S&P 500 gets closer to bear market amid continued selloff

• The Dow dropped 0.75% to 31,253.13 after posting biggest decline since June 2020 on Wednesday

US stocks fall on Thursday due to continued selloff by investors amid the fear of rate hikes by Federal Reserve.

The S&P 500 lost 0.6% to 3900.79 inching closer to a bear market as the index is about 19% below its record reached in January.

The Dow Jones Industrial Average dropped 0.75% to 31,253.13 after posting biggest decline since June 2020 on Wednesday.

The Nasdaq Composite was down 0.26% to 11,388.50 — following a 4.7% decline in the prior session.

All the indexes are at least 2.9% down for the week as major retailers including Target Corp (NYSE: TGT) and Walmart Inc (NYSE: WMT) missed quarterly estimates amid high costs and rising inflation.

In the tech sector, Cisco Systems Inc (NASDAQ: CSCO) shares declined 14% as the firm missed analysts’ expectations for the quarterly results.

Picture Credits: Reuters

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