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Recession fears mount as Wall Street stocks slip, near a bear market

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The S&P 500 is down nearly 19% from a record high earlier this year, just shy of the 20% mark that defines a bear market.

Stocks fell in morning trading on Wall Street on Thursday, deepening a slump for major indexes as persistently high inflation continues to weigh on the economy.

Target fell another 5% a day after losing a quarter of its value on a surprisingly weak profit report. Department store company Kohl's was mostly unchanged after joining the list of retailers either reporting weak earnings or cutting forecasts because of pressure from inflation. The pile of concerns on Wall Street has made for very choppy trading and big swings between gains and losses within any given day.Technology stocks have been some of the most volatile holdings. The sector includes heavyweights like Apple that have lofty valuations, which tend to push the market more forcefully up or down. The sector has been hit especially hard by the Fed's policy shift to raise interest rates.

 

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