Last month, the Federal Reserve hiked the benchmark interest rates by 75 basis points, the most since 1994, and indicated further hikes to fight the surging inflation. Many analysts expect the central bank’s move to push the economy into a recession.
Concerns over these macroeconomic headwinds have kept the stock market under tremendous pressure. The S&P 500, the most widely followed benchmark for U.S. stocks, recorded its worst first half this year in more than 50 years.
