A decline in GDP in the first quarter, and the possibility of further economic contraction due to the aggressive interest rate hikes, have led to a massive correction in the stock market over the past few weeks. Roughly $11 trillion of money has been wiped out from global stock markets so far.
The SPDR S&P 500 ETF (SPY) has lost 15.4% year-to-date. As analysts don’t expect the issues dampening the market sentiment to ease in the near term, fundamentally-weak stocks could witness further downside.
