"To some extent, what's going on with the yield curve has been exaggerated," said Bernard Baumohl, managing director and chief global economist at the Economic Outlook Group in Princeton."I would not leap to the conclusion that an recession is imminent.""There are real clouds that are forming on the horizon. The question is how dark are those clouds going to be and will they trigger a recessionary storm.
The Dow Jones Industrial Average fell 460.19 points, or 1.77 per cent, to 25,502.32, the S&P 500 lost 54.17 points, or 1.90 per cent, to 2,800.71 and the Nasdaq Composite dropped 196.29 points, or 2.5 per cent, to 7,642.67.The CBOE Volatility Index, a gauge of investor anxiety, jumped the most in two months.
Electric automaker Tesla Inc slid 3.5 per cent following a research note from Cowen that saw soft US demand for the Model 3 until the release of the company's lower-priced model in the second quarter.
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