A18 EZ RE THEWASHINGTONPOST.TUESDAY,MAY 24 , 2022
THEMARKETS6 Monitoryourinvestmentsat washingtonpost.com/markets Dataand graphicsby
GGaaiiinneerrssaannddLLoosseerrssffrroommtthheeSS&&PP 11550000 IInnddeexx
CCoommppaannyy CClloossee11 DD%%
CChhgg
TreeHouseFoodsInc 40.98 11.
UnitedTherapeutics 210.14 11.
MonroInc 42.98 10.
NaborsIndustries 147.77 10.
DieboldNixdorfInc3.04 10.
Ross StoresInc 78.75 9.
LaredoPetroleumInc 68.69 9.
EQT Corp 44.48 8.
Titan International17.02 8.
Patterson-UTIEnergy 17.16 8.
OlympicSteel Inc 35.45 8.
SouthwesternEnergyCo 7.68 8.
TriumphGroupInc15.02 7.
SM EnergyCo 40.36 7.
Inari MedicalInc 62.51 7.
AGCOCorp 120.16 7.
KamanCorp 35.29 7.
Deere&Co335.36 7.
CenturyAluminumCo 12.49 7.
Coca-ColaCons 543.25 6.CCoommppaannyy CClloossee
11 DD%%
CChhgg
Endo International 0.40 -14.
RayonierAdv Matrl 4.21 -8.
EnvestnetInc 64.07 -8.
NektarTherapeutics 3.57 -8.
AgilysysInc 38.75 -6.
iTeos Therapeutics 17.51 -5.
Gap Inc/The 10.33 -5.
Joint Corp/The 15.56 -4.
LendingTreeInc 59.95 -4.
KyndrylHoldingsInc 13.16 -4.
Axon EnterpriseInc 94.74 -4.
TripAdvisorInc 23.52 -4.
EmbectaCorp 26.47 -4.
RH 256.42 -4.
LGI HomesInc 92.45 -4.
Cars.comInc 9.71 -4.
Abercrombi&Ftch Co 26.73 -4.
CaleresInc 22.43 -4.
CollegiumPharma 15.65 -4.
Avid BioservicesInc 12.11 -4.LIBOR3-Month
11 .. 5511 %%%New Car Loan Natl
44 .. 4422CClloossee
11, 553355 .. 227
DOWJONES
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11 .. 4488 %%Japan ¥
12277 .. 9922MMaarrkkeettss YYYTTTDD%%CChhgg
AAmmeerriiccaass CClloossee
DDaaiillyy
%%CChhgg
- 55 .. 33 %% ++ 55 .. 33 %%
BRAZILIBOVESPAINDEX 110345.82 1.
S&P/TSXCOMPOSITEINDEX 20197.61 0.
S&P/BMVIPC 51376.89 -0.
- 55 .. 33 %% ++ 55 .. 33 %%
55 - -yyrnnoottee
YYieelldd:
22 .. 8888 %%$1000investedover 1Year
30-Yr Fixed mtge
55 .. 3399 %%CCuurrrreennccyyEExxcchhaannggee
' 21
CClloossee
33 , 99733 .. 755
5Yr CD Natl
11 .. 155EU €
00 .. 994CCoonnssuummeerrRRaatteess
Note: Bank primeis from 10 majorbanks.FederalFundsrate is the market
rate, whichcan vary from the federaltargetrate. LIBORis the London
InterbankOfferedRate. Consumerrates are from Bankrate. All figuresas of
4:30 p.m. New York time.Canada$
1 .. 2288Mexico$
1199 .. 8899MJ JASONDJFMAM
31,
34,
36,
'22 - -yyrnnoottee
YYiiieelldd:::
22 .. 6633 %%Britain£
00 .. 7799MoneyMarketNatl
00 .. 0088MJ JASONDJFMAM
1 1,
1 3,
1 7,
'11 DD%%CChhaannggee
22 .. 00 %%11 DD%%CChhaannggee
11 .. 66 %%1Yr CD Natl
00 .. 7788Bank Prime
44 .. 0000 %%Data and graphicsby:
6Mo CD Natl
00 .. 339911 DD%%CChhaannggee
11 .. 99 %%YYYTTTDD%%CChhaannggee
- 1166 .. 66 %%
SS&&PP 550000 IInndduussttrryyGGrroouupSSnnaapsshhoott
IInndduussttryyGGroouupp
DDaaiiillyy%%
CChhgg
- 44 .. 55 %% CChhgg%% 1 YYr +44.. 55 %%
EnergyEquipment&Svcs 55 .. 22
CommercialBanks 55 .. 1
ConsumerFinance 44 .. 11
Computers&Peripherals 33 .. 99
Metals&Mining 33 .. 55
HouseholdDurables -- 00 .. 55
PersonalProducts -- 00 .. 33
Internet&CatalogRetail 00 .. 00
IndustrialConglomerates 00 .. 1
Biotechnology 00 .. 11INTERNATIONALSTOCKMARKETS
1100 - -yyrrnnoottee
YYiiieelldd:::
22 .. 8866 %%AAssiiaaPPaacciiffiicc -- 188 %% ++ 1188 %%
S&P/ASX200 INDEX 7148.89 0.
