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S&P 500 extends slide from peak to 10%; bonds gain

By Rita Nazareth and Vildana Hajric

24 Jan 2022 · 2 min read

Stocks slumped, while bonds rallied with the dollar amid geopolitical concerns and as investors braced for the Federal Reserve to reiterate its hawkish policy tilt this week.

The S&P 500 extended its rout from a record to more than 10%, while the Cboe Volatility Index soared. The Nasdaq 100 slid as much as 3.1%, with giants Apple and Microsoft due to report earnings in the next few days. Small caps were poised for a bear market as the Russell 2000 plunged 20% from its all-time high. Haven currencies outperformed on concern over potential Russian military action against Ukraine. The Treasury yield curve reached new lows, with the gap between 2- and 10-year securities touching a level last seen in late 2020. Bitcoin sank.

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