Wall Street is falling toward its lowest mark in more than a year on Monday as renewed worries about China’s economy concerned the markets already shattered by increasing interest rates.

The S&P 500 was 2.2% lower to 4,031.41 lower in morning trading after coming off its fifth straight losing week, its longest such streak in more than 10 years. The Dow Jones Industrial Average was down 483.55 points, or 1.47%, at 32,415, as of 10:44 a.m. Eastern time zone. The Nasdaq composite was 2.91% lower at 11,792.76.

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Most of this year’s damage has been caused by the Federal Reserve’s aggressive flip away from doing everything it can to prop up financial markets and the economy. Last week, it indicated additional increases of double the usual amount may hit in upcoming months, in a bid to contain inflation.

Concerns are rising about China’s strict anti-COVID policies that can add more disruptions to worldwide trade and global supply chains while dragging on its economy, which for years was the main driver of global growth.

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The recent batch of earnings reports for big US companies has yielded less enthusiasm.

Overall, companies are reporting bigger profits for the latest quarter than expected, as is usually the case but dismal signs for future growth have been plentiful.

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The number of companies citing “weak demand” in their conference calls after earnings reports increased to the highest level since the second quarter of 2020, strategist Savita Subramanian wrote in a BofA Global Research report. Tech earnings are also lagging, she added.

The yield on the 10-year Treasury has jumped to its highest level since 2018 as inflation and expectations for Fed action increased. It moderated a bit Monday, falling to 3.11% from 3.12% late Friday.

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The energy sector was also under pressure on Monday. Benchmark US crude fell 4.1% to $105.28 per barrel, though it’s still up more than 40% this year. Brent crude, the international standard, fell 3.6% to $108.40 per barrel.