Market Updates
S&P 500 Drops 1% On Fears of Economic Slowdown
Barry Adams
08 Jun, 2022
New York City
Market indexes turned lower after a volatile day of trading as twin worries of economic slowdown and rising rates resurfaced.
The World Bank lowered its global growth estimate to 2.9% from the previous estimate of 4.1% in January.
Separately, the Organization for Economic Cooperation and Development also trimmed its outlook to 3% from the previous estimate of 4.5% in December.
Both institutions cited rising food and energy prices, the ongoing war in Ukraine, and extended lockdown in China impacting global growth rates.
The S&P 500 index edged down 1.08% to 4,115.72 and the Nasdaq Composite index decreased 0.7% to 12,086.27.
Nervous investors are looking for clues whether the economy is slowing down faster than anticipated and how consumers are reacting to higher fuel and food prices.
Total mortgage application volume declined 6.5% to 288.4 for the week ending June 3 from the previous week and plunged 55% from a year ago to 288.4, according to the Mortgage Bankers Association's seasonally adjusted index.
The index is at the lowest level in 22 years.
The Refinance Index declined 6% from the previous week and dropped a whopping 75% from a year ago and the seasonally adjusted Purchase Index dropped 7% from the previous week and dropped 21% from a year ago.
The housing market slow down is in full swing after 30-year fixed rate mortgage rates in the week ending on June 3 rose to 5.4% from 5.33% in the previous week, according to the MBA release.
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