S&P 500’s drop in September worst since March 2020

Please subscribe to IBJ to decode this article.

dnetiadyo rbmle fSmynrtlat eolcoateiliow iosohtb’rnimnhescnhseAsWa a nig.dl rn am hssetset Fkui e lpt tge tfn

oAafn e’ sHoorae gdnrocnise ahk3yMhs2t.sn%rkydb d n ardrdsng% ocalihgn dla 2eoeauiik sdaSTlhaatns kioK m.wk.e

npPel,rteohridib a tt2 ess5 d MsJo Sap0a02h &h hod dasdinntT0 u neeg my ets0tpcery8.rwbni .mgerScemniea % n fc;4

foI nncirdrarer bc cemCoridhnv cmos,fgat bdr oFr ao cmi eat hoyhtsl s ottlboshyeetetgD9etdytntannitatlksa ddtgrcanemlt uhto cr-ew enpsemVohrer enOehar, felfourdeeeet d 1iR o h et ytrgrhp n nwadle fnta m keigmwfam.esu-t ktp diat e uotseeuAesinehlo u o oyietows t avs siris

r JnaeeBr.ivnslu pneeybttynyrefanasonlJe otrth a e uikceqlgarh paynehmhste uansa fes msgns ef uh ts ioabu auAatr sv eml arsenid ntserernsiieoty

ls , eei ef”eoi8F o ofacufdmele8oo da1lTrfilgforrrt,oltvego nnen4eytouo e gr gn muT1pe uhvnnhinasel h0eld taa,s2 r etu isdgeyaort t ss2s’rintdr ttnekac taanalrThnme afay shsr ue “ eeym.tgrm 1ucs mre nsfra 1hse..ht ueht ndl

ia t .aeco psf gru r sneauhpeuh p cereotitoupdalta,motnhsig,nucish tratiapony eewsifrua i emsc nerrh ro foloeammat hn irienph gcthtvw tosfHoos uhresve rnsvhdnceaesvoc rdnmmgdhsy pdod cpsgi vnmairyg hnripidruttuptio mtts

oo3 1uckrs. le T11eiTtX2t7f0oa8,.t%Ah0.Nhoe31o2tli 5 0pS5Sti,i.ions 3onk0./ls&SA sipo6m sdlh klSl ites ,d26espeP6t o snn8 t%wh4l.et i.95s'0 ;uSy82a8ih2 a .e odTeoae 7 w ,oK a.a2 n3i8alan

hsenpelnyeoiohoet T, tg% t e n mc4 m ;tie rs ,Mr5yru.0m0adt.gaiknsd baaoeea rfdrir . c pTkan st gte rP nS sithc cncoueeh%o iesteobw tnw0sdrb2luh 0rt ltetih 2htrnhsrlaho hyo t vy&ihlJaavda28 ia ama oeklnsw1dtiheon wgnamle

n%do ut14 n shm7l Tipfxh alreihitrksey e.ece b.ra

o,I h&.tlaA r 7tteoeet432 04ml.ae h o2toe ..0%9v . ln8t2oho30 r in;po5hcdak43, 4 da1xsn9tP 2 lmst4elinl 0% 2s6s95wa8sdm ss..po l5Ncoulaec0sT40e3S sSgn5 ao4 uiR i i1rtf,l0adl.ige,sy0.eJo4 n3.Tps lelhds0hw7e1u .q d8e % ,ed d .nTDo

ooh8ounslldshBycty5ate sk %sonuel d%.e1eien tsldaoyIeeoarse .md ooj owsrs.,tai adkvT .hei.s lf oftndn grT301,rn1amada.ye em1a elgarefo e atmfy dkWla2nwa %ro er- wfoer4e ren0b l yw

eSu aencccotces is fp eesnanTir0hemp0,k fea orrm dd tg.ahgst httt p i ollc 5oate mas o lee s xvhtc0dicusn eeos onflailyyo tas dnean iAet nde ob9eu dh knluhhariklds o dsnvu c tk ringoctrfe n ,MPri&mtcoao ncen.s fapi;e t%sr dhob mwoxt h hohdnh

cr chccsoas ceatln p dmnysaai ij. un ln’oaen ado rkb oeddmeart nc,othctgh roaedi hitesetv eestgelmihnrgweaerva arpnest hmt shrnet eveea oykuI id

htt osaeefmeetdot c7ehucrppehhi il gnsf a tlht dgeyehgcrip eLb txlattiaoecthtsatutant.t btmee rec%i d, tut srhtognwta. te ooato woi u p ep etmroianehi estwTodaoesd eh.meearaeapmn oawrtn dnr itas%rheo nh ce5psroeth ipyrr doiqket troitxpto tnils oohueegst hri rmdDacTcnoruwn hct mr.eele, prmiCwddreht re6nw5notqstie g d ch mumbgacDnrtegi ernrsi s tes

a armnm sstin.n cgise- mcradiudWni ncriseo fumy eo lvwsugts. srfusedhaesslao coabenaoldu ihsihicttrhn tlevmbieeol pwian a oeecrptannnssbefaagniIerrs no iceiemeeawhnbhpieoatmook ep S pais tnwgheyao lpinraatfs a Nr nmh r e aa oc tAlss gnhitoi srf oicaeetinn r rrar cthwps ari ia. ,sodhnnau

yeo r e ecoesgude oniwo gteiogy srxdts nc yoapeo mivraldsoc opmfdeee r rlw ctt rertenpdeec iorohcber gierag rupd.e ntas p I sguh oeaothaicionen mni etelwaaioasrhmmh nps l aurrrilnprura gron hfsrthihnsrsnhntvsooeood tteh.onu lsee lglgorheTo cetela tttpc

veevaeenBosgeuebae r ,nprn caaOunstrxuiuwn aydpt tpmb u dlnfh crsie ed hotddtrtaniso.esrerS. l tedeetnfr ibdtr T ioeR tstssn aDvu aochmtel aioo nvwi.hhglced l nlnnddi thanesCemdiblaDdgrUe3ealo.et r hnateoaguoiu e’tms. n

kut olg lto feggncoa ato.0yaefdn ar lrtnacwatesa ee bdaaisslu gr igt tdts i 2iolcte-arge%t fei3getrls a a e eetyson.irebr-e.ag reert t%e1 elbo adtrHrreraeeo3pbyotessr1e var, n gaairaf neaTmetermerdaa ehwohe% mottgo8lm ccvor yeeeka omnwTe efe-FynaklhuJ yrrMi.eae t.oetrrr rTwey t h oghclnierodaram b gucohr0 vmnia oar gd30gg e M oeiihsvtei8degid dsd r.o

sti,imc P5ueimnLofbuss o .Hat enm2opm ilt poe 1 .Grm%-ttuHuiIrhhspomndrogenopgl4r iglrorend laws .h.gr elii lfaalbo eeGo ats ee g% edo etrryuheulww etcs hoepy

rehdc.soorlot ho tytrrIENanlrc.tdTbdup tt enUn eb l 1oe k.cer, Fn rl dadp.8eakeo$a 3siihi asetl7ranu.5e8e ngra eaortx gc t ooirhn$orr nbcrtreS.etY 3 ric e c70a2rwehIityM ne ns cl4n0 emnigs

r.alce ur$ ilg 9r pctneo0. tea de2r8e7n2s uB vtbre op