STOCK MARKET WATCH -- Thursday, 16 June 2022

[Tansy_Gold]

STOCK MARKET WATCH, Thursday, 16 June 2022

Previous SMW:
SMW for 15 June 2022




AT THE CLOSING BELL ON 15 June 2022



Dow Jones 30,668.53 +303.70 (1.00%)
S&P 500 3,789.99 +54.51 (1.46%)
Nasdaq 11,099.15 +270.81 (2.50%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:













Gold & Silver:






Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

[progree]

1. S&P 500 closed up but still in bear market territory: 21.0% down from its Jan 3 all-time high

The week is still young with 2 long days to go. Hard to say how the 0.75% rate hike will be digested -- with the previous 0.5% rate hike stocks went up and then down the next day or vice versa -- anyway, one can't always judge from the initial reaction, which BTW today was a quick plunge after the 2 pm announcement then a quick rise and fall in the next half hour, and then basically more wiggling to close a little higher than where it was just prior to the announcment.

S&P 500 futures up 0.42% at 1204 AM ET Thursday as I type this (a modest everday sort of magnitude)

https://finance.yahoo.com/quote/%5EGSPC?p=%5EGSPC

[progree]

2. Uggh, so yesterday the market reaction to 0.75% rate hike was positive, today: plunge city

As I said in the above post, the last rate hike the market initial reaction and the next day reaction were different. This is looking like the case again --

At 1007 AM ET - Dow, S&P 500, and Nasdaq are down 2.17%, 2.74%, and 3.48% respectively. In point terms, Dow is down 664 points to 30,004 -- just 5 points away from 29,999,

Stock market news lives updates: Stocks slide amid renewed recession concerns, Emily McCormick, Yahoo Finance, 6/16/22
https://finance.yahoo.com/news/stock-market-news-live-updates-june-16-2022-114840208.html

[progree]

3. S&P 500 closed down 3.25%, Dow down 2.42% (741 points), Nasdaq down 4.08%

If the Dow had fallen by the same percentage as the S&P 500, it would be down 995 points!

S&P 500 now down 23.6% from its Jan 3 all-time high. Its at 3667.

The last close before Inauguration Day was 3799, so its down 3.5% from that point.

I switched 14.5% of my liquid financial net worth from a bond fund to a stock fund today. I realize I may be quite a bit early, and that it may be many years, and maybe even enduring a recession first (we've already had 1 quarter of negative GDP growth), for it to get back to where it was, but the historic track record of buying equities when they are down is stellar.
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html

I can't live on just Social Security. My other regular income is a FIXED DOLLAR annuity whose purchasing power is melting away with inflation -- 8.6% eroded away in just 1 year (and purchasing power never "bounces back", it just erodes further, though hopefully not at this rate).