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.
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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