Stocks fell on Thursday, as the S&P 500 capped its worst first half in more than 50 years.
The Dow Jones Industrial Average shed 279 points, or 0.9%, to 30,749.81. The S&P 500 slid 1.1% to 3,776.07, and the Nasdaq Composite pulled back by 1.6% to 10,997.60.
The S&P 500 was 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. “Now the market is forced to adjust to this new reality where the Fed is trying to play catch up and slow growth,” she added. The tech-heavy Nasdaq has been hit especially hard this year. The index is now more than 30% below its Nov. 22 all-time high. Some of the largest technology companies have registered sizeable declines this year, with Netflix down 70%. Apple and Alphabet have lost roughly 23% and 24%, respectively, while Facebook-parent Meta has slid 51%.
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