The new date is Jun 16, 2022.
The markets tanked on Thursday as recession fears surged once again, with stocks reversing gains from the previous session when the Federal Reserve announced it would hike rates by 75-basis-points.
Even after the Fed hiked rates, stocks continued to hit new lows.
The S&P 500 dropped 2.8% and the tech-laden Nasdaq shed 3.3% as the stock market fell after a day of gains.
With investors worried that the Fed won't be able to achieve a soft landing as it hikes interest rates, they took a hit.
The central bank raised interest rates by 75 basis points, the biggest increase in 28 years, sparking a small relief rally in the stock market.
As the Fed scrambles to fight inflation, which remains at 41-year highs, it greatly raises the risk of a recession.
Travel stocks like Delta and United Airlines were among the hardest hit on Thursday, as were consumer and tech stocks.
The 10-year Treasury note spiked above 4%, up from 2.8% last month.
The stock market selloff sent the Dow below the 30,000 mark for the first time in 22 years.
"After a brief respite from the selling on Wednesday, stocks are right back in the red so far this morning, and a host of factors are weighing on sentiment." All rallies are seen as an opportunity to sell stocks further as a recession is thought to be inevitable.
If the Fed continues to hike rates aggressively through the end of the year, it will look to get inflation under control.
Powell said the Fed could hike rates by 75 basis points again.
Experts worry that the fight against inflation will cause a recession.
Markets reacted last time the Fed hiked rates.
The housing market could be "torpedo" in the U.S.
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