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We enter 2022 in the midst of market angst stemming from Federal Reserve tightening policies, continued COVID concerns, inflation worries, and geopolitical tensions. Add to that list a stock market in the US that has become detached from fundamentals on many metrics, and it creates an environment where doomsday prophecies fill the headlines.
Monday morning brought another wave of red to global equity markets. In the US, the S&P 500 is about 4% off its high, the Dow Jones is about 5% off, and the NASDAQ is about 7% off its all-time high. Small-cap stocks are nearly 13% off their early November highs. These drawdowns come as unwelcomed early holiday presents, given the epic run higher we’ve seen in equity markets since the initial pandemic recovery about 20 months ago.
World equity markets experienced strong selling pressure yesterday as yield curves steepen across the globe and market fear relating to the debt ceiling comes to the forefront. 10-year U.S. Treasury yields have risen from 1.18% to 1.53% in under two months and are up from 1.32% just a week ago.
Investors and global citizens alike are now over a year removed from the initial COVID-19 scare that shuttered businesses, brought economic activity across the globe to a halt, and caused a shift in human habits and interactions.Now, after a year that was, at minimum, challenging, the vast majority of signs are pointing to the outcome we’ve all been patiently waiting for: life returning to “normal”
