Drifting.
The final full week of September is historically on average the worst-performing week of the year for U.S. stocks. This time round, a very limited amount of consequential economic data ahead of the latest inflation reading on Friday and only a handful of earnings reports left the market feeling untethered and drifting, at the mercy of some notoriously unpredictable moving targets such as trader sentiment, global geopolitics, an erratic U.S. election campaign that feels like it could go off the rails at any moment, a looming government shutdown and lots and lots of Fed-Speak, with at least…
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