With US stocks down about 1.2% in early trading after a brutal session in Europe, the MSCI World index could finish the day in a new bear market (-20%+). The index tracks the value of global equities on a cap-weighted, US Dollar denominated basis. If that does happen today, it will join Bloomberg’s index of world market capitalization (in USD) based on exchange market caps in bear market territory; that index is off over 22% from previous highs in the summer of 2015. US equities are down less, about 15% from 52-week highs on the S&P 500 index. While you can’t eat relative performance, the US stock market does not yet fall into the most widely-accepted definition of a bear market — a 20% decline from a bull market top.