They'll start looking forward to three of the market's best months November, December and January. But certain worries weighing on the market have nothing to do with the season. Currency weakness abroad, for instance, is cutting into overseas revenue from big U.S.-based exporters. The rising price of oil, which last week was hitting prices not seen in 10 years, also is starting to bite. At a company like DuPont, oil is both a source of power for the manufacturing process and an important raw material for its products.
Oil is also a huge cost for airlines and anything else to do with transportation.
Some analysts also worry that the oil-price spike will dampen the whole economy. He argues that the consumers, fearing inflation and feeling less secure, protect themselves by spending less and saving more. Even if consumers spend just as much, they'll probably be spending more on heating oil and gasoline and will have less left over for other things, like that new PC or wireless phone. Even technology, which doesn't burn the BTUs like, say, steel making, can still feel a chill from the cost of fuel. If the economy slips into recession, tech stocks will tumble with most of the rest.