The new date is Jun 22, 2022.
As a growing number of major Wall Street firms warned that the likelihood of a recession has increased, the stock market fell.
Markets have been dragged down by recession fears.
The market's rebound from a day earlier petered out as stocks declined.
"Stocks are reversing their gains from Monday amid ongoing concerns about the economic growth outlook (sell-side firms and other forecasters are rushing out recession predictions on a daily basis)."
Citigroup is the latest Wall Street bank to increase its recession odds, forecasting a 50% chance of a downturn.
A soft landing with a slight rise in the unemployment rate is the best case scenario according to analysts at Citigroup.
Goldman has put the odds of a recession at 30% in the next year and nearly 50% within the next two years.
Morgan Stanley strategists predicted that the S&P 500 could plunge by 20% in the next year due to surging inflation.
Powell said in testimony before Congress on Wednesday that the central bank is moving quickly to raise interest rates and is committed to doing so until there is "clear proof" that inflation is normal. He promised that the Fed would keep raising rates at a rapid pace if inflation continued to rise.
Exxon Mobil and Marathon Oil were among the hardest hit energy stocks as oil prices fell. The S&P 500 energy sector has risen over 30% this year despite the recent losses.
The Fed will plunge the economy into a recession if it keeps hiking interest rates. The central bank raised rates by 75 basis points last week in the largest increase in 28 years. Markets fell to their worst weekly performance since March 2020 last week despite the Fed's actions. The benchmark index has fallen 23% and 33% below their record highs, and is currently in a bear market.
Even though experts think a recession could lead to further stock selloff, the DOW jumped 600 points.
The stock market could plunge another 20% if the US goes into a recession.
The last week of stocks was the worst since March 2020.
How to invest during a recession is a topic discussed by experts.
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