We're in a bear market – again. Here is what that means It was two years ago that U.S. indexes dove at record speed into bear markets when investors feared the worst of the COVID-19 pandemic and the ensuing global shutdown. What touches off bear markets varies from era to era, but at their core is often a cloudy or gloomy outlook that makes investors worry corporate earnings will tumble and drive down companies' overall value. The S&P 500 fell into bear territory Monday, making it the second of the three major U.S. indexes to hit bear market levels this year.