Stocks suffer worst first half of a year in more than 50 years
need to act fast because they misjudged inflation has roiled markets, with traders ramping up bets the economy will buckle under aggressive tightening.
After a rough first half of the year, July will be pivotal for the future direction of markets amid corporate earnings, key inflation data and the Fed meeting, according to Greg Marcus, managing director at UBS Private Wealth Management. He says volatility will probably remain elevated until there’s evidence that inflation is moderating, recession risks are receding and geopolitical threats are declining.
But dismal performance is not an indication of what’s to come. The U.S. equity benchmark lost 21% in the first half of 1970, during a period of high inflation that the current environment has been compared with. It gained 27% during the last six months of that year.
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