The Federal Reserve's determination to raise interest rates until it squashes the highest inflation in decades is darkening the outlook across Wall Street, as U.S. stocks stand on the cusp of a bear market and warnings of a recession grow louder.

The benchmark S&P 500 fell 20% from its Jan. 3 record closing high on Friday, as investors sold stocks on worries over whether the Federal Reserve will be able to tame inflation without triggering a recession.

Telecom Italia (TIM) is eyeing a preliminary agreement with state lender CDP over a long-held plan to merge TIM's network assets with those of state-backed rival Open Fiber as early as next week, two sources said on Friday.

(Reuters) -Deere & Co on Friday missed Wall Street revenue targets and said it was having difficulty securing parts for its heavy machinery, sending shares down 11%.

A jury on Friday ordered 3M Co to pay $77.5 million to a U.S. military veteran who said he suffered hearing damage as a result of using the company's military-issue earplugs, according to a spokesperson for the plaintiff's attorneys.

SAO PAULO (Reuters) -Kimberly-Clark Corp is planning to sell its tissue paper assets in Brazil and Latin America, newspaper Valor Economico reported on Friday, saying the company is in talks with JPMorgan to reassess its business in the region.