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Stocks Plunge Into Bear Territory

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U.S. stocks and cryptocurrencies tumbled yesterday, with the S&P 500 dropping 3.9 percent and officially entering bear-market territory, defined as a more than 20 percent decline from its previous high.

The Dow Jones Industrial Average lost 2.8 percent yesterday, while the Nasdaq Composite shed 4.7 percent.

The selling was a direct result of last week’s monthly Labor Department inflation report, which was more severe than expected, The Wall Street Journal reported. Investors are now worried about more aggressive interest-rate policy and a potential recession. A 75-basis-point rate hike is suddenly on the table at the Federal Reserve as early as this week, WSJ reported.

Many boating-related stocks fared better than the broader markets in yesterday’s selloff, although Brunswick Corp. shares fell 3.8 percent to a 52-week low and Vision Marine Technologies retreated 11.2 percent.

The best performers in the sector were BRP, down 0.95 percent, and Marine Products Corp., down 1.48 percent.

Bitcoin fell below $22,000 today after plunging yesterday. Stock futures, however, were higher this morning.

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