The S&P 500 stock index has fallen more than 10 per cent from the high point it touched earlier this year, meeting the popular definition of a market “correction” as investors fret about interest rates, geopolitical risks and mediocre third-quarter company results.
Wall Street’s blue-chip equities benchmark dipped 0.5 per cent on Friday, pushing it just over the correction threshold compared with its 2023 peak on the final day of July.
The US stock market surged in the first seven months of the year, driven by enthusiasm about artificial intelligence and optimism that the Federal Reserve was approaching the end of its campaign to raise interest rates.
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