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
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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.