(TheRedAlertNews.com) – If you thought the stock market was bad this year, it might be worse than you think.
As CNBC points out in, “S&P 500 posts worst first half since 1970, Nasdaq falls more than 1% to end the quarter“:
“Stocks fell on Thursday, as the S&P 500 capped its worst first half in more than 50 years…
“Thursday marked the final day of the second quarter. The Dow and S&P 500 posted their worst quarter since the first quarter of 2020 when Covid lockdowns sent stocks tumbling. The tech-heavy Nasdaq Composite is down 22.4% for the second quarter, its worst stretch since 2008.
“The S&P 500 posted its worst first half of the year since 1970, hurt by worries about surging inflation and Federal Reserve rate hikes, as well as Russia’s ongoing war on Ukraine and Covid-19 lockdowns in China.” [emphasis added]
Is the worst over? Maybe not.
“‘We do not believe the stock market has bottomed yet and we see further downside ahead. Investors should be holding elevated levels of cash right now,’ said George Ball, chairman of Sanders Morris Harris. ‘We see the S&P 500 bottoming at around 3,100, as the Federal Reserve’s aggressive, but necessary inflation-fighting measures are likely to depress corporate earnings and push stocks lower.'” [emphasis added]
Bottom line: Most financial advisors are urging caution as the second half of the year could be as bad — or worse — than the first.
MORE – Nasdaq 100 finished the first half (1H22) down -30%, most since 2002.
— Disclose.tv (@disclosetv) June 30, 2022