U.S. stock futures were flat Thursday night, as traders watched to see if the S&P 500 will tumble into bear market territory.

S&P 500 futures traded marginally higher, while Nasdaq 100 futures gained 0.2%. There was little change in futures that are tied to the Dow Jones Industrial Average.

These moves were made after another disappointing day on Wall Street. The Dow and Nasdaq both fell 0.8%, 0.3% and respectively, during that time.

The S&P 500 fell 0.6% and is now 18.6% below a record closing high set in early January. This index also fell more than 19% from its intraday record high earlier this year. At those levels, the benchmark index is within a stone’s throw of entering a bear market — defined by many on Wall Street as a 20% drop from a 52-week high.

Stocks have been under pressure this week — with the S&P 500 and Nasdaq each losing more than 3% and the Dow falling 2.9% — as the latest quarterly figures from big-box retailers such as Walmart and Target raise concern about the health of the consumer and the ability for companies to deal with decades-high inflation. Target and Walmart have seen sharp declines in the last week following their quarterly results.

Glenview Trust CIO Bill Stone stated that while there are many causes of stock market sell-offs, the main reason for the acceleration is fears over the U.S. consumer. Retailers have had to deal with excess inventory for the first time since the end of the covid era. The inflation costs are also having a negative impact on retailers’ earnings.

Stone stated, “Lastly there are evidences that lower-end consumers feel the pinch from price increases.”

Ross Stores is the latest retailer that fell after it posted earnings. After-hours trading saw the stock fall more than 22%. CEO Barbara Rentler that, “following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter.”

In the meantime, the Federal Reserve signaled that they will keep raising interest rates in an effort to curb the current inflationary rise. Jerome Powell stated that the Federal Reserve will continue to raise interest rates if it means moving above broadly understood neutral levels.

This week, concerns have been raised about the Fed’s tough stance regarding monetary policy. It could lead to a recession. On Thursday, Deutsche Bank said the S&P 500 could fall to 3,000 if there is an imminent recession. This is 23% less than Thursday’s closing.

The Dow is on track for its eighth consecutive week of declines, as stocks have been struggling to get their feet under control for the past two months. The S&P 500 and Nasdaq were headed for a seven-week losing streak.

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