- The S&P 500 recovered from the edge of a bear market thanks to a remarkable late-session comeback, but the index nonetheless fell for the seventh week in a row, the longest losing streak since 2001.
- After a selloff that knocked it down more than 2% from a January closing high, the benchmark ended the day little altered, matching the traditional definition of a bear market. The monthly expiration of options related to equities and exchange-traded funds increased market fluctuations at the end of another tumultuous week. Treasurys rose alongside the dollar as safe-haven assets attracted offers.
- Investors wrestled with concerns about an economic slowdown and chances for additional monetary tightening in a week defined by buy-the-dip, sell-the-rally price action, while merchants underlined the mounting impact of high inflation on margins and consumer spending.
- The stock market's seventh weekly loss was the longest since the dot-com boom burst nearly two decades ago. According to bespoke investment organizations, this is only the fourth time since WWII that the market has lost seven or more weeks in a row.
- The Senate passed a more than $40 billion Ukraine aid package, sending the bill to President Joe Biden for signature, in the latest developments regarding Russia's conflict in Ukraine. Meanwhile, according to German Finance Minister Christian Lindner, the Group of Seven Nations will agree on more than €18 billion ($19 billion) in aid for Ukraine.
