Wall Street Drops Back To Lowest Since 2020 As Fear Returns

For markets to really turn higher, analysts say investors will need to see a break from the high inflation that's swept the world.

Stocks are back to falling on Wall Street Thursday as worries about a possible recession and rising bond yields put the squeeze back on markets.

The S&P 500 was 2.1% lower in midday trading and dropped to its lowest level since late 2020 earlier in the morning. The washout has the index on track to erase its big rally from a day before. That's when forceful moves by the Bank of England to get suddenly spiking U.K. yields under control led to a global burst of relief among investors.

That renewed calm seems to have lasted just a day. For markets to really turn higher, after U.S. stocks have lost more than 20% of their value this year, analysts say investors will need to see a break from the high inflation that's swept the world.