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Bear market growls on Wall Street as stocks and crypto dive

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Fears about a fragile economy are forcing Wall Street toward what’s known as a bear market, with the S&P 500 tumbling more than 20% below its record set early this year

In this photo provided by the New York Stock Exchange, trader James Macgilvray works on the floor, Monday, June 13, 2022. 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.

With the Fed seemingly pinned into having to get more aggressive, prices fell for everything from bonds to bitcoin, from New York to New Zealand. The sharpest drops hit what had been big winners of the easier low-rate era, such as high-growth technology stocks and other former darlings of investors. Tesla slumped 6.8%, and Amazon dropped 4.9%. GameStop tumbled 8.3%.

Wall Street's sobering realization that inflation is accelerating, not peaking, is also sending U.S. bond yields to their highest levels in more than a decade. The two-year Treasury yield shot to 3.27% from 3.06% late Friday after touching its highest level since 2007, according to Tradeweb. Monday's pain for markets was worldwide as investors braced for more aggressive moves from a coterie of central banks.

 

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