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Stocks Plunge Thursday Afternoon as Recession Fears Mount; Financial Services Lead Lows, Homebuilders Fall on Rising Mortgage Rates

Thursday, June 16, 2022 03:32 PM | Nick Dey
Stocks Plunge Thursday Afternoon as Recession Fears Mount; Financial Services Lead Lows, Homebuilders Fall on Rising Mortgage Rates

During trading Thursday, 1 stock traded to a 52-week high, while 205 stocks bottomed out at new 52-week lows. The S&P 500 is down 3.39% so far today while the Dow is down 2.45%, the Nasdaq is down 4.27%, and the Russell 2000 is down 4.7%.

Stocks are sharply lower Thursday afternoon. Cryptos are lower. Recession fears are weighing on sentiment following yesterday's 75 basis point rate hike as traders worry that the Fed may have to put the economy in a recession in order to tame inflation.

KB Home (KBH) is declining 8.81% as homebuilders fall on rising rates. Mortgage rates saw their largest jump since 1987, hitting 5.78% - which is the highest rate since 2008. Meanwhile, Housing Starts came in at an annualized rate of 1.549 million homes, missing estimates for 1.7 million and down from 1.8 million in April. Meanwhile, Building Permits slowed more than expected to a pace of 1.695 million following April's annualized rate of 1.823 million.

Lastly, Kroger Co (KR) is down 0.94% after the company reported a solid beat-and-raise. Kroger handily beat earnings and revenue estimates, while providing upside full-year 2023 guidance. Profit-taking was likely behind today's selling, which saw the stock down over 2% at one point, despite the solid report.

Sector Highlights

The Financial Services sector makes up the majority of our 52-week lows, as 35 out of our 205 lows come from the Financial Services sector. The Financial Services sector is outperforming the market today, decreasing 2.49% so far on the day. Over the last month, the Financial Services sector has outperformed the market, decreasing 5.76% while the S&P decreased by 5.81%.

Financial Services: AMG, AMP, APO, ARCC, ARES, AUB, BAC, BCSF, BEN, BHF, BKCC, BKU, BLK, BLX, BOH, BOKF, BRK.B, BSIG, CBU, CFG, CNO, CNS, COF, COLB, COWN, CPF, CSWC, CURO, DFS, EGBN, ENVA, ESNT, EVR, EWBC, FAF

The Lists

The following stocks traded to 52-week highs:

GO

The following stocks traded to 52-week lows:

AAL, AAP, AAT, ABMD, ABT, ACCO, ACIW, ACRE, ADBE, ADES, ADI, ADS, ADSK, ADT, AEIS, AER, AGCO, AGIO, AGNC, AKBA, AKR, AKTS, AL, ALEX, ALGN, ALLE, ALLK, ALV, AMAT, AMCX, AME, AMG, AMKR, AMP, ANIP, ANSS, AOS, APH, APO, APPN, APPS, APTV, ARAY, ARCC, ARDX, ARE, ARES, ARI, ARR

The following ETFs traded to a 52-week high:

TBT

The following ETFs traded to a 52-week low:

AFK, CUT, DIA, EFA, EGPT, EPOL, EPP, EWA, EWC, EWG, EWJ, EWN, EWQ, EWS, EWY, EZU, FDN, IAI, IBB, IGN, IGV, IHF, IHI, IOO, ITA, ITB, IWC, IWF, IWM, IYF, IYG, IYH, IYJ, IYM, IYT, IYZ, KBE, KCE, KIE, KRE, MDY, OEF, PHO, PIN, PPA, QAI, QQQ, SDY, SEA

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