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Opinion
John Authers

There's a Whiff of Fearful Symmetry in the Air

Target’s profit outlook feeds into a top-down recession narrative building across markets. That’s reminiscent of the years leading up to the 2008 crisis.

Synchronicity in markets may not be a healthy sign.

Synchronicity in markets may not be a healthy sign.

Photographer: Clive Rose/Getty Images AsiaPac

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What just happened? The S&P 500, the world’s most tracked index, suffered a Wednesday fall of more than 4%, its worst day in two years. In doing so it set a new closing low for the selloff that began at the turn of the year. It’s now down 18.7% from its peak.