Here are 3 things you should do right now in this market

New York (CNN Business)US stock futures were set to fall sharply as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession.

Dow (INDU) futures were down 400 points, or 1.2%. S&P 500 (SPX) futures fell 1.3% and Nasdaq (COMP) futures were 1.4% lower.
That puts the Dow on track to open below 30,000 points, a level it briefly breached Thursday. It the Dow ends the day below 30,000, it would be the first time it closed below that barrier since June 17. And a somewhat more sizable plunge could land the index at on a two-year low Friday.

    Investors don’t have many places to make money at the moment: In addition to sinking stocks, the bond market is also selling off, sending US Treasury yields soaring to 11-year highs in recent days. The 10-year yield fell back a bit Friday but remains near 3.7%, and the 2-year yield is above 4.1%. That’s a much better return than you can get with stocks these days, so high bond yields are adding pressure on the stock market.

      Mortgage rates rise to nearly 6.3%, the highest level since 2008
      Wall Street also remains concerned that the Fed’s rate-hiking plan could continue to increase borrowing costs, hurting the corporate profits that support their stock prices. And if the Fed is serious about slowing the economy down to gain control of runaway inflation, a recession could cause some real pain for consumers who buy the products that publicly traded companies make.

      In other words: There’s much to worry about on Wall Street. CNN Business’ Fear and Greed Index has fallen solidly into “Fear” mode in recent days and is nearing “Extreme Fear.” Investors don’t see much to smile about on the horizon.
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