Nasdaq 100 Is Now in Bear Market Amid Growth Scare: Markets Wrap

A selloff in stocks deepened, bonds climbed and oil tumbled to a four-year low as Federal Reserve Chair Jerome Powell signaled the damage of a trade war will be bigger than anticipated, with the potential effects including higher inflation and slower growth.

Despite the economic risks from President Donald Trump’s trade war such as China’s decision to retaliate, Powell reiterated a wait-and-see approach on rates. The S&P 500 saw its worst two-day plunge since March 2020 in a sellof that slashed over $5 trillion in value, with the gauge down 6% on Friday. The Nasdaq 100 entered a bear market. Treasury 10-year yields slid three basis points to 3.99%. The dollar rose 1%.