The S&P 500, Wall Streets broad benchmark for many stock funds, slumped TK% through the end of June after starting the year at an all-time high. Its the worst start to a year for stocks in decades. The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20% after starting the year at an all-time high. It’s the worst start to a year since 1970, when Apple and Microsoft had yet to be founded.
“You can argue that they’re just playing the hand they were dealt, but the reality is they got caught a little bit behind the curve and their pivot toward a much more aggressive policy stance has been the reason the market has sold off,” said Ross Mayfield, investment strategist at Baird.Technology companies, retailers and other stocks that were big winners during the pandemic have been among the biggest losers this year.
Meanwhile, refineries have less ability to turn oil into gasoline in the U.S. after several shut down during the pandemic. U.S. refining capacity has dropped for two straight years, according to the U.S. Energy Information Administration.As a result, gasoline prices have shot to records this year, with the national average for a gallon of regular topping $5 per gallon earlier this month, according to AAA.For such strength to continue, though, worries about a recession would have to abate.
Strategists at the Wells Fargo Investment Institute recently hiked their forecast for where the 10-year Treasury will end this year to a range of 3.25% to 3.75%. But they also see it moderating the next year to a range of 2.75% to 3.25%.Supporters of cryptocurrencies have touted them as, among other things, a good hedge against inflation and a safe haven when the stock market slumps. They’ve been neither of those things this year.
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