Influencer-Approved Bull Market Sputters to End on Hawkish Fed
- S&P 500 falls 22% from its January peak, entering bear market
- Valuation contraction overshadows solid profit amid rate hikes
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For years, the adage “Don’t fight the Fed” meant only one thing: buy stocks. Now, legions of newbie investors who’ve never had to face inflation before are learning it can mean something else, too.
Battered for months by hawkish pronouncements by Jerome Powell, a man investors once considered their staunchest ally, the S&P 500 finished Monday more than 20% below its last record close, ending a two-year bull run that was among the most powerful ever recorded.