Last week ended ugly on Wall Street. This week is picking up in exactly the same way. In fact, the benchmark S&P 500 fell back into bear territory, reports the Wall Street Journal. The S&P fell 2.3% as the market opened, and the Dow fell almost 2% (about 600 points). If the S&P closes the day the same way it began, it would mark the first bear market—down 20% from a recent high—since 2020. The culprits are familiar ones: Sky-high inflation and fears the Fed will get even more aggressive to tame it by raising interest rates.
“The odds of a ‘June Swoon’ straight to 3,400 have gone up significantly, in our view,” wrote Jonathan Krinsky of BTIG, referring to the S&P, per CNBC. The index is currently trading at about 3,800. The Fed begins a two-day policy meeting on Tuesday, and most analysts expect the central bank to raise rates by another half-a-percentage point. All told, the Fed may raise rates by 2.5 points before the year's end, per the Journal. (More stock market stories.)
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