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A horrible market reaction to yesterday’s Fed meeting is getting even worse this morning as futures have been weakening throughout the morning and are now indicating a decline of 1% at the open. It’s a busy day of economic data, and Unit Labor Costs were weaker than expected (3.5% vs 4.0%) while Initial Jobless Claims were basically in line with expectations (217K vs 220K). Still on the docket, we have ISM Services at 10 AM where economists are forecasting a drop in the headline reading from 56.7 down to 55.4.
As noted in the Closer last night, yesterday’s post-Fed sell-off (-3.22%) was the worst performance for the S&P 500 in the final 90 minutes of trading on a Fed day going all the way back to 1994 when the FOMC first started announcing their interest rate policies on the day of the meeting.
As a result of yesterday’s sell-off, the S&P 500 finished the day down 2.5% which was the 21st time the index has been down 2% or more this year. While there are still nearly two full months left in the year, 2022 already ranks as the fifth most number of 2%+ daily declines since the five-trading day week was established in 1952. The only years with more 2% declines were 2008 (41), 2002 (29), 2009 (28), and 2020 (2025). 2008’s total is out of reach at this point, but if volatility persists between now and year-end, the spots of any of those other years are up for grabs.
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