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By Kristin Myers, Editor-in-Chief

What's Happening Today

Market sell-offs are worsening today as the S&P 500 nears bear market territory (when an index declines 20% from its most recent high). But unfortunately, there is no clear answer as to when the stock market will stop its downward march, or by how much it'll sink. Stocks, bonds, and other securities are on a roller coaster ride because of inflation, its impact on consumer wallets and companies, and the tightrope the Federal Reserve must walk to fight rising costs while also preventing a recession.

Yesterday, Target executives reported how badly inflation has eaten away at the company's profits and shared their outlook that costs would not ease any time soon. Target's earnings came a day after Walmart shared similar guidance. Target's stock cratered, with shares falling 25%, and the company posted its worst single-day decline since the stock market crashed in 1987. Shares of Walmart and other retailers plunged as well, pulling markets down with them, with the major indexes posting one of their biggest single-day losses in history yesterday.

But this doesn't mean you should panic, and pull all your money out of the markets. If you do, there's a good chance you'll miss out when markets climb upward again. This is a chance to snag shares of companies at a lower price. For those of you worried about your retirement accounts, consider reallocating your portfolio to mitigate risk. And if you're at retirement age, this is a good time to check how exposed you are to more volatile assets like stocks, and consider if less risky investments, like bonds, are better for you.

- Kristin

Editors' Picks

Home Sales Drop for Third Month Amid Rising Rates (The Balance)

Stock Market Is Top-Heavy, but Carnage Is Widespread (The Wall Street Journal)

Coming Soon to a Big Box Store Near You: More Inflation (The Balance)

More Subprime Borrowers Are Missing Loan Payments (The Wall Street Journal)

Age of Scarcity Begins With $1.6 Trillion Hit to World Economy (Bloomberg)

Rule of Thumb: How Big Should Your Emergency Fund Be? (The Balance)

Tips for Saving Money if You Can't Afford Health Insurance (The Balance)

How To Get Paid To Take Care of a Family Member With a Disability (The Balance)

Off the Charts

While the price of gas is as much as $2 different depending on what state you live in, the latest spike in prices means even the most affordable states have now crossed into $4 territory.

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Number of the Day

12% - That's how few CEOs think inflation will calm down over the next few years without the U.S. falling into a recession, according to a new survey.