On CNBC's Fast Money Dan Nathan calls the action in the stock market "one of the worst Q2s we've had in a long time."
The S&P 500 is down 18% over the last few months, with Dan saying the "bear market rallies are losing steam."
#bearmarket #marketselloff #stockmarket #volatility #recession #stocks #cnbc #fastmoney
The S&P 500 is down 18% over the last few months, with Dan saying the "bear market rallies are losing steam."
#bearmarket #marketselloff #stockmarket #volatility #recession #stocks #cnbc #fastmoney
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NewsTranscript
00:00 Major averages all closing near the lows of the day.
00:02 The Dow down nearly 500 points.
00:04 The S&P 500 falling 2%.
00:07 The biggest loser, the Nasdaq, dropping nearly 3%.
00:10 Dragging down the indices, Big Tech.
00:12 Take a look at the moves and names like Amazon, Tesla, Meta, and many more.
00:16 These five names lost a combined $250 billion in market cap today.
00:21 So at the end of the quarter, just around the quarter, corner, are we in for even more
00:25 pain ahead?
00:26 Dan, what do you say?
00:27 Yeah, listen, it is a bit of a head scratcher.
00:28 I think the consensus was that the market near term was very oversold.
00:33 Sentiment was really bad.
00:34 We did have this kind of quarter end thing.
00:35 We had that Russell rebalance late last week, and people thought that maybe it'd kind of
00:39 get a little bit more legs to the rally.
00:42 Not saying, I did not see too many people calling an end to the sell off over the last
00:46 couple of weeks, but just really on a sentiment basis into Q2, the end of the quarter.
00:52 This is one of the worst Q2s that we've had a long time.
00:54 It's actually one of the very few times over the last, I don't know, decade or two that
00:58 we've had two consecutive negative quarters in the stock market.
01:01 And just the last point I'll make here is if you're looking at the S&P 500, the rally
01:04 that we had off the lows in March to its highs just a couple of weeks later was about 18%.
01:09 The one in May was about 12%.
01:12 This one wasn't even 10% off the lows in the S&P 500.
01:15 So the bear market rallies are just kind of losing less intensity.
01:18 And lastly, you might have thought that this would correspond with a sharp move higher
01:22 in yields.
01:23 That's what we were talking about just before the show.
01:24 Yeah, I know.
01:25 I stole it from you.
01:26 And it didn't happen.
01:27 do with it. So this felt