With U.S stocks on track to mark their worst first half of the year in more than 50 years, investors are studying a range of metrics to determine whether the coming months could bring relief, or more of the same. By any stretch, the first half of 2022 has been a challenging one for investors. The S&P 500 is down around 18pc year-to-date, on track for its worst first half of any year since 1970, according to S&P Dow Jones Indices, as the Fed tightens monetary policy in its fight against the highest inflation in decades. Bonds, which investors typically count on to counterbalance stock declines in their portfolios, have fared little better: The US bond market, as measured by the Vanguard Total Bond Market Index fund, is down 10.8pc for the year to date, putting it on pace for its worst performance in modern history. With investor expectations fluctuating between continued high inflation and an economic downturn caused by a hawkish Fed, few believe the market’s volatility will dissipate anytime soon. “We don’t expect the choppiness and volatility we’ve seen over the first half of the year to subside,” said Timothy Braude, global head of OCIO at Goldman Sachs Asset Management.