Where the market goes after Friday's brutal drubbing is anyone's guess. But there is no denying the ugliness of the tape during the first week of February.

The S&P 500 posted its worst week since Donald Trump was elected, diving 3.85%, as runaway bond yields and fears of inflation trampled uber bullish investors. Stocks notched the worst week going back to the January/February 2016 correction (where it went onto shed 10.5%) when it lost 5.96% in the first full week of 2016, points out S&P Global analyst Howard Silverblatt

Looking at the market's action, nowhere does it signal big down days on Tuesday and Friday this week are a mere blip. All 11 sectors of the S&P 500 were down this week. A total of 463 stocks fell on the week, with 183 down at least 5% and 25 of them down at least 10%. Outside of the S&P 500, big-cap tech names such as Apple (AAPL) , Alphabet (GOOGL) , Facebook (FB) , Netflix (NFLX) and Amazon have fallen on average 3% over the last five sessions on fears of overvaluation. 

Source: S&P Global
Source: S&P Global

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"Optimism still reigns on the Street, and few funds are talking of pulling out (although talking about it before you do it is the last thing you would do), so the feeling is that it [the selloff] will have to play out," Silverblatt says, adding that strong corporate earnings are one key positive for investors to consider. But there are several things likely to continue to weigh on market sentiment in the near-term, Silverblatt suggests.

"Working against the market is the Feb. 8, 2018 spending deadline, the upcoming debt limit issue (both Washington), and the speed of rising interest rates (which are still relatively low)."

Lookout below.

Is a bigger market pullback coming? TheStreet's CEO David Callaway and Sr. Markets Editor Greg Morcroft discuss.

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