That’s the last time (before now) the S&P 500 had fallen five weeks in a row, showing why the stock market’s recent deterioration is so hard to take.

The nearly 11-year stretch without such losing streaks was the longest in the history of the index going back to 1928, according to analysts at Deutsche Bank, suggesting that the “relentless march” of US stocks over the last decade was a fluke characterized in part by “a buy the dip narrative.”

“The last decade has very much been the exception rather than the norm,” they wrote in a commentary.

The benchmark stock index only fell 0.2% last week, but that fifth straight down week left it 9.3% lower than at the beginning of April. And there was no relief on Monday, either. It dropped 3.2% to close at 3,991.24, its lowest point in more than a year, and even farther into correction territory—down 17% from the record high reached in January.

The S&P 500’s recent decline highlights just how many factors have converged to undermine stock prices. Investors are increasingly wary of fallout from rampant inflation. Federal Reserve officials are raising the central bank’s benchmark interest rate to fight higher prices, but many estimate they may trigger an economic recession if they go too high too fast. On top of that, the war in Ukraine and COVID-19 lockdowns in China threaten to further disrupt already gnarled supply chains.

“Wall Street remains uninspired to ‘buy the dip’ as inflation seems poised to remain stubbornly high, which will force the Fed to tighten policy to levels that will jeopardize the soft landing most traders were expecting” for the economy, Edward Moya, a senior market analyst at OANDA, said in a commentary. “No one can confidently answer the question of when stocks will hit the bottom.”

Have a question, comment, or story to share? You can reach Diccon at [email protected].

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