The broader market index struggled to recover from last week's steep losses.
 | MON, MAY 16, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 145.54 | -1.57 | -1.07% | | MSFT | 261.50 | +0.38 | +0.15% | | INTC | 43.08 | -0.52 | -1.19% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 94.24 | -0.88 | -0.93% | | AAPL | 145.54 | -1.57 | -1.07% | | F | 13.05 | -0.45 | -3.33% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 94.24 | -0.88 | -0.93% | | AAPL | 145.54 | -1.57 | -1.07% | | NVDA | 172.64 | -4.42 | -2.50% | |
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Investors on Wall Street weighed the potential of a recession as stocks bounced back and forth on Monday. The S&P 500 and the Nasdaq Composite ultimately slipped in volatile trading, while the Dow Jones Industrial Average eked out a tiny gain. Goldman Sachs cut its year-end target for the S&P 500, though chief U.S. equity strategist David Kostin said he does not expect a recession and forecasts roughly 7% upside from here. "We cut our year-end target to 4300 (from 4700) to reflect higher interest rates and slower economic growth than we previously assumed. Our new baseline forecast assumes no recession and implies the P/E ends the year unchanged at 17x," he wrote. |
Other strategists weighed in on the likelihood of a recession. The S&P 500 is at a crossroads, according to RBC Capital Markets. Should the broad-market index hold at 3,850 – a figure just shy of an intraday low the S&P 500 touched last week – then stocks may be matching the late 2018 drawdown, according to Lori Calvasina, head of U.S. equity strategy at RBC. "The S&P 500 is still trading as though it's experiencing a growth scare, a framework that has been pointing to downside in the S&P 500 to ~3,850," she wrote. "Current trends in economic forecasts continue to support the idea that this is the right way to think about how far stocks should fall, though we remain mindful that could change," Calvasina added. |
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