On April 3, following a sharp decline in global stock markets from Japan to Europe, U.S. stocks joined the plunge, with the S&P 500 re-entering the revised range, erasing nearly $2 trillion in market value and set its biggest (single-day) decline since September 2022.
Fitch warned that tariffs are the "game changer" of the global economy, while Deutsche Bank said it was a "once a lifetime" moment that could easily reduce U.S. economic growth this year by 1% to 1.5%.
Doug Ramsey, chief investment officer at Leuthold Group, said he would not say that a recession is inevitable, but the deeper the pullback, the more likely it is to recession. The current decline (stock market) is the first stage of a new bear market, not just a pullback.
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