U.S. stock futures fell Sunday night as Wall Street tries to recover from one of its worst weeks of 2022.
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"May's CPI report showed scant signs of inflation peaking, though we still expect peaking soon. The report also suggests a more hawkish Fed and higher recession risk," wrote Ed Yardeni, president of Yardeni Research. "Investor and consumer sentiment both have soured. But this time, pervasive bearishness may not be as useful a contrarian bullish signal as in the past," he said, adding that the firm now sees a 45% chance of a"mild recession;" that's up from the previous forecast of 40%.
Stocks have had a tough year as recession fears rise along with consumer prices. The S&P 500 is down 18.2% year to date through Friday's close. It's also 19.1% below an intraday record set in January. The Dow has fallen 13.6% in 2022, and the Nasdaq Composite is deep in bear market territory, down 27.5% this year and trading 30% below an all-time high set in November.for exclusive insights and analysis, and live business day programming from around the world.
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