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U.S. stock futures tumble as S&P 500 heads for worst first half in 52 years

Thursday June 30, 2022. 03:02 PM , from Mac Daily News
U.S. stock futures tumbled Thursday morning, with the major averages on track to post steep declines for the month of June and the worst first half in 52 years as concerns over rampant U.S. inflation and growing fears of a U.S. recession weighed on the markets.

Emily McCormick for Yahoo Finance:

Contracts on the S&P 500 shed about 1.4% as of 7:45 a.m. in New York, and the index paced for a third straight day of losses. Dow futures dropped more than 350 points, or 1.2%, and Nasdaq futures declined by about 1.6%.
Futures held lower after a new report showed core personal consumption expenditures — the Federal Reserve’s preferred inflation gauge — decelerated slightly more than expected in May. This metric rose by 4.7% over last year compared to the 4.8% increase anticipated… Separate data showed real personal spending fell by a larger-than-expected 0.4% in May after a rise of 0.7% in April, suggesting consumers were pulling back with inflation at current levels.
Amid the myriad concerns facing markets as of late, stocks are on track to close out the worst first half of a year in decades. Based on Wednesday’s closing prices, the S&P 500 is set to post a 19.9% decline for the first six months of the year — its worst performance since 1970. For the month of June alone, the index is on track to slide by 7.6%.
All 11 major sectors in the index are heading toward monthly losses… Both the Dow and Nasdaq Composite also headed for marked monthly and year-to-date losses. As of Thursday’s close, the Dow had fallen 14.6% for the first half of the year, and the Nasdaq shed nearly 29%.

MacDailyNews Take: How low can we go?
Inflation is repudiation. — Calvin Coolidge
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill… Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
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https://macdailynews.com/2022/06/30/u-s-stock-futures-tumble-as-sp-500-heads-for-worst-first-half-in...
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