S&P 500's worst week since 2020 | Cheap stocks in a recession | Fed promises ‘unconditional’ approach to beat inflation

All the major averages ended the week on a down note.

VIEW IN BROWSER | SUBSCRIBE FRI, JUN 17, 2022 EVENING BRIEF AS OF FRI, JUN 17, 2022 • 04:59 ET DJIA 29888.78 -0.13% -38.29 S&P 500 3674.84 +0.22% +8.07 NASDAQ 10798.35 +1.43% +152.25 Most Active DOW NAME LAST CHG %CHG AAPL 131.56 +1.50 +1.15% INTC 36.97 -0.37 -0.99% CSCO 43.39 +0.07 +0.16% S&P 500 NAME LAST CHG %CHG AAPL 131.56 +1.50 +1.15% AMD 81.57 -0.48 -0.58% AMZN 106.22 +2.56 +2.47% NASDAQ NAME LAST CHG %CHG KDP 34.35 -0.09 -0.26% AAPL 131.56 +1.50 +1.15% AMD 81.57 -0.48 -0.58% EDITOR'S NOTE Markets on Friday sought even ground following a week of heavy selling.   Despite a slight bounce for the S&P 500 and Nasdaq Composite, the major averages ended the week on a down note. The S&P 500 posted its worst week since 2020.   Traders on Friday also grappled with a "quadruple witching," a phenomenon that comes four times a year when stock index futures, single-stock futures, stock options and stock index options expire simultaneously.   Nonetheless, markets have been volatile in recent days as traders continue to digest new data and the Federal Reserve's rate hikes. The moves have left many traders questioning how far off a recession could be, if we haven't already entered one. "Near-term recession has become a foregone conclusion for many investors; the only questions now are its duration and the severity of its impact on earnings," said Wells Fargo's Chris Harvey. Friday's moves may also signal investors "bottom fishing" or searching out opportunities in the most beaten-up areas of the market. "I don't know if it's necessarily signaling that our six-week recession is over or anything like that," said John Lynch, chief investment officer at Comerica Wealth Management. "I just think that today is probably a combination of short covering, and then just investors seeking out who's been hit the most." Samantha Subin | Associate Markets Reporter @samantha_subin Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 rises slightly Friday, but still posts worst week since 2020 Fed promises 'unconditional' approach to taking down inflation in report to Congress SpaceX fires at least 5 employees over internal letter criticizing CEO Elon Musk These stocks could be cheap buys for the long term even if a recession hits The bear market would end in October with the S&P 500 at 3,000, if it follows history exactly FBI says fraud on LinkedIn a 'significant threat' to platform and consumers Jan. 6 probe says Pence's 'life was in danger' during Capitol riot after he rejected Trump's demands: Here are the other takeaways from the hearing WWE boss Vince McMahon steps away from CEO role, will address misconduct probe on 'Smackdown' Bank of America economist says his 'worst fears around the Fed have been confirmed' Ukraine moves closer to joining the EU; Zelenskky says historic decision will help to defeat Russia TOP VIDEO Inflation is the raging storm we're all dealing with, says Odyssey's Jason Snipe CNBC PRO Ron Baron says this is a once-in-a-generation buying opportunity as stocks tumble into bear market SPECIAL REPORTS 80% of socially responsible ESG investors also own cryptocurrency: Here's how they reconcile conflicting values One key problem has 1 in 4 expats 'seriously considering' or 'planning' to renounce U.S. citizenship 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