The new date is Jun 13, 2022.
The S&P 500 fell back into bear market territory as investors nervously looked ahead to the Federal Reserve's upcoming policy meeting with last week's record high inflation reading leading to a spike in recession fears.
The yield on the two-year Treasury increased to over 3%.
After a big sell-off on Friday, the S&P 500 dropped 3.2% and the tech-laden Nasdaq fell 3.8%.
The benchmark S&P 500 is on track to hit a new low for 2022, falling back into bear market territory on Monday and down more than 20% from its record high.
The Labor Department reported that inflation unexpectedly returned to record highs last month, spiking 8.6% compared to a year ago and adding to fears of a possible recession.
Expectations that the Federal Reserve will raise interest rates by at least a half-percentage point, if not more,amid growing urgent to combat surging consumer prices, has investors nervously looking ahead to the policy meeting later this week.
The short-term 2-year Treasury yield jumped to over 3%, its highest level since 2007, while also at one point trading above the 10-year Treasury note, which typically indicates a looming recession.
On Monday, the price of Bitcoin plummeted to its lowest point in nearly two years, as investors dumped risky assets due to rising rates.
There was a brief window of hope in the back half of May when it looked like the Fed was going to raise rates.
Concerns over inflation and its impact on economic growth have become heightened over the last several days, and unlike previous periods where growth has come into question, with inflation pressures as strong as they are, there is little optimism that the Fed can help to cushion the blow.
The major averages had their worst down week since January. The majority of last week's losses came on Friday, when the markets were spooked by hotter-than- expected inflation data, which led to a steep decline in the stock market.
The stock market plunged after the Inflation Report Fueled Fears of Impending Recession.
Inflation hit a 40-year high in May.
The market drops below $1 trillion.
The stock market dropped 600 points ahead of the inflation report.
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