The S&P 500 and the Nasdaq are on track for their biggest yearly loss since 2008
have lost around 6% and 9%, respectively, so far in December and are on track for their biggest yearly loss since 2008 on worries that the Federal Reserve's aggressive policy tightening to tame decades-high inflation could trigger a recession.
Economic data so far has offered little hope that the Fed could hit the brakes on its interest rate hikes., but not enough to discourage the U.S. central bank from driving rates to higher levels next year. Money markets are pricing in 59% odds of a 25-basis-point interest rate hike at the Fed's February meeting and expect rates peaking at 4.94% in May. .At 9:39 a.m. ET, the Dow Jones Industrial Average
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