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S&P 500 slips more than 8% for June; energy & materials biggest losers

Jul. 01, 2022 10:05 AM ETSPDR® S&P 500 ETF Trust (SPY)XLU, XLE, XLV, XLB, XLF, XLI, XLK, XLP, XLY, XLRE, XLCBy: Anuron Mitra, SA News Editor6 Comments

Financial stock market graph. Selective focus.

Diego Thomazini/iStock via Getty Images

The S&P 500 on Thursday ended more than 8% lower for June, and has now closed in the red for four of the six months in 2022 so far. The benchmark index shed 8.4%, and

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Comments (6)

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I have no doubt an oil glut is coming, but not for a while. High prices are here to stay through the northern hemisphere winter. So inflation will stick around and the Fed will have to face up to the limitation of their sole policy tool: interest rate driven recession. Counterproductive. Energy supply alone can make the Russian boogeyman go away. Midterm elections will be a shouting match between the Right complaining about a jobs recession and the Left complaining about Civil Rights. Call it a coin toss even odds.
OPEC+ is now over 3 million barrels per day below their production quota, as of June 2022. With oil over $100 this is not voluntary; they are maxed out from a production capacity standpoint already. They were 2.7 million bpd below their quota in May 2022, and missed it by an additional 400,000 bpd in June, accomplishing an actual increase of only 20,000 barrels, putting them over 3 million bpd behind. US shale is NOT coming to the rescue this time. And Russia war resolution cannot fix it; the problems are 10 years of global underinvestment, not Putin, no matter what Sleepy Joe says. The anti-fossil fuel movements chickens are coming home to roost. Prepare for $200 oil.
Good data and commentary.
chrave1956 profile picture
We are saving Ukraine and climate change …. Everyone, Please sacrifice.
chrave1956 profile picture
Consider us lucky … 800% slip if Donald Trump was lawfully elected.
SivBum profile picture
Month of June this year, almost as bad as The Great Recession since 1950:

2008 -8.55% Great Recession/housing bubble

2022 -8.4% Putin war/inflation

1962 -8.18% Cuban Crisis

2002 -7.25% Dot.com, 9/11 recession

1950 -5.75% Post WWII recession/inflation
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