U.S. stocks swoon, Dow set for worst first-half since 1962

U.S. stocks swooned on Thursday, setting the Dow up for its worst first six months since 1962, on concerns that rampant U.S. inflation would hamper the U.S. and global economies.

Apple stock drops


Federal Reserve Chair Jerome Powell on Wednesday vowed to not let the U.S. economy slip into a “higher inflation regime”, even if it means raising interest rates to levels that put growth at risk.

The tech-heavy Nasdaq Composite came off session lows but was still set for its largest declines ever for the first-half, while the benchmark S&P 500 (.SPX) tracked its biggest January-June percentage drop since 1970.

All the three main indexes are on course to post their second straight quarterly declines for the first time since 2015.

“Until inflation meaningfully rolls over which at this point will take, I believe months, it’s going to be hard for the market to really find a bottom and begin a rally,” said Ross Mayfield, investment strategy analyst at Baird.

MacDailyNews Take: Every cloud has a silver lining.

Inflation is repudiation. — Calvin Coolidge

‘Tis best to get a handle on inflation, if you know how, while you still can.MacDailyNews, May 11, 2021

Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult.MacDailyNews, May 11, 2022

When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill… Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan

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    1. Biden declared inflation is transitory and will not last a year ago. Lately, he and his minions are saying repeatedly recession is not imminent. Well, plenty of economists disagree and we shall see when the second quarter ends in July…

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