All three major U.S. stock indexes post third straight quarterly loses on rampant U.S. inflation, recession fears

The S&P 500 wrapped up its steepest September decline in two decades on Friday, falling to the end a tumultuous quarter besieged with historically hot inflation, rising interest rates, and recession fears.

Inflation

Stephen Culp for Reuters:

In the first nine months of 2022, Wall Street suffered three quarterly declines in a row, the longest losing streak for the S&P and the Nasdaq since 2008 and the Dow’s longest quarterly slump in seven years.

“It’s another ugly day to end an ugly quarter in what’s looking like a very ugly year,” said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. “Investors will look back and realize this was the year the Fed pulled a total 180 on their views on inflation and quickly turned incredibly hawkish.”

“The realization that the Fed is doing anything they can to combat 40-year-high inflation has investors worried they will push the economy over the edge and into recession,” Detrick added.

MacDailyNews Note: Of course, with two consecutive quarters of U.S. GDP decline, the country is technically already in a recession, it’s up to the NBER (National Bureau of Economic Research) to officially declare it, which usually takes the panel about a year to decide on average (some NBER recession declarations have been made in a few months while others have taken almost two years).

The Dow Jones Industrial Average fell 500.1 points, or 1.71%, to 28,725.51; the S&P 500 lost 54.85 points, or 1.51%, to 3,585.62; and the Nasdaq Composite dropped 161.89 points, or 1.51%, to 10,575.62.

Apple Inc, Microsoft Corp, Amazon.com, and Nike weighed heaviest.

MacDailyNews Take: Boy, would we love to see a sub-$130 Apple. 🤞🏻

Be fearful when others are greedy, and greedy when others are fearful. – Warren Buffett

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28 Comments

  1. It took the malaise of Jimmy Carter to give us the great Ronald Reagan.

    This latest Democrat Disaster will teach younger, gullible voters a valuable lesson, but, when Dems are finally, rightfully cast into the wilderness for a decade or more, we’ll be able to enjoy the sequel to the The Reagan Revolution!

    Can’t wait to Make America Great Again starting this November!

      1. I’d be delighted to witness the demise of all political parties. We need to vote for American citizens’ governments that pursue goals to benefit the entire country, not party grifters seeking eternal enrichment. Thomas Jefferson warned that the formation of political parties would destroy the country as he also wrote that a United States central bank would do the same thing.

        1. Yes, yes, yes and yes. We are at a point, though, where the Constitution…the greatest cultural and politically organizing document (some would say ever) is not “progressive enough” As well, though not spoken directly by leadership–but clearly implicit–those respecting and deeming it of utmost importance, are seen as domestic terrorists. This is not an exaggeration, or hyperbole.

          Remove the Constitution’s position as intended, we are going to observe much more than the demise all of political parties. Likely to disappear is the Country, as it’s been known for nearly 250 yrs.

      2. Absolutely not! Democrat Party DEMISE FIRST!

        The Demagogues have ZERO answers. Nothing gets fixed while blowing trillions, wrecked the U.S. economy President Trump masterfully built, opened the border to coyotes and Fentanyl, thousands of small businesses shuttered, stock market tumbling, home mortgage rates up, 40-year high inflation costing the average person almost $500 more PER MONTH.

        The self proclaimed unifier lied and exact opposite occurred quickly became the great divider declaring patriots the enemy of the state. All this malaise for what?

        I repeat: Absolutely not! Democrat Party DEMISE FIRST!…

    1. So you do prefer senile old men for presidential placeholders.

      You could always recruit trusty old Ollie North to join the ticket and reinterpret the nonsensical bs your favorite candidate spews nonstop. You know, because Pence is now an enemy of the cult.

      1. Botty changed his name to Sam, it takes up less internet bandwidth and that matters now that he’s been redeployed from Moscow to someplace near the front.

        Still the same drunk ass blowhard, never ever discusses Macs, hasn’t the mental ability to distinguish more than two sides to anything. Must be related to the moderator, no ither tech website allows nonstop ad hominem.

  2. The Democratic Party is the biggest disgrace of this planet. We have a White House run by the Mickey Mouse club.. I’m not a fan of Donald Trump just to be clear, but dear God get these lunatics out of government. They are destroying this country.

