Wall Street poised to clinch bear market as S&P 500 tumbles

The benchmark S&P 500 was down more than 20% from its Jan. 3 record closing high in early trading Monday as investors sold stocks amid worries over whether the Federal Reserve will be able to tame inflation without triggering a recession.

Stocks have been volatile since the start of the year, with Russia’s invasion of Ukraine in late February also taking a heavy toll on markets. On Friday, major U.S. stock indexes posted their biggest weekly percentage declines since January and ended sharply lower on the day after a report showed steeper-than-expected rise in U.S. consumer prices in May.

With a break below the year’s low and a move below 3,850, “we see potential downside in the S&P 500 to a little over 3,200,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, wrote in a note.This year’s downturn is a pivotal shift for the market after its swift and strong post-pandemic rally. The S&P 500 rose 114.38% from its closing low on March 23, 2020, to its Jan. 3 record closing high this year.

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