Though Tuesday's closing levels showed relatively modest daily moves, the S&P 500 fell below its previous intraday low for the year during the session. That move was seen by many as confirmation that the summer rally for stocks has failed.
The S&P 500 is now 24.3% off of its record high, and the Dow is also in bear market territory, down roughly 21.2%. The Nasdaq Composite, whose decline dates back to last November, is 33.2% below its high-water mark.
The next key metric for investors in the days ahead could come from the bond market, where the 10-year Treasury yield has surged to just below the 4% level.
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