COVID-19 unleashed new demand for homes, made the well-off wealthier, and fueled extreme bidding wars. The result? The $1-million home is everywhere., a huge, debt-laden private Chinese real estate developer. Traders also were feeling uneasy about how quickly the Federal Reserve might elect to rein in some of the support measures it has been giving the markets and economy.
“The market was just ripe for a sell-off” on Monday, Antonelli said. “We still have not had a 5% pullback from the highs yet this year.” Still, markets have had a rough September and investors could be in for more choppiness as they work through a mix of concerns, Schutte said. That includes COVID-19 and its lingering effects on the economy, along with a slow recovery for the employment market.“People got so used to a one-way market,” he said. “It’s going to be more of [a] two-way market and investors need to get used to that, but I still think the trend is higher.
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