The sell-off of stocks continues due to new concerns about the global economy.

On Monday, Wall Street was headed for another day of losses as new data from China raised new concerns about the outlook for the global economy for investors already wary of high inflation, rising interest rates and continuous interruptions in the supply chain.

U.S. stock futures fell on news that Chinese exports slowed significantly in April as the country’s lockdowns continued to slow inactive millions of workers. China’s steel exports, a barometer of global growth, are unlikely to improve much in May, according to analysts from S&P Global, a research firm. Shares in Asia mostly fell on Monday.

Oil prices plummeted. Both Brent crude, the global benchmark, and West Texas Intermediate, the US benchmark, fell about 2.7%, to around $ 109 and $ 107.

The S&P 500 is exiting its fifth consecutive weekly decline, the longest losing streak since June 2011.

In 2021, there was apparently no bad news that could stop the US stock market, with the S&P 500 gaining 26.9%. Furthermore, trading has been extraordinarily calm given the uncertainty surrounding the coronavirus.

But the volatility and losses that went hand in hand with the recessions have returned.

In 2021, the index recorded a daily gain or loss of more than 2.5% only once, on January 27while meme titles like GameStop and AMC Entertainment have risen in a speculative frenzy as well the Federal Reserve said a recovering coronavirus was weighing on the economic recovery.

Already this year there have been seven days of gains or losses of at least 2.5%, roughly one every 12 trading days. All of these big daily changes happened in March, April and May.

The series of large gains and losses are more typical of recessions and the periods that follow them. Before the pandemic devastated the stock market in 2020, the last series of major changes was in 2007-11, during the financial crisis and recovery from it. Before that, the dot-com boom and bust and the 9/11 attacks brought volatility.

Outside of these big events, it is more common to have only a few big changes each year. There have also been many years without such big moves: 10 in the last 30 years.