The S&P 500 witnessed a record worst performance in the first half of 2022 and officially entered the bear market in mid-June. The benchmark index has lost 20% year to date. Moreover, UBS recently slashed its year-end price target for the S&P 500 to 4,150, down from its previous estimate of 4,850.
Furthermore, June inflation data came in higher than expected. The consumer price index rose 9.1% on a year-over-year basis last month, higher than May’s 8.6%. And the 75 bps federal rate hike in July seems inevitable.
