Early Morning with Dave

Early Morning with Dave

Stock Market Internals Are in Pretty Rough Shape

Beyond the Magnificent 7, stocks are flashing a recession signal

David Rosenberg's avatar
David Rosenberg
Dec 06, 2023
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Highlights

  • Beyond the Magnificent 7, stocks are flashing a recession signal…

  • … at a time when the Fed’s Beige Book says 8 of 12 districts are already contracting

  • Cash trumps credit on bank balance sheets — a tell-tale sign of lenders turning cautious

  • Futures market expects the ECB to cut before the Fed after more recessionary data from Europe

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