EDITOR'S NOTE
Just when the world was almost tempted to believe trade tensions were easing, Chinese officials cut short their U.S. visit and President Donald Trump announced he doesn't really need to pull together a trade deal before the 2020 election after all.
The news didn't lead to huge losses, but it turned the market from its attempts over the week to reach new highs. It was also a reminder of how sensitive stocks remain to headlines and an indication that the trade war could be with us for a long time.
We are not far from October, which Goldman Sachs predicts will be a wild month, writes CNBC's Yun Li. Stock volatility calmed in September, as seen in the chart below, but on average, it has been 25% higher in October since 1928, according to Goldman equity derivatives strategist John Marshall.
For all the worries facing the U.S. economy, it remains strong and the stock market is a reflection of that.
“It’s good that we’re challenging the records, but I don’t know if we have enough momentum to stay around these levels,” said JJ Kinahan, chief market strategist at TD Ameritrade. “I think 2,800 to 3,000 is the range we’ll stay in” without a trade deal.
Next week, a cadre of Federal Reserve officials will speak, perhaps generating more market-moving headlines, writes CNBC's Patti Domm. Buckle up. The market's relatively smoother ride in September may soon get bumpy. TOP NEWS
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