The S&P 500 and the Nasdaq Composite posted their worst months since March 2020 at the depth of the pandemic, down 5.3% and 8.9%, respectively.
It was also the S&P 500's biggest January decline since 2009. The blue-chip Dow declined 3.3% for the month.
Volatility exploded during the month as investors deciphered the Fed's messaging on its policy pivot. At one point last week, the S&P 500 dipped into correction territory on an intraday basis, briefly down 10% from its record high. The recent comeback pushed the large-cap benchmark 6.3% below its peak. Meanwhile, the tech-heavy Nasdaq is still in a correction, last down 12% from its all-time high.
"The latest decline is a normal market correction that does not signal a recession or the end of this bull market," said Chris Haverland, global equity strategist at Wells Fargo. "We continue to believe that economic growth and corporate earnings will be solid this year, and that the Fed will not be overly aggressive in dialing back monetary policy."
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