The stock market has been taking a lot of hits lately. The S&P 500 was at a new low on Friday, trading more than 20% below its record high in January and fell below 3,837.24.
Stocks were reported lower in the last week, despite predictions from market strategists saying that the market would be on the rebound, CNBC reports.
Walmart and Target fell the hardest with a severe lack of earnings, pummeling the retail sector. This surprised investors and strategists alike and sank the market lower, fearing that consumers weren’t confident in the system. This lack of confidence has the potential to have an impact on several other retailer’s ability to produce sustainable numbers.
The earnings from other retailers, such as Costco and Best Buy, will be instrumental in keeping the market afloat in the coming days.
The Nasdaq also showed crashing numbers, declining 3.8% as the tech bubble began to burst this last month. Tesla and Apple, two giants in the tech industry, fell 13.7% and 6.4%, respectivley.
With inflation continuing to impact all aspects of the market, consumers and Wall Street insiders are hoping that the market will, in fact, bounce back to a more postivie position.