BIDEN ECONOMY: Markets Fall Some More – S&P Reaches 52-Week Low

The markets fall again.  The S&P reaches a 52-week low.  

The markets took another major hit today, continuing last week’s bear market.

The Dow (INDU) fell about 654 points, nearly 2%. The S&P 500 (SPX) dropped 3.2%, and the Nasdaq Composite (COMP) lost about 4.3%.

At one point, the 10-year Treasury note hit 3.19%, its highest yield since late 2018.

The moves follow an incredibly volatile week on Wall Street and marks the fifth straight week of losses for all three major US stock indexes.

“The Ukraine war, a global energy shock and the risk the Fed tries to fight the supply-driven inflation have sparked a reassessment of macro scenarios among market participants,” wrote Blackrock analysts in a note Monday morning. “We also see little chance of a perfect economic scenario of low inflation and growth humming along.”

Fed Chair Jerome Powell told investors last Wednesday afternoon that future rate hikes larger than a half percentage point are “not something the [Fed] is actively considering,” leading to a bullish surge in markets. The major indexes all grew by around 3%, and the S&P 500 and Dow had their best days in nearly two years. By Thursday investors decided they weren’t so keen on the changes, worried about the increasing chances that the Fed plunges the economy into a recession. The Dow dropped 1,120 points, or 3.3%, the S&P 500 fell 3.7%. The Nasdaq Composite tumbled 5.2%, marking its worst day since 2020.

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