The Dow tumbled below the key 30,000 mark to close at levels not seen in almost two years at 29,592, while the S&P 500 and the Nasdaq lost 1.7% and 1.8%, respectively, as a Fed-induced selloff intensified. Sentiment remains clouded by a worsening outlook for growth, with sky-high inflation hitting Main Street and dampening consumer spending. With the central bank seeing rates rising as high as 4.6% in 2023 and Jerome Powell stating that a soft landing or even a moderate recession is unlikely, investors are preparing for a prolonged recession. Energy shares fell the most on the day, down 6.33% as crude prices collapsed. On the corporate side, shares of Costco Wholesale fell 4% after the big-box retailer reported a drop in its fourth-quarter profit margins. Disappointing results from Costco added to dire outlooks from several companies, including FedEx and Ford Motor. The Dow lost 4% this week, while the S&P and Nasdaq fell 4.7% and 5.1%, respectively.