S&P 500 · October 7, 2022
Broken by a good jobs report
-2.80%
single-day change vs previous close
Part of a longer stretch
The 2022 inflation bear market
near the end of it · 2022-01-03 → 2022-10-12, -25.43% over the whole period
What happened that day?
- On 7 October 2022 the S&P 500 fell 2.8%
- The September jobs report that morning was stronger than expected, and unemployment fell again
- For several days the market had been rising on the hope that the Fed would soon slow
- Strong hiring removes the reason to slow. The hope disappeared in a session
- This is the defining feature of the period: good economic news is bad news for shares
- Beating inflation requires slowing the economy, and an economy that will not slow has to be pressed harder
- In this stretch the index was 16.91% below its peak
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.