With inflation and Fed policy dominating news flows, investors contended with an all-or-nothing market where fundamentals of individual companies retreat to the backseat. Lockstep stock moves, one day up and the next down, swept through the market like storms, as paranoia over inflation alternated with optimism the economy can weather the Fed’s battle against it. For 83 separate sessions in 2022, at least 400 members in the S&P 500 moved in the same direction, a rate that tops all but one year since at least 1997.