Wall Street fears the risk of recession as stocks tumble|South Park via Giphy

With the Federal Reserve’s rate hike exhibiting a tougher stance on the economy, investors couldn’t help but worry over the rising interest rates and risks of a recession.  

Stocks tumbled further Thursday as S&P 500 plunged deeper into the bear market with a decline of more than 3%. Taking this decline into account, the S&P 500 is almost 24% below its January 3 peak.

If the stocks continue to decline until the end of this month, it could likely be the index’s worst quarter since 2008.

The European market

The Swiss National Bank and Bank of England also increased interest rates to fight inflation.

Initially fuelled by the increasing oil prices due to the Russia-Ukraine war, the inflation has seeped into food, services and everything else.