Stock markets fall to lowest levels of 2022 on inflation, COVID worries

Stock sank to their lowest level of 2022 on Monday, extending a five-week rout as investors weighed the prospect of interest rate hikes and China's COVID-19 lockdowns.

The Dow fell 553 points, or 1.7%, as of 11:20 a.m. Eastern Time. The broad-based S&P 500 fell 2.5%, to 4,018, while the heavy-tech Nasdaq lost 3.4%.

It's the fifth straight week of losses for the S&P 500 — its longest losing streak since 2011, according to data provider FactSet.