Dow trades below June low — here’s how far it has to fall to enter a bear market

The big question, however, remains around the broader S&P 500 index SPX, -2.16% and the potential for the more closely followed large-cap benchmark to take out its June 16 closing low at 3,666.67 or its June intraday low just below 3,637. The S&P 500 was down 65 points, or 1.7% near 3,693, after ending Thursday at 3,757.99, up 2.5% from the June 16 closing low.

Global equities fell sharply Friday, with U.S. stock suffering steep losses on Wall Street when the market opened. The Federal Reserve earlier this week delivered another outsize interest rate hike and signaled it would drive rates higher than market participants had previously anticipated. A number of other global central banks also delivered rate increases this week, underlining investor worries about the economic outlook.