US stocks have recorded their worst first half in more than half a century in a rout triggered by the Federal Reserve’s attempt to rein in persistent inflation and exacerbated by gathering concerns over global growth.

The S&P 500 fell 0.9 per cent on Thursday, leaving the blue-chip index down by 20.6 per cent in the first six months of 2022. Wall Street equities have not endured such a punishing start to a year since 1970, when equities sold off in response to a recession that ended what was up to that point the longest period of economic expansion in American history.

The pullback in US stocks has eviscerated more than $9tn in market value since the end of 2021, according to Bloomberg data on the S&P 1500 index, a broader gauge which tracks small, mid and large-cap groups.