The S&P 500 fell 60 bps Monday and is now down a whopping 0.76% from its most recent closing high last Wednesday. At this point, the current “sell-off” ranks as the third largest peak to trough decline from a closing high since the Election. As shown in the chart below, another couple of days like the last two and the current pullback could end up being the largest post-election decline since Trump became the President-Elect and subsequently President.
So is the rally over? Who knows. However, a look at the headlines from a lot of major media outlets that cover the market suggests that the answer is obvious — Yes.
The normally bullish Investors Business Daily (IBD) still isn’t sure and posed its headline in question form:
Same goes for CNN:
While IBD didn’t take a stand in either direction, other outlets were a lot more definitive in their headlines.
Fox Business reports that investors are having second thoughts on Trump:
Both Marketwatch and Reuters are calling an end to the honeymoon:
Not only is the honeymoon over, but based on the Wall Street Journal’s headline, the market and Trump may be heading straight for divorce.
Finally, if Bloomberg’s account of today’s sell-off is any indication, the divorce may be messy as today’s 0.6% drop only emboldened “Trump’s Haters.” We can only imagine how messy things would be if the S&P 500 actually fell a full percent!