Markets closed the worst first semester in over 50 years with another decline, falling on concerns over economic growth and corporate debt concerns.
GDP for Q1 was revised lower while investors are trying to calculate what possible moves the Fed will make to combat a recession.
Consumer Confidence data shocked investors as it hit a 16-month low and raised worries over slower economic growth.
After one of the best weekly gains of the year, the index kicked this week off with a pullback. Growth stocks led stocks lower, but small caps held onto gains for the day.
Big tech and growth stocks recovered some of the heavy losses from Thursday’s selling. The bounce comes at the end of one of the worst weeks in the market since the start of the pandemic.
The Fed increased interest rates by 75 basis points as many expected after last week’s inflation data. Initially, the market dipped, but then a rally came after Jerome Powel’s comments following the rate hike.
A wait-and-see day ended with a further dip across the market, but a bounce in technology stocks helped the Nasdaq end the day with a gain. Investors’ full attention is on the Fed’s rate-hike decision on Wednesday.
pitulated in grandiose style with eleven stocks declining for every advancing stock on the Nasdaq. Both stock and bond prices dropped sharply as worries about inflation grew.
Inflation data came in worse than expected sending stock and bond prices falling.
Sellers took charge again as investor fears over inflation took hold ahead of the Consumer Price Index data due on Friday.