US stocks edged lower on Monday as investors gauge the risk of an economic recession. Former Goldman Sachs CEO Lloyd Blankfein said the US is at a “very, very high risk of recession.” Goldman Sachs said in a note that the S&P 500 could fall another 11% in the event of a recession.
US stocks edged lower on Monday as investors continue to gauge the potential risk of an economic
following six straight weeks of losses for the S&P 500.
Former Goldman Sachs CEO Lloyd Blankfein told CBS News’ Face The Nation that the US is at a “very, very high risk of recession” on Sunday. “If I were running a big company, I would be very prepared for it. If I was a consumer, I’d be prepared for it,” he said.
Separately, analysts at Goldman Sachs downgraded their US GDP forecast and said the S&P 500 could fall another 11% to 3,600 in the event of an economic recession.
Here’s where US indexes stood shortly after the 9:30 am ET open on Monday:
First-quarter earnings continue to roll in, with 91% of S&P 500 companies having already reported results. Of those companies, 76% beat profit estimates by a median of 8%, according to Fundstrat. Meanwhile, 72% of those companies beat revenue estimates by a median of 3%.
Wheat prices surged by more than 4% to two-month highs after India, the world’s second largest producer of the grain, banned exports amid concerns of a global shortage due to Russia’s war against Ukraine.
Crypto billionaire Sam Bankman-Fried doesn’t see a future for bitcoin as a payments network, because its “proof of work” system won’t be able to handle millions of transactions, according to a Financial Times report. The comments come amid a reckoning for the crypto industry following the implosion of Terra.
Renaissance Technologies more than doubled its Tesla stake, supercharged its GameStop bet, and slashed its AMC Entertainment holdings in the first quarter of this year, Securities and Exchange Commission filings show.
West Texas Intermediate crude oil rose as much as much as 0.14% to $110.65 per barrel. Brent crude, oil’s international benchmark, fell as much as 0.05% to $111.49.
Bitcoin fell 1.68% to $29,770. Ether prices fell 3.06% to $2,010.
Gold fell as much as 0.21% to $1,804.40 per ounce. The yield on the 10-year Treasury fell 3 basis points to 2.90%.