CSI 300 INDEX 4053.98 -0.
HANGSENGINDEX 20470.06 -1.
NIKKEI 225 27001.52 1.COMMODITIES
15-Yr Fixed mtge
44 .. 7722 %%FederalFunds
11 .. 0000 %%YYYTTTDD%%CChhaannggee
- 2266 .. 33 %%
CClloossee
3311 ,, 888800 .. 2244
RATES
YYYTTTDD%%CChhaannggee
- 1122 .. 33 %%
BBlloooommbbeerrgg
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((TTiiicckkeerr)) 11 DD%%CChhgg
$$ 777788 $$ 22668855
Coffee(COFF.L) -0.
Copper(COPA.L) 1.
Corn (CORN.L) 0.
Cotton(COTN.L) 0.
CrudeOil (CRUD.L) 0.
Gasoline(UGAS.L) -0.
Gold (BULL.L) 0.
NaturalGas (NGAS.L) 4.
Silver(SLVR.L) 0.
STANDARD&POOR'S
Fuuttuureess CClloossee 1 DD%%CChhgg
Copper 4.35 1.
CrudeOil 110.29 0.
Gold 1853.90 0.
NaturalGas 8.74 8.
OrangeJuice 1.77 2.
FFuuttuureess CClloossee 11 DD%%CChhgg
Silver 21.72 0.
Sugar 19.77 -0.
Soybean 16.87 -1.
Wheat 11.90 1.
Corn 7.86 1.EEuurrooppee -- 1111 .. 44 %% ++ 1111 .. 44 %%
STXE 600 (EUR)Pr 436.54 1.
CAC 40 INDEX 6358.74 1.
DAX INDEX 14175.40 1.
FTSE 100 INDEX 7513.44 1.1-Yr ARM
33 .. 2255 %%HomeEquityLoan Natl
66 .. 8866DoowwJJoonneess 3300 IInndduussttriaallss
CCoommppaannyy CClloossee^11 DDCChh%%gg CChhYYYggTTT%%DD
3M Co 144.38 0.4 -18.
AmerExpCo 159.04 3.8 -2.
AmgenInc 249.04 0.6 10.
AppleInc 143.11 4.0 -19.
Boeing 124.07 2.8 -38.
Caterpillr 204.15 3.2 -1.
Chevron 171.72 2.3 46.
Cisco Sys 43.35 1.0 -31.
Coca-Cola 62.86 3.1 6.
Dow Inc 67.49 -0.9 19.
GldmanSchs 316.61 3.2 -17.
HnywllInt 189.58 -0.1 -9.
HomeDepot 286.03 -0.4 -31.
IBM 131.17 2.1 -1.
Intel Corp 42.00 0.8 -18.
CCoommppaannyy CClloossee^1 DDCChh%%ggCChhYYYggTTT%%DD
J&J 179.44 1.4 4.
JPMorgan 124.60 6.2 -21.
McDonald's 238.00 1.7 -11.
Merck&Co93.83 0.3 22.
Microsoft 260.65 3.2 -22.
NIKE Inc 108.63 0.6 -34.
