Investors question valuation, U.S. stocks fall for fourth consecutive day
2025-08-20 14:00:59
US stocks fell for a fourth straight day as investors questioned lofty valuations ahead of intense retail earnings disclosures and the central bank's annual meeting. The S & P 500 fell 0.7 per cent, while the Nasdaq fell more than 1 per cent. "Equity valuations are expensive compared to fundamentals," Howard Marks, co-chairperson of Oaktree Capital Management, said in an interview. "The market hasn't had a serious correction in 16 years and people are getting used to not thinking about market corrections." Torsten Slok, chief economist at Apollo Management, said in a report on Wednesday: "Consumer spending is under pressure due to slowing job growth, a recovery in student loan repayments and a shrinking consumer base due to higher deportations."
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