S&P 500 posts worst first half since 1970 | Fed’s preferred inflation gauge rose 4.7% in May | Comeback stocks for the rest of 2022

Stocks declined Thursday to end a difficult first half for equities.

VIEW IN BROWSER | SUBSCRIBE THU, JUN 30, 2022 EVENING BRIEF AS OF THU, JUN 30, 2022 • 05:15 ET DJIA 30775.43 -0.82% -253.88 S&P 500 3785.38 -0.88% -33.45 NASDAQ 11028.74 -1.33% -149.16 Most Active DOW NAME LAST CHG %CHG AAPL 136.72 -2.51 -1.80% INTC 37.41 +0.12 +0.32% MSFT 256.83 -3.43 -1.32% S&P 500 NAME LAST CHG %CHG AMD 76.47 -1.52 -1.95% AAPL 136.72 -2.51 -1.80% AMZN 106.21 -2.71 -2.49% NASDAQ NAME LAST CHG %CHG AMD 76.47 -1.52 -1.95% AAPL 136.72 -2.51 -1.80% AMZN 106.21 -2.71 -2.49% EDITOR'S NOTE Stocks fell on Thursday to end what has been a volatile quarter for all of the major averages.   The three major indexes dropped in the final hour of trading. The S&P 500 ended up posting its worst first half of the year since 1970. The Nasdaq Composite, down more than 22% for second quarter, finished its worst quarterly stretch since 2008. The Dow Jones Industrial Average posted its worst quarter since 2020.   Bitcoin also posted its worst quarter in more than a decade, as the cryptocurrency dipped back below $19,000.   Pharmacy chain Walgreens Boots Alliance and home-goods retailer RH reported quarterly earnings and issued guidance that pushed the stocks lower and dragged their peers down with them. In economic data, the Commerce Department reported Thursday that the core personal consumption expenditures price index, the Fed's preferred inflation measure, rose 4.7% in May versus a year ago. That was slightly below estimates from Dow Jones but still close to levels not seen since the 1980s.   While some on Wall Street are optimistic the market will recover during the remainder of 2022 – history has shown that when the market is down more than 15% in the first half of the year, it tends to rally in the back half – others are preparing for lingering inflation and even more monetary tightening by the Federal Reserve.   "The only thing that can sort of save us here is if inflation comes in way lower than expected and the Fed's is able to back way off on its trajectory on rate hikes," said Stephanie Lang, chief investment officer at Homrich Berg. "The Fed has made it clear that inflation is their top priority right now, and with inflation as high as it is versus their target it's going to be hard for them to step in and pivot." Tanaya Macheel | Markets and Investing Reporter @tanayamac Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 posts worst first half since 1970, Nasdaq falls more than 1% to end the quarter Supreme Court limits EPA authority to set climate standards for power plants FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale, source says Fed's preferred inflation measure rose 4.7% in May, around multi-decade highs Natural gas drops 16%, posts worst month in more than three years The market's worst first half in 50 years has all come down to one thing GOP megadonors turn on Trump after Jan. 6 hearings, set sights on DeSantis, Pence and other 2024 hopefuls 'Everything was going fine between us,' Putin says of NATO expansion; Russian forces withdraw from Snake Island Comeback candidates: These S&P 500 stocks are Wall Street's favorite bets for the second half of 2022 Ketanji Brown Jackson sworn in as Supreme Court justice, replacing Stephen Breyer TOP VIDEO Housing affordability drops sharply even as housing supply jumps 19% CNBC PRO GM, Ford rising, Tesla falling in EV 'car wars' in U.S., Bank of America analyst says SPECIAL REPORTS Winning ticket for Powerball's $366.7 million jackpot sold in Vermont. Here's the tax bite for the winner Why blood makes up over 2.5% of all U.S. exports Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS