US Stock Markets Take a Hit Despite Denial of Recession
- S&P 500 loses $850 billion in market capitalization
- JP Morgan and other banks push out recession forecasts
- Federal Reserve staff predicts a slowdown, not a recession
- 14 banks call for a recession, while 6 banks do not
- S&P 500 and Nasdaq 100 indexes decline
- Investor Michael Burry shorts US stock indexes
Crypto Markets Follow Suit and Decline
- Total crypto market capitalization shrinks by $20 billion
- Bitcoin and Ethereum experience minor dips
- Altcoins suffer heavier losses
Hot Take
Despite denial from Wall Street bankers and the central bank, the US stock markets have taken a hit, losing billions in market capitalization. While some banks have pushed out their recession forecasts, others predict a slowdown instead. The S&P 500 and Nasdaq 100 indexes have both declined, and even renowned investor Michael Burry has taken a bearish stance. Crypto markets have also followed suit, with a decrease in total market capitalization and losses in altcoins. It remains to be seen how these market fluctuations will continue to unfold.
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