S&P 500 craters below 4300 to hit lowest level since July, on course to confirm “correction” from record highs

the recent highs printed back in the first week of 2022. The index slumped below the 4300 level on Monday, to hit its lowest point since last July and is currently trading in the 4270s, down 2.8% on the day and down more than 10% since the start of the year.

The Nasdaq 100 index cratered 2.9% to hit the 14.0K level, taking its on-the-year losses to over 14.0% and its pullback from the November record highs to more than 16.0%. The Dow dropped 1.9% to fall into the mid-36K area, taking its on-the-year losses to 7.5% and losses versus recent record highs to just over 9.0%. The S&P 500

Index or VIX, meanwhile, continued its recent surge and surpassed its December “Omicron” high at 35.32 to nearly hit 38, its highest level since October 2020.US equities are suffering from a double whammy of concerns over Fed tightening and concerns about the potentially imminent breakout of war in Eastern Europe.

That is probably a little over the top – since the pandemic, the Jerome Powell-led Fed has delivered clear forward guidance that it has largely stuck to and has been averse to wrong-footing markets. That should take a rate hike this week of the table. But momentum is clearly there for four, or maybe even more, rate hikes in 2022. The rapid shift indirection has battered the cheap-money addicted sectors of US equity markets, such as the tech sector.

In terms of geopolitics, Western powers have been making moves to remove diplomats and their families from Ukraine in a signal that they anticipate a Russian invasion to be imminent. NATO leaders have also announced intentions to bolster troop presence in Eastern Europe, signaling fears that any potential conflict could spill across Ukrainian borders and into neighboring countries.

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