Stock market outlook: Recession to send stocks back to October lows

Stocks could fall back to their October lows by midyear as a looming recession is coming for the US economy, according to Evercore's senior managing director Julian Emanuel., Emanuel warned a recession is imminent this year, and the downturn could cause the S&P 500 to slide 10% back to the 3600 level over the next three to six months.

That's because since 1962, stocks have never bottomed before the start of a recession, he warned., given the rollover in leading economic indicators, given the 800-pound gorilla in the room – the yield curve – tell us we're going to have a recession at some point. And so therefore, we see a retest of the October lows at midyear," he said.

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