Two major banks expect more pain for the U.S. stock markets after benchmark indexes posted on Wednesday their worst one-day losses in two years.
- Barclays said. The weak results had been the largest negative contribution to the broader index in seven years.
Furthermore, investors' behaviour in the U.S. stock market, rotating out of some categories of shares and into others, suggested they were pricing in even greater odds of a downturn. Goldman Sachs said that in 12 recessions since World War Two, U.S. stocks had fallen from peak to trough by a median of 24%.
Dividend futures represented a second market indicator pricing an outcome consistent with recession, the U.S. investment bank's strategists said. Dividend futures implied S&P 500 dividends would fall by nearly 5% in 2023.
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