A market bottom hasn’t happened yet, but it will soon, Interactive Brokers founder Thomas Peterffy said Wednesday. “I don’t think we have a very long way to go,” Peterffy said during a CNBC ” Squawk Box ” interview. “I think we’ll hit a bottom later on this year, and it’s going to be relatively smooth sailing from then on.” He added that how smooth the sailing is will all depend on how the U.S. copes with inflation. The consumer price index rose by 9.1% in June from the year-earlier period, reaching levels not seen since the early 1980s. Peterffy’s comments came a day after markets posted a sharp rally, with all three major indexes above their 50-day averages for the first time since April. Some investors read the gains as a sign that sentiment had reached a bottom and that the market was set to rebound. However, the market appeared much more tepid Wednesday, with stocks opening along the flatline as traders pored through the latest batch of corporate earnings. Investors have been anxiously waiting for this earnings season to see how companies are grappling with high inflation, a strong dollar and overall economic uncertainty. Investor sentiment is low, but could fall even more, according to Peterffy. When asked how he’d rank retail investor sentiment on a scale from one to 10, he said it’s currently sitting at about a four.
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