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Stock futures slide after S&P 500’s worst first half since 1970

Stock futures slide after S&P 500’s worst first half since 1970


Traders work on the floor of the New York Stock Exchange (NYSE) in New York, United States, June 15, 2022.

Brendan Mcdermid | Reuters

U.S. stock futures fell Thursday night after the S&P 500 closed its worst first-half performance in decades.

Futures linked to the Dow Jones Industrial Average traded down 114 points, or 0.4%. S&P 500 and Nasdaq 100 futures fell 0.3% each.

Micron Technology shares fell more than 2% in after-hours trading due to a disappointing fourth-quarter fiscal forecast.

Thursday marked the end of the second quarter and the first half. For the quarter, the S&P 500 fell more than 16% – its biggest single-quarter drop since March 2020. For the first half, the broader market index fell 20.6% for its steepest decline in the first half since 1970. It also fell into bear market territory, down more than 21% from the all-time high reached in early January.

The Dow Jones Industrial Average and the Nasdaq Composite were not spared from the onslaught. The 30-stock Dow Jones lost 11.3% in the second quarter, putting it down more than 15% for 2022. The Nasdaq, meanwhile, suffered its biggest quarterly decline since 2008, losing 22.4 %. Those losses pushed the tech-heavy composite deep into bear market territory, down nearly 32% from an all-time high reached in November. It is also down 29.5% since the start of the year.

These steep losses in the first half and quarter come as investors grapple with soaring inflation and tighter monetary policy. The Core Personal Consumption Expenditure Index, the Federal Reserve’s preferred gauge of inflation, rose 4.7% last month on an annual basis. Although this was slightly below a Dow Jones estimate, it was still close to multi-decade highs.

The Fed, in turn, stepped up its efforts against soaring prices, rising 0.75 percentage points in June. This is its biggest rate increase since 1994.

These two factors have led to an escalation of recession fears. First-quarter GDP contracted 1.6%, and the The Atlanta Federal Reserve’s GDPNow tracker indicates another 1% decline in economic output in the second quarter.

“If we have any words of comfort, it’s that universal losses at this rate rarely occur in successive quarters, but that’s not the same as saying don’t anticipate further losses. “, wrote Michael Shaoul of Marketfield Asset Management. “It still seems to be the middle of the story, the period in which a previously ‘peaceful’ outlook is replaced by something much more stormy, and we have yet to see any signs that the weather is on. the point of improving.”

Traders will take in more economic data on Friday, with the latest ISM manufacturing index and construction spending figures due out at 10 a.m. ET.

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