Amazon on Friday declined about 14%, its biggest drop since 2006.
“The current market performance is threatening to make a transition from a longish and painful ‘correction’ to something more troubling,” Marketfield Asset Management Chairman Michael Shaoul wrote.
“March 2020 for instance saw very sharp declines, but equally fast recoveries. The current episode looks much more likely to impose long-lasting losses in investors that piled in during the 2021 rally, and is best thought of a ‘creeping bear market,’ that is steadily widening its net over prior market leadership,” Shaoul added.
The Nasdaq Composite sits in the bear market territory, 23.9% below its intraday high. The S&P 500 is off its record by 14.3%, and the Dow is 10.8% lower.
