Overnight Market Brief – 23 May 2022

Rising recession fears pushed US stocks briefly into a bear market on Friday with the S&P 500′s decline from its all-time high in January reaching 20% at one point. A dramatic late-day reversal pushed the benchmark slightly into the green for the day at the closing bell. The S&P 500 (+0.01%) finished higher to 3,901.36 on Friday after falling as much as 2.3% earlier in the session. At the day’s lows, the S&P 500 was 20.9% below its intraday high in January. The Dow Jones Industrial Average (+0.03%) rose 8.77 points to 31,261.90 after being down more than 600 points at the day’s lows. The Nasdaq Composite (-0.3%) fell and is already deep in bear market territory, 30% off its highs. The VIX Index (+0.27%) rose to 29.43.

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