U.S. stocks have declined for three consecutive quarters with the S&P 500 tumbling another 5.3% in the third quarter of 2022. The tech-heavy NASDAQ fared slightly better but still closed the quarter down 4.1% and is now down 32.4% year-to-date.
After a rough start, both equities and bonds performed a bit better towards the end of May. The MSCI AC World Index, a broad measure of global stocks, finished the month a touch higher – up 0.1% in May.
The actions taken in March 2022 may have lasting consequences with the Federal Reserve embarking on a new tightening cycle and the ongoing conflict between Russia and Ukraine likely to shift global supply chains.