The S&P 500 is flashing signs of a recession as stocks closely linked to the real economy have tanked, according to top economist David Rosenberg.
"The question always comes – why isn't the S&P 500 signalling a recession? Answer: it is," the Rosenberg Research chief said in a"The most economic sensitive areas are down -33%: transports, consumer discretionary and banks. Behaving as they did heading into the 1990-91, 2001 and 2007-09 downturns," he added. Bank stocks have taken a big hit this year thanks to the fallout from Silicon Valley's shocking collapse.
Rosenberg hasn't shied away from gloomy forecasts about the US economy. The veteran economist recently predicted a recession has
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: