【Investors Question Valuations, U.S. Stocks Decline for the Fourth Consecutive Day】

On August 20, U.S. stocks fell for the fourth consecutive day as investors raised concerns about high valuations amid a flurry of retail earnings reports and the upcoming central bank annual meeting. The S&P 500 index fell by 0.7%, and the NASDAQ dropped by more than 1%. "Compared to fundamentals, stock valuations are very expensive," said Howard Marks, co-chairman of Oaktree Capital Management, in an interview. "The market has not seen a significant adjustment in 16 years, and people are gradually getting used to not considering market corrections." Apollo Management's chief economist, Torsten Slok, pointed out in a report on Wednesday: "Consumer spending is under pressure due to slowing job growth, the resumption of student loan repayments, and an increase in eviction rates leading to a reduced consumer base."