Wall Street stocks fell on Friday, with the main U.S. stock market barometer on track for its longest weekly drop since the dot-com bubble burst more than 20 years ago.

The blue-chip S&P 500 opened higher but then came under pressure around lunchtime in New York, down 0.9%. The tech-heavy Nasdaq Composite fell 1.1%.

Friday’s losses put the S&P 500 down nearly 4% for the week, its seventh straight weekly loss. According to Refinitiv data, the index hasn’t fallen for such a long time since 2001.

Markets were rattled by fears of severe inflation, signs of slowing growth and central banks tightening stimulus measures that have helped propel the global economy over the past two years.

“The strong consensus is that growth is falling from here, there will be a recession for the foreseeable future, interest rates will continue to rise and inflation should fall but remain elevated,” said Emiel van den Heiligenberg, head of asset allocation. Legal and general investment management.

European stocks also retreated sharply from the day’s highs after Wall Street turned negative. Gains for the region-wide Stoxx 600 fell to 0.7% from 1.8% previously.

Investors pulled $5 billion from global equity mutual funds in the week to Wednesday, marking the sixth straight week of outflows, according to a Goldman Sachs report based on EPFR data.

Exchange-traded fund provider WisdomTree also reported net outflows this week from some of its often resilient equity products, including those tracking the highest-quality companies and high-dividend stocks that are favored during times of market volatility.

Meanwhile, traders turned to safe-haven assets, sending the benchmark 10-year U.S. Treasury yield down 0.04 percentage points to 2.81%. Yields peaked at 3.2% last week.

“The market is slowly going down,” said Gregory Perdon, co-chief investment officer at Arbuthnot Latham. “It’s a combination of fears [Federal Reserve] Wrong, if they raise rates too quickly and worry that this inflationary trend will eat into spending, leading to lower corporate earnings. “