US stocks slip deeper into a slump as Dow enters bear market

The S&P 500 fell 1% Monday. The Dow Jones Industrial Average and the Nasdaq also fell. The losses were broad and included banks, health care companies and retailers.

The S&P 500 fell 0.7% as of 3:24 p.m. Eastern. The Dow Jones Industrial Average fell 270 points, or 0.9%, to 29,314. The tech-heavy Nasdaq slipped 0.1%. Losses were broad in U.S. markets and included banks, health care companies and energy stocks. Bank of America fell 2.2%, Medtronic dropped 1.6% and Marathon Oil slid 3%.

The Fed raised its benchmark rate, which affects many consumer and business loans, again last week and it now sits at a range of 3% to 3.25%. It was at virtually zero at the start of the year. The Fed also released a forecast suggesting its benchmark rate could be 4.4% by the year's end, a full point higher than envisioned in June.

The yield on the 2-year Treasury, which tends to follow expectations for Federal Reserve action, rose significantly to 4.31% from 4.21% late Friday. It is trading at its highest level since 2007. The yield on the 10-year Treasury, which influences mortgage rates, jumped to 3.88% from 3.69%.

Recession already started. Changing the definition doesn’t change the reality.

Thx joey

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US stocks slip deeper into a slump as recession fears grow | amNewYorkStocks fell on Wall Street and put major indexes deeper into a slump as recession fears grow. The S&P 500 fell 1% Monday. The Dow Jones Industrial Average
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Fed officials stare down market volatility, say inflation remains paramount focusU.S. Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping U.S. stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation.
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If you're selling stocks because the Fed is hiking interest rates, you may be suffering from 'inflation illusion'Forget everything you think you know about the relationship between interest rates and the stock market. MktwHulbert High interest rates are NOT THE PROBLEM. The VELOCITY of changes ARE the problem. When you are raising rates faster than you allow those rates to circulate through the economy...THAT IS THE PROBLEM. Does ANYONE that writes for financial news agencies understand economics? MktwHulbert No, but I have less money after paying the mortgage to buy them 🤔🤷‍♂️😂😂 MktwHulbert Yeah, okay. Just like Inflation is good, 🤡
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Investors wonder when vicious sell-off in U.S. stocks will end By Reuters*WALL STREET WEEK AHEAD: INVESTORS WONDER WHEN VICIOUS SELLOFF IN U.S. STOCKS WILL END - 🇺🇸 🇺🇸 January 2023 At least not this year
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