S&P 500 falls into bear market, joins Nasdaq

S&P 500 is down 20% from its January high of 4,796.56

The S&P 500, the broadest measure of the U.S. stock market, slipped into bear market territory on Friday before clawing back above that level. 

Ticker Security Last Change Change %
SP500 S&P 500 3767.86 -57.47 -1.50%

The benchmark fell over 20% from its January high of 4,796.56 before erasing losses to close at 3,901.36. An official bear market would require the benchmark to close at or below 3,837.25. 

"I think you would expect with the Fed raising rates that all these assets, trillions of worldwide, would have to be repriced. But we have to get inflation under control" said James Bullard, President of the Federal Reserve Bank of St. Louis during an exclusive interview with FOX Business' Edward Lawrence. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30530.48 -566.78 -1.82%
I:COMP NASDAQ COMPOSITE INDEX 11094.441631 -33.40 -0.30%

The Dow Jones Industrial Average ended the session little changed, while the Nasdaq Composite slipped by 0.3%. 

Bullard reiterated that policymakers are comfortable with raising by 50 basis points at the next few meetings. "I've said 50 basis points is a good plan for now. I think, as always, we have to pay attention to incoming data on the economy and on inflation. and we'll do that going forward" he added. 

STOCKS COULD BE IN BEAR MARKET UNTIL 2023, EXPERT WARNS

S&P 500

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Earlier this week, both Walmart and Target warned that inflationary pressures were greater than anticipated. The Dow Jones Industrial Average fell over 1,100 points on Wednesday as investors dialed up the likelihood of a U.S. recession. 

Bullard, however, downplayed the chance of a recession this year. 

Ticker Security Last Change Change %
WMT WALMART INC. 122.63 +1.05 +0.86%
TGT TARGET CORP. 142.38 +1.15 +0.81%

TARGET, WALMART’S INFLATION WARNING BAD OMEN FOR STOCKS, ECONOMY

The S&P 500 joins the tech-heavy Nasdaq Composite, which entered a bear market earlier this year and has fallen 29% year to date. 

Nasdaq Composite

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