S&P 500 Snapshot: Index Posts Worst Monthly Loss of the Year

The S&P 500 fell for a fourth consecutive week, leading to the worst monthly loss of the year. The index closed September with a monthly loss of 4.93%, following a loss of 1.71% in August. The index is currently up 12.13% year to date and is 10.60% below its record close from January 3, 2022.

Here is a snapshot of the index over the past 5 days:

S&P 500 Weekly view

Here is a snapshot of the index from the past six months:

S&P 500 Last 6 Months

The U.S. Treasury put the closing yield on the 10-year note, as of September 29th, at 4.59% which is above its record low (0.52% on 8/4/2020). The 2-year note is at 5.03%. See our latest Treasury Snapshot here.

S&P 500: A Perspective on Drawdowns

On October 9, 2007 the S&P 500 reached a then all-time high, closing the day at 1565.15. Then on March 9, 2009, the index dropped ~57% off of its high from exactly 17 months before, closing the day at 676.53. This time period became known as the Global Financial Crisis. It took over 5 years before the index reached a new then all-time high on March 28, 2013, where it closed out at 1569.19. The chart below is a snapshot of record highs and selloffs since the 2007 peak reached on October 9, 2007.

S&P 500 Drawdowns

What happens if we take out the Global Financial Crisis? Here's a snapshot the same chart above where the start date has been changed to the trough reached on March 9, 2009. Note the recent selloffs in 2022.

S&P 500 Drawdowns

Here's a table with the number of days of a 1% or greater change in either direction and the number of days of corrections (down 10% or more from the record high) going back to 2013.