The S&P 500 Index declined 3.00% last week marking the third worst week in 2022. The index has dropped -13.99% over the last seven straight weeks of losses, a losing streak not seen since March 2001 when the index declined eight consecutive weeks. The index is currently down 17.67% for the year. Equities have been under pressure as markets digest concerns over Fed monetary policy, future rate hikes, war in Ukraine, COVID in China, and increasing fears of recession as the Fed battles inflation.
The immediate reaction to an economic downturn is typically one of panic. You may have fears about losing your job, the rising costs of things,