May 20, 2022, 12:49pm
The stock market tanked on Friday, adding to heavy losses this week that pushed the S&P 500 into a bear market, down over 20% from its peak in January as investors continue to get whipsawed by concerns about inflationary pressures and rising rates.
The stock market has been on a losing streak.
The selloff on Wall Street continued with a vengeance, as the S&P 500 lost 1.8% and the tech-laden Nasdaq lost 2.5%.
The S&P 500 plunged into a bear market on Friday and is on pace for its seventh straight week of losses.
Markets have taken another hit this week as a result of rising recession fears and increasingly hawkish commentary from the Federal Reserve, with Chair Jerome Powell recently promising the central bank won't hesitate to keep raising interest rates.
The stock market continues to take a hit from rising concerns about surging inflation causing an economic slowdown, with investors only focusing on the negative right now.
The selloff in retail stocks this week has been particularly ugly, as investors continue to puke out of the group, following warnings from major companies about inflationary pressures impacting profits.
Ross Stores was the latest retailer to report disappointing quarterly earnings, with its stock plunging 20% after the company's CEO said sales took a hit as consumers are feeling the pinch from the increase in prices.
The S&P 500 has fallen over 20% from its record highs at the start of the year, its first bear market since the market crash of March 2020. The Nasdaq has been in bear market territory for quite some time, falling over 28% this year.
This is the fourth time that the S&P 500 has lost seven weeks or more in a row, according to Mark Hackett, Nationwide's chief of investment research.
According to a note from Bespoke Investment Group, the glass is half-empty.
Major Wall Street firms are warning that the stock market could plunge further due to the looming economic downturn. If the economy falls into a recession, the S&P 500 could plunge by as much as 25%.
According to Goldman, the worst case scenario for stocks is.
The S&P 500 is near a bear market territory.
The stock market selloff continues as major retailers are concerned about rising cost pressures.
After Powell said the Fed should keep raising rates, the stock market jumped 400 points.
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