Dismal equity market may stall further Fed rate rises

The local equity market is heading for its worst quarterly performance since the third quarter of 2002, with the Standard & Poor's 500 index down almost 4% in local terms. The decline is more pronounced when denominated in sterling, given the US dollar's recent depreciation. The technology-laden Nasdaq and small-cap-oriented Russell 2000 indices are on the same negative trajectory as the S&P 500, and are also on course to post their most dismal performances since the third quarter of 2002. The only difference is their falls are even harsher, as investors shunned 'growth' assets and thos...