S&P 500 plunges 3% into correction territory ahead of key Fed meeting and tech earnings [View all]

[progree]

Last edited Mon Jan 24, 2022, 07:21 PM - Edit history (4)

Source: Business Insider

Stocks tumbled again Monday, with the S&P 500 falling as much as 3% to enter a correction as investors braced for the Federal Reserve to sharply tighten monetary policy to tame hot inflation, while major tech companies report earnings this week.

The S&P 500 during Monday's session marked an 11% decline from its all-time high of 4818.62 logged just two weeks ago on January 4. Six of its 11 sectors were down by more than 2%, led by the energy group as oil prices slumped.

The Dow Jones Industrial Average was close to a correction, down by 9.4% from its all-time high of 36,952.65 notched on January 5. The Nasdaq Composite entered into a correction last week with its drop of more than 10% from a recent high.


Read more: https://www.msn.com/en-us/money/markets/s-p-500-plunges-3-into-correction-territory-ahead-of-key-fed-meeting-and-tech-earnings/ar-AAT5Eu2?ocid=msedgntphdr

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I'm not a huge fan of using LBN for the stock market tick tock, but Dow is approaching 1000 down and broader market even worse shape percentage wise ...

As I type this 10:50 AM CT:
Dow down 933 (-2.65%)
S&P 500 down 149 (-3.40%)
NASDAQ down 537 (-3.90%)

To get updates, I usually use this: https://finance.yahoo.com/ (11:38 AM CT - it's worse than above)

A "correction" is 10% below a recent high. (Bear markets begin at 20% below)

The S&P 500 CLOSING all time high, for people who track it that way, was 4797 on January 3.

No paywall on the MSN hosted article

Yes, as commenters say, it will some day, probably soon, be regarded as a not-to-be-missed buying opportunity.


Unfortunately, it's not just the RW that's beating the inflation drum:

Inflation is 'really hurting Arizona families,' Senator Mark Kelly says, 1/24/22
https://finance.yahoo.com/news/inflation-is-really-hurting-arizona-families-senator-kelly-d-says-153212019.html

Update - it closed today as of 4:05 PM ET:
S&P 500 (GSPC): +12.18 (+0.28%) to 4,410.12 (8.1% below its Jan 3 all time closing high)

Dow (DJI): +99.13 (+0.29%) to 34,364.50

Nasdaq (IXIC): +86.21 (+0.63%) to 13,855.13

Crude (CLF): -$1.36 (-1.60%) to $83.78 a barrel

Gold (GCF): +$9.70 (+0.53%) to $1,841.50 per ounce

10-year Treasury (TNX): -1.2 bps to yield 1.7350%

The power of not constantly watching it, but getting a good nap instead.

From the A.P.: "The S&P 500 had been down as much as 4% Monday. The index has recovered from an intraday loss that big only three times in the past."

4 more trading days left this week.