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NEW YORK, Sept 6 - Uncertainty over the U.S. economy's health is rippling through markets, adding fuel to an already-volatile period that has investors grappling with a shift in Federal Reserve policy, a tight U.S. election and worries over stretched valuations.
"The data shows that we remain on the soft-landing path, but clearly there's more downside risks to which the markets are going to be sensitive," said Angelo Kourkafas, senior investment strategist at Edward Jones."The expectation for elevated volatility is a realistic one." Several factors threaten to compound the market's uncertainty. Though futures bets on how much the Fed will cut rates later this month showed investors pricing in a nearly 75% chance of a 25 basis point reduction, the issue remains far from settled.
"The takeaway from the range of labor market data is clear – the job market is cooling in a classic pattern that precedes recession," analysts at Citi wrote. Despite a recent swoon, the S&P 500 technology sector , - by far the biggest group in the index - is trading at over 28 times expected earnings, compared to its long-term average of 21.2.
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