The S&P 500 gearing up for a correction
Year-to-date, the S&P 500 has risen by 12%. Of that, 9% of the growth is thanks to seven tech-sector giants. Meanwhile, other sectors are seeing their profit growth rates slow for the second quarter in a row. In addition to that, the CBOE Volatility Index (VIX), which is inversely correlated to the broad equity market index, has dropped to its lowest level in nearly two years. According to analysts at Saxo Bank, the S&P 500 could develop a correction in these conditions.
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