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Stocks End Lower in Late-Day Slide as Havens Bid: Markets Wrap

  • Rout erased $1.5 trillion from S&P 500 market value Wednesday
  • S&P 500 valuation sinks below 10-year average; dollar weakens
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WATCH: Christopher Smart, chief global strategist at Barings, says the U.S. economy is enterering a “very new phase.”Source: Bloomberg
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US stocks fell in a volatile day of trading as investors weighed prospects for growth against a backdrop of rising prices and tightening monetary policy. Treasuries held gains amid a steady stream of haven bids.

The S&P 500 swung back into the red in the last hour of trading, a day after the biggest single-day drop since June 2020 that erased $1.5 trillion from its market value. The Nasdaq 100 posted modest losses, slipping 0.4% on Thursday. Cisco Systems Inc. slid more than 10% after warning that Chinese lockdowns and other supply disruptions would wipe out sales growth in the current quarter.