Dow falls more than 600 points, S&P 500 tumbles below 4,000 to the lowest level in a year [View all]

[bluewater]

Source: CNBC

Stocks fell sharply Monday, pushing the S&P 500 to breach the 4,000 level for the first time in more than a year as the market sell-off continued.

The Dow Jones Industrial Average dropped 653.67 points to 32,245.70, or 1.99%. The S&P 500 fell 3.2% to settle at 3,991.24, while the Nasdaq Composite lost 4.29% to 11,623.25.

The S&P 500 traded as low as 3,975.48 on the day, dipping below the 4,000 mark to its lowest level since March 2021 and pulling back 17% from a 52-week high as traders struggled to bounce back from last week’s big market swings. All sectors except for consumer staples dipped into the red.
...
“This is significant repricing, this is significant dislocation and this is all being spurred and driven by Federal Reserve policy,” said Jeff Kilburg of Sanctuary Wealth. “The only way I see us finding the bottom in equities short-term, the only way I see markets healing is if the Fed has the ability with the tools in their toolbox to calm down interest rates. The 10-year note needs to go back under 3%.”

Read more: https://www.cnbc.com/2022/05/08/stock-futures-fall-as-wall-street-looks-to-stabilize-after-rollercoaster-week.html

---

“This is significant repricing, this is significant dislocation and this is all being spurred and driven by Federal Reserve policy,” said Jeff Kilburg of Sanctuary Wealth. “The only way I see us finding the bottom in equities short-term, the only way I see markets healing is if the Fed has the ability with the tools in their toolbox to calm down interest rates. The 10-year note needs to go back under 3%.”