U.S. stock futures dropped Monday after a lousy inflation report and fears the Federal Reserve will raise rates later in the week.
The S&P 500 is on pace to enter a bear market, meaning it dropped 20% from its recent high.
Declining fortunes on Wall Street prompted “Black Monday” to trend on Twitter. The term refers to the day in October 1987 when the Dow Jones lost almost 22% in a single day.
The Dow Jones Industrial Average and NASDAQ 500 were down, too, amid mounting fears of a recession.
The costs of goods and everyday living rose to a new 40-year high in May, according to a Labor Department inflation report released Friday, fanning worries about economic growth.
Economic whirlwinds have been a major drag on President Biden’s first term.
The White House insists it will make headway against the global problem, but critics say the administration ignored warning signs and overheated the economy with stimulus funding in early 2021.