Topline
Trillions of dollars in market capitalization for the nation’s largest public companies will be wiped out this year in the worst-case recession scenario outlined by Goldman Sachs strategists, with the federal government’s looming debt ceiling crisis among prospects clouding the market outlook, but the investment bank’s analysts believe several stocks are well-positioned to emerge from the grim situation relatively unscathed.
Key Facts
The S&P 500 will crater to as low as 3,150 this spring in a “hard landing” recession scenario before closing 2023 at 3,750, representing 22% and 6% respective declines from a level of 4,000 on Tuesday, Goldman Sachs strategists led by David Kostin wrote in a note to clients late Monday, warning corporate earnings are set to shrink as borrowing costs mount and consumers cut spending.
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