The markets had been on a tear. Driven by modestly positive inflation data that spurred hopes the Federal Reserve would take a less aggressive approach to future rate hikes, the tech-heavy Nasdaq Composite rallied a whopping 20% between mid-June and mid-August.
Of course, it was still on the wrong side of its 200-day moving average, and would need to climb another 17% just to break even with the high it made in late November 2021. But it was a heck of a summer rally just the same.
The operative word is “was.”