S&P 500 Hits 2022 Low, Markets Dip For 6th Straight Day

The S&P fell 0.2% to 3,647, while the Dow Jones Industrial Average fell .42%, about 120 points and the tech-heavy Nasdaq Composite jumped .25%.

The dip comes despite the Dow jumping as much as 350 points in early trading and a 330-point drop Monday for the index.

Among the market’s best performers were energy companies Shell and Exxon Mobil, rising 2.7% and 2.1%, respectively, as gasoline and crude oil prices rose domestically, while food and restaurant stocks lagged, with Keurig Dr. Pepper, Coca-Cola and McDonald’s all falling more than 2%.

The British pound recovered Tuesday after falling to a record low of $1.035 early Monday, rising to $1.07, while the two-year U.S. Treasury yield is 4.3% and 10-year is 3.98%.

Analysts remain concerned the worst has yet to come for stocks: Sevens Report analyst Tom Essaye wrote in a Tuesday note that market volatility is “extremely high” and the S&P could fall by as much as 17% to 3,027 based on recent trading patterns, its lowest level since early 2020.

JPMorgan made a similar warning in a late Monday note, predicting the S&P would bottom out between 3,000 and 3,400 in late 2022 or early 2023.