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Everything-Selloff on Wall Street Deepens on 98% Recession Odds

  • Traders fret over strong dollar, earnings outlook, UK turmoil
  • Risk of severe global recession is rising, say NDR strategists
Bloomberg business news
WATCH: “My instinct is that we’re going to see new lows for the year in stock markets,” Former Treasury Secretary Lawrence Summers says.Source: Bloomberg

Monday brought a stark warning for Wall Street daredevils: Stocks are still in free fall and bearish sentiment is far from getting exhausted -- especially with hawkish central bankers rattling recession-obsessed markets like this.

The S&P 500 just sank to the lowest since December 2020, bringing this month’s losses to nearly 8%, as the pound weakened to records while commodities buckled under the weight of a hulked-up dollar. US Treasury yields continued to rise, with the 10-year rate climbing as much as 21 basis points to 3.898%, its highest level since April 2010.