Dow tumbles more than 900 points and the Nasdaq drops 4% on Friday to close out a brutal month
U.S. stocks sunk Friday with the Nasdaq Composite notching its worst month since 2008, as Amazon became the latest victim in April’s technology-led sell-off.
The tech-heavy Nasdaq Composite fell nearly 4.2% to 12,334.64, weighed down by Amazon’s post-earnings plunge. The S&P 500 retreated by 3.6% to 4,131.93. The Dow Jones Industrial Average shed 939.18 points, or close to 2.8%, to 32,977.21.
The Nasdaq finished at a new low for 2022 and the S&P 500 did as well, with the main stock benchmark taking out its previous low in March.
Stocks closed out a dismal month as investors contended with a slew of headwinds, from the Federal Reserve’s monetary tightening, rising rates, persistent inflation, Covid case spikes in China and the ongoing war in Ukraine.
“The markets are trying to wrap around a lot of different cross-currents,” BMO Wealth Management’s Yung-Yu Ma said. “With the Fed raising rates and all the uncertainties that the global economy is facing, it’s hard to get excited about paying the multiples that currently prevail in a lot of places in the market.”
Legendary investor Jeremy Grantham sees a 'superbubble' in markets and expects the S&P 500 to crash 43%. He recommends overseas stocks and cash as havens.
Jeremy Grantham recently diagnosed the fourth US "superbubble" in the past century, and warned the benchmark S&P 500 would crash 43% to around 2,500 after the bubble bursts.
The veteran investor and GMO cofounder explained in a Saturday interview with Fox Business how investors should position their portfolios against a backdrop of historic market speculation and the "touchy-feely characteristic of crazy investor behavior."
"What I would do is make sure you have some cash reserve," he said. "There may be some great buying opportunities in the next couple of years."
The market historian has previously said he holds cash so he can deploy it easily, and a small amount of gold and silver.
"Secondly, I would try and avoid US stocks," Grantham said. "If you have to own some, I would own high-quality. They always do better in a serious shake-up."
Grantham, who has repeatedly warned investors are caught in a historic bubble, said an imminent crash in the S&P 500 means a credit crisis is brewing.
"So, blue chips are the way to go. Avoid debt. And to the extent you can, avoid the US. It's the most overpriced market," he said.
"Real estate is overpriced everywhere in the world. But the stock markets outside the US are curiously not that bad. They're in a bull market. They're overpriced mostly, but they're only normally overpriced," he added.
"And there are a few cheap countries. Japan looks pretty cheap, the UK not so bad."
He also touted emerging markets, saying traders could find bargains.
"If you look for the cheap stocks, growth versus value; growth has had an unprecedented decade," he said. "It is probably the turn for cheap stocks again."
"So emphasize cheap countries, cheap stocks, avoid the US. And if you have to buy the US; for heaven's sake, pick the quality stocks and have a cash reserve."
Grantham has previously criticized the Federal Reserve for not acknowledging the pain that follows for investors after a market bubble bursts.
"One of the main reasons I deplore superbubbles – and resent the Fed and other financial authorities for allowing and facilitating them – is the underrecognized damage that bubbles cause as they deflate and mark down our wealth," Grantham said in a paper released last month.
H.A., hope all is well!
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What about corporate pension plans?
HA, its not a crash until they shut down or suspend trading for a period.
They suspended GME,AMC,BBB,BB,Discovery,Qualcom… It’s already happening
It’s a racquet! A RACKET!
👍🏻👍🏼👍🏽👍🏾👍🏿👍
buttigieg says infrastructure spending should include equity and equality
Buttigieg’s version of equity and equality comes at the expense of the working class.
Predicting or causing it.
RED OCTOBER
Hey H…hope all is well. Love ya man.
Good one H…will catch up with videos. On the beach for a week. Awesome
I remember
H.A., like I said a million times before. You are the man buddy!👍
Carnival cruise people, carnival cruise. 3x your money and get $2 a share dividend. They’ve been close the whole time and are about to go profitable. Everything else is going to crash as GOODMAN is saying. Anyone who laughs at buying CCL will cry later.
I read about a man in his 50s that started investing in stocks and real estate, then retired in 2years with over $6million, that right there is my utmost goal and I’d really appreciate clues and tips on how to reach this goal within 5years
Everything is possible, it all depends on your consistency and discipline.
@Liana Nimah
No one is a genius when it comes to the market, but positive results are guaranteed more if one works with a reliable professional. My most sincere take though!!
@Imogen Royce This sounds like a great idea, but never knew how to go about it, Have you seek professional assistance before? what is the experience like
@Jooste Constance Rebecca The consultant that guides and assist me is *Julia Renee Lindberg* you can check her out online and reach out to her through her website to book an appointment.
Luck
HELLO H.A GOODMAN 😁😁👍👍👋👋💯💥💥💥
Wasted my time
I just predicted that the Stock Market will Crash in the Next Coming days
Just repeating what Trump said
We see what you see. The naysayers are just that. Their scared sheep.