U.S. stocks fall for a fourth consecutive day as investors question lofty valuations
According to ChainCatcher, citing Jintou, U.S. stocks declined for the fourth consecutive day as investors questioned lofty valuations ahead of a flurry of retail earnings reports and the upcoming central bank symposium. The S&P 500 fell 0.7%, while the Nasdaq dropped more than 1%. Howard Marks, co-chairman of Oaktree Capital Management, stated that stock valuations are expensive relative to fundamentals. Torsten Slok, chief economist at Apollo Management, pointed out that consumer spending is under pressure due to factors such as slowing job growth, the resumption of student loan repayments, and an increase in evictions.
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