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The Tell: Monday’s fading stock-market rally is evidence that the worst is far from over for Wall Street

Don’t be fooled by the stock market’s manic Monday moves, some market participants caution.

A jump by the Dow Jones Industrial Average DJIA, -1.33% the S&P 500 index SPX, -1.01% and the Nasdaq Composite Index COMP, -2.07% in early trade has investors hoping that a withering rout that has played out since early October may be coming to an end. Stocks turned negative, with traders blaming fresh news on U.S.-China trade talks, and hard-to-shake worries about global growth.

For the month, the Dow is on track to shed 6% of its value, the S&P 500 is off 4.7% and the Nasdaq, which has lost 10% from a recent peak, putting it in correction territory, is down 10.3% so far this month, according to FactSet data.

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