The market started September with a volatile session as expected. As you can see in the chart below, during presidential election years, the S&P500 tends to peak around Labor Day and behaves erratically until the elections. It’s possible that the volatile period might be extended this year if the losing candidate/party does not concede the election right away. Yesterday session saw the VIX above 23 and Asian markets were down as well, particularly Japan (-4%). Dollar was flat, yen was firm and Bitcoin was down. US treasuries yields continue to go down, with the 2 year at 3.84% and the 10 year at 3.82%. It looks like the market wants to take a pause.
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