Dow futures largely unchanged; Goldman cuts U.S. recession chance
However, the investor sentiment has become more fragile as U.S. investors returned from their long weekend to further evidence of a slowdown in the global economy.Caixin services purchasing managers’ indexThe news out of Europe was similarly bleak, with data showing that the decline in eurozone business activity accelerated faster than initially thought last month as the bloc's dominant services industry fell into contraction.
, compiled by S&P Global and seen as a good barometer of overall economic health, dropped to its lowest level since November 2020.for July are due later in the session, and they are expected to have fallen 2.5% on the month, but the U.S. economy is still seen as the beacon of global hope. Goldman Sachs has turned more confident that the U.S. economy will avoid a massive contraction in the near term, lowering earlier Tuesday the probability that the country would fall into a recession in the next 12 months to 15% from 20%, citing positive inflation data and last week's labor market report.
The investment bank highlighted Fed Chair Jerome Powell's current"careful" approach to future rate decisions, arguing it is a signal that a September hike is"off the table." Investors will get the chance to hear from several Fed speakers during the coming week, starting off on Wednesday with Dallas Fed President
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