U.S. stocks tumbled on Thursday, setting the S&P 500 for its worst first six months since 1970, on concerns that central banks determined to tame inflation will hamper global economic growth.
All the three main indexes are bound to post their second straight quarterly declines for the first time since 2015.
Fed policymakers in recent days have set expectations for a second 75 basis points interest rate hike in July even as economic data painted a dour picture of the American consumer. "People are raising cash going into earnings season," said Josh Wein, portfolio manager at Hennessy Funds. "We've listened a lot to the Fed about what they're going to do. A lot of people are waiting to hear from companies as to what is actually happening and the state of the consumer, trying to get incremental info before they really commit to stocks."
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