Prcter&Gmbl 145.05 2.3 -11.
Salesforce 160.32 0.4 -36.
Travelers Cos I172.10 2.3 10.
UntdHlthGr 492.08 1.3 -2.
VerznComm 49.67 0.3 -4.
Visa Inc 207.56 4.3 -4.
Walgreens 42.15 2.9 -19.
Walmart 122.60 2.9 -15.
Walt Disney 105.83 3.3 -31.BrazilR$
4 .. 881$1000investedover 1Month
NASDAQCOMPOSITEINDEXBYTAYLORTELFORDWall Streettookadeepbreath
Monday, with agleefulreliefrally
bubblingupdespitethecloudof
uncertaintythathascastapall
overmuchof 2022trading.
Notmuchhasfundamentally
changedsincetherollercoaster
lastweek, but the immediate
absenceof morebadnewscom-
binedwithopportunitiesto “buy
thedip”after recentsell-offs was
enoughtopower therecovery.
Still, the globaland economic
undercurrentsthathaveroiled
marketsforweeksremainand
shownosignsof abating.
TheDowJonesindustrialaver-
ageclosed up more than
600 points,nearly2percent,as
theblue-chipindexattemptsto
shakeoff aneight-weeklosing
streak, itslongestinnearly a
century. ThebroaderS&P5 00
advanced nearly 1.9while the
Nasdaq gained nearly 1.6per-
cent.
TheS&P 500 remainsonthe
precipiceofabearmarket,de-
finedas a20percentfallfromthe
mostrecenthigh,havingdipped
intothatterrainFridaybefore
squeakingout alatereprieve.The
technology-heavyNasdaq is al-
readydownmorethan27 percent
fortheyear,andtheDowis off
morethan12 percent.
Marketsloathe uncertainty,
buttheyearso farhasbeenrife
with it.Economic conditions
were already expected to get
tougherthisyear,asthesugar-
high fromunprecedentedgov-
ernmentstimulusthatset offa
streakof recordprofitsin earlier
in thepandemichasfaded.But
businessesalsohavebeencon-
frontinganarrayof challenges,
fromdecades-high inflation to
theevolvingconsequencesof the
warin Ukraine.
Veteraninvestors,sensingthat
themarketsarecomingtothe
end of apowerhouse growth
cyclethatstartedearlierinthe
pandemichavebegunsearching
forsignsthatthebottomis ap-
proaching. Untilthen,thelong
viewsuggeststhatwhenweak-
nesssurfacesin markets, thereis
opportunity, accordingtoRyan
Detrick,chiefmarketstrategist
of LPLFinancial.
“Therehave beenalot of bear
marketsovertime,butonething
thathas always happened is
stockshave eventually comeback
to newhighs,”DetricksaidMon-
dayincommentary.Onaverage,
stockstakeabout 19 monthsto
recovertheirbearmarket losses,
he added,butthepastthree bears
have beenmuchshorter,recoup-
inglosseswithinfive months.
ThefocusontheFederal Re-
servehas drivenmuch ofthe
market volatility.The centralbankmustwalkafinelinewhen
it comesto taminginflation,ide-
allyraisingrates enoughto bring
pricesdownwithouttippingthe
economyintoarecession,which
generallyis definedastwocon-
secutivequartersof fallingeco-
nomicactivity.
Soaringcosts arecuttinginto
business profits and forcing
households to spendmoreat the
gaspumpandgrocerystore. Last
week,TreasurySecretaryJanetL.
Yellenwarnedthat“higherfood
and energyprices are having
stagflationaryeffects”and “de-
pressingoutputand spending
andraisinginflationallaround
theworld.”
Freshdata onconsumersenti-
mentlaterthis weekwill give
investorsabettersenseofhow
thosepressures are affecting
Americanconsumers, whose
spendingaccountsfor roughly
70 percent of gross domestic
product.
WiththeFedintentonraising
interestrates toease inflation
thisyear,asitalreadyhassigned
offontwoofsevenratehikes
expected in 2022, borrowing
couldbecomemoreexpensivefor
corporationsandhouseholds.
