Recession looming? Stocks tumble worldwide amid bear market growls

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Wall Street is tumbling even more Monday, sending the S&P 500 down more than 20% from its record, amid fears that a recession is more likely given how unshakeable inflation has become.

NEW YORK -- Fears about a possible recession are pounding markets worldwide on Monday, and Wall Street's S&P 500 tumbled into the maw of what's known as a bear market after sinking more than 20% below its record set early this year.

No one thinks the Fed will stop there, with markets bracing for a continued series of bigger-than-usual hikes. Those would come on top of some already discouraging signals about the economy and corporate profits, including a record-low preliminary reading on consumer sentiment that was soured by high gasoline prices.

The gap between the two-year and 10-year yields is also narrowing, a signal of increased pessimism about the economy in the bond market. If the two-year yield tops the 10-year yield, some investors see it as a sign of a looming recession. Some of the biggest hits came for cryptocurrencies, which soared early in the pandemic when record-low interest rates encouraged some investors to pile into the riskiest investments. Bitcoin tumbled more than 18% and dropped below $22,700, according to Coindesk. It's back to where it was in late 2020 and down from a peak of $68,990 late last year.

This would also be the first bear market for many novice investors who got into stock trading for the first time after the pandemic, a period when stocks largely seemed to go only up. That is, they did until inflation showed that it was worse than just a"transitory" problem as initially portrayed.

 

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