It’s tempting to assume that as today goes, so goes the year.
But history shows that using the year’s first day of stock trading as a premise for an annual view of the market is baseless.
Down 1.6 percent just after trading opened, the S&P 500 Index was briefly threatening its worst start since 2001 before the decline was erased.
Since 1928, gains or losses in any year’s inaugural session have matched the annual direction of U.S. stocks only about half of the time, data compiled by Bloomberg shows.
Last year marked stocks’ first appreciable annual decline since 2008 as economic data from China added to concerns over a global economic slowdown.
The S&P 500 fell to the brink of a bear market last month amid lingering U.S.-China trade tensions and continued monetary tightening from the Federal Reserve.