Global markets have closed out their most bruising first half of a year in decades. Accelerating inflation and rising interest rates fueled a months-long rout that left few markets unscathed. The S&P 500 fell 21% through Thursday, suffering its worst first half of a year since 1970. Investment-grade bonds lost 11%—posting their worst start to a year in history. Cryptocurrencies also came crashing down, saddling individual investors and hedge funds with steep losses.
Commodities have performed well so far this year, buoyed by strength in oil on the back of tight supplies. U.S. benchmark West Texas Intermediate crude is nearly 41% higher so far this year, while global benchmark Brent crude tacked on almost 48%. U.S. benchmark natural-gas prices have also climbed by over 45%.
