Shares edged lower in volatile trading last week as the market failed to sustain an earlier recovery.

Shares took a hit on growing fears of a Wall Street meltdown. Last week, Federal Reserve Chairman Jerome Powell testified before Congress that the central bank was "determined" to control inflation, which had soared to a 40-year high.

Big tech is losing ground.

The pandemic has boosted Big Tech's profits.

Companies from Zoom to Netflix have enjoyed record months of gains thanks to cheap financing rates, quarantines and remote work.

IT companies make up 28% of the S&P 500, and what's good for technology is usually good for the market.

However, things soon changed.

The world is preparing for the coronavirus. The workforce returns to the workplace. The desire to travel is getting stronger and stronger. The restaurant is busy again.

This means that the technology is currently competing with other time-consuming requirements.

The Fed is battling inflation, and things could get tough.

The U.S. is dealing with the highest inflation in about 40 years, which is already weighing on markets.

These price hikes have proven to be a recurring and devastating problem for the economies of the United States and the world.

However, investors are not only worried about high inflation; they are also skeptical of the Fed's ability to control them.

Despite the Fed's decision to raise rates at its most recent meeting, Fed policymakers have since said they are considering a more aggressive response.

Markets are bracing for more rate hikes this year as the Federal Reserve holds strong expectations for rate hikes.

This is a challenging task for the Fed. The aim is to create a "soft landing". It aims to curb inflation by slowing the economy only slightly.

However, raising interest rates is rarely an accurate science, and investors worry that the Fed's overly aggressive moves could unknowingly put the economy at risk of recession.

While many believe a recession is unlikely, they believe it could pose a threat to the economy.

The war between Ukraine and China.

Beyond the possibility of a recession, Wall Street is now grappling with a difficult geopolitical climate.

China is enforcing strict regulations in response to a surge in COVID-19 cases. It has been five weeks since Shanghai went into lockdown, and several of the country's largest cities have closed factories and ports.

The world will feel the effects of this repression.

Supply chain issues became a major concern during the pandemic, and prices rose sharply. Also, due to the slowdown in manufacturing, lead times have increased. As a result, there are concerns that supply chain issues may persist for longer.

Russian activity in Ukraine continues to affect companies and drive up raw material costs.

Brent, the international oil standard, has traded above $100 a barrel since February. It previously traded between $70 and $80.

However, costs have risen across the board. Metals and grain prices also rose due to invasions and trade restrictions and sanctions imposed by the United States and its allies.