The case for an imminent economic downturn took a hit on Friday
, after a Labor Department report showed employers hired far more workers than expected in June, giving the Fed ammunition to deliver another 75 basis-point interest rate hike this month.
The S&P 500, for instance, has fallen as low as 23.6% from its January record high this year, in line with the 24% median decline the index has registered in past recessions, indicating that “at least some of the challenging environment is reflected in stock prices,” Keith Lerner, co-chief investment officer at Truist Advisory Services, said in a report.
A “soft landing” scenario is their most likely outcome, however, and would include the S&P 500 finishing the year at 3,900 - right around where it closed on Friday. Wells Fargo Investment Institute strategists, meanwhile, earlier this week called for a “moderate U.S. recession” and lowered their year-end S&P 500 target to a range of 3,800-4,000.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. index futures slide as focus turns to jobs data - BNN BloombergUS stock-index futures slid as investors awaited employment data to gauge whether the world’s largest economy can avoid a recession.
Read more »
RBC first to forecast Canada will fall into recession in 2023Canada will enter a short\u002Dlived recession as inflation, labour shortages and rising interest rates drag on the economy, RBC says. Read more.
Read more »
RBC first to forecast Canada will fall into recession in 2023Canada will enter a short\u002Dlived recession as inflation, labour shortages and rising interest rates drag on the economy, RBC says. Read more.
Read more »
RBC first to forecast Canada will fall into recession in 2023Canada will enter a short\u002Dlived recession as inflation, labour shortages and rising interest rates drag on the economy, RBC says. Read more.
Read more »
Posthaste: Recession coming in next year for Canada and the world, more economists warnICYMI: Recession coming in for Canada and the world, more economists warn Canada recession economy
Read more »
U.S. recession fears beckon investors back to painful Treasuries tradeTreasuries have become more attractive recently on fears that the Federal Reserve’s hawkish monetary policies will bring on a recession
Read more »