Inflation a longer-term fight than market wants -strategist

STORY: "This is a longer term fight than I think the market had been comfortable with," Mayfield said, adding that the market "only now is coming to terms with what it will mean to get the labor market to a place where inflation is actually where the Fed wants it to be."

All three major U.S. stock indexes slid to levels not touched since mid-July, with S&P 500 sinking below 3,900, a closely watched support level the benchmark index has tested in recent weeks.

Marking the end of a week rattled by a witches brew of inflation concerns, looming interest rate hikes and ominous economic warning signs, the S&P 500 is on course for its worst weekly percentage plunge since June.

The Nasdaq is set for its biggest Friday-to-Friday drop since January while October 2020 was the last time the blue-chip Dow suffered a steeper weekly drop.