S&P 500 (SPY) Tries To Settle Below 3600

At the beginning of the week, the S&P 500 declines

At the start of the week, the S&P 500 is still under significant pressure as traders sell equities due to recession concerns.

Tech stocks are leading the decline. The new export regulations intended to limit China's access to cutting-edge technology might result in huge losses for the businesses in this industry. Stocks like NVIDIA and Intel are now testing annual lows as a consequence.

Concerns regarding coronavirus-related measures in Macau have caused the price of casino stocks like Wynn Resorts and Las Vegas Sands to drop by roughly 10%.

Cruise stock prices are still under pressure due to economic concerns. Today's trade has seen losses of 5–8% for Norwegian Cruise Line, Carnival Corporation, and Royal Caribbean Cruises.

It should be noted that consumer defensive equities like Kroger, Kraft Heinz, and Altria are somewhat in demand.

In the overall picture, the market is heading towards annual lows and there has been a significant sell-off. The rapid rate rises by the Fed are causing traders to worry that they may put too much pressure on the economy and result in a catastrophic recession rather than a "soft landing."