Assessing the market damage with Dow 30k gone | More Fed pressure ahead | Can buy now, pay later survive a recession?

Wall Street and the Federal Reserve appeared to enter a new reality this week, and the result for investors was big losses with no obvious end point in sight.

VIEW IN BROWSER | SUBSCRIBE SAT, JUN 18, 2022 WEEKEND BRIEF EDITOR'S NOTE Wall Street and the Federal Reserve appeared to enter a new reality this past week, and the result for investors was big losses with no obvious end point in sight.  The S&P 500 posted its 10th down week in the last 11, and is now well into a bear market. The Dow Jones Industrial Average fell below 30,000 for the first time since January 2021 this past week.   Unlike recent drawdowns for stocks, however, the central bank will not be putting a bottom in the market. Instead, the Fed raised interest rates by three-quarters of a percentage point on Wednesday — its biggest since 1994 — and signaled continued tightening ahead. Chair Jerome Powell will testify before Congress next week and is expected to hold firm on his plan for a more aggressive Fed until inflation is brought to heel.   Bank of America equity strategist Ajay Singh Kapur said in a note to clients on Friday that it is time for investors to stop fighting the Fed and give up the buy-the-dip mentality.   "In a bear market, heroism is punished. Valor is unnecessary, and cowardice is called for in portfolio construction — that is the way to preserve capital and live to fight another day, waiting for the next central bank panic, and better valuations and a new earnings upcycle," Kapur wrote. Jesse Pound | CNBC Markets Reporter @jesserpound THE WEEK AHEAD Look for more selling pressure next week as investors learn the hard way not to fight the Fed MICHAEL SANTOLI'S MARKET COLUMN After another big weekly loss, assessing whether stocks are cheap and a buying opportunity is near YOUR WEEKEND BRIEFING  A recession will test the buy now, pay later model. What it will take for these fintechs to survive Bitcoin sinks below $20,000 as crypto meltdown intensifies These stocks present the best 'long-term opportunity' during a recession, analysts say Here are the three things the Fed has done wrong, and what it still isn't getting right Cramer's week ahead: 'Sell stocks into any rally' as the Fed curbs any market bounce Why the $2 trillion crypto market crash won't kill the economy Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS