The SPDR S&P 500 ETF Trust (NYSE:SPY) suffered more heavy losses this week in response to another aggressive Federal Reserve interest rate hike, and the S&P 500 index is approaching a retest of its 52-week low of 3,636 back in June as Friday's market close approaches.
Investors are becoming increasingly concerned the Fed will be unable to get inflation under control without triggering a U.S. recession. The Dow Jones Industrial Average dropped to new 2022 lows in intraday trading, while the S&P 500 finished the week less than 1% away from new lows.
