“I feel like I am reliving the summer of 2008,” Economist David Rosenberg wrote in a Monday MarketWatch op-ed. “The stock market is following a familiar pattern of a recessionary bear market.” Rosenberg believes the S&P 500 will fall another 17% to 3,300 points as the stock market enters a prolonged bear market. With the S&P 500 down, the Dow dropping, and stocks, like tech, plummeting, isn’t it time to start thinking about protecting your retirement with a proven safe haven like gold?

 

Business Insider/George Glover
Economist David Rosenberg predicts the S&P 500 will crash a further 17%, and says we’re currently ‘reliving the summer of 2008’

The S&P 500 will crash a further 17% to 3,300 as stocks enter a prolonged bear market that’s comparable to the run-up to the 2008 financial crisis, according to famed economist David Rosenberg.

“I feel like I am reliving the summer of 2008,” he wrote in a Monday MarketWatch op-ed. “The stock market is following a familiar pattern of a recessionary bear market.”

By late May 2008, before the extent of the problems of the subprime lending market were apparent, the S&P 500 had narrowly averted falling into a bear market, having dropped by 17 % at one point from the previous October’s record high before recovering. But it wasn’t long before the market went into near-freefall, dropping by 40% by the end of that year.

You can read the full story, here.

 

Yahoo Finance/Emily McCormick
The stock market is acting like it believes Jay Powell: Morning Brief

The stock market isn’t trading like it’s expecting the Federal Reserve will swoop in to save it.

The S&P 500 has tumbled by more than 17% from a January record high through Monday’s close. The index has posted monthly losses each month this year except March, and it’s on track for another slide in May. The Nasdaq Composite has fared even worse, plunging more than 28% from its record high from Nov. 19, as once high-flying tech shares have been especially battered.

Market participants in the past haven’t trusted Fed officials to stay the course on their telegraphed monetary policy path when faced with this level of market volatility. This tendency by the Fed to be spooked by market turmoil and cornered into easing monetary policy has been known as the proverbial “Fed Put.”

Continue reading, here.

 

Investors.com/Scott Lehtonen
Dow Jones Falls As Snap Plunges 38% On Profit Warning

The Dow Jones Industrial Average dropped Tuesday morning, while tech stocks dived, as Snap (SNAP) plunged 38% after warning that its second-quarter profit and revenue would be below the low end of its own previous outlook. Meanwhile, Zoom Video (ZM) stock climbed around 5% after reporting better-than-expected first-quarter results late Monday.

Along with Zoom, Advance Auto Parts (AAP), Heico (HEI) and reported late Monday, while Abercrombie & Fitch (ANF), AutoZone (AZO), Best Buy (BBY) and Ralph Lauren (RL) are among the companies reporting Tuesday morning.

You can read the full story, here.

 

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