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The biggest comeback in more than 35 years
In September, the equal-weighted S&P 500 trailed the regular index by 4.5 percentage points. Through Monday, it’s beating it by about 4 points in October. That swing is on track to be the largest one-month reversal in favor of the average stock since at least 1990
The pain is concentrated in chips. The PHLX Semiconductor Index (^SOX) is down about 12% this month even after Monday’s bounce. The money is going almost everywhere else, led by Energy (XLE), up 13%, and Staples (XLP), up 9%.
Ryan Detrick, chief market strategist at Carson Group,
<p>” historically you tend to see late october major lows in midterm years he nofollow noopener we could be looking at another buying period.>
Election Day is Nov. 3. The S&P 500 has been higher a year after every midterm since 1950, all 19 of them.
The payoff can take a while. In 2018, stocks kept falling after the vote, entered a bear market, and didn’t bottom until Christmas Eve. And 19 elections is a small sample, especially in a year when the AI trade that powered the rally is the one cracking.
