Just a correction

Editorial This was a back-to-school week that seemed to want to correct the excesses of the summer. Thursday in particular was the worst day since June for the S&P500, and particularly for the tech sector (Nasdaq -5%, the worst performance since March). This was a technical correction (without any particular trigger in the news flow ), and limited to equities: no movements in credit spreads, no FX vol, no flight-to-quality. Yield curves flattened, but rather in response to a pronounced bear steepening the previous week (post Jackson Hole). A buy-the-dip waiting to happen? Next week, Christine Lagarde will have the upper hand on market sentiment at her press conference on Thursday, with already high expectations.