An anatomy of this year’s market mayhem

in the first half of the year, investors are taking a breather. The 500 index of American stocks, for instance, is back around the level it was at the start of June. Yet with a little less than five months of 2022 remaining, it would take a turnaround of astonishing proportions to avoid a torrid year in financial markets. The period’s distinguishing characteristics are already clear: the slump has been unusually deep and unusually broad.