Political | Process

The S&P 500 and Nasdaq are on course for their seventh straight weekly loss, their longest such losing streak since 2001, according to Dow Jones Market Data.

The Dow is on course for an eighth straight weekly decline, its longest such streak since 1932. All three indexes were recently on track to finish the week down at least 4%.

Markets have been whipsawed by fears about the health of the U.S. and global economy. Technology stocks began the week higher, only to tumble in subsequent days as investor worries about how far the Federal Reserve will go to rein in inflation drove selling of the stock market’s priciest shares.

The pain spread beyond the technology sector. Major retailers reported their profits being hurt by rising costs and supply-chain disruptions, driving a selloff that led to Target and Walmart’s worst one-day decline since the Black Monday crash of 1987.

Stocks got a brief reprieve Friday, opening higher after China’s central bank lowered an interest rate that acts as a benchmark for mortgages. But markets then erased the entirety of their morning gains within a few hours. Investors and analysts say they expect tightening financial conditions in the U.S. will continue to pressure markets in the coming weeks.

“We still need to build more evidence to convince markets that a soft landing is possible,” said Arun Sai, a multi-asset strategist at Pictet Asset Management, referring to the Fed’s goal of slowing the economy enough to contain inflation but not so much that it causes a recession.

Government bond prices rose, benefiting from investors flocking toward assets that tend to perform well in times of economic stress. The yield on the benchmark 10-year Treasury edged down on Friday to 2.817% from 2.854% on Thursday, heading for a third straight day of declines. Prices rise when yields fall.

Earnings drove swings among individual stocks Friday.

Shares of Ross Stores fell 22% after it posted a decline in sales and said it expects another drop this quarter. The retailer, like many other businesses, said its results were hurt by rising costs for transportation and labor.

Agricultural equipment maker Deere dropped 12% even though it posted higher sales and profit on strong demand. Its chief executive said supply-chain issues disrupted production levels and deliveries.