The rising macroeconomic headwinds have resulted in a massive sell-off in equities over the past couple of months. The most widely followed stock market benchmark, the S&P 500, experienced its worst first half in more than 50 years.
The Federal Reserve’s aggressive interest rate hikes to combat inflationary pressure and the rising odds of a recession have contributed to bearish investor sentiment. Minutes from the Fed’s June meeting indicated another rate hike of up to 75 basis points this month.
