Goldman Sachs warns the coronavirus outbreak could easily trigger a U.S. recession.
A sickened stock market could become even more feeble thanks to the coronavirus, strategists at Goldman Sachs warn.
Kostin is holding out hope the U.S. averts a recession, however. In a baseline scenario, Kostin thinks S&P earnings will be flat in 2020 and the index will rally 15% or so to 3,400.This weekend, Italy quarantined some 16 million people — a quarter of its population — in a bid to stave off a broader spreading of the coronavirus. As of March 8, there were 446 confirmed cases of the coronavirus in the U.S. including the first cases in Washington, D.C.
‘Impact on global economy’Meanwhile, the stock market continues to be highly sensitive to coronavirus headlines and trade with a downward bias. Gorilla Trades notes short interest on the NYSE continued to climb last week, despite the Federal Reserve’s emergency 50 basis point rate cut.
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