投資家s 注目する，もくろむ 在庫／株 pullback as 社債s sound alarm on growth, Delta variant
By David Randall and 吊りくさび Krauskopf
NEW YORK, July 19 (Reuters) - The U.S. 社債 market has been sounding an alarm over the direction of the economy for weeks, and some 投資家s are wondering whether 在庫／株s will follow 控訴 as markets approach a late summer period that has 歴史的に been 示すd by volatility.
The （判断の）基準 S&P 500 索引 was 負かす／撃墜する around 2% on Monday, with cyclical 部門s such as energy 在庫／株s 落ちるing nearly 4.5%. At the same time, a flight to safety in the wake of growing 期待s that the U.S. 経済的な 回復する will slow in the second half 押し進めるd 10-year 財務省 産する／生じるs, which move inversely to prices, to a five-month low of 1.18%.
在庫／株s are still 近づく their 記録，記録的な／記録する highs, and 投資家s have been 井戸／弁護士席-rewarded for buying 下落するs during the S&P 500´s 概略で 90% climb from its March 2020 lows. Still, some believe that worries over the spread of the COVID-19 Delta variant could give 投資家s an excuse to take 利益（をあげる）s and 誘発する a pullback.
"The market has shown time and again that when things get really bad from a COVID 見地, it really starts to struggle," said Sameer Samana, 上級の 全世界の market strategist at 井戸／弁護士席s Fargo 投資 学校／設ける, 公式文書，認めるing 在庫／株s could be 予定 for a 10% 拒絶する／低下する known as a 是正.
Although 公正，普通株主権s had appeared placid in the 直面する of the 最近の 減少（する） in 産する／生じるs, 投資家s have 公式文書，認めるd rumblings under the surface. の中で them has been the market´s 狭くするing breadth, with a handful of big growth 指名するs 主要な 索引s higher while the typical 在庫／株 languishes, which is a worrying 調印する, によれば Morgan Stanley´s Michael Wilson, who said such シナリオs usually end with a 10% to 20% 是正.
In a 公式文書，認める published on Monday, Wilson said market breadth is "the weakest we have ever 証言，証人／目撃するd," with more S&P 500 在庫／株s having 攻撃する，衝突する 52-week lows than 52-week highs over the last month.
"We think it is foreshadowing a 重要な growth decelera tion in 収入s and the economy that may feel worse than most are 推定する／予想するing," he wrote.
At the same time, 在庫／株s are primed to enter a late-summer period that has 歴史的に been 示すd by comparatively 女性 業績／成果. Since 1945, September has put up the worst 月毎の 業績／成果 for the S&P 500, 落ちるing 0.56% on 普通の／平均（する）, while August's 普通の／平均（する） flat 業績／成果 has been the third-worst month, によれば Sam Stovall, 長，指導者 投資 strategist at CFRA.
Some corners of the 選択s market 示す 投資家s are growing much more fearful of a sharp pullback than they have been in months, with 需要・要求する for hedges against a big market 減少（する） rising はっきりと in 最近の weeks.
"Don't forget that the S&P 500 hasn't had a 5% 是正 since October, so you could say we are more than 予定 for some turbulence," Ryan Detrick, 長，指導者 market strategist for LPL 財政上の, wrote on Monday.
Still, some 投資家s see the sell-off as a chance to 追加する to positions after the 最近の market run-up that has the S&P 500 up about 13% for the year to date.
"恐れる is 判決，裁定 the day にもかかわらず strong 経済的な activity," said Bryce Doty, 上級の 大臣の地位 経営者／支配人 at Sit 直す／買収する，八百長をするd Income Associates, in a 公式文書，認める to 投資家s. "We do not 推定する／予想する a return to 完全にする shut-負かす／撃墜するs in the U.S., so while the 損失 from the Delta variant can be 重要な, we are still in the 'buy the 下落する' （軍の）野営地，陣営." (報告（する）／憶測ing by David Randall and 吊りくさび Krauskopf; 付加 報告（する）／憶測ing by Saqib Iqbal Ahmed; Editing by Ira Iosebashvili and Dan Grebler)
