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U.S. stocks were down in four weeks, suggesting its biggest decline amid a sell off in equities from Japan to Europe as market players preferred lower risk and as oil prices fell into a bear market reviving growth concerns globally.

Meanwhile, Gold rallied with the yen amid strong demands for safe haven.

The S&P 500 Index continued to struggle with its first time consecutive slump since the result of the Brexit vote, along with Dow Jones Industrial Average’s straight losses in seven days, suggesting its deepest drop on the record.  

Given that U.S. consumers aimed at lifting spending, it has tapped into savings which sent retailers to slip. Elsewhere, automakers dipped as investors expected the market to reach peak level last year.     

MSCI’s All-Country World Index sharply tumbled since July 5, led by increasing oil losses below $40 a barrel. Gold futures rallied for a sixth consecutive day, boosted by yen hitting a three-week peak after the Japanese government disappointed investors on fiscal plans.   

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The four-week progress in global stocks begun to weaken as oil prices retreated 22 percent since June, supporting concerns against the global economy with European lenders undergoing scrutiny over their balance sheets’ capability.

As central banks and governments initiates boosting stimulus to help lift the growth, Japan’s stimulus package dropped shortly ahead of the 4.6 trillion yen direct spending. Meanwhile, U.S. data also backed worries over the losing power of the American consumer amid slowing gains on wages.    

“We have an economy that has improved a little bit with sentiment around the market in general, but the question is what will drive growth from here,” said Kevin Caron, a Florham Park, New Jersey-based market strategist and portfolio manager who helps oversee $180 billion at Stifel Nicolaus & Co.

“Valuations aren’t cheap, the economy is not growing rapidly and profits are at best stable, so the next driving factor is unknown right now.”

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Further, the S&P 500 has seen 0.6 percent losses to end at 2,157.03, suggesting its lowest level on the record. It seemed that the index hasn’t moved an inch at the close in 12 sessions, posting a two-week period with only 0.3 percent rally after showing an earlier 8.2 percent gain in the last three weeks.  

Weakening Dollar Sends Global Stocks to Drop

U.S. economic data and auto sales showed disappointing results, pulling down global equity prices after Japan’s cabinet approved its fiscal stimulus package which shaken the markets.

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