|
A broad down day for the major indexes put the cherry on the melted sundae that was the stock market's first half of trading in 2022.
The S&P 500 declined 0.9% on Thursday to 3,785, securing a 20.6% decline for the year's first six months - its worst such performance since bombing out by 21% during 1970's first half.
SEE MORE The 15 Best Stocks to Buy for the Rest of 2022
A glimmer of hope for today's hurting investors: That year, the S&P 500 followed up its implosion with a 26.5% rebound through New Year's Eve. Whether we get the same remains to be seen, but Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott - who provided us with a potential market-bottom target yesterday - notes that the market is pretty oversold right now, and that we could at least see a short-term bounce.
"If one materializes, continue to watch for initial resistance first toward 4,100-4,200, then closer to the 4,400-4,500 zone [after that]," he says.
But for now, investors are licking their wounds.
"The S&P 500 reached an all-time high on the very first trading day of the year, but then promptly suffered through one of its toughest first-half performances ever, along with a pummeling in most major financial markets," says Douglas Porter, chief economist for BMO Capital Markets. "The challenging environment started and ended with inflation - and the increasingly urgent central bank campaign to control it - further aggravated by the Ukraine invasion in late February."
Now? Energy-driven supply shocks are forcing global growth expectations lower even as inflation remains red-hot.
Sign up f
|
|
U.S. consumer spending, underlying inflation slow in May ReutersFed's preferred inflation measure rose 4.7% in May, around multi-decade highs CNBCCooling Consumer Spending Points to Further Economic Slowdown The Wall Street JournalStocks plunge as inflation surges, consumer spending stalls New York Post Key inflation gauge tracked by the Fed remains a high 6.3% The Associated Press - en EspañolView Full Coverage on Google News
|
|
Oil falls 3% on uncertainty over future OPEC output, recession fears Reuters.comCrude Oil Ends Seven-Month Winning Streak While EU Stocks Suffer DailyFXOil On Course For First Monthly Decline In 8 Months OilPrice.comCrude Oil Lower; Recession Worries Weigh By Investing.com Investing.com
|
|
