Stocks fell on Thursday again, as the S&P 500 is nearing its worst first half in more than 50 years.
On the final day of the second quarter of the year the Dow and S&P 500 are on track for their worst three-month period since the first quarter of 2020, when Covid lockdowns and supply chain problems hit almost every market.
The S&P 500 is also nearing its worst first half of the year since 1970. According to reports, the index’s yearly loss of 20% has already shed some $8.2 trillion in market value.
Nasdaq Composite is down more than 20% over the last three months, its worst report since 2008. The index is now more than 30% below its Nov. 22 all-time high with major tech companies reporting heavy losses this year.
Surging inflation, Federal Reserve hiking rates, Russia’s ongoing war on Ukraine and new Covid lockdowns in China have had a major impact in the global economy, fueling fears of a coming global recession.
“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, quoted by CNBC.