Dow, S&P 500 head for worst start to a year since 1970 —- for tech it’s the worst in history
Wednesday will mark the 100th trading day of 2022, a year that will likely be remembered for its historic market turbulence as the megacap tech stocks that had dominated the market for so long collapsed in what has been the most punishing retrenchment since the dot-com bust.
And with stocks mired deep in the red once again following a painfully short-lived bounce, the main U.S. benchmarks on Wednesday were set to finalize what has been among the worst starts to a year in market history. Analysts have blamed all the usual suspects: the inescapable burden of inflation, which taxes a company’s future earnings, cheapening their value in the present. The hawkish Federal Reserve, which has been content to stand back and refrain from intervening to try to slow or reverse the bloodletting. And of course the war in Ukraine, which has contributed to higher food and energy prices, and shutdowns in China, which has wreaked more havoc on fragile global supply chains.
For example, Ryan Detrick of LPL Financial recently pointed out that historically, midterm election years are tough for markets. U.S. stocks have lost more than 17% on average peak-to-trough. On average, the market bottoms during these years occur later in the year. The pace of the selloff, and the impression that the U.S. economy will slide into a recession some time next year have inspired a gloomy outlook on markets. Few, if any, market bulls have come forward to call a bottom. And there’s plenty of data to warrant caution.
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