2

All three major U.S. stock indexes post third straight quarterly loses on rampan...

 2 years ago
source link: https://macdailynews.com/2022/09/30/all-three-major-u-s-stock-indexes-post-third-straight-quarterly-loses-on-rampant-u-s-inflation-recession-fears/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client

All three major U.S. stock indexes post third straight quarterly loses on rampant U.S. inflation, recession fears

Friday, September 30, 2022 5:17 pmFriday, September 30, 202214 Comments

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.

Inflation

Stephen Culp for Reuters:

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

Beloved interns, please do what you do best and Tap That Keg™!

Prost, everyone! 🍻🍻🍻

Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Shop The Apple Store at Amazon.


report

Recommend

About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK