Volatility in the stock market hit the ground running in May.
 | MON, MAY 02, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 157.96 | +0.31 | +0.20% | | INTC | 44.96 | +1.37 | +3.14% | | MSFT | 284.47 | +6.95 | +2.50% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 157.96 | +0.31 | +0.20% | | AMD | 89.84 | +4.32 | +5.05% | | T | 19.12 | +0.26 | +1.38% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 157.96 | +0.31 | +0.20% | | AMD | 89.84 | +4.32 | +5.05% | | NVDA | 195.33 | +9.86 | +5.32% | |
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Volatility in the stock market hit the ground running in May, as Monday's session saw the S&P 500 and Nasdaq Composite fall to their intraday lows of the year before turning sharply higher in the final hour of trading. The Nasdaq Composite finished up 1.6% with basically every Big Tech name closing higher on the day. |
But after a dreadful April for investors, traders are now waiting to see where the market can find a new floor, and there are reasons to think that Monday's bounce came a step too soon. One of these is investor sentiment, which has certainly turned sour but hasn't dropped far enough for the liking of some market pros. "Sentiment still has a ways to get worse. It doesn't seem like we're at the bottom yet," said Max Gokhman, chief investment officer at AlphaTrAI. Maybe the Federal Reserve's meeting this week will spur that final shakeout, as the central bank could provide further guidance on its balance sheet reduction and rate hikes that prove more aggressive that some expect. "I think there's still this expectation that something, somehow is going to come in and provide a floor, and because of that you're still seeing holdouts," Gokhman said. |
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