All major stock market indices were falling early on Feb. 10, owing to worries about the future direction of the economy.

The strong January jobs report means the Federal Reserve may keep interest rates rising and keep them high into 2024. Many companies, like Lyft (NASDAQ:LYFT), are also warning of a dark future.

So far, the current week is the worst for the market in 2 months.

Stocks Down Today: Is a Soft Landing Out of the Question?

Investors buy tomorrow. When we talk of a “soft landing” we hope growth won’t reverse in the face of rising interest rates. That doesn’t usually happen.

When previous bear markets ended in 2009 and 2020, the stock market rebounded sharply. The Nasdaq rose 70% from its bear market low on March 4, 2009. Shares rose similarly from their pandemic bottom in March 2020.

But the takeoff looks weaker this time. While the Nasdaq is up 12.6% in 2023, share prices peaked on Feb. 2 and have headed down since. Rising oil prices, caused by a Russian production cut, aren’t helping.

Investors are also hoping the University of Michigan’s Consumer Sentiment Index, due at 10 a.m. Eastern, remains strong. It was up in January.

Then there’s the federal deficit, The fiscal 2023 deficit is tracking close to that of 2019, and is lower than during the Covid-19 pandemic. But 2019’s red ink still came in at $1 trillion. This year’s budget also increased discretionary spending by 10%, and the government must pay interest on all its debts, now $31.5 trillion. Whether the debt ceiling will be increased this year, as it must be to accommodate the budget, remains in question.

What Happens Next?

The January Consumer Price Index (CPI) will be released Feb. 14. If that report indicates prices are continuing to moderate, the market could reverse direction quickly.

No one wants to be caught offside if the number is bad.

On the date of publication, Dana Blankenhorn held no positions in any companies mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.