Companies are bracing for potential trouble ahead by lowering their advertising budgets, cutting costs and adapting to their customers' changing spending habits.
The declines come a day after the Federal Reserve raised interest rates by the most in over two decades as it embarks on a high-stakes fight to bring down inflation.
Goldman Sachs says it's "winding down its business in Russia in compliance with regulatory and licensing requirements," two weeks after the country first invaded Ukraine.
The Federal Reserve is gearing up to raise interest rates after inflation hit a 40-year high, sparking fears in Wall Street about what these steps will mean for the economy.
Bond and stock markets have tumbled this year as inflation continues to surge. The Federal Reserve has already indicated it will need to raise interest rates. The question is: Will that be enough?