Sharesof JPMorganChase,the
largestlender in the country,
climbed6percentMondayafter
it lifteditsyearlyoutlookfornet
interestincometo$ 56 billion,sayingit expects to benefitfrom
higherinterestrates in thecom-
ingyear.Otherbankstocksalso
gotalift, withCitibankgaining
6percent and GoldmanSachs
advancing3percent.
Russ Mould,investmentdirec-
torat AJBell,saidheseesthe
“classic”phasesofabearmarket
forming as investors come to
gripswiththeonslaughtof chal-
lenges to thegrowththatstocks
have enjoyedsincetheshortbut
significant downturntheysuf-
feredwhenthecoronavirusfirst
broughttheglobaleconomytoa
halt. Pandemic favorites have
seentheirsharestumblein 2022,
withMicrosoftdown 25 percent,
Netflix68percent, Peloton
58 percentandZoom53 percent.
Bull markets“crack at the
peripheryfirst,”Mould notedin
commentaryMonday. “Trouble
thenfiltersthroughto coreassets
as confidence wanes.”These
crackshavebeenformingfora
while,withtheirinfluenceim-
possibletoignorein morespecu-
lativeareasof themarket,suchas
cryptocurrency, Mould said,
pointingtothestunningfallof
bitcoin.Thedigitalcoinis trad-
ingbelow$30,000,down 38 per-
centthisyearandlessthanhalfof
itsNovemberpeaknear$67,000.
SPACs, orthe “blank-check”
companies thatbecameim-
menselypopularin recentyearswithoneusedto launchasocial
mediaplatformof formerpresi-
dentDonald Trump, are“per-
formingpoorly,” Mouldsaid,and
newtransactions“aregettinga
coolreception.”
Lastweek,signsofgenuine
panicsurfacedafterdisappoint-
ingearningsreports fromWal-
mart, thelargestretailerinthe
world,andTa rget,anotherretail
titan,withbothcompaniessuf-
feringtheirworstdaysoftrading
in decades afterraisingconcerns
abouttheways risingcosts were
eatingintotheirbusinesses.
Anotherinfluxof retailearn-
ingswillrollin thisweek,includ-
ingfromCostco,BestBuy,Nord-
strom,andDollarGeneral. Mean-
while,theWorldEconomicFo-
rumholdsits annualgatheringin
Davos,Switzerland,in themidst
of aloomingglobalslowdown.
Bear marketshappen on a
relativelyregularcycle,andthere
havebeen 14 since1945,lasting
anaverageof9.5 months.That is
significantly shorter than bull
markets, whichlast2.7 yearson
average. If bearmarketscoincide
with arecession,historyhas
shown,theydeepenandlength-
en.If not,theoutcomebrightens,
withlosseseasingandgainsre-
turningsooner.
Insomesense,themarket is
overdueforapullback.Thelast
bearmarket wasin March2020,whenthepandemicbegan,and
lastedonly33 days.Andtherehas
notbeenasustainedbearmarket
since2009, atthe endof the
globalfinancialcrisis.
Ofthe manythreats to the
growththatstockshave enjoyed
sincethe downturn twoyears
ago, inflationis castingthecold-
estshadow.The Fedhas notruled
outmovingmoreaggressivelyif
inflationdoesnotcoolconsider-
ably,andinvestorsareworried
abouthowthatcouldweighon
growth.
Gaspricesremainedat record
highsMonday, accordingto data
trackedby AAA,withthenation-
al averagehitting$4.59agallon.
Just lastweek,forthefirsttime,
theaveragepricetopped$4in
everystate in thecountry.
Forthoseworriedabouthow
muchvolatilitymaystillbe in
store,historyhas somecomfort,
accordingto ChrisLarkin,man-
agingdirector of investment
strategyatE-Trade.In mostbear
marketssince1957,themarket
wasalreadycloserin timingto its
eventuallowthanitshighbefore
thedownturn,Larkinnotedin
commentaryMonday.
“Inotherwords,whenabear
market “started,”there mayhave
beenmoredownsideto come,but
moreoftenthannot,theworst
wasalreadyin therearviewmir-
ror,” he said.Dow up more than 600 pointsas Wall Streetcarves apath out of bear terrain
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