U.S. stocks are set for their worst open of the post-pandemic era, adding to a recent dip that has reflected concerns about the national and global economic outlook.
After the lackluster July jobs report on Friday, odds shifted quickly to a 75% chance of a 0.50% interest rate cut. "The immediate implication is that investors fear that the economy may weaken rapidly and want the Fed to cut rates aggressively to maintain economic growth," Wells Fargo Investment Institute Head of Global Investment Strategy Paul Christopher wrote in a note on Monday.
That data added to a grab bag of economic signals stoking concerns that the U.S. economy is slowing down — from soft corporate earnings and weaker outlooks to global instability. “We are hesitant to take the July jobs numbers as a new trend," David Mericle and Maneul Abecasis wrote, adding:"Job growth will recover in August."And they dismissed the notion that the Federal Reserve must deliver a 50-point basis cut to its key interest rate at its next meeting in September, saying a a 25-basis point cut — the standard increment — would be sufficient.
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