Futures, Oil Tumble As Attention Turns To Coming Recession, Powell Senate Testimony

Tuesday’s euphoric market mood has U-turned into sheer despair with most of yesterday’s gains gone overnight as attention turns to the coming US recession (now made official by Bill “The Fed Should Crush Donald Trump” Dudley who just published an Op-Ed “The US Economy Is Headed for a Hard Landing“) and as traders await Jerome Powell before Senate testimony. S&P 500 futures declined 1.2%, down 45 points to 3,722 while Nasdaq 100 futures were down 1.5% by 715 a.m. in New York, indicating more declines for heavyweight technology stocks, which have already been hammered by rising rates.  Treasury yields and oil both slumped while the broader commodity sector tipped back toward pre-war levels, as traders increasingly price in a recession.


Optimism evaporated that policy makers can achieve a soft landing as they navigate a course of

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