How poor air quality affects the stock market
Male infertility. Bad bones. Poor cardiovascular health. Beyond allergens, studies have shown a correlation between air quality and other maladies. But here’s a new twist: Poor air quality, particularly high levels of harmful particulate matter, might also be bad for economic health—or more specifically, it might be connected to stock market declines, according to a recent study.
The Research
Researchers from the University of Ottawa and Columbia University compared data from the S&P 500 index with hourly data from an air quality sensor at an Environmental Protection Agency monitoring station located close to Wall Street. They also included hourly weather data for air temperature, wind speed, rain and other factors.
The researchers also applied their methodology to the New York Stock Exchange and Nasdaq. The result: They consistently found a correlation between high levels of air pollution and lower stock performance.
The Findings
The study found that every time air quality decreased by one standard deviation—a common statistical metric used to measure variation among data points—the stock market performed 12% worse. That’s a substantial change, according to researchers. To verify their results, researchers reran the tests to control for rainfall. The research showing the correlation between air quality and market performance held up.
The Reasons
Researchers propose that the effect of bad air on our emotional state is one reason for the findings. Exposure to air pollution can create a more depressed mood and impact cognitive ability. Thus, poor air quality can make you both feel bad and slow down your thinking. In addition, according to the study, the double whammy of depressed mood and reduced cognitive ability is associated with a lower appetite for risk, while reduced risk tolerance is connected to worse stock market returns.
The findings, of course, have implications for our lives outside of Wall Street. For example, unhealthy particulate matter can also be found in the air we breathe at home, potentially depressing our mood and reducing our thinking ability. A smart air purifier with a HEPA filter like Airmega can reduce the amount of particulate matter in the air, potentially increasing your wellbeing and more.
Disclaimers
1Airmega air purifiers have been proven to trap dust, pollen, dander in the air based on KCL(Korea Conformity Laboratories) testing. They have been tested according to the Korea Air Cleaning Association standard (SPS-KACA 002-132:2022 Modified) to measure the 0.01㎛ size of particle removal rate. It was tested on maximum airflow speed in normal room temperature and humidity conditions. The performance may vary in the actual living environment of customers. Tested with Airmega Aim, 50, 100, 150, 160 Tower AP-1216L, Mighty AP-1512HH, MightyS AP-1512HHS, 200M, Icon, IconS, 230, 240, 250, 250S, 250Art, 300, 300S, 350, 400, 400S, 450, ProX
2 Our HEPA filter complies with IEST-RP-CC007 standards at speed level 1 as tested by SGS (Société Générale de Surveillance). SGS's test report only reflects SGS's evaluation of the sample and does not reflect the evaluation of the batch of goods from which the sample was taken. Tested with Airmega 100, 150, 160, Mighty AP-1512HH, MightyS AP-1512HHS, 200M, 230, 240, 250, 250S, 250 Art, 300, 300S, 350, 400, 400S, 450, ProX
3 Tested by KCL(Korea Conformity Laboratories) according to JEM 1467: 2015 condition, the concentration of acetic acid was proven to be reduced up to 99.5% in 60 minutes. Results may vary depending on actual environment. Tested with Airmega 150, Mighty AP-1512HH, 200M
4 Tested by KCL(Korea Conformity Laboratories) according to SPS-KACA002-132:2022, showed result of over 99.5% removal rate of common household gases including Ammonia, Acetaldehyde, Acetic acid, Formaldehyde, Toluene, Benzene, Nitrogen dioxide (NO₂), and Sulfur dioxide (SO₂) within 30 minutes. Results may vary in different environments and not all odors or gas particles may be removed. Tested with Airmega MightyS AP-1512HHS, 250S, 300S, 400S, 350, 450
5 Test conducted using Coway Allergen filter media (5×5 cm) placed in a polyethylene bag. The allergen solution and sample were immersed in 2 mL of phosphate buffer (100 ng/mL) prior to the reaction and heat-sealed to specimen size. The reaction was maintained at 4°C for 24 hours. Nichinichi Pharmaceutical Co., Ltd. conducted the test using ELISA to measure allergen concentration. Results may vary in actual product usage environments. Tested with Airmega Mighty AP-1512HH, 200M
6 Removal rates of Ammonia (NH₃) and Hydrogen Sulfide (H₂S) were tested in a 1 m³ chamber under EL608:2023 conditions for 30 minutes. Gas Detector Tubes were used for measurement, and testing was conducted by KCL (Korea Conformity Laboratories). Results may vary in actual product usage environments. Tested with Airmega Mighty AP-1512HH, 200M
7 Reduction rates of Naphthalene, Sulfur Dioxide, and Nitrogen Dioxide were tested using the Airmega Mighty AP-1512HH in 1㎥ chamber, following JEM-1467:2015 standards. Tests were conducted by Intertek. Actual performance may vary depending on the living environment. Tested with Airmega Mighty AP-1512HH, 200M
9 Tested by KCL(Korea Conformity Laboratories) according to SPS-KACA002-132:2022. The test was conducted with Methyl mercaptan, Isovaleraldehyde, Isovaleric acid in a 1.0±0.1 m³ chamber with a test time of 60 minutes at (24±4)°C and (46±10)% Relative Humidity. A removal ratio of over 99.5% was achieved. Results may vary depending on the actual usage environment. Tested with Airmega 350, 450
10 Tested by the Guangzhou Institute of Microbiology, exposed the filter media to protein solutions for 24 hours under ISO 4333-2022 standard. The results showed strong reduction performance: >99.79% for pollen, >99.60% for dog allergen, >99.90% for cat allergen, and >99.80% for dust mites matter allergen. Actual results may vary depending on room size, airflow, and pollutant levels. Tested with Airmega 350, 450
11 Tested by KCL(Korea Conformity Laboratories) according to SPS-KACA002-132:2022. The test was conducted in a 1.0±0.1 m³ chamber for 60 minutes at (24±4)°C and (46±10)% Relative Humidity. A removal ratio of >99.5% was achieved for Formaldehyde and Toluene in 60 minutes. Results may vary depending on the actual usage environment. Tested with Airmega 350, 450
12 Tested by Intertek. The evaluation was conducted against designated test materials: Sulfur dioxide, Nitrogen dioxide, and Naphthalene. The test was performed in a sealed 1.0×1.0×1.0 m (1.0 m³) odor chamber at a test room temperature of (23±2)°C (measured between 23.6∼23.9°C) and a test room humidity of (45±5)% R.H. (measured between 40∼48)% Relative Humidity. It met the odor removal rate of ≥99.9% for Sulfur dioxide, Nitrogen dioxide, and Naphthalene. Results may vary depending on the actual usage environment. Tested with Airmega 350, 450
