S&P 500 enters correction territory, FTSE 100 expected to rebound

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S&P 500 enters correction territory, FTSE 100 expected to rebound
Credit: © Reuters.

The S&P 500 has entered correction territory following a substantial 10% fall since late July, largely attributed to poor performance in the energy sector. Exxon Mobil (NYSE:NYSE: XOM ) and Chevron (NYSE:NYSE: CVX ) shares are experiencing significant drops of 2% and 7% respectively. The market is now closely watching for future quarterly updates and crucial monetary policy announcements from the Federal Reserve and Bank of England.

In addition to the S&P 500's downturn, Friday's closing session saw the index drop by an additional 0.5%. This comes amid mixed outcomes in Asia's stock markets, with Japan's Nikkei 225 experiencing a drop of over 1%, while Hong Kong's Hang Seng remained unchanged.

The UK's FTSE 100 index also experienced a dip, falling by 0.9% to close at 7291.28 on Friday. Despite this decrease, CMC (NS: CMC ) Markets (LON: CMCX ) has predicted a potential rebound for the index. The firm anticipates a rise of 20 points at the opening bell today, which would take the index up to 7311.

Investors globally are eagerly awaiting further quarterly updates this week, alongside key monetary policy updates from both the Federal Reserve and Bank of England. These upcoming announcements are expected to provide further insight into the current state of the market and potential future trends.

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