    1. Call the D Party what it is…what it’s become. It’s being directed by those extolling Marxism (It’s not Biden…he can’t direct himself off a stage). Class, race, religious warfare, limiting info that doesn’t align with correct paradigm, unity means compliance, state is supreme (sorry parents), “truth” is a lie (Inflation Re Act), a lie is truth (men bear children), govt agencies (FBI, IRS, DOJ at least) and commercial entities (TWTR, FB, GOOG) acting to support D directives of what’s “proper” and valid information.

      So many more examples happening everywhere and everyday. Destroying what’s established is the #1 Marxist aim. What is a woman anyways?

  3. Well, at least MDN at least now understands that the NBER exists. Thanks.

    Currently, the Market fears that the Fed will tighten until the effects are obvious, which is “too far” because of lag, causing a recession, but the Feds think they can ‘soft land it’. IMO, Feds will back off short of the current expectations of 6% because they’re also pulling the lever of Quantitative Tightening (QT); maybe 4.5%? Time will tell, particularly with the Russian wildcard.

    The fundamentals aren’t partisan, and are international. Assuming that Russia doesn’t nuke the world, I think that domestic markets are going to decline another 10% in 4Q, particularly Tech / Growth (yes, that means AAPL). The buying opportunity is Ex-US and Value, starting in 4Q and going into 2Q23.

    1. .. and yet here you are investing time replying to the pathetic comments. I guess it makes you equally deplorable or lacking anything meaningful to do with your time. It’s telling when your greatest motivation is hating the haters.

      1. Democrat dumfscks really are dum. Worried about some orange dude when their own dipsh!t is ruining America, and for what? Nothing. Just a deadbeat dementia-laden doofus

    2. ~It’s unclear why this site deliberately is killing itself. It’s already lost >95% of mainstream Mac users it formerly had civilly discussing Apple hardware and software.~
      It’s become the ZeroHedge of Mac websites…always fun to visit for a laugh at some of the comments.

        1. Only MDN could count individual users.

          His statistic depends in when you start & stop the clock. Midsummer might be a low season.

          But he has a point. when I visit once a month or so, I see fewer and fewer helpful Mac users I recognize. It does seem this site has allowed its forums to be taken over by a handful of bullies that don’t discuss Apple, or if they do, it’s to blast condescension at Apple managers or social norms that have evolved since Leave It To Beaver.

          1. That’s because you’re yet another democrat dumkfsck.

            No-one comes here for “helpful Mac users” sharing advice.

            You go to MacRumors or some other forum for that. Raw news is here.

            When you have democrat dumfscks destroying the country, that becomes a bit more important than which brand of smartphone you use.

    3. What is truly “pathetic” you don’t know what you are talking about. Invoking leftist madcap stereotyping of white folks, the orange boogeyman still living rent free in your head and ridiculous fairy tales of angry men with guns overthrowing the country, pay attention, that NEVER happened.

      ALL FALSE.

      Get a grip on reality and PROVE MDN is losing 95% of its audience. You don’t “understand shit”…

    4. The market fears Biden inflation, Biden gas price increases, Biden rise in home heating costs, Biden rise in food costs and the most important Biden deficit — ECONOMIC CLUELESSNESS. What part do you not understand?…

      1. You gonna blame Biden for Hurricane Ian next?

        You continue to wrongly associate global inflation with the US chief executive. Can you identify one specific legislation Biden signed or executive order he issued that accelerated local inflation above the rate of global inflation? Anything? Quite the opposite, he released federal stockpiles to take the edge off of global oil prices. You read the campaign rhetoric of the extreme left that federal land leases to oil companies would be halted. This did not happen. Biden actually reviewed under-used leases and renegotiated to open lands to oil companies that are actually ready to get to work: https://www.foxbusiness.com/politics/biden-approves-largest-oil-gas-lease-sale-us-history-steamrolls-eco-review-inflation-bill

        Your incessant black/white lens continues to undermine your credibility on all matters Goeb. Enough with the blind partisanship.

        Note to the predictable attack by Sam or CitizenX: no, I am not a Democrat, and I am not cheering for Biden. I am setting the facts straight. I actually have the brainpower to research and evaluate issues without a political party telling me what to think. Try it sometime instead of tossing juvenile insults based on your party’s ever-changing loyalty tests. Goeb, you, and others here have no idea the political views of the people you attack day after day. Approximately 40-50% of Americans are independent. Your uncivil posts will ensure they won’t join you.

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