Wall Street’s main stock indexes fell On Friday, with the benchmark S&P 500 (.SPX) on course to confirm a fall of more than 20% from its record closing high on Jan. 3, popular criteria for determining a bear market.
The S&P 500 index is trading down 20% from its Jan. 3 record close in volatile trading on Friday.
A close of 20% or more below that level would confirm a bear market for the first time since the 2020 Wall Street plunge brought on by the coronavirus pandemic. Apple, Tesla, and other tech stocks were among the biggest fallers on Wall Street as investors worried about the impact of interest rate hikes on economic growth.
The S&P 500 and the Nasdaq are set for their seventh straight week of losses, their longest losing streak since the end of the dot-com bubble in 2001.
Ten of the 11 major S&P sectors declined, with consumer discretionary (.SPLRCD) and industrials (.SPLRCI) down 3.5% and 2.2%, respectively.
The three major indexes are down between 15.1% and 28.6% so far this year. The Dow is on track for its eighth consecutive weekly decline, its longest since 1932 during the Great Depression.