Fallen giants block path to recovery as Amazon drops

Anyone expecting a quick exit from the first global bear market in four years should take a look at all the money being lost in sectors dear to individual investors.

In a switch from 2015, consumer and technology companies have come to dominate the list of worst-performing American stocks this year, with declines stretching past 20% for Amazon and Netflix. Optimism is being squeezed just as the worst start ever for US equities erases about $2.5trn (€2.23trn) from brokerage accounts.

Broadening losses in industries that had previously avoided them is fuelling pessimism in a market where gauges of bearish sentiment are already approaching levels from the financial crisis. Declines in global equities reached 20% last week for the first time since 2011, falling from their highs of last May.