Wall Street Today | Stock market bottom remains elusive despite deepening decline

Market selloffs have long stumped strategists trying to predict when they were close to done. Some have concluded with bursts of panicked selling. Others, such as the one lasting from 1973 to 1974, ground to an end after days of subdued trading volumes.

Soaring costs and swollen inventories have retailers on the ropes, and investors fear that the punishment won't ease anytime soon.

The wreckage of a $5 trillion rout in emerging markets is starting to look like a buying opportunity to some intrepid investors.

The pain points are all too obvious: Stocks have fallen below their average valuations of the past 17 years. Local-currency bond yields have soared through a range that's held since the 2008 crisis. Spreads on dollar bonds are close to thresholds seen only during times of distress.

Oil steadied at the start of the week's trading as investors weighed tight product markets against concerns over slowing global growth.

West Texas Intermediate traded above $110 a barrel following four consecutive weekly gains, the longest such run since February. Gasoline and diesel prices have rallied to records ahead of the start of the US summer driving season, which begins in about a week.