Markets regained a bit of composure for most of last week. That limb wasn't too tough to reach given the comparison is a frantic August in which the Dow rose or fell by more than 300 points in seven of the preceding 10 days. After rising for most of the week, a tariff-induced pullback late on Friday led U.S. stocks lower by 1.4%, extending August's streak of weekly declines1.
So where do we go from here? In our view, the data and recent market moves are consistent with an aging bull market that still has plenty of green leaves. That said, we believe the interest rate and trade gusts that have recently shaken some leaves off the trees will continue to blow. So, when it comes to market volatility, we're not out of the woods yet.