Stock market took a dive on Monday afternoon after comments from JPMorgan Chase CEO Jamie Dimon, who warned that the United States is likely to enter a recession within six to nine months. He made these comments in an interview with CNBC which aired today.
Domin said, “You can’t talk about the economy without talking about stuff in the future…and this is serious stuff.” He further said that Europe is already in a recession and th eUS is probably next. DOW fell more than 200 points shortly after Dimon’s comments aired before rebounding to end the trading day down nearly 95 points, or 0.3%.
The shares of JPMorgan Chase were down 1%. Nasdaq hit a new 52-week low Monday. The Fed vice chair Lael Brainard talked about challenges in housing market and said, “the moderation in demand due to monetary policy tightening is only partly realized so far” and that “the transmission of tighter policy is most evident in highly interest-sensitive sectors like housing.”