JPMorgan Chase CEO Jamie Dimon warned that the US is likely to enter a recession within the next six to nine months.
So much for a sleepy Columbus Day on Wall Street. Stocks weren’t doing much Monday morning but took a turn lower in the afternoon following stark comments from JPMorgan Chase CEO Jamie Dimon, who warned that the United States is likely to enter a recession within the next six to nine months. Dimon made the comments in an exclusive interview with CNBC that aired Monday.
Stocks soared early last week, leading to hopes that the market had bottomed. But sellers have returned with a vengeance in the past few days. Friday’s mostly solid jobs report did little to dispel fears about more big rate hikes from the Fed. The Nasdaq hit a new 52-week low Monday. The Dow and S&P 500 are not far from their lows either. The Dow is down about 20% this year and is back in a bear market along with the other two major market indexes.
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