S&P 500 enters bear market territory — a 20 percent decline from a recent peak — for the first time since 2020

It's been a tough year for stocks — and it's only getting worse.

On Friday, the S&P 500 index entered an intraday bear market for the first time since 2020 and also signaled a market close below a January record.

A bear market occurs when a stock index declines 20 percent or more from its most recent high.