The stock market opened in the red today, extending the April market sell-off that has pushed the Dow Jones Industrial Average lower for four-straight weeks. The Nasdaq Composite is down about 10% for the month, while the S&P 500 and Dow retreated by some 6% and 3%, respectively. The S&P 500 is back in correction territory, plunging approximately 12% from its high, as investors remain worried about a looming global economic slowdown amid concerns about COVID-19 case spikes in China, the Russia-Ukraine war, and rising inflation.
In addition, Federal Reserve Chairman Jerome Powell has affirmed that the central bank might raise the rates as soon as next month in the face of prices rising at their fastest pace in more than 40 years. “I would say 50 basis points will be on the table for the May meeting,” Powell said.
