Stocks Stumble Into Bear Market Territory

variety.com:

Todd Spangler NY Digital EditorWorries over high inflation continued to weigh on Wall Street Monday, as financial markets extended their slide and the S&P 500 crossed a key bear-market indicator.The S&P 500 index, which comprises 500 large public U.S.

companies, was down 3.7% as of 11:15 a.m. ET. Year to date, the index currently is off 21.6%, surpassing the -20% threshold that is the unofficial signal of a bear market.The broad stock sell-off — with every stock in the S&P 500 dropping Monday — comes after the U.S.

experienced its highest rate of inflation in May 2022 in four decades. The Dow Jones Industrial Average declined 2.8%, or nearly 900 points, on Monday, and the technology-centric Nasdaq Composite Index was down 4.5%.

Media and tech stocks have been sucked down in the market drop, with Monday’s losers including Disney (-3.8%), Netflix (-6%), Warner Bros.