The stock market has been under tremendous pressure lately, with the S&P 500 declining 5.8% last week. The Dow Jones Industrial Average fell below 30,000 for the first time since January 2021 this past week.
With inflation soaring to 41-year highs, the Fed raised interest rates by 75 basis points last week and signaled continued tightening ahead. Fed Chair Jerome Powell said another hike of 50 or 75 basis points at the next meeting in July is likely. This has triggered potential recession fears, leading to a sell-off in equities.
