Stock Market ‘Panic Is Setting In’ As S&P 500 Enters Correction Territory

Stock Market ‘Panic Is Setting In’ As S&P 500 Enters Correction Territory

Share to Linkedin The stock market plunged again on Monday—continuing a brutal streak of losses—with the S&P 500 falling into correction territory as investors worry about rising interest rates and await a key policy meeting from the Federal Reserve later this week. The benchmark index is now down more than 10% from its record highs earlier this month. The benchmark S&P 500 index, which is on track for its worst January performance ever, is on pace to hit correction territory, down more than 10% from its record high at the start of 2022. The CBOE Volatility Index (VIX), which measures market volatility, hit its highest level in nearly twelve months, surging over 37 on Monday morning. Investors continue to remain concerned about surging interest rates and are now looking ahead to the Federal Reserve's upcoming policy meeting, which wraps up on Wednesday. Most experts don't expect the Fed to take any significant actions at this meeting, but the central bank will likely set up the first of multiple interest rate hikes beginning in March while also concluding its monthly bond purchase program. Shares of big tech companies, which have remained under pressure in recent weeks, continued to fall on Monday.