Is the bull market running out of steam—or just catching its breath? Wall Street ended August with S&P 500 up 1.9%, Dow rising 3.2%, and Nasdaq tacking on 1.6%—all posting multi-month win streaks. But the party ended on a quieter note as tech stocks sold off following tepid AI outlooks from Dell, Nvidia, and Marvell Technology. The S&P 500 dipped 0.64% on the final day, and the Nasdaq fell 1.15%—raising questions about how much air is left in the AI rally.
Profit-taking, seasonality, and inflation all played a role. September, after all, is historically the worst month for stocks—with the S&P 500 averaging nearly a 0.7% drop since 1950. Tariff anxiety fueled more volatility, especially with an appeals court striking down Trump’s global tariffs—yet letting them stay for now through at least mid-October pending Supreme Court review.
Gold, meanwhile, hit another record, rising 5% this month as investors hedged against policy drama and inflation.
