If the U.S. economy falls into a recession next year, that could signal that stocks have further to fall.
Investors hoping that the worst of the bear market has already occurred may be overly optimistic, history shows. Bank of America technical research strategist Stephen Suttmeier said in a note to clients over the weekend that the market could take another leg lower if the U.S. economy falls into a recession, as many expect, because the S & P 500 rarely bottoms out before a recession begins.
Some Federal Reserve officials are holding out hope for a so-called "soft landing," but many economists and investors expect a recession next year. A rapid slowdown in the housing market, tech sector layoffs and a falling savings rate are some of the areas that have raised concern about the direction of the economy. Canaccord Genuity strategist Tony Dwyer is one of the Wall Street pros who sees a recession and a market bottom coming soon.
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