The S&P 500 fell 3.1 percent last week, its biggest weekly loss since December last year.
The decline in US stocks was accompanied by increased volatility, the CBOE Volatility Index spiking on Wednesday and Thursday.
Nomura strategist Masanari Takada said in a note to clients Friday that “a jittery global equity market is on its way to seeing two volatility spikes in August, one early in the month and one towards the end of the month”, and suggested that investors “refrain from bargain-hunting in global equities” until after that.
Phil Orlando, chief equity market strategist at Federated Investors, said he expected “some increased choppy volatility over the course of the next couple of months before we turn up and get back to record highs at the end of the year”.
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